Premier American Uranium: Multiple Mineralized Uranium Trends Identified at Kaycee

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As announced on August 17, Premier American Uranium (PUR) provided a mid-season update regarding its ongoing 2026 exploration program at it’s wholly-owned Kaycee Project, located in Wyoming’s Powder River Basin. Given the sheer size of the Project (~30,000 acres, a 36-mile trend and 430 miles of interpreted roll fronts), an equally ambitious drilling program has been initiated this year. Thus far, drilling has amounted to 41,960ft out of the targeted 100,000ft 2026 program. A total of 50 holes have been drilled to date highlighted by 22 holes completed at the Rustler target and 27 drill holes completed at the Outpost target.

MEANINGFUL URANIUM MINERALIZATION ENCOUTERED AT RUSTLER & OUTPOST 

At the Rustler target, 13 of 22 holes drilled (drill holes RT26-082 through RT26-104) encountered uranium mineralization at grades of 0.02% eU3O8 or higher. Of note, hole RT26-085 intersected 3.5ft grading 0.135% eU3O8, including 2.0ft grading 0.204% eU3O8, confirming the presence of uranium mineralization within the system. Drilling confirmed uranium mineralization within two separate sandstone units in the lower Wasatch Formation, the principal host formation for uranium deposits in the adjoining Pumpkin Buttes mining district. Uranium mineralization has been encountered in both sands, and gamma ray borehole geophysical log results indicate possible stacked roll fronts in the upper unit. At the Outpost target, 7 of 27 holes completed (drill holes LT26-074 through LT26-100) encountered uranium mineralization grading 0.02% eU3O8 or higher. The results so far at Rustler have been particularly encouraging, with mineralization identified in two distinct sandstone units and indications of potentially stacked roll fronts.

Results from the combined 2025 and 2026 drilling programs at Rustler are providing an increasingly detailed picture of subsurface channel geometry and associated mineralized trends. Radiometric assay results and borehole geophysical data are being incorporated in real time to refine the geological model and guide subsequent drill locations.

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, ~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 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).

VALUATION & CONCLUSION

In light of one of the largest current uranium drilling campaign being conducted anywhere in the U.S., the initial results from the Rustler target are particularly promising. This latest data allows for a better understanding of this highly prospective target. Data derived from this campaign will further shape plans for the Project. With a drilling program amounting to 100,000ft, we expect a steady stream of news flow over the remainder of the year. We maintain our $100 per lb LT, 0.65x 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$1.55 per share (rounded) which reflects upside of +182% from the August 17 close. Shares of Premier American Uranium currently trade at a P/NAV of 0.24x, or given or cash on hand in treasury at ~0.22x cash/mcap.