Premier American Uranium Announces 2026 New Mexico Work Program Targeting Optimization of Cebolleta Preliminary Economic Assessment
Premier American Uranium Announces 2026 New Mexico Work Program
Targeting Optimization of Cebolleta Preliminary Economic Assessment
Toronto, ON, March 27, 2026 – Premier American Uranium Inc. (“PUR” or “Premier American
Uranium” or the “Company”) (TSXV: PUR, OTCQB: PAUIF) is pleased to announce details of the
2026 work program at its flagship Cebolleta Uranium Project (“Cebolleta” or the “ Project”) in
New Mexico (see Figure 1) . The 2026 work program is targeting refinements to the process
assumptions of the 2025 Preliminary Economic Assessment (“2025 PEA”) and is specifically
designed to investigate and maximize the metallurgical recovery of uranium from the heap leach
process (see press release dated October 30, 2025). The 2025 PEA was contained in the Technical
Report (as defined below) which also included an updated Mineral Resource Estimate (“ 2025
MRE”) for the Project (see press release dated December 9, 2025 ). The 2025 PEA identified
metallurgical recovery as a key sensitivity of overall Project value, where incremental
improvements have a large positive impact on the Project’s net present value (“NPV”). The 2025
MRE positions Cebolleta as one of the largest advanced uranium projects in the United States.
The planned US$1.1 million work program focuses on bulk sampling, targeted drilling , and
comprehensive metallurgical testing aimed at optimizing the heap leach recovery assumptions of
the 2025 PEA. Results from the program are expected to be implemented in a update d
Preliminary Economic Assessment targeted for Q1 2027.
The Cebolleta program will be led by renowned metallurgical engineer, Dr. Terry McNulty of T.P .
McNulty and Associates , with metallurgical test work to be conducted at leading independent
U.S. laboratory, Hazen Research, Inc. (“Hazen”).
2026 Work Program Highlights
• Sampling Program
o Bulk samples were hand collected in March from mineralized surface exposures,
providing test material representative of open pit mining at the St. Anthony Mine.
o These open pit bulk samples were delivered to Hazen in mid-March.
o Core from up to 16 new drill holes to be completed under the existing drilling
permits will provide test material representative of underground mining at Sohio
Areas I, II and III.
o Drilling is scheduled to commence in late April and conclude in June, with samples
to be delivered to Hazen as recovered.
• Comprehensive Metallurgical Test Program
o A 42-week laboratory testing campaign will commence in May 2026.
o The p rogram will include mineralogical characterization, bottle roll recovery
testing, and long-term column leach tests to simulate heap leaching.
o Column leach tests will examine the efficacy of multiple oxidants, lixiviants, and
application rates with the goal of optimizing heap -leach uranium recovery and
informing key assumptions for future economic studies.
• Potential PEA Optimization
o Results from the metallurgical program are expected to be incorporated into an
updated PEA for the Project, completion of which is targeted for Q1 2027.
o The 2025 PEA assumed a base -case metallurgical recovery of 80%. Sensitivity
analysis in the 2025 PEA indicated that increasing recovery to 90% could increase
base-case after-tax project NAV (8%) by approximately 90%, from US$84 million to
US$159 million.
The 2025 PEA is preliminary in nature and includes inferred mineral resources that are considered
too speculative geologically to have the economic considerations applied to them that would
enable them to be categorized as mineral reserves. There is no cer tainty that the 2025 PEA will
be realized.
Colin Healey, CEO and Director of Premier American Uranium, commented, “Since acquiring the
Cebolleta Project in mid-2024, we have rapidly advanced its potential by expanding the resource
and delivering a robust 2025 PEA that highlighted its strong fundamentals. We are excited to
commence the 2026 work program, supported by a modest US$1.1 million budget following our
recent $15 million bought-deal financing, reflecting the disciplined approach to capital allocation
that we want to be known for. Importantly, this relatively small investment is targeting meaningful
value creation, whereas outlined in the 20 25 PEA, a 12.5% increase in metallurgical recovery
could drive an approximate 90% (US$75 million) increase in after -tax NPV (8%). This highlights
the significant upside potential in Cebolleta and further reinforces its potential as a key source of
domestic uranium production.”
Summary of the 2025 PEA
The results of the 2025 PEA are included in a Technical Report (the “Technical Report”) prepared
in accordance with the requirements of National Instrument 43-101 – Standards of Disclosure for
Mineral Projects ("NI 43 -101") by SLR International Corporation (" SLR"), an independent
consulting firm with extensive experience in mining and mineral processing, including uranium
operations in the United States.
