American Uranium Limited · ASX:AMU
American Uranium — Shareholder Meeting (May 2026)
21 slides from American Uranium's shareholder meeting presentation, May 28, 2026
Slide 1: American Uranium for American Supply
American Uranium For personal use only AMERICAN URANIUM FOR AMERICAN SUPPLY Lo Herma – the only independent, Wyoming ISR development asset ASX AMU May 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: U.S. Uranium Supply Gap
American U.S. URANIUM SUPPLY GAP esata Uranium purchased by owners and operators of U.S. civilian nuclear power reactors, 2024* TOTAL PURCHASED million Ib 51 million pounds of UsOz equivalent in 2024, exposing the world’s largest reactor fleet to global supply risks. The U.S. imported over *million
Slide 4: US Uranium Since 2019: Mlbs To Date
US URANIUM SINCE 2019: 11 Mlbs TO DATE Lo Herma - Wyoming ISR For personal use only Lo Herma Advanced Flagship Project ISR Project ▪ 9.45Mlbs U₃O₈ JORC @ 720ppm1 WYOMING ▪ Scoping Study Q3 (Satellite & CPP) ▪ +ve Hydrogeological Study UTAH ▪ Resource expansion & infill drilling ▪ Significant Explora
Slide 5: Why AMU, Why Now
WHY AMU, WHY NOW Lo Herma is a scarce, independent Wyoming ISR Scarcity & For personal use only development asset with a strong re-rate pathway Strategic Positioning ▪ Resource Base Scale 9.45 Mlbs @ 720ppm, 7.0 Mlb study footprint so far Lo Herma is the only independent ISR ▪ Defined Development Fo
Slide 6: Lo Herma Powder River Basin Advantage
LO HERMA POWDER RIVER BASIN ADVANTAGE For personal use only 10 7 12,500 Miles to Permitted Acres Cameco’s Smith Facilities Ranch-Highland ▪ Tier-1 ISR district ▪ Near operating ISR plants ▪ Existing Infrastructure
Slide 7: Wyoming Peer ISR Projects - Economics
WYOMING PEER ISR PROJECTS - ECONOMICS Peer studies show robust economics2; market focus on term/incentive pricing 11 For personal use only AMU 10.9 Mlbs 10 ▪ Low valuation/lb of U3O8 resources 9 9.45 Mlbs ▪ Comparable resource to peers 8.8 Mlbs ▪ Earlier stage → re-rate potential Resource Size (Mlbs
Slide 8: Study Footprint Resources
STUDY FOOTPRINT RESOURCES ▪ Lo Herma MRE: 9.45 Mlbs U3O8 at 720ppm1 ▪ Study footprint (Mine Units 1–3): 7.0 Mlbs to date2 ▪ For personal use only Exploration Target Range provides additional growth potential ▪ Technical work focused on Mine Units 1, 2 and 3 PROPOSED TOTAL INDICATED INFERRED % MINE U
Slide 9: ISR Mine Development Plan
ISR MINE DEVELOPMENT PLAN Recently Secured Private Mineral Rights For personal use only Mine Unit 1: Mine Unit 2: Mine Unit 3: 3.09 Mlbs, 46% Indicated 2.41 Mlbs, 52% Indicated 1.50 Mlbs, 34% Indicated 9
Slide 10: Lo Herma Flowsheet
LO HERMA FLOWSHEET Preliminary Subject To Scoping Study Outcomes ‘development pathway progressing toward potential production timeline’* For personal use only * subject to studies and approvals
Slide 11: Ongoing Drilling and Technical De-risking
ONGOING DRILLING AND TECHNICAL DE-RISKING Latest drilling results confirms continuity and upgrade pathway1 For personal use only ▪ 11 of 18 holes (61%) above cut-off; 8 exceeded GT >0.2 ▪ Best hole GT of 1.06 over 5.8m at 0.056% eU₃O₈ (LH-26-026) ▪ Program status: ~3,243m drilled in 18 holes (~33% c
Slide 12: 2026 Execution Pathway
2026 EXECUTION PATHWAY Key Deliverables Q2 - 2026 Q3 - 2026 Q4 - 2026 Q1 - 2027 For personal use only Infill and Resource Update Permitting Permitting Expansion Support → Support → Drilling → Q3 Scoping Study Perimeter Water Monitoring Perimeter Monitor (Perimeter Wells) → Acquifer Pump Monitor Well
Slide 13: Entitlement Issue Offer
ENTITLEMENT ISSUE OFFER Fund near-term catalysts For personal use only Offer Terms/Issue price: ▪ 1 new share for every 6 held ▪ A$0.12 per new share ▪ New shares under offer: 21,552,877 Use of funds/Catalysts: ▪ Total shares post offer: 150,870,141 ▪ Continue drilling (infill + expansion), support
Slide 14: Corporate Snapshot
CORPORATE SNAPSHOT PRO FORMA CAPITAL STRUCTURE (27 May 2026) – ASX:AMU Current Shares on Issue 129,137,264 For personal use only Current Share Price A$0.093 Current Market Capitalisation ~A$12m (~US$9m) ▪ Cash (31 March Qtr 2025) A$0.373m ▪ Placement gross proceeds A$2.64m ▪ Entitlements Issue gross
Slide 15: AMU Share Price History
AMU SHARE PRICE HISTORY For personal use only 15
Slide 16: Projected U.S. Uranium Demand
PROJECTED U.S. URANIUM DEMAND For personal use only Only 2.2Mlbs* US Production 2025 * EIA - https://www.eia.gov/uranium/production/quarterly/
Slide 17: For more information, please contact
For more information, please contact: For personal use only Bruce Lane AMU CEO/Director info@americanuranium.com.au Beverly L. Jedynak Vitriathus Capital - Investor Relations beverly.jedynak@viriathus.com americanuranium.com.au ASX AMU OTCQB AMUIF
Slide 18: References and Sources
For personal use only REFERENCES AND SOURCES
Slide 19: AMU JORC Resources/Exploration Targets
AMU JORC RESOURCES/EXPLORATION TARGETS TONNES AVERAGE GRADE CONTAINED U3O8 MINERAL RESOURCE ESTIMATES (MRE) (MILLIONS) (PPM U3O8) (MILLION POUNDS) For personal use only LO HERMA (Indicated & Inferred MRE) * 5.93 720 9.45 (incl. 4.02Mlbs Indicated; 43%) GREAT DIVIDE BASIN (Inferred MRE) ** 1.32 570 1
Slide 20: Wyoming ISR Project Economics
WYOMING ISR PROJECT ECONOMICS MI & Inferred EXPLORATION INITIAL U3O8 PRICE NPV PROJECT1 STUDY CAPEX IRR OWNER RESOURCE TARGET ASSUMPTION (Pre-Tax) For personal use only LEVEL (US$) (Pre-Tax) (lbs U3O8) (lbs U3O8) (US$) (US$) LUDEMAN TRS S-K 10,971,800 _ - - - - Satellite Plant 1300 (2022) SHIRLEY BA
Slide 21: Sources & References for Slide
SOURCES & REFERENCES FOR SLIDE 7 PROJECT OWNER TICKER STUDY MINERAL RESOURCES SOURCE ECONOMIC PARAMETERS ECONOMICS SOURCE LEVEL* RESOURCES (key metrics) For personal use only (year) (lbs U3O8) September 19, 2022. S-K 1300 TSX: URE After-tax NPV(8%): US$83.2M; After- Red Cloud note (cites SHIRLEY BAS