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GTI Energy Ltd (GTI or Company) is pleased to update the uranium Mineral Resource Estimate (MRE) at its Lo Herma Project (Lo Herma or the Project) located in Wyoming’s Powder River Basin (Figure 1). The MRE for the Project is focused on mining by In-Situ Recovery (ISR) methods and is reported at an appropriate cut-off grade of 200 ppm U3O8 and a minimum grade thickness (GT) of 0.2 per mineralised horizon as:
6.21 million tonnes of total mineralisation at average grade of 630 ppm eU3O8 for 8.57 million pounds (Mlbs) of eU3O8 contained metal classified as 2.78Mlbs of Indicated (32%) and 5.79Mlbs of Inferred.
Highlights
- Lo Herma Mineral Resource Estimate increased 50% to 8.57Mlbs eU3O8 incl. 2.78Mlbs Indicated (32%) & 5.79Mlbs Inferred
- Lo Herma Exploration Target increased from recent drilling and new staking
- Lo Herma Scoping Study commenced - targeting completion in 1st half of 2025
- GTI’s combined Wyoming uranium resources increased to 10.23Mlbs
The Lo Herma Exploration Target Range (ETR) for Lo Herma is also updated & increased (Table 1), since first reported to ASX on 05/07/2023, and now stands at a range of between 5.59 to 7.10 million tonnes at a grade range of 500 ppm to 700 ppm U3O8. GTI’s combined uranium MRE across its Wyoming projects, including the Great Divide Basin, is now 10.32Mlbs with an additional exploration target (Table 6).
The potential quantity and grade of Exploration Targets is conceptual in nature and there has been insufficient exploration to estimate a JORC-compliant Mineral Resource Estimate. It is uncertain if further exploration will result in the estimation of a MRE in the defined exploration target areas. In addition to drilling conducted in 2024, Exploration Targets have been estimated based on historical drill maps, drill hole data, aerial geophysics (reported during 2023) and drilling by GTI conducted during 2023 to verify the historical drilling information. There are now 954 drill holes in the Lo Herma project area with the 2023 and 2024 drill programs conducted by GTI designed, in part, to test the Lo Herma Exploration Target.
“We are delighted with the major uplift in Lo Herma’s uranium resource, now 50% larger at 8.57Mlbs. This important milestone positions Lo Herma favourably in size against Ur-Energy’s nearby 8.8Mlb Shirley Basin ISR build, and Encore Energy’s 8.1Mlb Gas Hills ISR project (refer Schedule 1). Importantly, over 30% of Lo Herma’s resource is lifted into Indicated classification with an expanded Exploration Target pointing the way to even greater potential for growth. Given Lo Herma's proximity to several major ISR production facilities within 60 miles, we believe this project has strong potential to transition into production. Our immediate focus is completing a Scoping Study in the first half of 2025. This material resource upgrade plus the significant exploration target confirms our belief that 8.57Mlbs is just the starting point for Lo Herma.” Bruce Lane, Executive Director, GTi Energy.
FIGURE 1. WYOMING IS URANIUM PROCESSING ASSETS & GTI PROJECT LOCATIONS
LO HERMA URANIUM PROJECT – LOCATION & BACKGROUND
The Lo Herma ISR Uranium Project is located in Converse County, Powder River Basin (PRB), Wyoming. The Project lies approximately 15 miles north of the town of Glenrock and within ~60 miles of six (6) permitted ISR uranium production assets. These assets include UEC’s Willow Creek (Irigaray & Christensen Ranch) & Reno Creek ISR plants, Cameco’s Smith Ranch-Highland ISR facilities, Energy Fuels Nichols Ranch ISR plant & Ur-Energy’s Shirley Basin (Figure 1).
The Powder River Basin region has extensive ISR uranium production history with numerous defined ISR uranium resources, central processing plants (CPPs) and satellite deposits (Figure 1). The Powder River Basin region has been the backbone of Wyoming uranium production since the 1970s.
As reported to ASX on 14/03/2023, GTI acquired a comprehensive historical data package, with an estimated replacement value of over A$15m, for the Lo Herma region. The data package included original data for circa 1,771 drill holes for ~530,00 feet (~162,000m) of drilling in the Lo Herma region.
