Unique Set Up: Large US Uranium Project & a Chemical Enrichment Technology

• Global Uranium acquired a 50% stake in the Pine Ridge uranium project in Wyoming, targeting 24-51 million pounds exploration potential
• The Pine Ridge project sits adjacent to major uranium operations, only 20km from Cameco's Smith Ranch Mill
• Global Uranium holds a 22% stake in Urenco-backed Ubaryon, which is developing chemical enrichment technology that could bypass traditional conversion processes in the nuclear fuel cycle.
• The company targets first production within five years, with drilling commenced to convert exploration targets into JORC resources by Q4 2025, supported by favorable political conditions in the US.

Global Uranium (ASX:GUE) emerges at a pivotal time in the uranium sector, as geopolitical tensions and energy security concerns drive unprecedented demand for domestic uranium production capabilities. The company, led by managing director Andrew Ferrier, has positioned itself strategically across multiple facets of the uranium value chain, from exploration and development to cutting-edge enrichment technology. With the current Trump administration's supportive stance on domestic uranium production and the ongoing supply disruptions from traditional sources, Global Uranium presents an interesting case study in how junior miners can leverage strategic partnerships and proven expertise to accelerate project development.

The Pine Ridge Acquisition

The centerpiece of Global Uranium's strategy is the Pine Ridge project, a massive 70,000-acre uranium property in Wyoming's Powder River Basin. Acquired through a 50/50 joint venture with NASDAQ-listed Snow Lake for US$22.5 million, the project represents one of the largest undeveloped uranium opportunities in North America.

"What attracted us so much to Pine Ridge was the scale of the opportunity... It's a huge property. It's had over 2,200 exploration holes on it in the relatively recent past."

The project's exploration target of 24-51 million pounds positions it among the top four to five projects in the Powder River Basin by scale alone.

The strategic location cannot be overstated. Pine Ridge sits directly between proven uranium operations: Cameco's Smith Ranch facility to the south, which has produced 25 million pounds, and Energy Fuels' projects to the north. This positioning provides critical infrastructure advantages and geological confidence in a district where uranium mining techniques are well-established.

Joint Venture Structure & Funding

The partnership with Snow Lake addresses one of the most significant challenges facing junior uranium developers: access to capital. Snow Lake, which maintains a 19.9% equity stake in Global Uranium, brings substantial financial resources and shared strategic vision to the project.

"Snow Lake has been very successful in raising big laps of capital in the last six months. So they're well cashed up and they're looking to very quickly work with us to advance the Pine Ridge project." 

The joint venture structure includes milestone payments of $7.5 million spread across three tranches, reducing immediate capital pressure while allowing for project advancement. The operational control remains with Global Uranium, which serves as project operator. Ferrier emphasizes the alignment between partners: 

"We have a fundamental principle of what we're trying to do with the project... advancing this project rapidly and seeking permits to bring this into production as quickly as possible."

Technical Expertise & Permitting Advantage

Global Uranium's competitive advantage lies in its proven track record of uranium project permitting in the United States. Ferrier's background includes taking the Reno Creek project from early-stage exploration to full mine permitting with the Nuclear Regulatory Commission, a process that typically takes years and requires specialized expertise.

"We're involved with a group of people that have actually permitted a uranium mine in the US, and a large chunk of the guys that were working for us in that project now currently work for me for Global Uranium.”

This continuity of expertise is particularly valuable given the complex regulatory environment surrounding uranium mining.

The team has already secured exploration permits and commenced drilling operations, demonstrating their ability to navigate regulatory processes efficiently. Key personnel include Jim Viellenave, who was instrumental in obtaining the Reno Creek mine permit, and experienced Casper-based professionals with deep knowledge of Powder River Basin geology.

Interview with Andrew Ferrier, MD of Global Uranium & Enrichment

Exploration Program

Global Uranium's current drilling program represents a systematic approach to converting historical data into JORC-compliant resources. The program involves 125,000 feet of drilling focused on infill work to tighten historical wide-spaced drilling patterns.

"The drilling done in the past was very wide space drilling, basically trying to map out where the roll fronts of this uranium mobilization are. We're going to go in and do much tighter drilling, really tag in and follow these roll fronts."

The company has identified eight target areas but expects to focus on two to three areas in the initial program.

