• Drilling of up to 55 holes expected to commence in early May 2026
• Program includes infill drilling within Mine Unit 1 and expansion drilling into highly prospective areas within newly secured adjoining mineral rights south of Mine Unit 2
• Drilling results and expanded hydrogeological and metallurgical work programs are expected to support a further Mineral Resource update and planned Scoping Study targeted for Q3 2026

American Uranium Limited (ASX:AMU) is pleased to advise that preparations have advanced for commencement of drilling the remaining 55 drill holes under the approved 121-hole drilling permit at its Lo Herma ISR uranium project in Wyoming's Powder River Basin. Drilling is expected to commence in early May 2026, subject to contractor mobilisation and site preparations. The upcoming program is expected to include infill and expansion drilling within existing Mine Units, as well as step-out drilling into the newly secured area south of Mine Unit 2. In parallel with drilling, AMU plans to undertake more intensive hydrogeological and metallurgical work programs within priority Mine Unit areas to further refine hydrogeological parameters and support ISR development assumptions. Results from the upcoming drilling and associated technical work are expected to inform a planned Mineral Resource Estimate update and Scoping Study, which the Company currently anticipates progressing during Q3 2026 subject to results. The Lo Herma Project is AMU's flagship asset, with exploration and development drilling, hydrogeological and metallurgical testing undertaken across three discrete areas within the Project, defined as Mine Unit 1 (MU1), Mine Unit 2 (MU2) and Mine Unit 3 (MU3). The work done to date, along with further technical programs to be completed during Q2 & Q3 of 2026, is expected to support a future Scoping Study, which AMU is targeting for completion in Q3 2026.

The upcoming drilling and technical programs are expected to support a Mineral Resource Estimate update and Scoping Study targeted for completion in Q3 2026.

AMU is preparing to commence the remaining 55 permitted drill holes at its Lo Herma ISR uranium project, with the program designed to expand and upgrade resources ahead of a planned Q3 2026 Resource Update and Scoping Study. The Company also holds high potential, drill permitted projects in Wyoming's Great Divide Basin and Green Mountain area, as well as highly prospective brownfields conventional uranium/vanadium assets in Utah's Henry Mountains.