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9.45 million pounds (Mlbs) of U₃O₈ contained metal classified as 4.02Mlbs of Indicated (43%) and 5.43Mlbs of Inferred resource for Lo Herma (refer Tables 1 & 2).
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Exploration Target of an additional 6.38 – 11.64Mlbs U₃O₈ at 500-700ppm (refer Table 2).
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AMU’s combined Wyoming Indicated & Inferred Mineral Resources now 11.11 Mlbs U₃O₈.
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Lo Herma is ~10 miles from the U.S.’ largest ISR U₃O₈ production plant at Cameco’s Smith Ranch-Highland.
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Ur Energy’s nearby Shirley Basin ISR satellite commenced construction in 2025 and is in the commissioning phase – UEC is currently advancing development of the Ludeman ISR satellite (~20 miles from Lo Herma).
Scoping Study Focus Area
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Current technical work is focused on three priority areas within the Lo Herma project area—Mine Unit 1 (MU1), Mine Unit 2 (MU2) and Mine Unit 3 (MU3) shown in Figure 2 —which represent the most advanced and best understood parts of the project.
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These areas have been prioritised as they are expected to form the foundation of the initial development concept being assessed, and where ongoing drilling, testing and technical work is progressively building confidence ahead of the planned Q3 Scoping Study. Table 1A summarises the location and current status of these focus areas.
Lo Herma Project Mineral Resource Estimate
Scoping Study Focus Area
MRE Summary BY PROPOSED Mine UNIT AREA (Mine Units 1, 2 & 3) *
*Exploration and development drilling, together with hydrogeological and metallurgical testing, has been undertaken across three discrete areas within the Lo Herma Project, defined as Mine Unit 1 (), Mine Unit 2 () and Mine Unit 3 () (). Data generated from this work have been used for internal evaluation purposes only, including preliminary assessments of leach characteristics, conceptual wellfield and process flowsheet design, and high‑level engineering and capital cost inputs. This work is progressing to support a future Scoping Study, which AMU is targeting for completion in Q3 2026, subject to the Mineral Resource Estimate achieving sufficient confidence to support Scoping Study–level production targets and financial assumptions, consistent with JORC Code (2012) and ASX Guidance Note 31.
Location & Infrastructure
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Lo Herma is located in Converse County, Powder River Basin (PRB), Wyoming (WY) approximately 15 miles north of the town of Glenrock and within ~60 miles of five (5) permitted ISR uranium production facilities.
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Lo Herma sits within Wyoming’s established ISR district where value is typically unlocked via a hub‑and‑spoke production model. In that context, the Project is approaching the scale of Ur‑Energy’s Shirley Basin, enCore’s Gas Hills, and UEC’s Ludeman project , with regional ISR production infrastructure including Cameco’s Smith Ranch, UEC’s Irigaray, Peninsula’s Lance (Ross), Ur-Energy’s Lost Creek and Energy Fuels’ Nichols Ranch (Figure 1).
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The Powder River Basin has an extensive ISR uranium production history and has been the backbone of the Wyoming uranium production business since the 1970s.