The original drill data was used to prepare an inferred MRE and an ETR for Lo Herma using the original exploration results. Subsequently GTI conducted a 26-hole exploration drill program in the winter of 2023 followed by a 73-hole resource development drill program in the summer of 2024, the results of which were previously reported on 20/12/2023, 31/07/24, 12/09/2024 & 19/09/2024 and support the updated MRE and ETR for Lo Herma shown in Table 1.
TABLE 1: SUMMARY OF LO HERMA RESOURCES & ETR (REFER TABLES 2 & 3)
The potential quantity and grade of Exploration Targets is conceptual in nature and there has been insufficient exploration to estimate a JORC-compliant MRE. It is uncertain if further exploration will result in the estimation of a MRE in the defined exploration target areas. In addition to drilling conducted in 2024, Exploration Targets have been estimated based on historical drill maps, drill hole data, aerial geophysics (reported during 2023) and drilling by GTI conducted during 2023 to verify the historical drilling information. There are now 954 drill holes in the Lo Herma project area with drill programs conducted by GTI during 2023 and 2024 designed, in part, to test the Lo Herma Exploration Target.
LO HERMA MINERAL RESOURCE ESTIMATE (MRE) UPDATE
The updated Lo Herma MRE, in accordance with the JORC Code (2012), is presented in Table 2:
TABLE 2: LO HERMA UPDATED MINERAL RESOURCE ESTIMATE
The MRE has been calculated by applying a cutoff grade of 200 ppm eU3O8 and a grade thickness (GT) cutoff of 0.2 GT. All available exploration data was evaluated using roll-front mapping techniques and modelled using GT contour methodology. GT contour modelling is widely accepted and used within the uranium industry for modelling roll-front style deposits. A range of criteria has been considered in determining resource classification including data quality, geologic continuity, and drill hole spacing which is discussed in Appendix 1, JORC code Table 1 report.
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GTI Energy
Investor Insight
GTI Energy presents an intriguing opportunity for investors seeking exposure to the uranium sector, given its focus on ISR projects in the US aligning well with macro trends in the nuclear energy industry and geopolitical shifts favouring domestic uranium production.
Overview
GTI Energy (ASX:GTR,OTCQB:GTRIF) is an Australia-based uranium exploration and development company focused on uranium projects in Wyoming, USA, that are amenable for in-situ recovery (ISR). In uranium mining, ISR is the lowest cost and least environmentally damaging form of uranium recovery, especially when alkaline leach and ion exchange processes are utilised.
The company’s flagship Lo Herma project in the Powder River Basin is a sandstone-hosted roll front uranium deposit, which contains a recently updated mineral resource of 8.57 million pounds (Mlbs) of U₃O₈ at an average grade of 630 parts per million (JORC 2012 compliant), with a substantial additional exploration target in the range of 6 to 11 Mlbs – GTI recently completed an interim Scoping Study on this project. GTI also holds projects in the Great Divide Basin (inferred resource of 1.66 Mlbs) and Green Mountain areas of Wyoming, as well as earlier-stage conventional uranium/vanadium assets in Utah. As of the latest update, GTI has delineated total combined uranium resources of 10.23 Mlbs (indicated and inferred) and combined exploration targets ranging from 12.14 to 15.21 million tonnes across its Wyoming projects.
Wyoming’s ISR uranium processing assets and GTI project locations
GTI is positioning itself to take advantage of the worsening uranium supply deficit and rapidly growing demand for uranium, particularly from the United States. The US remains the world’s largest consumer of uranium but imports over 95 percent of its supply. GTI’s strategy centres on developing low-cost ISR uranium projects in Wyoming – historically one of the most productive uranium regions in the US – with established infrastructure, regulatory support, and proximity to existing ISR processing facilities.
The uranium market is experiencing a serious supply deficit and a significant resurgence in demand driven by several factors:
- Supply constraints following decades of underinvestment and an overreliance on Russian and Kazakh supply chains;
- Rapid growth in global electricity demand and recognition of nuclear energy as a clean baseload source aligned with decarbonization targets;
- Geopolitical realignment leading to a bifurcated uranium market, with the US banning imports of Russian nuclear fuel as of August 2024, intensifying the urgency for domestic supply security;
- Accelerating momentum for SMRs (Small Modular Reactors), nuclear restarts, and new gigawatt-scale builds in the US and abroad.
