Uranium American Resources

Investor Insight

Uranium American Resources is acquiring historically drilled and producing uranium and vanadium projects backed by extensive drilling, defined mineralization, prior production and committed development capital.

Company Highlights

• Fully Structured Funding Plan: US$12.8 million in total is allocated to acquisition, equity to JAG shareholders, drilling, overhead, and fees. This includes US$2 million for drilling at Stateline and US$0.5 million for drilling at Sky.
• Production First Strategy: Management is focused on restarting production and generating cash flow rather than simply defining resources.
• Brownfield Advantage: All projects are located in the western United States and have historic uranium and vanadium production supported by existing geological datasets.
• Visible Development Pipeline: Defined roadmap schedules drilling, resource reports, feasibility work, for Stateline, environmental studies, and approvals such as a Mining Lease Application across projects through Q3 2026.
• Built for Consolidation: The strategic approach includes acquiring additional advanced uranium assets with a focus on US Production.
• Strong Commodity Tailwinds: Uranium prices increased to US$89.25 per pound in January 2026, while the North Shore Global Uranium Mining Index gained 68.18 percent from April 2025 lows.

Overview

Uranium American Resources (OTCBB:UARI), formerly Tonogold Resources, is advancing a portfolio of uranium and vanadium assets across key US jurisdictions, focusing on brownfield projects with historic production and pathways toward near-term development.

The company’s strategy is aligned with the critical national need to secure long-term domestic uranium supply to strengthen the stability of the US power grid, meet growing energy demand, and support the transition to reliable baseload nuclear power. By targeting established uranium districts and scalable assets, the company aims to build a pipeline capable of supporting this domestic supply.

In 2025, Uranium American Resources announced the acquisition of 100 percent of JAG Minerals, securing a diversified portfolio of high-grade brownfield assets across the prolific uranium districts of Utah, Colorado, and Wyoming: Marysvale (historic estimate of 2.9 Mlb U3O8), SKY (historic estimate over 1Mlb U3O8), and Stateline (nineteen historic mines with assays above 1 percent uranium and 1percent vanadium), including 13 historic uranium and vanadium mines across Utah, Wyoming and Colorado. The acquisition is scheduled to close by the end of March.

Led by CEO William Hunter, the company’s strategy emphasizes speed-to-market by targeting assets near existing infrastructure, such as the White Mesa Mill. Backed by recent institutional funding, Uranium American Resources is positioned to reduce US reliance on foreign nuclear fuel by advancing its high-grade domestic resource base to support the global transition toward clean, carbon-free energy.

Key Projects

Stateline Project

The Stateline Project spans 7.12 sq km across seven strategic areas in the La Sal Creek District and sits approximately 11.8 mi or 19 km from the La Sal Complex operated by Energy Fuels. The company is targeting initial production within 24 to 30 months after the acquisition closes. Located within the Canyonlands section of the east central Colorado Plateau, the La Sal Trend forms part of the uranium and vanadium-rich Uravan Mineral Belt extending over 20 miles and representing one of the most continuous channel sand deposits in the region.

Highlights

• Nineteen historic uranium and vanadium mines
• More than thirty historic drill holes
• Scintillometer readings up to 45,200 cps with assays above 1 percent uranium and 1 percent vanadium
• Historic vanadium grades ranging from 1 percent to 3 percent, averaging about 1.5 percent
• Direct highway access adjacent to the Colorado Highway

Sky Project

The Sky Project is located in Fremont County, Wyoming, 34 miles southeast of the historic Gas Hills Uranium District. Historic drilling totaling about 129,000 ft across 161 reverse circulation holes defined the exploration trend at an average spacing of about 200 ft. Mineralization is a typical Wyoming roll front deposit occurring within two sand units, between 10 ft and 20 ft thick.

Highlights

• 161 historical reverse circulation drill holes
• Historic estimate by Pathfinder Mines in 1980 totaling 822,000 pounds U3O8
• Updated estimate in 2007 reporting more than 1 million pounds U3O8
• Mineralization opens north and south
• Technical studies indicate suitability for in situ recovery extraction
• Located within 50 miles of the Lost Creek ISR plant operated by UR Energy.

Marysvale Project

The Marysvale Project lies adjacent to the Central Mining Area, where about 1.39 million pounds of U3O8 at 0.22 percent were produced from more than ten mines between 1949 and 1966. JAG Minerals USA holds twenty unpatented mining claims and one state lease.

Mineralization extends from the surface to depths of at least 500 ft within strong clay-altered rhyolite volcanics and is interpreted as a blanket-type supergene deposit formed from remobilization of primary deposits along vertical faults.

Highlights

• Historic estimate of 2.9 million pounds U3O8 within 300 to 500 ft of surface
• 127 historical drill holes
• Drillhole 24-28 intercepted 64.5 ft at 0.09 percent eU3O8
• Expansion potential along a major northwest-trending fault zone

Management Team

William Hunter — Chief Executive Officer and Executive Chairman

William Hunter has participated in more than US$20 billion of transactions across natural resources, transportation, and industrial sectors. Hunter previously served as president and chief financial officer of Advent Technologies Holdings and chief executive officer of AMCI Acquisition Corp. In addition, he has a 30 year career in investment banking and private equity focused on the mining space. He holds a BSC and MBA degrees from DePaul University.

Cassie Cardoso — Chief Financial Officer

Cassie Cardoso has more than fifteen years of international experience as an external financial auditor with expertise spanning finance, audit, legal, operational, and project management disciplines.

Randy Henkle — Technical Consultant

Randy Henkle is president and chief geologist of Henkle and Associates with more than fifty years of experience. Henkle’s prospecting work between 2010 and 2015 identified the potential of both the Marysvale and Sky prospects.

Stephen McKay — Technical Consultant

Stephen McKay is chief executive officer of McKay Mineral Exploration LLC with more than twenty five years of experience. McKay partnered with Henkle in 2017 and 2018 to prospect the State Line district, leading to its inclusion in the portfolio.

Andrew Hawker — Independent Qualified Person

Andrew Hawker is a consultant to JAG Minerals USA and a Qualified Person as defined in National Instrument 43-101 with more than thirty-five years of geological experience.

Joe Phillips — Independent Director

Joe Phillips is an executive with experience in mining development, corporate finance, and strategic planning and holds a degree from the University of Queensland.

Ryan Welker — Independent Director

Ryan Welker is Chairman and co-founder of Vitrinite and previously helped raise more than 2 billion dollars for listed companies.

Cody Whipperman — Director

Cody Whipperman is a mining executive who held senior leadership roles across operations, finance, and corporate development at Barrick Gold and Rio Tinto Iron Ore. Whipperman holds a Bachelor of Science in Mining Engineering and a Juris Doctor.

Robert Kopple — Independent Director

Robert Kopple is a lawyer, investor, and corporate finance professional specializing in tax law, estate planning, and business transactions.