Premier American Uranium: IsoEnergy Increases its Strategic Holding; DISA Investment Closes

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Premier American Uranium announced that IsoEnergy (ISO) has agreed to acquire the sizeable shareholding position previously held by the Sachem Cove Opportunity Fund. Additionally, it was announced that DISA Uranium’s $5.0M strategic equity investment into Premier American Uranium has closed.  

ISOENERGY INCREASING ITS INVESTMENT IN PREMIER AMERICAN

By way of acquiring a 13.6M share position previously held by the Sachem Cove Opportunity Fund, IsoEnergy  has agreed to increase its shareholding in Premier American Uranium. Following the completion of the transaction with Sachem Cove, IsoEnergy will hold a total of 21.1M shares of Premier American, equating to ~22% of the outstanding Premier shares on a non-diluted basis. As consideration, IsoEnergy issued 387,491 of its common shares to Sachem Cove. Note that IsoEnergy also holds warrants to acquire an additional ~3.1M Premier shares.

STRATEGIC TRANSACTIONS WITH DISA URANIUM

As per the previously announced DISA Uranium transaction, in exchange for non-core assets (the Outlaw Mesa, Atkinson Mesa, Monogram Mesa and Slick Rock Projects), Premier received $2.0M worth of equity consisting of 25,413 DISA Uranium shares and warrants given the announced transaction close. Concurrent to the now closed asset purchase, DISA Uranium has also received subscription receipts at the offering price of C$0.75 per subscription receipt (representing a 41.5% premium to Premier’s close this past September 14) for aggregate proceeds of $5.0M (or C$6.99M). Each subscription receipt will entitle the DISA to automatically receive one common share of Premier. Upon close and conversion, DISA Uranium will own ~8.8% pro forma of Premier common shares.

Following DISA’s asset purchase agreement, Premier’s development focus now sits squarely on two key assets: Cebolleta, Premier’s most advanced, New-Mexico based, PEA-level uranium project and Kaycee, a Wyoming based asset currently in the midst of a 100,000ft drilling campaign.

KAYCEE EXPLORATION TARGET

Located in Wyoming’s Powder River Basin (PRB), the Kaycee Project covers over 46 square miles of mineral rights over a 36-mile mineralized trend hosting more than 430 miles of interpreted roll fronts. The Project is believed to be the only project in the PRB where all three known historically productive sandstone formations (Wasatch, Fort Union, and Lance) are mineralized and potentially accessible for ISR extraction. Excluding the current 100,000ft drilling campaign at Kaycee, ~328,000ft have been drilled since 2023. Recall that an updated NI43-101 Technical Report (2025) identified an exploration target between 11.5M-30.0M lbs U3O8 at an average grade of 0.06%-0.10%. The Project is strategically located near established ISR mines such as Nichols Ranch, Christensen Ranch and Irigaray (among others). As of the mot recent update announced on October 7, Premier has completed 80 conventional mud-rotary drillholes on the Project, encompassing 65,620ft.

DISA URANIUM ACTING QUICKLY POST-FORMATION & FINANCING

As announced in August, DISA Technologies signed a landmark definitive agreement to form DISA Uranium Corp. Following a $105M financing, DISA Uranium started building it’s uranium portfolio by acquiring IsoEnergy’s Utah uranium portfolio. The rationale was that DISA Uranium will now be able to combine a portfolio of permitted, past producing conventional uranium assets with its proprietary High-Pressure Slurry Ablation (HPSA) processing technology and remediation/recovery business. Given a recent $105M financing, DISA is positioning itself to be an integrated domestic uranium platform boasting both proprietary processing capabilities and a portfolio of uranium assets located in Utah. The assets contributed from IsoEnergy included the Tony M Mine, the Daneros Mine, the Rim Mine, the Sage Plain Project and the Flatiron Project – all of which are permitted and past producing assets. As per the September 14 asset purchase with Premier American, DISA added Premier’s non-core Colorado portfolio to its uranium asset mix.

VALUATION & CONCLUSION

IsoEnergy increasing its ownership in Premier, combined with the recent addition of DISA Uranium into the shareholder registry represents confidence in the assets assembled and the de-risking direction Premier management is currently undertaking. In the midst of the 100,000ft drilling campaign at Kaycee, we expect a steady stream of news flow over the remainder of the year. We maintain our $100 per lb LT, 0.55x NPV8% derived valuation for the flagship Cebolleta Project while factoring in the latest corporate adjustments. Our resulting 12-month price objective is maintained at C$1.10 per share (rounded) which reflects upside of +197% from the November 10 close. Shares of Premier American Uranium currently trade at a P/NAV of 0.18x, or given or cash on hand in treasury at ~0.11x cash/mcap.