Wyoming Uranium Project Advances with 8.57M lb Resource, Feasibility Study Due Q2

• GTI Energy has uranium ISR projects in Wyoming, with their  Lo Herma project reaching 8.57 million pounds of uranium resources (30% indicated), comparable to other economic projects in the region like UR Energy's Shirley Basin.
• The company has completed all fieldwork for their feasibility study, including successful metallurgical and permeability testing, with hopes to deliver results in the next 2-3 months.
• The anticipated capex for the project is around $50-55 million, with potential production of 1 million pounds per year over 8-10 years, offering fast payback and relatively low risk.
• GTI is exploring multiple paths forward, including growing their resource and pursuing permitting, developing satellite deposits, or potential joint ventures/partnerships with industry players.
• The current uranium market presents challenges with spot prices down, but Bruce Lane believes the market will eventually improve as utilities need to contract future production, with the US targeting 50 million pounds of domestic production annually.

In this recent interview filmed during PDAC 2025 Bruce Lane, Executive Director, GTI Energy, discussed the company's uranium projects in Wyoming and Utah, with a particular focus on their key Lo Herma project that is advancing toward completion of a feasibility study. As the United States works to secure domestic uranium supply chains for its nuclear power sector, companies like GTI Energy are positioning themselves to meet this growing demand. Despite current market challenges, the company is making strategic progress with its in-situ recovery (ISR) uranium projects in Wyoming's uranium-rich region.

Project Scale and Resource Update

GTI Energy recently expanded its uranium resource at the Lo Herma project to 8.57 million pounds, with 30% in the indicated category. This achievement exceeded their initial targets and positions them favorably compared to similar projects in the region.

"We grew the resource to 8.57 million and 30% of that's indicated and that was the objective actually. We didn't think we'd get quite that much out of it, so we overshot that little bit.”

The company strategically targeted this resource size because it's comparable to UR Energy's Shirley Basin project and enCore's Gas Hills project, both of which are in development. These projects serve as benchmarks for economic viability in the region. Additionally, GTI has identified exploration potential for another 6-11 million pounds beyond their current resource.

Technical Progress and Feasibility Study

The company has made significant technical progress on their  Lo Herma project, engaging BRS Engineering from Riverton, Wyoming to conduct their feasibility study. All field work for the study has been completed, including crucial metallurgical testing that showed good uranium recoveries using alkaline leach processes similar to those used by other operators in the southern Powder River Basin.

Importantly, permeability testing has confirmed that the project is suitable for in-situ recovery methods from a hydrogeological perspective. This technical validation is crucial for the in-situ recovery process, which is considered more environmentally friendly and cost-effective than conventional mining for appropriate deposits.

Lane indicated that the company hopes to deliver the feasibility study in the next few months, potentially beating their first-half-of-the-year target. The study will provide a baseline economic assessment for the approximately 8 million pounds of uranium resources.

Economic Potential and Development Strategy

GTI Energy is targeting production of around one million pounds of uranium annually over an 8-10 year mine life. Lane highlighted the economic potential at current uranium prices:

"If you break it down and say look, we know that the cost basis for those other projects at a uranium price of north of $80 or at around $80 is probably going to deliver, you know, in the order of sort of $30 to $40, maybe even slightly more per pound of free cash."

The anticipated capital expenditure for the project is expected to be approximately $50-55 million, which is relatively modest for a mining operation. This controlled capex, combined with the potential for strong cash flow at current uranium prices, could enable a fast payback period.

Lane emphasized the technical simplicity of ISR uranium projects in Wyoming, noting that the metallurgy is straightforward, involving modest pH adjustments underground, with conventional processing facilities above ground. The company benefits from the established operational history in the region, with seven permitted facilities within about 100 miles of their project.

Interview with Bruce Lane

Strategic Options for Moving Forward

GTI Energy is considering multiple strategic pathways to advance their projects. These include:

1. Growing the size of their resource and pushing toward permitting as quickly as possible
2. Drilling on other projects to generate additional satellite deposits for a central processing plant
3. Joint venture or farm-in opportunities with other companies
4. Potential sale of the project with continued shareholder participation
5. Partnership with another company in the space

Lane emphasized that the company is currently focused on proving the economic case for the project by confirming the geology, metallurgy, and permeability, showing that the project is viable as a standalone operation. This work creates options for the future, whether that involves independent development or participation from other industry players.

The project could be developed either with its own central processing plant or as a satellite operation for another company's facility, providing flexibility in their development approach.

Market Challenges and Uranium Industry Outlook

The current uranium market presents challenges, with spot prices having declined significantly since early last year. Lane acknowledged market sentiment issues but expressed confidence in eventual improvement due to fundamental supply-demand dynamics.

