Perth, Australia – American Uranium Ltd (ASX:AMU) is pleased to announce the completion of a cornerstone investment by Snow Lake Energy (NASDAQ:LITM), a NASDAQ-listed, U.S.-focused uranium and nuclear energy company.
Snow Lake now holds a 9.9% stake in AMU following its participation in the Company’s recent placement. In addition, Snow Lake has secured the right to appoint one director to AMU’s Board.
Snow Lake is also a 50/50 joint venture partner in the Pine Ridge Uranium Project, which directly adjoins AMU’s flagship Lo Herma In-Situ Recovery (ISR) Uranium Project in Wyoming’s Powder River Basin – the premier U.S. uranium district.
Highlights
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Snow Lake Energy (NASDAQ:LITM) completes strategic investment in AMU, now holding 9.9% of issued shares.
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Board-level alignment – Snow Lake gains the right to appoint a director to the AMU Board.
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Shared growth corridor – Snow Lake’s Pine Ridge Project lies along trend, directly adjoining AMU’s Lo Herma ISR Project.
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Strengthened U.S. nuclear supply chain – Partnership advances domestic uranium production in the Powder River Basin.
American Uranium Executive Director and CEO, Bruce Lane, said:
“We are delighted that Snow Lake have now completed their investment. Snow Lake’s participation in AMU is strategically significant due to the proximity of their 50/50 JV Pine Ridge Project, which adjoins Lo Herma along trend.”
The Pine Ridge Project is a joint venture between Global Uranium and Enrichment (ASX:GUE) and Snow Lake Energy. Located in the southwestern Powder River Basin, Pine Ridge hosts a significant exploration target of 24.4–51.3 million pounds U₃O₈ at an average grade of 0.031–0.040% U₃O₈.
With Snow Lake’s investment, AMU is further positioned to accelerate the development of its Lo Herma Project and play a leading role in rebuilding the U.S. uranium supply chain.
ENDS
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About American Uranium
American Uranium Limited (ASX:AMU) is focused on defining and developing economic in-situ recovery (ISR) uranium resources as part of the U.S. domestic uranium mining revival. AMU’s flagship and most advanced Lo Herma Project leads the Company’s project portfolio and is strategically positioned in Wyoming’s Powder River Uranium Basin, the most significant uranium production district in the U.S.
Contact details:
Jane Morgan
Investor & Media Relations Manager
M: +61 405 555 618
[email protected]
