American Uranium Limited · ASX:AMU
American Uranium — Investor Presentation (February 2026)
28 slides from American Uranium's investor presentation, Feb 27, 2026
Slide 1: American Uranium for American Supply
American Uranium For personal use only AMERICAN URANIUM FOR AMERICAN SUPPLY Strategically positioned in Wyoming, leveraging in-situ recovery (ISR) to strengthen America’s uranium independence ASX AMU February 2026 OTCQB AMUIF
Slide 2: Disclaimer
DISCLAIMER The information presented to you by American Uranium Limited in this presentation and any related documents (together, Materials) has been prepared for information purposes by American Uranium Limited (Company). The Materials do not contain all of the information required in a prospectus,
Slide 3: US Uranium Exploration Since 2019
US URANIUM EXPLORATION SINCE 2019 ▪ AMU’s 100% owned U.S. uranium projects in Wyoming & Utah are For personal use only well-positioned Flagship Lo Herma ▪ Improved access to capital, faster ISR Project WYOMING permitting, and rising U demand ▪ Strategic advantage in America’s UTAH nuclear energy rev
Slide 4: US Policy & Nuclear Energy Demand
For personal use only US POLICY & NUCLEAR ENERGY DEMAND 4
Slide 5: US Electricity Demand Projections
US ELECTRICITY DEMAND PROJECTIONS For personal use only US Energy Information Administration (EIA) Grid Stability and Resilience US Production in 2025 5
Slide 6: Uranium - The Nuclear Imperative
URANIUM - THE NUCLEAR IMPERATIVE Executive Orders, AI Action Plan, Reforms and Incentives 1. 2024/25: Prohibiting Russian Uranium Imports Act, phased with 2028 hard stop For personal use only 2. Jan 2025: National Energy Emergency Declared & "Unleashing American Energy" 3. May 2025: President Trump
Slide 7: US Nuclear Power Growth
US NUCLEAR POWER GROWTH For personal use only 7
Slide 8: Projected U.S. Uranium Demand
PROJECTED U.S. URANIUM DEMAND For personal use only 1.5Mlbs* US Production in 2025 * EIA - https://www.eia.gov/uranium/production/quarterly/
Slide 9: Wyoming Lo Herma Project, Powder River Basin
WYOMING Lo Herma Project Powder River Basin For personal use only ▪ 12,500 acres in the the most significant uranium production district in the U.S. ▪ 7 permitted ISR uranium mines with 2 operating & 3 in construction or restarting ▪ ~10 km from the Cameco’s Smith Ranch Highland mine, the largest in
Slide 10: Wyoming Great Divide Basin/Green Mountain
WYOMING Great Divide Basin/Green Mountain ▪ 34,000 acres with historic drilling data and 2 seasons drilling by AMU For personal use only ▪ 1.66Mlbs JORC resource reported with substantial Exploration Target1 ▪ Green Mountain: 12 miles of unexplored trends defined by historical drilling and geophysic
Slide 11: Utah Henry Mountains Projects
UTAH Henry Mountains Projects ▪ ~4,000 acres within 35 miles of For personal use only Shootaring Canyon Uranium Mill ▪ Uranium/vanadium projects significant historical mining & exploration ▪ Main focus approx. 5kms of mineralised trend @ Crescent Creek ▪ Potential for renewed exploration, resource d
Slide 12: Advanced Lo Herma ISR Project
For personal use only ADVANCED LO HERMA ISR PROJECT Short 1 2025 Drilling: https://youtube.com/shorts/Wu3hZ3pggx4?si=Kbxs7221vFo0oRuI Short 2 Hydro: https://youtu.be/ARiC38P3t6Q?si=4kPFh8_gMpsrsYlE 12
Slide 13: Lo Herma Project In-Situ Recovery Uranium Project
LO HERMA PROJECT In-Situ Recovery Uranium Project (12,500 acres) 100% Ownership For personal use only ▪ Large historical data set verified & expanded by 3 seasons of drilling ▪ 8.57 Mlb Inferred & Indicated JORC resource (32% Indicated)1 ▪ Substantial Exploration Target ▪ 1,010 current & historical
Slide 14: 2026 Drilling to Extend 2025 Success
2026 DRILLING TO EXTEND 2025 SUCCESS ▪ 2025 drilling of 50 holes For personal use only extended mineralisation 3km along trend ▪ 5 of 15 additional holes completed to date in 2026 ahead of interim resource update @ end Q1 ▪ Targeting further resource expansion north of proposed Mine Unit 2 14
