American Uranium's Lo Herma Resource Reaches 9.96Mlbs as Indicated Resources Grow 72% Prior to Publication of Planned Scoping Study

Resource base grows, but no economics or production path disclosed.

Risk flags

• ●The absence of economic data—such as NPV, IRR, or cost estimates—means the commercial viability of the project is unproven. Without these metrics, resource growth alone does not guarantee future returns.
• ●No permitting, environmental, or regulatory milestones are mentioned, leaving open the risk that the project could face delays or obstacles unrelated to geology. This matters because permitting is often a critical bottleneck in uranium development.
• ●The company's comparisons to other ISR projects are unsupported by operational or economic data, raising the risk that the narrative overstates Lo Herma's development readiness or market competitiveness.
• ●All forward-looking value is tied to a scoping study planned for early Q4 2026, so there is substantial execution risk and a long timeline before any investment case can be evaluated on fundamentals.

Bottom line

American Uranium Limited's announcement confirms substantial resource growth at Lo Herma, with Indicated Resources up 72% and total resources now at 9.96Mlbs U3O8. While this improves geological confidence, the company provides no information on project economics, permitting status, or timelines to production, so the investment case remains speculative. The positive tone and promotional comparisons to other ISR projects are not backed by supporting data. Investors have no basis to assess potential returns, costs, or feasibility from the current disclosure. Until the company delivers a completed scoping study with detailed economic analysis and outlines a credible path to production, this remains a technical milestone rather than an actionable investment catalyst. The key takeaway: resource growth is real, but commercial value is unproven and distant.

Announcement summary

(ASX: AMU, OTCQB: AMUIF) American Uranium Limited announced an updated Lo Herma Uranium resource that reaches 9.96Mlbs as Indicated Resources grow 72% prior to the publication of a planned scoping study. The company delivered a 72% increase in Indicated Resources to 4.7Mlbs U 3 O 8, significantly enhancing resource confidence and development readiness. The proposed Scoping Study resource base was expanded by 23% to 7.38Mlbs U 3 O 8, and confidence within the Scoping Study footprint was lifted to 54% Indicated, up from 32%. The total Lo Herma Resources increased by 16% to 9.96Mlbs U 3 O 8, and AMU's total mineral resources now stand at 11.62Mlb U 3 O 8 within the state of Uranium. The company completed the 120-hole 2025-26 drilling program, with all results now incorporated into the updated Mineral Resource Estimate. The LoHerma ISR uranium project is located in Wyoming's Powder River Basin and is increasingly comparable to ISR satellite projects in the area such as Ur-Energy's Shirley Basin and Uranium Energy Corp's Luderman. The company also holds highly prospective ISR assets in Wyoming's Great Divide Basin and brownfields conventional uranium/vanadium assets in Utah's Henry Mountains.

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