In the United States specifically, there is bipartisan policy support for revitalising the domestic uranium industry. Key initiatives include the formation of a strategic uranium reserve, over US$6 billion in grants for existing nuclear facilities, and tax incentives for new builds under the Inflation Reduction Act. Additionally, the US Department of Energy has called for tripling US nuclear capacity to 300 gigawatts by 2050. Demand signals are also coming from private sector growth, particularly AI-driven data centre development and long-term net-zero pledges by institutional investors and banks.
GTI Energy’s project strategy
In the longer term, GTI recognises the value potential of consolidation within the fragmented US uranium sector. The company remains open to strategic partnerships, joint ventures or merger and acquisition opportunities that could accelerate its development timeline, enhance scale, and unlock synergies. Such initiatives could ultimately strengthen GTI’s path to production and improve its overall value proposition to shareholders.
Company Highlights
- GTI Energy is focused on ISR-amenable uranium projects in Wyoming, USA.
- GTI has completed an interim Scoping Study on its flagship Lo Herma project in the Powder River Basin which contains a recently updated mineral resource of 8.57 Mlbs of U₃O₈ at average grade of 630 ppm.
- GTI also holds drill permitted projects with defined resources and exploration targets in the Great Divide Basin and Green Mountain areas in Wyoming, and uranium-vanadium assets with significant recent exploration data in Utah.
- To date, GTI has delineated total combined uranium resources of 10.23 Mlbs (indicated and inferred) and substantial combined exploration targets in the range 12 to 20 Mlbs across its Wyoming projects.
- Wyoming is a historically significant uranium producing region with existing infrastructure and a supportive regulatory environment.
- GTI is well-placed to take advantage of the worsening uranium supply deficit and rapidly growing demand for uranium, particularly from the United States, the world’s largest consumer of uranium.
Key Projects
Wyoming Uranium Projects
GTI's focus on Wyoming ISR projects positions it well to capitalize on trends in the uranium sector. ISR mining is generally faster to build, lower cost, and more environmentally friendly than conventional mining methods. Wyoming has a long history of uranium production and hosts current producers and several additional permitted processing facilities, potentially allowing for rapid development of new projects.
The Wyoming projects – comprising the Lo Herma, Great Divide Basin, and Green Mountain projects – are located in the Powder River and Great Divide Basins.
JORC Resources and Exploration Targets
Lo Herma
The company’s exploration work is currently centered on advancing its 100 percent owned flagship Lo Herma project, where drilling in 2023 and 2024 successfully verified and expanded the historical drill hole database. As of December 2024, the project hosts a JORC-compliant mineral resource estimate of 8.57 Mlbs of U₃O₈ at an average grade of 630 ppm, comprising 2.78 Mlbs indicated and 5.79 Mlbs inferred.
The Lo Herma project is located just 10 miles from Cameco's Smith Ranch-Highland facility – the largest ISR uranium plant in the United States – and is ideally situated for potential future production synergies. In addition to the current resource, the company has defined an exploration target of 6 to 11 Mlbs, with over 950 drill holes completed across the project area.
GTI completed hydrogeologic field testing and metallurgical leach studies during the March 2025 quarter. Results demonstrated that Lo Herma mineralisation is amenable to alkaline ISR recovery with uranium recoveries averaging 75 percent, consistent with other ISR operations in the district.
Following the successful completion of these studies, GTI delivered an interim scoping study in Q2 2025, managed by BRS Engineering. The study confirmed the project’s potential viability and outlined attractive baseline economics for both central processing and satellite mining development options. The company is now finalising plans for a follow-up drilling campaign in H2 2025. This next phase will include infill and step-out drilling to increase overall mineral resources and upgrade resource classification, while collecting further hydrogeological and metallurgical data.
Great Divide Basin and Green Mountain
The company continues to progress its additional Wyoming projects, including the Great Divide Basin and Green Mountain areas. Drilling is permitted for 2025, positioning GTI to unlock further value across these strategic tenements.