Slide 15: Lo Herma Highlights
LO HERMA HIGHLIGHTS ‘one of only a few independent, near-term, low-cost, American ISR uranium projects’ For personal use only ▪ Positive Hydrogeological Study confirms ISR mining potential ▪ Resource expansion drilling continuing and infill drilling planned for Q2, 2026 ▪ Intensive hydrogeological s
Slide 16: Mine Development Plan
MINE DEVELOPMENT PLAN Proximate Infrastructure For personal use only
Slide 17: Lo Herma Flowsheet and Preliminary Est. Timetable
LO HERMA FLOWSHEET AND PRELIMINARY EST. TIMETABLE For personal use only ‘targeting production in the 2030 window’
Slide 18: Wyoming ISR Project Economics
WYOMING ISR PROJECT ECONOMICS MI & Inferred EXPLORATION INITIAL U3O8 PRICE NPV PROJECT1 STUDY CAPEX IRR OWNER RESOURCE TARGET ASSUMPTION (Pre-Tax) For personal use only LEVEL (US$) (Pre-Tax) (lbs U3O8) (lbs U3O8) (US$) (US$) DEWEY BURDOCK PEA 17,834,771 _ $31.7M $86/lb NPV8 $181M 39% Central Process
Slide 19: Forecasted 2026 Newsflow
FORECASTED 2026 NEWSFLOW Further Resource Expansion Drilling For personal use only Interim Resource Upgrade Phase 2 Drilling - Infill Intensive Hydrogeological Study Further Metallurgical Testing Resource Upgrade Scoping Study Mine Permitting Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027 19
Slide 20: Valuation: Peers and Recent Transactions
For personal use only VALUATION PEERS AND RECENT TRANSACTIONS
Slide 21: Peer Analysis, US Explorers
PEER ANALYSIS, US EXPLORERS $100 Compliant Resources No Compliant Resources For personal use only | $91M $90 58 Mlbs U 3 O8 $80 $74M Not ISR $70 27 Mlbs Market Cap CAD$M1 U 3 O8 $60 $57M Not ISR $50 $40M $40 $30 10 Mlbs U3O8 $18M $20 US$13M ISR $16M $9M $7M $10 1 Market capitalisation rounded and de
Slide 22: Recent Transactions
RECENT TRANSACTIONS ▪ UEC (NYSE:UEC) paid US$175M For Rio uranium assets in the Great Divide Basin For personal use only ▪ Premiere American Uranium (TSXV: PUR) acquired Nuclear Fuels (CSE: NF) ❑ Implied purchase price of US$1.03 - US$2.70/lb of 11.5 - 30Mlbs exploration target (US$31m divided by 11
Slide 23: Corporate Snapshot
CORPORATE SNAPSHOT AMU is defining & developing US ISR uranium resources for domestic consumption For personal use only CAPITAL STRUCTURE (25 February 2026) DIRECTORS’ INTEREST (25 February 2026) ASX Code AMU Bruce Lane 0.80% 855,369 Shares on Issue 107,117,264 Petar Tomasevic 0.27% 290,447 Share Pr
Slide 24: For more information, please contact
For more information, please contact: For personal use only Bruce Lane AMU CEO/Director info@americanuranium.com.au Beverly L. Jedynak Vitriathus Capital - Investor Relations beverly.jedynak@viriathus.com americanuranium.com.au ASX AMU OTCQB AMUIF
Slide 25: Appendices
For personal use only APPENDICES
Slide 26: JORC Resources/Exploration Targets
JORC RESOURCES/EXPLORATION TARGETS TONNES AVERAGE GRADE CONTAINED U3O8 MINERAL RESOURCE ESTIMATES (MRE) (MILLIONS) (PPM U3O8) (MILLION POUNDS) For personal use only LO HERMA (Indicated & Inferred MRE) * 6.21 630 8.57 (incl. 2.78 Indicated; 32%) GREAT DIVIDE BASIN (Inferred MRE) ** 1.32 570 1.66 WYOM
Slide 27: Sources & References for Slide
SOURCES & REFERENCES FOR SLIDE 18 STUDY MINERAL RESOURCES (Lbs/U3O8) PROJECT OWNER TICKER LEVEL SOURCE For personal use only (year) Measured Indicated Inferred NASDAQ: EU 5,419,779 tons @ 1,968,443 tons @ 645,546 tons @ 16 January, 2025. S-K 1300 TRS, Dewey Burdock Uranium ISR Project South DEWEY BU
Slide 28: Sources & References for Slide
SOURCES & REFERENCES FOR SLIDE 21 COMPANY FINANCIAL METRICS SOURCES MINERAL RESOURCES SOURCES Yahoo Finance: https://finance.yahoo.com/quote/URZ.V (Market Company Website: https://www.urz3.com/news-and-articles/urz3-energy-initiates-exploration-at-dry-fork- URZ3 Energy Cap, EV, P/B, Shares Out, Pric
American Uranium — Investor Presentation (February 2026) on 6ix