Premier American Uranium Reports 10 ft of 0.064% eU3O8 in Ongoing Drilling at Kaycee, Wyoming

Premier American Uranium Inc. (PUR) released a mid-season operational and drill update for its wholly-owned Kaycee ISR Project in the Powder River Basin, Wyoming, covering the period from August 18 to September 25, 2026. The company completed 80 conventional mud-rotary holes totaling 65,620 feet, representing approximately 66% of the planned 100,000-foot program. This latest phase included 30 holes and 23,660 feet since the prior update.

Newly assayed intervals, all meeting or exceeding a 0.02% eU3O8 cutoff, were reported from the West Diane and Rustler targets. At West Diane, a new target area where eight holes totaling 7,360 feet were drilled with six showing mineralization, results included:

• WD26-012: 10 ft @ 0.064% eU3O8 (859.5-869.5 ft); including 5.5 ft @ 0.076%, including 2 ft @ 0.092%, including 1.5 ft @ 0.078%, including 0.5 ft @ 0.102%
• WD26-011: 3 ft @ 0.081% (898.5-901.5 ft), including 2 ft @ 0.108% and 1 ft @ 0.141%; and 2 ft @ 0.039% (902-904 ft), including 1 ft @ 0.053%
• WD26-013: 5 ft @ 0.063% (826-831 ft), including 2 ft @ 0.096% and 1 ft @ 0.119%; and 1.5 ft @ 0.020% (839-840.5 ft)
• WD26-014: 1.5 ft @ 0.025%; WD26-015: 1 ft @ 0.021%; WD26-018: 2 ft @ 0.033% and 2 ft @ 0.031%

At the Rustler target, 22 newly reported holes were drilled, six of which were mineralized. Results included:

• RT26-121: 2.5 ft @ 0.063% (427.5-430 ft), including 1.5 ft @ 0.081% and 0.5 ft @ 0.100%
• RT26-116: 3.5 ft @ 0.037% (416-419.5 ft)
• RT26-115: 2.5 ft @ 0.023%; RT26-112: 1 ft @ 0.021% and 1 ft @ 0.032%; RT26-119: 1 ft @ 0.023% and 1 ft @ 0.022%; RT26-106: 0.5 ft @ 0.022%

The company also secured 1,883 acres of additional mineral rights at Rustler, connecting the Rustler and Stampede claim blocks and bringing the total land package to 31,724 acres. Drilling at Rustler has been paused after 45 holes pending the completion of the land acquisition and is scheduled to resume after the West Diane campaign. Geologically, West Diane tests extensions of known historical mineralization in the upper Fort Union Formation, while Rustler features two mineralized sandstone units in the lower Wasatch Formation with gamma evidence suggesting possible stacked roll fronts.

Premier American Uranium Inc. (PUR) issued a drill and exploration update, marking a departure from its typical earnings releases as no new financial results were reported. Financial figures cited below provide prior-period context. For the first quarter of 2026, ending March 31, 2026, the company reported a net loss of US$1.55 million, cash reserves of US$9.27 million, and working capital of US$9.48 million, alongside an operating cash outflow of US$2.10 million and no debt. For the full year 2025, the net loss was US$38.07 million. The company currently generates no revenue and relies entirely on equity financing. Additionally, a September 2026 DISA transaction adds US$5.0 million in escrow, which is contingent and closable by June 13, 2027, plus US$2.0 million of DISA equity.

The update highlights West Diane, a newly drilled target that achieved a six-of-eight hit rate and recorded the season’s thickest interval of 10 feet. This result extends the demonstrated mineralized footprint at the project and slightly de-risks the narrative regarding the 36-mile trend and 110 miles of roll fronts. However, the grade of 0.064% sits at the floor of the company’s own 0.06-0.10% exploration-target range. The other eleven intervals were below a grade-thickness (GT) of 0.35, and no resource, tonnage, continuity panel, or metallurgy was added.

Results from the Rustler zone were weaker than the preceding batch, with six of 22 holes mineralized compared to 13 of 22 in the prior set. The best GT in the Rustler batch was 0.16, versus 0.47 previously. The drilling program had paused in the Rustler zone, a delay now attributed to land acquisition, but the recent assays do not advance the zone. Furthermore, a 1,883-acre land addition brings the total holdings to 31,724 acres, an increase of 6%. While this is meaningful for claim-block continuity, it is immaterial for value.

