Premier American Uranium: 2025 Cyclone Drilling Campaign Concludes; Follow-Up to Come ?

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This morning, Premier American Uranium Inc. (PUR) announced the completion of the 2025 drilling campaign at the Cyclone ISR Uranium Project, located in Wyoming. Drill results from an additional 11 drill holes were reported. These final drill holes conclude the successful 2025 program which was scoped to include a total of 25 drill holes (17,160ft) at the Rim target, drilled to an average depth of ~700ft. Post-results, we maintain our C$1.73 per share price target. This equates to upside of +73% from the January 13 close. Shares of Premier American Uranium currently trade at a P/NAV of 0.44x.

MINERALIZED URANIUM TRENDS EXTENDED & DISCOVERED

Drill results included mineralized zones encountered in areas where uranium mineralization was not known to exist. The 2025 program extended the previously identified east-west mineralized trend at the Rim target and identified a second trend of uranium mineralization running north-south over a 1.5 mile distance. Both trends remain open in multiple directions.  A total of 13 of the 25 drill holes encountered uranium mineralization of >=0.01% eU3O8. Highlight drill hole CR25-001 was the highest intercept ever drilled on the Project. That particular drill hole returned 15.5ft grading 0.09% eU3O8 (for a GT of 1.395) including 3.0ft grading 0.229% eU3O8 (GT of 0.687).  

THE CYCLONE ISR PROJECT

Located in Wyoming and within the vicinity of Ur-Energy’s Lost Creek ISR mine and adjacent to UEC’s Sweetwater mill, the wholly-owned Cyclone Project encompasses 26,180 acres. Concluded in October 2024, the previous exploration campaign on the Project encompassed 41 holes reaching nearly 21,000ft. A 2023 Technical Report on the Project previously estimated an exploration target within the range of 6.5M short tons averaging 0.06% U3O8 (7.9M lbs) to 10.5M short tons averaging 0.06% U3O8 (12.6M lbs).     

CONCLUSION & VALUATION

The conclusion of the 2025 drill program was successful in identifying new zones of mineralization while also identifying a new 1.5 mile trend and extending the previously identified 0.5 mile east-west trend. The data received from this latest drill campaign will set the stage to refine or establish targets for an upcoming campaign to further de-risk and model the uranium resource. We do note however that the results from this latest batch of data is somewhat underwhelming compared to the first batch, released on July 29, 2025. The first batch of results included 8 drill holes (of 14) which intersected uranium grades of 0.01% or higher. This included the best ever drill hole, CR25-001. The final batch of results released today only included 5 of 11 drill holes which intersected grades above 0.01%. With other attractive portfolio assets such as Kaycee and Cebolleta, we have yet to see which projects will be prioritized. That said, we maintain our C$1.73 per share price target. This equates to upside of +73% from the January 13 close. Shares of Premier American Uranium currently trade at a P/NAV of 0.44x.