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U.S. Based Uranium Company | Colin Healey and Jimmy Connor

Jimmy Connor Apr 8, 2026 16:49

Summary

Premier American Uranium stands out as one of the largest U.S.-focused uranium explorers, with both ISR (Wyoming) and heap leach (New Mexico) assets.

Cebieta's PEA shows robust economics: 1.4M lbs/year production over 13 years at $90/lb uranium, with $115M capex and $84M after-tax NPV at 80% recovery.

Heap leach recovery is the key swing variable: lifting it from 80% to 90% could add roughly $75M to Cebieta's after-tax NPV.

Wyoming ISR drilling extended an 8-mile mineralized trend at KC and delivered a project-record 15.5 ft hole grading 0.09% U3O8 at Cyclone.

A $15M bought-deal financing was anchored by existing institutional shareholders, with management focusing on scale to re-enter major uranium ETFs.

Colin Healey's takeaways

  • Top takeaway Frames the investment thesis around the US nuclear renaissance — domestic energy security and greenhouse-gas mandates supporting US uranium exploration and production — with two explicit 2026 priorities: the Wyoming ISR exploration pillar (KC, Cyclone) and the Cebieta development pillar in New Mexico
  • Argues Cebieta's economics are deliberately conservative: the 80% base-case recovery (set without advanced metallurgical work) drives the $84M after-tax NPV, while an analog heap-leach PFS used 91% recovery and every 2% recovery step is worth ~$16M NPV, making the 2026 column-leach program a high-leverage catalyst
  • Interprets the 2025 KC results as confirmation of an ~8-mile Rustler–Stampede mineralized trend plus a new Outpost roll-front discovery (one of the strongest 2025 grade intervals), framing Outpost as a higher-upside, earlier-stage target warranting focused 2026 drilling
  • Plans an aggressive 100,000 ft 2026 Wyoming drill program focused on resource delineation along the Rustler–Stampede trend and geometry definition at Outpost, weather-constrained to a May/June–year-end window to deliver continuous news flow alongside the longer-dated Cebieta metallurgical work
  • Sees scale as the path back into uranium ETFs — URNM restructured on free-float math and dropped several smaller constituents including the company — and outlines 2026 milestones (Cebieta MET, KC drilling, Cyclone follow-up) as the route to regain inclusion (URNJ exposure already preserved for sector beta)