The 2025 PEA for the Project outlines a potential 13 -year mine life producing an average of 1.4
million pounds of U₃O₈ annually, with peak production of 2.0 million pounds, for total life-of-mine
production of 18.1 million pounds. At a base case uranium pr i c e o f U S $ 9 0 / l b U ₃ O ₈ , t h e s t u d y
demonstrates an after-tax NPV (8%) of US$83.9 million (US$106 million pre-tax) and an after-tax
I R R o f 1 7 . 7 % , w i t h d i r e c t p r e-production capital of US$64.2 million and total initial capital of
approximately US$112.7 million, including indirect costs and contingency. The Project is expected
to generate life -of-mine after-tax free cash flow of US$287 million and operating cash flow of
US$496 million, supported by average operating costs of US$41.60 per pound recovered. The
2025 PEA also highlights strong leverage to uranium prices, with after-tax NPV (8%) increasing to
US$154 million at US$100/lb, US$325 million at US$125/lb, and US$488 million at US$150/lb
U₃O₈.
The PEA is preliminary in nature and includes Inferred mineral resources that are considered too
speculative geologically to have the economic considerations applied to them that would enable
them to be categorized as mineral reserves. There is no certainty that the PEA will be realized.
About the Cebolleta Uranium Project and Mineral Resources
Located in New Mexico, the Cebolleta Uranium Project is a past -producing property with
extensive historical work and infrastructure. Its location in one of the premier uranium districts
in the US provides strategic advantages, including proximity to utilities and existing processing
facilities.
Figure 1: Plan View Map of the Cebolleta Uranium Project and Uranium Deposits. See
Qualified Person Statement for Additional Details.
About Dr. Terry McNulty of T.P . McNulty and Associates
Dr. Terry McNulty was employed for 20 years by The Anaconda Company in various research,
operating, and management positions, the last including 5 years as corporate Manager -
Metallurgical Research and Technical Support. In the late 1970s, Dr. McNulty led A naconda’s
modernization of their Bluewater Mill in New Mexico which altogether produced nearly 100
million pounds U 3O8 from the Jackpile Sandstone, the host rock at the Cebolleta Project. Dr.
McNulty arguably is the most experienced metallurgical engineer actively working in the U.S.
uranium industry and has participated in 35 uranium/vanadium studies since 2004.
Following his tenure at Anaconda, Dr. McNulty served as VP-Technical Operations for Kerr-McGee
Chemical Corporation for 3 years before joining Hazen Research, Inc., as President and CEO. In
1988, Dr. McNulty founded T.P . McNulty and Associates.
T.P . McNulty and Associates was incorporated in 1988 to provide independent metallurgical
consulting services where he and his Associates have worked on projects located in 22 countries.
Clients have included exploration and mining companies, technology developers, financing
entities, universities, and government agencies with emphasis on developing or evaluating ways
of reducing costs or improving efficiencies of existing mineral/metal ex traction methods. Work
has been done on projects involving copper, lead, zinc, silver, gold, iron ore, uranium, vanadium,
potash, and a variety of other non-metallic minerals.
About Hazen Research, Inc.
Since 1961, Hazen Research, Inc.’s core business has been designing, performing, and interpreting
experimental work to provide design criteria and other technical information for new and existing
metallurgical processes. Hazen has provided chemical analyse s, bench -scale experiments,
continuous pilot plant demonstration, and field and other services. Hazen also designs flowsheets
and reduces scaleup risks for commercial plants throughout the world. Hazen specializes in
laboratory-scale development of process design criteria and adaptation of known technologies to
new applications, followed by pilot plant demonstration. Projects range from beaker -scale
experiments and analysis of data to multimillion-dollar continuous pilot or demonstration plants.
Qualified Person
The scientific and technical information contained in this news release relating to the 2025 PEA
a n d M R E w a s r e v i e w e d a n d a p p r o v e d b y M r . M a r k B . M a t h i s e n , C . P . G . f o r S L R I n t e r n a ti o n a l
Corporation, the lead author of the Technical Report, who is a “Qualified Person” (as
defined in NI 43-101).
For additional information regarding the Project please refer to the Technical Report, available
under PUR’s profile on www.sedarplus.ca.
Additional scientific and technical information in this news release not specific to the 2025 PEA
and MRE and relating to the 2026 work program has been reviewed and approved by Terrance
(“Terry”) McNulty, PE, a consultant of Premier American Uranium Inc., who is a “Qualified Person”
(as defined in NI 43-101).
About Premier American Uranium Inc.
Premier American Uranium is focused on consolidating, exploring, and developing uranium
projects across the United States to strengthen domestic energy security and advance the
transition to clean energy. The Company’s extensive land position spans five of the nation’s top
uranium districts, with active work programs underway in New Mexico’s Grants Mineral Belt and
Wyoming’s Great Divide and Powder River Basins.
Backed by strategic partners including Sachem Cove Partners, IsoEnergy Ltd., Mega Uranium Ltd.,
and other leading institutional investors, PUR is advancing a portfolio supported by defined
resources and high- priority exploration and development targets. Le d by a distinguished team
with deep expertise in uranium exploration, development, permitting, operations, and uranium-
focused M&A, the Company is well positioned as a key player in advancing the U.S. uranium
sector.
