GTR to drill US uranium project in H2-2025

Published 10-JUN-2025 11:32 A.M.

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Our US uranium Investment GTI Energy (ASX: GTR) is going for an upgrade to its resource in the second half of this year.

GTR’s Lo Herma project is located in Wyoming ~15km away from $44BN Cameco’s Smith Ranch processing plant.

Smith Ranch is the biggest ISR uranium processing plant in the US.

GTR’s project currently has a 8.57m lb JORC uranium resource.

And now, in H2-2025 GTR will be drilling to increase that resource.

GTR has ~5.59m lbs to 7.1m lbs of uranium in exploration target for its Lo Herma project which could mean GTR can get close to a ~15M lb resource for the project (with some drilling).

We are looking forward to GTR’s drill program because it could increase the company’s resources to a level where the market compares GTR to a recent deal done in Wyoming.

More M&A activity on uranium assets in Wyoming, USA

The most recent deal done in Wyoming was Premier American’s acquisition of Nuclear Fuels.

Nuclear Fuel owns the Kaycee project (north-west of GTR) which has an exploration target ranging between 11.5m lbs and 30m lbs.

The takeover valued Nuclear Fuels for US$31M, which means the price being paid for the exploration target was ~US$1 to US$2.70 per lb of exploration target.

GTR’s Lo Herma project alone (GTR has other projects in Wyoming too) has a JORC resource of ~8.57m lbs of uranium.

On top of that it has an exploration target for an additional 5.59 to 7.1m lbs of uranium.

Using the rate paid by Pan American for Nuclear Fuels, the implied look through value of GTR’s assets would be between US$14M and US$42M.

These are very rough calculations and Nuclear Fuels have other exploration assets BUT it does give us a good idea of how corporates are valuing ISR uranium assets in this part of the USA.

GTR is currently capped at ~$12M.

This deal follows the acquisition of Pine Ridge by one of our other Investments Global Uranium and Enrichment (ASX: GUE).

GUE, together with its NASDAQ listed Joint Venture partner paid US$31M for a project with an exploration target between 24.4 to 51.3m lbs - that project sits immediately to the north of GTR’s ground.