The Great Divide Basin project includes the Thor, Logray, Loki, Odin, Teebo and Wicket claims. It holds a JORC inferred mineral resource of 1.66 Mlbs of U₃O₈ at 570 ppm, and a defined exploration target of 6.55 to 8.11 million tonnes grading 420 to 530 ppm. The area benefits from significant historical exploration data and proximity to major uranium infrastructure, including Ur-Energy’s Lost Creek plant and Rio Tinto’s Sweetwater Mill.
GTI’s footprint in this region was expanded by acquiring the Green Mountain project, which includes 5,585 hectares of contiguous claims directly adjoining Rio Tinto’s tenements. Historical drilling and geophysical surveys confirm the presence of uranium mineralisation in sandstone-hosted roll fronts within the Battle Springs formation.
Green Mountain lies adjacent to notable regional projects including Energy Fuels’ Sheep Mountain (30 Mlbs), Ur-Energy’s Lost Soldier, and UEC’s Antelope deposits, positioning GTI near major development and production infrastructure in the basin.
Utah
Henry Mountains Uranium Project
GTI’s Henry Mountains project in Utah is a brownfields uranium-vanadium opportunity located within the prolific Colorado Plateau uranium province. Exploration has focused on a 5 km mineralised trend between the Rat Nest and Jeffrey claim groups, including the Section 36 state lease.
Uranium and vanadium mineralisation in this area is shallow – typically 20 to 30 metres deep – and has historically supported significant production. Since 1904, the district has yielded more than 92 Mlbs of U₃O₈ and 482 Mlbs of V₂O₅ from sandstone-hosted ores. The project remains a strategic asset with future development or transactional optionality as GTI advances its Wyoming portfolio.
Management Team
Bruce Lane - Executive Director
Bruce Lane has significant experience with ASX-listed and large industrial companies. Lane has held management positions in many global blue-chip companies as well as resource companies and startups in New Zealand, Europe and Australia. He holds a master’s degree from London Business School and is a graduate member of the Australian Institute of Company Directors. Lane has led a number of successful acquisitions, fund raising and exploration programs of uranium and other minerals projects during the last 20 years, most notably with ASX listed companies Atom Energy, Stonehenge Metals and Fenix Resources (FEX).
Matt Hartmann - Director
ISR uranium specialist Matt Hartmann is an executive and technical leader with more than 20 years of international experience and substantial uranium exploration and project development experience. He first entered the uranium mining space in 2005 and followed a career path that has included senior technical roles with Strathmore Minerals and Uranium Resources. He is also a former principal consultant at SRK Consulting where he provided advisory services to explorers, producers and prospective uranium investors. Hartmann’s ISR uranium experience has brought him through the entire cycle of the business, from exploration, project studies and development, to production and well field reclamation. He has provided technical and managerial expertise to a large number of uranium ISR projects across the US including, Smith Ranch – Highland ISR Uranium Mine (Cameco), Rosita ISR Uranium Central Processing Plant and Wellfield (currently held by enCore Energy), the Churchrock ISR Uranium project (currently held by Laramide Resources), and the Dewey-Burdock ISR Uranium project (currently held by enCore Energy).
Simon Williamson - Non-executive Director
Simon Williamson was general manager and director of Cameco Australia until late 2023 and has significant uranium industry experience, networks and skills from his 13 years at Cameco. During his tenure with Cameco, Williamson managed relations with key government ministers and departments and community stakeholders. He managed project approvals processes, including negotiations with State and Federal agencies and reviewing the PFS for the Yeelirrie project.
Williamson was intimately involved in obtaining environmental approval for the Kintyre and Yeelirrie uranium projects, including developing and implementing a program of environmental baseline studies, government and community consultation and negotiating land access. Prior to his appointment as general manager, he led the government and regulatory affairs, environmental and radiation safety activities of Cameco in Australia.
James (Jim) Baughman - Executive Director
James Baughman is a highly experienced Wyoming uranium geologist and corporate executive who will help guide the company’s technical and commercial activities in the US. Baughman is the former president and CEO of High Plains Uranium (sold for US$55 million in 2006 to Uranium One) and Cyclone Uranium.