The technical approach reflects industry best practices for in-situ recovery (ISR) uranium projects. Core drilling will provide material for metallurgical testing and baseline environmental studies, essential components for future permitting processes. The company targets a JORC resource by Q4 2025, setting the stage for scoping studies and formal mine permitting.

Portfolio Diversification

Beyond Pine Ridge, Global Uranium maintains a diversified portfolio of uranium assets. The Tallahassee project in Colorado contains 52 million pounds of uranium resources within a district hosting 90-95 million pounds total. Ferrier indicates this asset may be suitable for separate development or joint venture arrangements.

"That's a classic project that probably isn't being valued properly inside GUE today. So we'll look at doing something with that asset, potentially JV’ing it with our other partner in Tallahassee." 

This approach reflects sophisticated asset management, allowing focused capital allocation while maintaining exposure to multiple uranium districts.

Ubaryon Technology Partnership

Global Uranium's 22% stake in Ubaryon represents a unique exposure to uranium enrichment technology development. Ubaryon's chemical enrichment process differs from traditional centrifuge and laser technologies, potentially offering significant advantages in the nuclear fuel cycle.

The recent investment by Urenco, the Western world's largest enrichment company, validates the technology's commercial potential. Urenco will invest $5 million over three years for a 13% stake, bringing both capital and industry expertise to the development process.

"Having them involved in Ubaryon moving forward is a huge step forward... Urenco is the western world's largest enrichment company." 

The technology has reached Technology Readiness Level 4 and aims to advance further with Urenco's support.

Market Positioning

Global Uranium differentiates itself in a crowded uranium exploration space through several key factors. The combination of large-scale projects, proven permitting expertise, and strategic partnerships creates a unique value proposition for investors seeking exposure to domestic uranium production.

"Pine Ridge is not just another asset in the US. It's a big, large ISR project in the Powder River Basin, very close to infrastructure, surrounded by neighbors with market caps of $4 billion plus."

This positioning provides both geological confidence and potential for premium valuations as the project advances.

The company's relationship with government support programs for domestic uranium production adds another competitive dimension. Ferrier indicates ongoing discussions with relevant US authorities about supporting domestic uranium supply, reflecting the strategic importance of the company's assets.

The Investment Thesis for Global Uranium

• Strategic Asset Portfolio: The Pine Ridge project offers 24-51 million pound exploration target in Wyoming's premier uranium district, surrounded by billion-dollar uranium operations and existing infrastructure.
• Funded Development Path: 50/50 joint venture with well-capitalized Snow Lake provides funding security while Global Uranium maintains operational control and upside exposure to project advancement.
• Accelerated Timeline: Targets JORC resource by Q4 2025 and first production within five years, supported by favorable political climate and existing regulatory relationships in Wyoming.
• Technology Leverage: 22% stake in Urenco-backed Ubaryon provides unique exposure to next-generation uranium enrichment technology that could revolutionize nuclear fuel processing.
• Political Tailwinds: Trump administration's focus on domestic uranium production and energy security creates supportive regulatory environment for US-based uranium projects.
• Infrastructure Advantages: Pine Ridge's proximity to Cameco's Smith Ranch Mill and established uranium operations provides processing optionality and reduces development risks.
• Portfolio Optionality: Additional assets including 52 million pound Tallahassee project provide development alternatives and potential monetization opportunities beyond Pine Ridge focus.

The uranium sector faces a perfect storm of supply constraints, geopolitical tensions, and rising nuclear energy demand that fundamentally reshapes investment dynamics. Russia's invasion of Ukraine exposed dangerous dependencies on hostile nations for critical nuclear fuel supplies, while China's nuclear expansion and Western nations' net-zero commitments drive unprecedented uranium demand growth. The United States, consuming 20% of global uranium while producing less than 5% domestically, faces acute strategic vulnerability that government policies increasingly address through domestic production incentives.

Global Uranium's positioning captures this thematic perfectly, with projects in America's premier uranium district backed by proven permitting expertise during a period of exceptional political support. The company's technical advantages in ISR mining, combined with strategic partnerships and diversified asset base, position it to benefit from both immediate supply tightness and long-term structural demand growth. Ferrier's observes:

"The environment is very ripe in the US to support domestic production of US uranium. We're at the front and center, I believe, of a lot of those conversations."