Premier American Uranium Secures Drilling Permit for Cebolleta Uranium Project, Eyes PEA & Project De-Risking in 2025

• Premier American Uranium has received a Part 3 drilling permit for up to 25 boreholes at its Cebolleta Uranium Project in New Mexico.
• The permit will allow PUR to conduct technical confirmation drilling and potentially amend the permit for resource expansion drilling.
• PUR's 2025 goals include updating the mineral resource estimate, completing a preliminary economic assessment, and materially de-risking the project.
• The current mineral resource stands at an Indicated 18.6 million lbs U₃O₈ at 0.14% grade and an Inferred 4.9 million lbs U₃O₈ at 0.10% grade.
• PUR boasts an experienced team, strategic partnerships, and a portfolio of projects in key U.S. uranium districts positioning it as a prominent domestic uranium player.

Premier American Uranium Inc. (TSXV:PUR) is a uranium exploration and development company focused on consolidating and advancing a portfolio of projects in the United States. The company aims to bolster domestic energy security and facilitate the transition to clean energy through the development of U.S. uranium assets. PUR holds an extensive land position across three major U.S. uranium provinces - the Grants Mineral Belt in New Mexico, the Great Divide Basin in Wyoming, and the Uravan Mineral Belt in Colorado.

PUR's flagship asset is the Cebolleta Uranium Project located in the Grants Mineral Belt of New Mexico. The company benefits from the backing of strategic partners and institutional investors including Sachem Cove Partners, IsoEnergy Ltd., and Mega Uranium Ltd. PUR's management team and board have vast experience in uranium exploration, development, permitting, operations and M&A.

Drilling Permit Granted for Cebolleta Project

In a significant project milestone, PUR has received a Part 3 drilling permit from the New Mexico Mining and Minerals Division for its Cebolleta Uranium Project in Cibola County, New Mexico. The permit allows for the drilling of up to 25 boreholes across 25 drill pad surface areas to further explore for uranium mineralization.

The permit approval highlights the PUR technical team's expertise in efficiently managing the permitting process and maintaining a productive working relationship with regulators. The permit application, originally submitted in March 2024, was intended to enable additional confirmation drilling to verify historic drilling data for inclusion in an initial mineral resource estimate.

However, PUR was able to deliver the maiden resource ahead of schedule in June 2024 based on successful confirmation drilling completed in 2023. As a result, the company expects to realize significant cost savings compared to the original confirmation drilling budget under this permit and will have increased flexibility on drill hole allocation.

PUR is planning up to five technical confirmation holes in the permit area while also evaluating amendments to both this new permit and the existing Part 3 permit from 2023 to allow for resource expansion drilling. Extensive archaeological and biological clearance studies completed at the project in fall 2024 will support the process to amend the permits for expansion drilling.

2025 Goals: Resource Update, PEA & De-Risking

Building on the momentum of the new permit and the maiden resource, PUR has outlined ambitious goals for advancing the Cebolleta project in 2025:

• Continuation of Cultural, Archaeological and Biological studies to support a comprehensive Part 4 permit application allowing for more extensive drilling
• Conducting drilling under the newly granted Part 3 permit
• Updating the Cebolleta mineral resource estimate
• Completing a preliminary economic assessment (PEA) to establish the project's preliminary economics with the aim of materially de-risking the asset

Updating the resource and delivering a PEA ahead of schedule would represent major milestones in demonstrating the project's technical and economic viability.

Strategic Location & Regional Significance

The Cebolleta Project is situated in the northern extent of the uranium-rich Jackpile-Paguate trend within the larger Grants Mineral Belt, one of the most prolific sandstone-hosted uranium districts in the world. The Grants Belt has accounted for over 300 million pounds of historic U₃O₈ production, including more than 100 million pounds from the adjacent Jackpile-Paguate deposits between 1951-1983.

While mineralization on the Cebolleta property has not been fully defined, it represents the northern continuation of this major mineralized system. This highlights the strong exploration upside and resource growth potential PUR is targeting on the property through the ongoing drilling and technical programs.

Current Mineral Resource & Exploration Upside

The Cebolleta Project currently hosts an NI 43-101 mineral resource estimate consisting of:

• Indicated Resource: 18.6 million lbs eU3O8 (6.6 million tons at 0.14% eU₃O₈)
• Inferred Resource: 4.9 million lbs eU3O8 (2.6 million tons at 0.10% eU₃O₈)

This resource estimate was based on confirmation drilling completed in 2023 and provides a strong foundation to build upon through further drilling and exploration work. The uranium mineralization remains open for expansion, and PUR sees significant potential to grow the resource base.

The company plans to amend existing drilling permits to allow for resource expansion drilling, targeting areas where the full extent of uranium mineralization has not yet been defined. An updated resource estimate incorporating the upcoming technical and expansion drilling is expected later in 2025.

Key Takeaways

Premier American Uranium has achieved a key milestone with the receipt of a Part 3 drilling permit for the Cebolleta Uranium Project in New Mexico. The permit enables the company to conduct additional technical drilling while pursuing amendments for potential resource expansion drilling. This sets the stage for an active year as PUR looks to update the mineral resource, complete a PEA, and materially de-risk the asset in 2025.

With a strategic land position in key U.S. uranium belts, a robust project pipeline, an accomplished leadership team, and the backing of major industry partners, PUR is well-positioned to emerge as a leading domestic uranium company. The Cebolleta Project's location in the prolific Grants Mineral Belt and the successful delivery of a maiden resource ahead of schedule underscore the asset's potential.

As the U.S. prioritizes secure, domestic energy supply chains and a transition to clean energy, uranium projects like Cebolleta are poised to play a crucial role. PUR's commitment to responsibly advancing its portfolio and creating value makes it an attractive opportunity for investors looking to gain exposure to the U.S. uranium space. With an ambitious 2025 roadmap focused on expanding and de-risking its flagship asset, PUR offers significant upside potential as it works to establish itself as a key player in the resurgent U.S. uranium industry.