American Uranium Ltd (ASX:AMU, OTC:GTRIF) has reported strong progress across exploration and corporate fronts in its September quarter, highlighted by the launch of a major resource development drilling campaign at its flagship Lo Herma in situ recovery (ISR) Uranium Project in Wyoming and a A$4.5 million capital raising backed by strategic US investor Snow Lake Energy.
The company said the new drilling campaign aims to expand its 8.57-million-pound uranium resource ahead of an interim mineral resource estimate (MRE) update in early 2026, positioning American Uranium among the few near-term ISR uranium developers in the United States.
Lo Herma Project exploration and infill drilling plan.
Phase 1 drilling underway
During the quarter, American Uranium received Bureau of Land Management approval and final permitting from Wyoming’s Land Quality Division for its 2025 drill program, securing drilling contractors and mobilising rigs to site shortly after period-end.
The company commenced Phase 1 of its two-phase campaign on October 21, targeting step-out drilling to extend known rollfront mineralisation north of the proposed Mine Units 1 and 2. The full program is permitted for up to 121 holes across 37,500 metres of drilling.
CEO Bruce Lane said the start of drilling marks an important milestone in advancing Lo Herma towards production.
“We are delighted to have now commenced Phase 1 of the resource development drilling campaign at Lo Herma,” Lane said. “We’re excited to be in a strong position to be able to complete this first phase of resource expansion drilling this quarter, with an interim mineral resource estimate update expected in early 2026.”
The second phase, planned for early in the new year, will comprise 71 holes for about 22,500 metres to increase the proportion of Indicated and Measured resources within the planned mine units and enhance overall confidence in the Lo Herma deposit.
Strengthened balance sheet and new strategic investor
The quarter also saw the completion of a key A$4.5 million placement, attracting strong institutional support both domestically and internationally. Cornerstone participant Snow Lake Energy (NASDAQ: LITM) — which holds a 50% interest in the adjoining Pine Ridge Project through a joint venture with Global Uranium & Enrichment (ASX: GUE) — took a 9.9% stake in American Uranium and secured the right to appoint a board representative.
Proceeds will fund resource expansion and infill drilling, hydrogeological and metallurgical work, landholding costs, and general working capital.
Lo Herma and Pine Ridge Project locations.
New name, tighter capital structure
During the quarter, the company officially rebranded from GTI Energy to American Uranium Ltd and consolidated its shares on a 40-for-1 basis to create a more efficient capital structure.
Beyond Lo Herma, American Uranium continues to advance additional drill-permitted projects in Wyoming’s Great Divide Basin and Green Mountain region, along with brownfield uranium-vanadium prospects in Utah’s Henry Mountains.
As the US accelerates efforts to rebuild its domestic uranium supply chain, the company said it remains well positioned to contribute to America’s nuclear energy and mining revival.