Investor Insight
Advanced project. Significant historic resource. Above average grade. Clear path to growth. Strong macro tailwinds. All at a fraction of peer valuations.
Overview
The world is entering an energy crunch. AI, data centres, electrification: all of it is driving massive power demand. At the same time, geopolitical tensions are forcing countries to secure their own energy and critical minerals.
Uranium sits at the centre of this convergence.
Uranium spot prices crossed US$100/lb in Q1 2026. Nuclear is the only scalable, clean baseload power source. Governments are restarting reactors and building new ones. Supply is tight, and getting tighter. Capital is following.
The biggest upside in past uranium cycles hasn’t come from producers. It’s come from juniors.
Key Project
The Kurupung Uranium Project
U92 Energy Corp (TSXV:UTWO) controls the Kurupung Uranium Project in Guyana, a large scale, advanced exploration asset. This is not a grassroots story.
- 20.6M lbs historical uranium resource (10.6Mlb Indicated + 10.0Mlb Inferred at 0.07% U3O8)
- 129,000m of historic drilling already completed
- 88,000m of diamond drill core sitting on site
- Mineralisation open in all directions
- A 92 km² land package with multiple untested targets
- Grade of 0.070% U3O8, above the peer comparable average of 0.067%
Much of this has only been drilled to approximately 150 to 200m depth. Over 14,000m of high grade intersections across surrounding targets are not included in the historical mineral resource estimate. This system is wide open for expansion.
Built for Discovery, and Growth
U92’s project has already demonstrated high grade drill intercepts across multiple zones, with a clear geological model that allows for repeatable exploration success. Highlights from historic drilling not included in the mineral resource estimate include:
- ACCONA-001: 61m @ 0.072% U3O8 (Accori North A)
- ACCONC-003: 33.5m @ 0.083% U3O8 (Accori North C)
- ACCONC-005: 30.5m @ 0.099% U3O8 (Accori North C)
- ACCONC-011: 10m @ 0.119% U3O8 (Accori North C)
These results span multiple target areas across the license, demonstrating both scale and grade consistency across the system.
Discovery costs at the Kurupung Project are exceptionally low. At Aricheng C, the fourth target drilled, the cost to discover was US$0.31 per lb, reflecting the predictable geology of competent hard rock granite and efficient deployment of capital.
Drill Rigs Are on Site
A +5,000m drill program is commencing Q2, 2026. Contractor mobilisation and camp construction are underway, with drilling planned through May to July. Assay results are expected through October, followed by an updated NI 43-101 mineral resource estimate by year end.
Project Comparison
Kurupung compares directly to established shear hosted uranium deposits. Paladin’s Michelin project in Labrador holds 100+ Mlbs at 0.09% and sits at a market cap of C$831M. IsoEnergy’s Coles Hill in Virginia holds 160+ Mlbs at 0.053% at a market cap of C$979M. Both were drilled significantly deeper (850m and 450m respectively). Kurupung has been drilled to only 200m, with proposed open pit development to 250m and resource growth open down dip and along strike.
A Jurisdiction You Shouldn’t Ignore
Guyana is the 2nd fastest growing economy in the world at +19% GDP growth. Major operators including Zijin Mining (gold), G Mining Ventures (gold), and ExxonMobil (offshore oil and gas) are already active in the country. Government support for resource development is strong, and infrastructure is improving as international capital flows into the region.
The Valuation Opportunity
The peer group average market cap is C$441M. The peer average EV/MI&I is US$2.90 per lb. U92 trades at an EV/MI&I of US$0.58 per lb, with a basic market cap of approximately C$13M.
Advanced project. Significant historic resource. Above average grade. Clear path to growth. Strong macro tailwinds. All at a fraction of peer valuations.
Management Team
Adam Clode - CEO & Executive Chairman
Proven capital markets operator and resource company builder
Ross McElroy - Non-Executive Director
Co-founded Fission Uranium, globally recognized uranium executive with a track record of building major uranium companies from discovery through to value realization
Amb. Otto J. Reich - Non-Executive Director
Deep geopolitical and strategic advisory experience across Latin America and the Caribbean
Jonathan Wiesblatt - Non-Executive Director
Capital markets and corporate development expertise
Dr. Richard Spencer - Independent Qualified Person
Ensures strong technical oversight and geological governance
Collectively, U92’s leadership and board have over 100 years of combined experience in the resource sector. Their track record includes involvement with companies that have attracted over C$2 billion in strategic investment and generated in excess of C$15 billion in transaction value across uranium, iron ore, copper, gold, and base metals. Previous affiliations include Fission Uranium, U3O8 Corp, African Minerals, Equinox Resources, Trident Resources, Apollo Silver, Aurania Resources, and Iamgold.
