GTR upgrades US uranium JORC resource

Published 12-DEC-2024 11:52 A.M.

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Our US uranium Investment GTI Energy (ASX: GTR) just upgraded its uranium resource at one of its three projects in Wyoming, USA.

The upgrade came from GTR’s Lo Herma project - the projects JORC resource is now 50% bigger at 8.57m lbs of uranium.

Across all of its projects in Wyoming, GTR’s total JORC resource now sits at 10.23mlbs of uranium.

GTR also confirmed that it had kicked off a scoping study on Lo Herma with the study expected to be completed in the first half of 2025.

Why we think the scoping study will be a strong catalyst for GTR:

GTR’s projects all sit in a part of Wyoming where there are already ~9 uranium processing plants.

Most importantly GTR’s project sits ~16km away from Cameco’s Smith Ranch-Highland plant (the USA’s biggest ISR uranium production facility).

Central to our Investment Thesis for GTR has been the potential for GTR’s projects to be part of a regional “hub and spoke” production model.

The problem with the hub and spoke model is that project economics are relatively difficult to model.

The scoping study should give us a first look at how GTR’s most advanced project stacks up from an economics perspective.

How today’s news relates to our GTR Investment Memo:

After today GTR has ticked off all three of the milestones we set for objective #3 of our GTR Investment Memo.

We are now looking forward to the scoping study results before the end of H1-2025.

Objective #3: Increase global resource base and start feasibility studies

Ultimately we want to see GTR increase its total in-ground resource base and then take one of its projects into the feasibility study stage.

Milestones
✅ Resource upgrade commenced
✅ Resource upgrade completed
✅ Feasibility study commenced

Source: “What do we expect GTR to deliver” Section - GTR Investment Memo 4 Aug 2023