For More Information, Please Contact:
Premier American Uranium Inc.
Colin Healey, CEO and Director
Toll-Free: 1-833-223-4673
X: @PremierAUranium
www.premierur.com
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
news release.
Non-GAAP Financial Measures
This news release includes certain terms or performance measures commonly used in the mining
industry that are not defined under International Financial Reporting Standards (" IFRS"). Such
non-GAAP performance measures, including operating costs and free cash flow, are included
because it understands that investors use this information to determine the Company's ability to
generate earnings and cash flows. The Company believes that conventional measures of
performance prepared in accordance with IFRS do not fully i llustrate the ability of mines to
generate cash flows. Non-GAAP financial measures should not be considered in isolation as a
substitute for measures of performance prepared in accordance with IFRS and are not necessarily
indicative of cash flows presented under IFRS. These measures have no standardized meaning
under IFRS and may not be comparable to similar measures presented by other companies.
Cautionary Statement Regarding Forward-Looking Information
This news release contains “forward -looking information” within the meaning of applicable
Canadian securities laws. Forward-looking information includes, but is not limited to, statements
with respect to, the planned exploration activities for 2026 and the anticipated results thereof ;
economic and scoping-level parameters of the 2025 PEA and the Project; the anticipated timeline
for completion of the updated PEA ; mineral resource estimates; the cost and timing of any
development of the Project ; the proposed mine plan and mining methods; dilution and mining
recoveries; processing method and rates; production rates; projected metallurgical recovery rates;
infrastructure requirements; energy sources; capital and operating cost estimates; the projected
LOM and other expected attributes of the Project; the NPV, IRR and payback period of capital; the
uranium industry and uranium prices ; government regulations and permitting; access to the
Project; water sources and management; estimates of reclamation obligations and closure costs;
requirements for additional capital; expectations with respect to project development and
permitting, construction and operational processes; availability of services to be provided by third
parties; future development methods and plans; and other activities, events or developments that
are expected, anticipated or may occur in the future. Generally, but not always, forward-looking
information and statements can be identified by the use of words such as “plans”, “expects”, “is
expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes”
or the negative connotation thereof or variations of such words and phrases or statements that
certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or
“be achieved” or the negative connotation thereof.
Forward-looking information and statements are based on our current expectations, beliefs,
assumptions, estimates and forecasts about PUR’s business and the industry and markets in which
it operates. Such forward- information and statements are based on num erous assumptions,
including among others, assumptions that the results of planned exploration activities are as
planned and will be reported when anticipated; general business and economic conditions will not
change in a material adverse manner, that financing will be available if and when needed and on
reasonable terms, that third party contractors, equipment and supplies and governmental and
other approvals required to conduct the Company’s planned exploration activities will be available
on reasonable terms and in a timely manner. Although the assumptions made by PUR in providing
forward-looking information or making forward-looking statements are considered reasonable by
management at the time, there can be no assurance that such assumptions will prove to be
accurate.
Forward-looking information and statements also involve known and unknown risks and
uncertainties and other factors, which may cause actual results, performances and achievements
of Premier American Uranium to differ materially from any projections of resu lts, performances
and achievements of Premier American Uranium expressed or implied by such forward- looking
information or statements, including, among others: risks related to the inherent uncertainties
regarding cost estimates; changes in commodity and m etal prices; results of future exploration
activities; cost overruns; the limited operating history of the Company ; negative operating cash
flow and dependence on third party financing; uncertainty of additional financing; delays or
failure to obtain required permits and regulatory approvals ; changes in mineral resources ; no
known mineral reserves; aboriginal title and consultation issues; reliance on key management and
other personnel; potential downturns in economic conditions; availability of third party
contractors; availability of equipment and supplies; failure of equipment to operate as
anticipated; accidents, eff ects of weather and other natural phenomena and other risks
associated with the mineral exploration industry; changes in laws and regulation, competition,
and uninsurable risks and the risk factors with respect to Premier American Uranium set out in
PUR’s annual information form for the year ended December 31, 202 4 and the other documents
of PUR filed with the Canadian securities regulators and available under PUR’s profile on SEDAR+
at www.sedarplus.ca.
Although PUR has attempted to identify important factors that could cause actual actions, events
or results to differ materially from those contained in the forward-looking information or implied
by forward- looking information, there may be other factors t hat cause results not to be as
anticipated, estimated or intended. There can be no assurance that forward-looking information
and statements will prove to be accurate, as actual results and future events could differ
materially from those anticipated, esti mated or intended. Accordingly, readers should not place
undue reliance on forward- looking statements or information. PUR undertakes no obligation to
update or reissue forward-looking information as a result of new information or events except as
required by applicable securities law.