Wyoming: The Premier Mining Jurisdiction for U.S. Uranium Miners & Investors

• Wyoming is the leading U.S. state in uranium production, accounting for over 80% of the nation's output in recent years, with several facilities contributing to the state's uranium mining sector.
• Wyoming's favorable geology, which includes significant roll-front uranium deposits in sandstone formations, makes it ideal for in-situ recovery (ISR), an environmentally friendly and cost-effective mining method.
• The state has cultivated a supportive framework for mining operations, with streamlined permitting processes, stable regulatory oversight, and policies encouraging investment in mineral resources.
• Wyoming's uranium reserves play a critical role in reducing the U.S.'s dependence on imported uranium, aligning with national energy security priorities and providing strategic value for uranium sourced from U.S. operations.
• Several established uranium mining companies, such as Energy Fuels, GTI Energy, and Premier American Uranium, are revitalizing operations or advancing projects in Wyoming and nearby states, leveraging the region's abundant reserves, favorable regulatory conditions, and operational expertise.

As global interest in nuclear energy grows, uranium—a key fuel for nuclear reactors—has seen renewed attention from investors. Geopolitical factors, increasing demand for clean energy, and a focus on energy independence have driven uranium prices upward. Wyoming, the leading U.S. state in uranium production, presents a compelling opportunity for investors. This article explores the dynamics of the uranium market, the advantages of investing in uranium mining companies, and why Wyoming stands out as a prime jurisdiction for uranium operations.

Wyoming’s Uranium Mining Sector

Dominance in U.S. Production

U.S. uranium production for the first half of 2024 reached 180,242 pounds, significantly exceeding 2023's total output of 49,619 pounds and nearing 2022's full-year production of 193,945 pounds of U₃O₈.^[2] The second quarter saw contributions from five facilities, including Nichols Ranch, Ross, Lost Creek, and Smith Ranch-Highland all of which are in Wyoming, and Rosita in Texas.

Wyoming holds the largest known reserves of uranium ore in the United States and has a rich history of uranium production. The state accounted for over 80% of the nation’s production in recent years, leveraging its favorable geology, which includes significant roll-front uranium deposits in sandstone formations. These deposits are ideal for in-situ recovery (ISR), an environmentally friendly and cost-effective mining method.

Regulatory & Business-Friendly Environment

Wyoming has cultivated a supportive framework for mining operations. The state boasts streamlined permitting processes, stable regulatory oversight, and policies encouraging investment in mineral resources. The Wyoming State Geological Survey actively supports the uranium industry by providing detailed geological data, aiding exploration, and facilitating informed decision-making by companies and investors.

“Wyoming is at the forefront nationally in terms of uranium production and nuclear facility development, as well as implementation of legislation focusing on multiple uses of the subsurface,” says Dr. Erin Campbell, State Geologist and director of the WSGS. “Wyoming’s geology makes it appealing to a variety of energy and mineral industries, and our state has been extremely proactive in advocating for these industries.” ^[1]

Key Projects & Players in Wyoming

Leading Companies & Operations

Several established uranium mining companies are revitalizing operations in Wyoming. Notable examples include:

Energy Fuels

Energy Fuels' White Mesa Mill in Utah and its portfolio of uranium projects in Wyoming, Utah, and elsewhere position it as a leading US uranium company well-placed to benefit from Wyoming's premier status. Energy Fuels' ongoing ramp-up of uranium production at several Wyoming mines aligns with the state's supportive stance towards the industry. The company's ability to process uranium-bearing materials at White Mesa provides a unique competitive advantage. In addition, Energy Fuels' investments in rare earth elements and vanadium production capacity further underscore the strategic nature of its assets.

While the rare earth elements business is an exciting new frontier for Energy Fuels, the company views its uranium operations as a reliable source of income that will support its efforts to expand and enhance its REE production capacity. Energy Fuels President & CEO Mark Chalmers notes: 

"For the next few years, we're going to be producing uranium while we get these projects either fully permitted, constructed, and up and running."^[3]

With Wyoming's large resource base, well-established infrastructure, and history of hosting major uranium producers, Energy Fuels is strongly leveraged to the state's potential as nuclear energy demand rises in the coming years.