The strongest previously reported intercepts on Kaycee were LT25-065 (GT 0.95), RT25-042 (GT 0.71), and RT26-085 (GT 0.47, August 2026). The new best intercept, with a GT of 0.64, is broadly comparable to historical best-GT holes but is not superior, and its grade is well below them.

The stock has traded from C$1.05-1.11 a year ago (October 7-15, 2025) and C$1.08 in mid-January 2026 to C$0.32 on September 30, 2026, closing at C$0.46 on October 6, 2026. This represents a decline of roughly 58% from the 52-week high and places the stock barely off its 52-week low. The market has not rewarded the 2026 drill programme, having de-rated through it.

At a market capitalization of approximately C$44 million, the equity’s sensitivity remains tied to Cebolleta economics and uranium prices, rather than a 10-foot interval at Kaycee. This stands against a prior-period context of an US$83.9 million after-tax net present value (NPV) Preliminary Economic Assessment (PEA) at Cebolleta, based on US$90 per pound uranium and 80% recovery, with an unfunded capital expenditure of US$112.7 million.

Premier American Uranium Inc. (TSXV: PUR; OTCQB: PAUIF) is a US-focused uranium explorer and developer with no revenue, no mineral reserves, and a cumulative deficit. The company’s flagship asset is Cebolleta, located in Cibola County, New Mexico, within the Grants Mineral Belt. This is the only asset with a defined resource and economics. A Preliminary Economic Assessment (PEA) and updated Mineral Resource Estimate (MRE) were filed on December 9, 2025, by SLR International Corp. The prior-period context for the PEA release indicated 20.3 million pounds of eU3O8 at 0.12% and 7.0 million pounds at 0.10% in the Inferred category. The presentation shows a lower post-depletion Indicated figure. The project features a 13-year mine life with an average production of approximately 1.4 million pounds per year and a peak of 2.0 million pounds, totaling 18.1 million pounds over the life of mine. At a uranium price of US$90 per pound, the project has an after-tax NPV8 of US$83.9 million and an internal rate of return (IRR) of 17.7%. Direct capital expenditure is US$64.2 million, with total initial capital expenditure of approximately US$112.7 million. Operating costs are estimated at US$41.60 per pound of recovered uranium, with a designed heap-leach recovery rate of 80%. Metallurgical testwork and a PEA update are targeted for the first quarter of 2027. There are currently no mineral reserves, and the mine permit application is pending.

The Kaycee project, located in Johnson County, Wyoming, within the Powder River Basin, is wholly owned by the company and is the subject of this release. It represents the largest grassroots in-situ recovery (ISR) drill program in the US, with approximately 400,000 feet drilled since 2023. There is no resource defined; the project holds only a conceptual exploration target of 11.5 to 30 million pounds of U3O8 at 0.06% to 0.10% eU3O8, as detailed in an NI 43-101 Technical Report dated March 31, 2025.

The Cyclone project, located in the Great Divide Basin, Wyoming, comprises approximately 26,180 acres and is adjacent to Ur-Energy’s Lost Creek ISR mine. It currently has no defined resource. The best intercept from 2025 was CR25-001, which returned 15.5 feet at 0.09%, including 3 feet at 0.229%.

Other holdings include Bobcat and Bootheel in Ten Sleep, Wyoming; Lisbon Valley, Utah; and Moonshine, Arizona. The Colorado portfolio, consisting of Outlaw Mesa, Atkinson Mesa, Monogram Mesa, and Slick Rock, is under agreement to be sold to DISA Uranium.

The capital structure consists of approximately 95.6 million basic shares outstanding, 22.4 million warrants with exercise prices ranging from C$0.90 to C$2.48, 5.7 million options, and 0.1 million restricted stock units (RSUs), resulting in approximately 123.8 million fully diluted shares as of the presentation on September 18, 2026. Cash holdings were C$8.9 million as of August 21, 2026. Significant holders include Sachem, DISA Uranium, Cove Partners, IsoEnergy, and enCore Energy. The provided presentation lists analyst coverage from Beacon Securities, Red Cloud Securities, and Hold Co Markets with price targets. The underlying analyst reports are not provided, and their assumptions cannot be assessed; these are cited only as they appear in the presentation.