Restarting the Western Uranium Boom: Wyoming's Miners Poised to Power America's Nuclear Fleet

• Wayne Heili, CEO of Peninsula Energy, and Bruce Lane, CEO of GTI Energy discusses their Wyoming based In Situ Recovery (ISR) uranium projects.
• Wyoming, known for Yellowstone Park and its cowboy culture, supplies 40% of the USA's coal and has a deep history of mining. Wyoming's regulatory framework makes it easy and conducive for uranium mining and energy production.
• ISR of uranium is highlighted as an attractive method due to its cost-effectiveness, especially with low-grade projects in Wyoming.
• The conflict in Ukraine has impacted sentiments toward sourcing uranium from Russia, making local US sources even more essential.

Wyoming has a long history of energy production from coal, oil, gas, and uranium mining. Now, two Australia-based companies are looking to restart uranium production in the state using the in-situ recovery (ISR) method. With uranium fundamentals aligning and Wyoming's mining-friendly policies, investors have an opportunity to capitalize on the coming uranium bull run.

Two Australian Companies Target ISR Production Restart

GTI Energy and Peninsula Energy have both acquired uranium projects in Wyoming with plans to restart production. The companies tout Wyoming's streamlined permitting and local regulation as advantages over other jurisdictions globally. According to Peninsula Managing Director Wayne Heili, working with Wyoming regulators is much easier than dealing with federal agencies in Washington DC. Both companies aim to become reliable uranium suppliers to US nuclear utilities as demand increases and supply tightens.

GTI Energy Focused on Fast-Track Development

GTI Energy is an early stage uranium explorer focused on the Powder River Basin. The company recently acquired a drilling database with over 1400 drill holes at their Lowman project. They believe this database has a replacement value of around $15 million and gives them a 2-3 year head start on delineating a uranium resource. Rather than starting from scratch, GTI plans to use the existing data to fast-track uranium discovery and production restart.

CEO Bruce Lane explains that the simplicity of ISR metallurgy in Wyoming’s sandstone hosted deposits was a key factor in project selection. By acquiring an extensive drilling database, GTI can significantly reduce exploration costs and development timeframes. As uranium prices rise, this could allow them to rapidly expand resources and production capacity.

Peninsula Energy Ready for Production Restart

Peninsula Energy already has an established ISR uranium mine at Lance in Wyoming’s Great Divide basin. The project was idled in 2019 due to low uranium prices, but Peninsula continued developing an improved leaching process. With the new chemistry tested and permitted, the company is now ready to restart production in mid-2023 according to Managing Director Wayne Heili.

The new process aims to boost production efficiency and reduce environmental impacts. Heili explains that ISR economics are driven by reliable extraction at low cost rather than relying on high uranium grades. Peninsula is positioned to quickly scale up output when prices improve. Having already obtained the required licenses and permits, the restart should be relatively swift.

Wyoming’s Mining-Friendly Policies

A key advantage both companies point to is Wyoming’s mining-friendly policies and streamlined permitting. The state has a long history of coal, oil, gas, and uranium production. Working with local regulators avoids the bureaucracy and red tape of Washington DC. According to Heili, Wyoming understands the value of energy production and has created an environment to support it.

Uranium mining methods like ISR have been widely used in Wyoming, providing a clear permitting pathway. GTI’s Lane says the simple and proven ISR metallurgy in the state was a major factor in selecting their project location. Compared to jurisdictions with less experience in uranium mining, Wyoming provides more regulatory clarity and efficiency.

Strategic Positioning for US Energy Security

GTI and Peninsula also highlight the strategic benefit of US-based uranium production. Recent sanctions on Russian entities have emphasized the need for more supply security. The US relies heavily on imported uranium, so domestic mining can improve energy independence.

Heili believes the shift away from Russian uranium will continue even if the Ukraine conflict ends quickly. US demand significantly outpaces domestic output, so companies producing uranium in Wyoming will play a key role in supply diversification. With energy security becoming a priority, US uranium production may get increased support.

Upside for Early Investors

For investors, GTI and Peninsula offer attractive exposure to near-term US uranium production. The relatively low costs of ISR put them in a strong position to benefit from rising uranium prices. In a bullish market, companies with production upside tend to see significant share price gains.

By acquiring advanced projects in a stable jurisdiction like Wyoming, GTI and Peninsula have potential advantages over explorers in earlier stages or riskier countries. Investors should look for projects with clear paths to smooth permitting and development. For maximum upside, uranium deposits capable of fast production expansion when prices rise are key. GTI and Peninsula check these boxes, giving investors leverage to the coming uranium bull cycle.