Premier American Uranium

Premier American Uranium's portfolio of uranium projects in New Mexico, Wyoming, and Colorado. The company's flagship Cebolleta project in New Mexico's Grants Mineral Belt lies on the doorstep of Wyoming, with similar geologic settings known for hosting large, high-grade uranium deposits. Premier American Uranium's plans to expand the current 23.5 million pound resource at Cebolleta through exploration drilling showcase the growth potential of assets in this region. Meanwhile, the Cyclone project in Wyoming's Great Divide Basin offers additional upside in an underexplored part of the state that has produced over 230 million pounds of uranium historically.

CEO Colin Healey summarizes the opportunity on uranium junior players' crucial role in meeting future uranium demand:

"By 2030 we're going to need a whole bunch of smaller producers to backfill this supply gap." ^[4]

As a US-focused uranium developer led by a team with a strong track record in the sector, Premier American Uranium is well-positioned to capitalize on Wyoming's many advantages and the broader potential of the US uranium space.

Ur-Energy

As a pure-play Wyoming uranium miner, Ur-Energy offers investors direct access to the advantages of operating in the USA's most prolific uranium mining state. Ur-Energy's flagship Lost Creek ISR project in Wyoming positions the company to benefit greatly from the state's status as a top uranium jurisdiction. With 6.4 million pounds of resources at Lost Creek and plans to expand production to its licensed capacity of 2.2 million pounds per year by bringing online its Shirley Basin project, also in Wyoming, Ur-Energy is poised to capitalize on the state's streamlined regulations, experienced workforce, and extensive infrastructure. The company's long-term contracts and significant proportion of uncontracted production provide exposure to rising uranium prices driven by nuclear energy demand.

Myriad Uranium

Myriad Uranium focuses on validating and expanding the substantial historic resource of 15-30 million pounds U3O8 at Copper Mountain project in Wyoming, with the potential to exceed 65 million pounds, underscoring Wyoming's abundant uranium reserves and rich history of production. CEO Thomas Lamb notes:

"...we're right in the middle of Wyoming, the best jurisdiction, definitely getting lots of attention...Russia, utilities, US utilities, tech companies etc. Where are they going to look inside the United States and where ideally is the very best state... Wyoming is right at the top"

The company's recent drilling results, confirming high-grade mineralization and surpassing expectations based on historic data, demonstrate the exploration and expansion potential that the article attributes to Wyoming's favorable geology. Myriad's strategic approach to prioritizing high-grade zones and areas with significant expansion potential leverages Wyoming's reputation as a reliable uranium supplier.

GTI Energy

GTI Energy is advancing its Lo Herma ISR uranium project in Wyoming with a Mineral Resource Estimate and Exploration Target update expected by year-end, followed by a potential Interim Scoping Study. The company has expanded the Lo Herma project footprint through a two-phase staking program that will add 443 total acres and extend mineralized trends by approximately 1.6km, while also progressing metallurgical testing with results expected in early 2025.

"...we're in Wyoming, where permitting is not necessarily such a big deal."

The final phase of the 2024 drilling campaign will be completed in December with three hydrogeologic and water monitoring wells, though drilling at the Green Mountain project has been deferred to 2025, and the company is withdrawing from the Climate Active emissions reporting program while maintaining its commitment to sustainability.

enCore Energy

enCore Energy's growing portfolio of Wyoming assets, anchored by its licensed and operating Rosita and Alta Mesa processing plants in Texas, position it well to meet rising uranium demand. enCore's recent acquisition of the Dewey-Burdock project in Wyoming adds a pipeline of future production in a prime jurisdiction. With increasing revenue from its producing assets and promising exploration results from Wyoming, enCore provides investors exposure to near-term cash flow and long-term growth potential in the top two U.S. uranium mining states. The company's focus on domestic production aligns with the article's emphasis on reducing reliance on uranium imports and enhancing U.S. energy security.