The United States needs at least 50 million pounds of uranium annually and aims to become self-sufficient in production. Lane mentioned that there are initiatives underway within the U.S. administration that could improve conditions for participants in the nuclear fuel value chain, including miners.

Lane also pointed to significant future demand from global utilities, noting,

 "We know the Japanese will be in the market, we know the Koreans will be in the market, the Chinese are in the market, so it is going to unfreeze at some point."

He emphasized that GTI's job is to ensure their project is well-positioned when market conditions improve and interested parties come looking for quality uranium assets.

Financing Considerations in the Current Environment

Given current market conditions, GTI is considering alternative financing approaches beyond traditional equity-debt structures. Lane noted that there are players in the nuclear fuel value chain who want to secure access to uranium but don't want to be miners themselves or take on exploration risk.

Unlike many mining projects, ISR uranium operations typically don't get drilled out to reserve status or advance to a bankable feasibility study because the act of drilling them out is essentially part of the development process. This requires a different funding model, potentially involving strategic investment from industry participants who understand the sector.

Lane also mentioned the possibility of industry consolidation: 

"There are a number of parties who want to consolidate in the exploration and pre-development space... rolling up the companies and consolidating is potentially going to deliver some real value in terms of accessing capital and accessing people."

He suggested that such consolidation activity might emerge over the next 3-12 months as the industry seeks ways to expand supply to meet growing demand for uranium.

Timing and Next Steps

With the feasibility study nearly complete and expected in the coming months, GTI Energy is in a position to evaluate their path forward based on both the project economics and market conditions. Lane noted that the timing is favourable in that they've already invested most of the capital needed to complete the study and don't need to drill additional holes.

While the current market environment makes equity financing challenging at attractive valuations, the completion of the feasibility study will provide a foundation for exploring strategic partnerships or alternative financing arrangements. Lane indicated that while they won't be filing development permits this year, it would be feasible to reach that stage within the next 18-24 months if properly funded.

As the U.S. seeks to secure domestic uranium supply, GTI Energy's Wyoming projects represent one piece of what Lane describes as a "game of inches" approach to rebuilding American uranium production capacity through multiple smaller deposits rather than a single large project.

The Investment Thesis for GTI Energy

• Strategic Location: GTI's Wyoming uranium projects are positioned in a proven uranium-producing region with established infrastructure and regulatory frameworks.
• Resource Size Matches Economic Models: The 8.57 million pound resource (30% indicated) is comparable to other economic projects in the region that are being developed by established players like UR Energy and enCore.
• Low Technical Risk: In-situ recovery (ISR) technology is well-established in Wyoming, with successful metallurgical testing showing good recoveries using standard alkaline leach methods.
• Attractive Economics: Potential for approximately $30-40 per pound in free cash flow at $80 uranium prices with modest capex ($50-55 million) suggests rapid payback potential.
• Production Timeline Advantage: With feasibility study nearing completion, GTI could progress to permitting within 18-24 months, positioning the company to help meet America's goal of 50 million pounds of annual domestic production.
• Multiple Strategic Options: The company has flexibility to develop independently, partner with other industry participants, or potentially sell the project with continued upside participation.
• Macro Uranium Tailwinds: Despite current market challenges, fundamental demand drivers remain strong with Japanese, Korean, and Chinese utilities entering the market.
• US Government Support: Emerging policies from the Department of Energy are expected to improve conditions for domestic uranium producers as part of broader nuclear fuel cycle initiatives.

Uranium Supply Chain: The Coming US Crunch

The United States faces a critical challenge in securing domestic uranium supply for its nuclear power sector. Currently dependent on imports, America is increasingly focused on establishing self-sufficiency in uranium production as part of broader energy security initiatives. As Bruce Lane of GTI Energy notes,

 "The US needs at least 50 million pound a year and wants to be self-sufficient."

This ambitious target represents a massive increase from current domestic production levels, creating a substantial opportunity for companies with US-based uranium assets. The geopolitical landscape has complicated traditional supply relationships, with Russia-sourced uranium becoming increasingly problematic amid ongoing tensions. Meanwhile, African sources from countries like Namibia are demanding higher incentive prices before expanding production.

The domestic supply solution will likely come from a collection of smaller deposits rather than a single large operation. Highlighting the scale of transformation required in the US uranium sector, Lane explains, 

"You don't get to 50 million from where we are today at 1 million pounds without something significant changing."

Wyoming stands as the epicenter of this potential domestic renaissance, with its established permitting framework and history of successful uranium operations using in-situ recovery (ISR) technology. Several smaller projects with resources in the 8-10 million pound range could collectively form the backbone of renewed American production.

Beyond pure mining economics, broader capital flows toward nuclear power infrastructure may eventually recognize the critical importance of securing the fuel supply chain. As investments accelerate in reactor technology and downstream processing, attention will inevitably turn to the mine supply bottleneck.

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