Optimism around Wyoming uranium continues to drive investment in the state, with a $76 million merger announced Thursday highlighting the state's re-emergence as a uranium exploration hotspot.
Premier American Uranium Inc.'s acquisition of Nuclear Fuels Inc. creates one of the largest uranium exploration companies focused exclusively on American deposits, with Wyoming properties headlining the portfolio.
It cost around $31 million to make the acquisition, and the “implied equity value” of the combined company is reportedly $76 million.
The transaction centers on Nuclear Fuels' Kaycee Project in the Powder River Basin, which spans a 35-mile stretch of mineralized sandstones supported by over 4,200 drill holes.
"Premier American Uranium (PUR) is proud to pursue this transaction to combine our assets with those of Nuclear Fuels," said Colin Healey, CEO of Premier American Uranium. "Kaycee is an exciting prospect that, in combination with our own Cyclone Project, is expected to position PUR as one of the most active uranium explorers in Wyoming."
The company describes the Kaycee Project as unique among Powder River Basin properties because it’s the only one where all three historically productive ore formations — Wasatch, Fort Union and Lance — are known to be mineralized and potentially suitable for in-situ recovery mining.
In-situ mining uses fluids and piping to extract uranium from underground deposits and is a preferred alternative to open-pit mining.
Combined with Premier American's existing Cyclone Project in the Great Divide Basin, the merged company will control acreage across Wyoming's two most active uranium-producing regions. The Cyclone Project sits approximately 45 miles northwest of Rawlins.
Sector Growth
As PUR and Nuclear Fuels noted in their merger announcement, an "enhanced presence in Wyoming” is a selling point that’s attracting investors.
The combined company announced it has funding to advance Wyoming exploration and evaluate additional acquisitions. It completed 368 drill holes totaling 209,490 feet in 2024, representing one of the largest in-situ recovery exploration programs in the U.S. — all focused on Wyoming properties.
Greg Huffman, CEO of Nuclear Fuels, underlined Wyoming's strategic importance: "We welcome the diversification and depth of the expanded asset portfolio across the key U.S. uranium jurisdictions, most notably a doubling down on exposure in Wyoming."
The deal brings together 12 uranium projects spanning more than 104,000 acres. It creates a company with an estimated mineral resource of 18.6 million pounds of uranium oxide indicated and 4.9 million pounds inferred, with Wyoming projects representing the most advanced and promising assets, according to recent press materials from the companies.
More Players
The PUR-Nuclear Fuels deal is part of a broader surge of activity across Wyoming.
Earlier this week, GTI Energy announced that a scoping study for its Lo Herma uranium project in Wyoming's Southern Powder River Basin demonstrated potential for a competitive and low-cost in-situ recovery development, according to Investing News. The study models a seven-year operation targeting annual production of 800,000 pounds of uranium oxide.
The GTI study delivers a pre-tax net present value of $110 million, according to a press release, with project payback expected in under 3 years. The company expects to commence construction at Lo Herma in 2028, adding to Wyoming's growing production pipeline.
"The capital costs to establish this initial project are quite low due to Lo Herma's favorable location near critical infrastructure, as well as a local workforce and experienced mining services," GTI CEO Bruce Lane said.
And then there’s all the activity around the Pine Ridge Uranium Project, about 20 miles north of Glenrock.
The Winnipeg-based energy company Snow Lake Resources announced in April a $30 million investment in uranium mining. On May 28, Snow Lake followed up by announcing a new partnership with Exodys Energy to support the formation of a new nuclear reactor development and deployment company.
Another location seeing recent investment activity is the Lost Creek Mine just west of the little community of Bairoil in the remote northeast corner of Sweetwater County.
In its most recent financial filings, Ur-Energy reported cash resources of $86 million. During the first three months of 2025, the company generated $2.8 million from operating activities and used $3.8 million on what it called “investing activities.”
David Madison can be reached at david@cowboystatedaily.com.