Peninsula Energy

Peninsula Energy's Lance Projects in Wyoming, with 58 million pounds of JORC resources, are among the largest uranium projects in the U.S. The company's ongoing transition to low-pH ISR mining and expansion of its processing capacity at Lance demonstrate its commitment to deploying cutting-edge techniques in an environmentally friendly manner, echoing Wyoming's leadership in sustainable uranium extraction. With a resource base that can support a long mine life and offtake agreements in place, Peninsula offers investors substantial exposure to Wyoming's enduring strength as a uranium jurisdiction.

Cameco

Although based in Canada, Cameco's investment in Wyoming through its Smith Ranch-Highland mine and North Butte-Brown Ranch project underscores the state's global significance in the uranium sector. Cameco's Wyoming operations, which utilize ISR mining, align with the state's reputation for hosting low-cost, environmentally friendly uranium projects. With its diversified global uranium portfolio and Wyoming assets in care and maintenance, Cameco offers investors optionality to benefit from the state's advantages as uranium demand rises. The company's investments in Wyoming signal confidence in the state's long-term potential as a source of domestic uranium supply.

Strategic Advantages of Wyoming-Based Investments

Exploration & Expansion Potential

The state's geology supports ongoing exploration for new uranium resources. Companies are investing in drilling campaigns and advanced exploration technologies, with several projects in permitting or early production stages. These efforts not only expand reserves but also enhance the region's reputation as a reliable uranium supplier.

Energy Security & Domestic Supply

Wyoming’s uranium reserves play a critical role in reducing the U.S.’s dependence on imported uranium, which accounts for over 90% of domestic consumption. This aligns with national energy security priorities and provides strategic value for uranium sourced from U.S. operations.

Sustainability & ISR Mining

In-situ recovery, the predominant mining method in Wyoming, is less disruptive to the environment compared to traditional mining techniques. ISR involves injecting a solution into underground uranium deposits to dissolve the ore, which is then pumped to the surface. This method reduces surface disturbance, water usage, and greenhouse gas emissions, aligning with increasing investor interest in sustainable mining practices.

The Global Case for Uranium Investment

Rising Demand for Nuclear Energy

Nuclear energy is increasingly viewed as a cornerstone of the global clean energy transition. Unlike fossil fuels, nuclear power offers a reliable and low-emission energy source, helping to meet ambitious climate goals. As of 2024, approximately 440 reactors operate worldwide, with over 50 new reactors under construction. These reactors rely on uranium as their primary fuel, and demand is expected to grow significantly in the coming decades.

Price Recovery & Market Fundamentals

After a prolonged downturn, uranium prices have rebounded sharply, reflecting improved market fundamentals. Spot prices for uranium recently surpassed $70 per pound, driven by supply constraints, the geopolitical instability of major producers like Russia, and renewed interest in energy security among Western nations. Analysts project sustained price growth as supply struggles to keep pace with demand.

Conclusion: Why Wyoming?

Wyoming stands out as a premier jurisdiction for uranium mining, offering a combination of abundant reserves, favorable regulatory conditions, and operational expertise. With global uranium demand expected to rise and prices reflecting improved market fundamentals, the state is well-positioned to attract investment.

Investors seeking exposure to the uranium market should consider Wyoming-based companies as strategic partners in the nuclear energy transition. By leveraging the state’s resources and supportive infrastructure, these companies are poised to deliver value in a rapidly evolving energy landscape.

For those evaluating opportunities, Wyoming offers a compelling case as a linchpin in domestic uranium production and a key player in the global push for sustainable energy solutions.

References:

1. Wyoming State Geological Survey (January 2024). WSGS Publishes Annual Uranium, Oil and Gas Summary Reports
2. World Nuclear News (September 2024). US updates import tariffs as domestic uranium production grows
3. Crux Investor (September 2024). Energy Fuels Positions for Critical Minerals Boom with Base Resources Acquisition
4. ‍Crux Investor (September 2024). Premier American Uranium - Tapping Into U.S. Uranium Potential Amid Nuclear Energy Resurgence