Premier American Uranium: Anchored in America

Premier American Uranium holds more than 100,000 acres across the U.S.’s most productive and historically significant uranium belts, spanning the Grants Mineral Belt in New Mexico, Wyoming’s ISR‑proven Powder River and Great Divide Basins, and additional assets across Colorado, Utah, and Arizona. These districts have collectively produced hundreds of millions of pounds of uranium and benefit from established infrastructure, skilled workforces, and regulatory familiarity, all of which materially lower development risk compared to greenfield jurisdictions.

With assets embedded in America’s core uranium corridor and a 2025 PEA confirming the development potential at Cebolleta, PUR offers one of the most comprehensive and strategically aligned domestic portfolios in the sector. As uranium is increasingly classified as a critical mineral and U.S. utilities prioritize secure, local supply, Premier’s footprint positions it at the center of America’s nuclear fuel rebuild, not as a single‑asset story, but as a scalable platform built for national energy security.

Two transformational deals have reshaped PUR from a newly listed junior into the largest multi-asset US uranium exploration and development platform. In 2024, the acquisitions of American Future Fuel and Nuclear Fuels Inc. secured full ownership of the advanced-stage Cebolleta Project in New Mexico, a well-drilled, past-producing asset with a large footprint and scalable economics. This move established a clear flagship around which PUR could build. The 2025 merger with Nuclear Fuels Inc. added substantial depth, unlocking the 33,000-acre Kaycee ISR trend in Wyoming, an underexplored corridor hosting 430 miles of mapped roll fronts, as well as a broader pipeline of exploration-stage projects across Utah and Arizona.

Together, these deals delivered more than just land with strategic coherence, advanced technical data, and a platform for future consolidation in the fragmented US uranium landscape. With the updated Cebolleta resource adding 1.7 Mlbs to the indicated category and confirming low-cost development potential, PUR is now entering a new phase, one defined by exploration scale, defined assets, and a clear runway toward production. This is consolidation with purpose, designed to meet the moment as US energy security becomes a national priority.

Cebolleta’s 2025 PEA established it as one of the largest undeveloped uranium assets in the United States, outlining 18.1 million pounds of U₃O₈ production over a 13-year mine life, with an after-tax NPV (8%) of US$83.9 million based on a uranium price of US$90/lb. That valuation jumps significantly with even modest price increases, showing strong leverage to a tightening uranium market. The economic model is underpinned by a hybrid open-pit and underground mining approach, with heap leach processing that keeps capital intensity low and scalability high, an important advantage for a company targeting rapid development in a rebounding sector.

Beyond the numbers, PUR is making tangible progress towards execution. Permitting has advanced, metallurgical test work is ongoing to improve recoveries beyond the current 80%, and site access and infrastructure are already in place. The updated mineral resource, which incorporated over 3,300 drillholes and more than 17 million feet of historical drilling, significantly enhanced confidence in the deposit. Importantly, the Company is now fully funded to advance these workstreams following the February 2026 C$15m bought-deal financing, materially de-risking near-term execution. With a validated base case, proven recoveries, and exploration upside beneath known mineralisation, Cebolleta is transitioning from a legacy name in U.S. uranium to a near-term development story backed by credible economics and a funded pathway to production.

• Cebolleta Optimisation & Wyoming Drilling: Near-term momentum is coming from Cebolleta’s ongoing metallurgical testing, aimed at lifting recoveries from 80% to 90%, which could materially increase project NPV. At Kaycee, more than 100,000 feet of drilling has now been completed, expanding known mineralisation and confirming continuity across multiple target areas, while Cyclone continues to advance in parallel. With funding now secured, these programs are fully financed and execution-driven rather than contingent. Together, these programs build momentum, strengthen confidence in asset quality, and reinforce PUR’s position as a progressing U.S. uranium developer.

• Cebolleta Technical Report Locks In a Clearer Development Path: Premier filed the full technical report for Cebolleta, confirming strong baseline economics, a 13-year mine life and 18.1 Mlbs production. The updated resource adds clarity to scale and resets expectations around development momentum. This filing gives investors a concrete economic blueprint and a near-term visibility boost as PUR shifts toward defined project planning.

• Feasibility Studies & Partnerships: By 2026, Cebolleta is expected to advance toward a feasibility study and initial permit submissions, supported by further drilling and optimisation work. The strengthened balance sheet following the February 2026 financing improves visibility on study timing and counterparty engagement. In parallel, PUR is expected to pursue potential partnerships or offtake discussions with utilities or federal programs under the U.S. Strategic Uranium Reserve initiative. These milestones could validate economic assumptions and formalise PUR’s positioning within the domestic nuclear supply chain.

• Development Readiness & Policy Tailwinds: Beyond 2026, key catalysts include a potential construction decision at Cebolleta and advancement of ISR resources in Wyoming. As the U.S. formally classifies uranium as a critical mineral, PUR’s assets could gain access to debt and loan guarantees and strategic offtake support. Early balance-sheet discipline and funded project advancement improve PUR’s ability to access this future capital on favourable terms. These structural tailwinds, combined with a tightening market and clear development pathway, position PUR for a material valuation re-rate over the longer term.

While Cebolleta, Kaycee, and Cyclone host significant resources and drilling, further confirmation and metallurgical test work is required to define reserves. Historical data underpins confidence but must be validated under modern standards. Inherent variability could affect economic outcomes.

Uranium development requires layered federal, state, and tribal approvals. New Mexico's regulatory landscape has improved, yet timelines remain uncertain. PUR's advantage lies in operating within established mining districts and DOE-leased areas, but any shift in policy could delay milestones.

Founded in 2022, PUR has grown rapidly through M&A but has yet to achieve commercial production. Integration risk, execution capability, and maintaining funding discipline will be key as it scales from exploration to feasibility.