Baughman has more than 30 years of experience advancing minerals projects from grassroots to advanced stage. He has held senior positions (i.e., chief geologist, chairman, president, acting CFO, COO) in private and publicly traded mining & mineral exploration companies during his 30-year career.
He is a registered member of the Society of Mining, Metallurgy, Exploration and a member of the Society of Economic Geologists with a BSc in geology (1983 University of Wyoming) and is a registered professional geologist (P. Geo State of Wyoming). Baughman is a registered member of the Society of Mining, Metallurgy, and Exploration (SME) and a qualified person (QP) on the Toronto Stock Exchange (TSX) and Australian Stock Exchange (ASX).
Petar Tomasevic - Non-executive Director
Petar Tomasevic is the managing director of Vert Capital, a financial services company specializing in mineral acquisition and asset implementation. He has worked with several ASX-listed companies in marketing and investor relations roles. Tomasevic is fluent in five languages. He is currently appointed as a French and Balkans language specialist to assist in project evaluation for ASX-listed junior explorers. Most recently, he was a director at Fenix Resources (ASX:FEX), which is now moving into the production phase. He was involved in the company’s restructuring when it was known as Emergent Resources. Tomasevic was also involved in the company’s Iron Ridge asset acquisition, the RTO financing, and the development phase of Fenix’s Iron Ridge project.
Disrupting the uranium supply chain through highly prospective ISR projects in Wyoming
North Shore Uranium: Unlocking Value Across Two World-class Uranium Districts in North America
North Shore Uranium (TSXV:NSU) is a uranium exploration company focused on North America, advancing a dual-track strategy aimed at high-impact discoveries in two of the world’s most prolific uranium regions: the eastern Athabasca Basin in Saskatchewan, Canada, and the Grants Uranium District in New Mexico, USA. With a lean capital structure, fully permitted drill targets in Saskatchewan, and strong insider ownership, the company is well-positioned to create value through cost-effective exploration and resource definition in a rising uranium price environment.
The Rio Puerco project, located in New Mexico’s Grants District—a historically productive uranium belt responsible for over 340 million pounds of past U₃O₈ production—offers strong potential. Drawing on data from approximately 800 historical drill holes, a JORC-compliant inferred resource estimate of 11.4 million pounds U₃O₈ was completed in 2009. Early assessments suggest potential for in-situ recovery (ISR) mining, one of the lowest-cost extraction methods in the industry.
North-Shore-Uranium-Athabasca-Basin-ProjectsAt the Falcon project in the Athabasca Basin, North Shore’s maiden 2024 drill program confirmed near-surface uranium mineralization in previously untested zones, underscoring the project’s discovery potential. The company has outlined a 7-kilometre conductive corridor with high-priority drill targets in the South Priority Area and is planning prospecting and follow-up drill programs.
Company Highlights
- Dual Jurisdiction Exposure: Active exploration in Athabasca Basin and the Grants Uranium District, two of the most historically significant uranium-producing regions in North America.
- Rio Puerco Option: Binding term sheet signed for a transaction that would see North Shore Uranium acquire up to an 87.5 percent of the Rio Puerco uranium project in New Mexico, where there is a historical resource estimate of 6 million tonnes grading 0.09 percent eU₃O₈ for 11.4 million lbs of U₃O₈.1
- Falcon Discovery in 2024: Maiden drill program confirmed near-surface uranium mineralization at two targets on the Falcon property in the Athabasca Basin in a previously undrilled area within 30 km of the active Key Lake uranium mill.
- Path to Resource Definition: Upon completion of the transaction, North Shore plans to validate historical data, attempt to expand the resource and evaluate the ISR potential at Rio Puerco and concurrently work to expand the discovery footprint at Falcon.
- Lean Structure, Strong Insider Support: $2.2 million market cap (as of July 2025), 40.3 million shares outstanding, with 43.3 percent held by insiders and founding investors.
- High-caliber Team: Led by award-winning geologist Brooke Clements and supported by proven uranium dealmakers and technical experts.
This North Shore Uranium profile is part of a paid investor education campaign.*
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