Fast-Tracking Cebolleta Project Toward Mineral Resource Update & PEA

TORONTO - Premier American Uranium Inc. (PUR) reported on its plan to advance the Cebolleta Uranium Project located in Cibola County, New Mexico. PUR has formally engaged SLR International Corporation (SLR) to update the Mineral Resource Estimate (MRE) for the Project and complete a Preliminary Economic Assessment (PEA) in accordance with National Instrument 43-101 – Standards for Disclosure of Mineral Projects (NI 43-101). Targeting completion of these important milestones in early summer 2025, these initiatives are intended to further derisk the Project on an accelerated timeline, ahead of management’s previously contemplated schedule and at significantly lower cost than previously anticipated, enabling the deferral of more than US$2.0M in anticipated costs.

Accelerating Project Advancement with Updated Project-Wide Mineral Resource Model: The Company is planning to incorporate historical drilling results, geologic information and other mining-related technical data from the former Willie P underground mine, none of which were available for the most recent Project resource model. PUR technical staff have assessed technical data pertaining to the Willie P mineralized zone, which is situated immediately west and southwest of the existing MRE included in the current Technical Report on the Project titled “Technical Report on the Cebolleta Uranium Project, Cibola County, New Mexico and with an effective date of April 30, 2024 (the “Technical Report”). This recently reviewed information describes a geologic setting for mineralization that is consistent with information on the Willie P mine as described in a published paper1 and is also consistent with information on uranium resources elsewhere in the Cebolleta project area. Inclusion of the Willie P data in the Project-wide MRE is expected to support the preparation of the upcoming PEA for Cebolleta. SLR will review, verify, and validate this data for integration into an updated, comprehensive project-wide mineral resource model. Expected in early summer 2025, the updated MRE will serve as the foundation for the PEA.

Anticipated PEA to Guide Future Development: Completion of the PEA is planned in order to assess the Project’s production potential. The PEA is expected to include details on mine design, infrastructure, production rates, processing, costs, cash flow, and economic sensitivities. This study is expected to provide key insights to guide future development decisions and optimizations.

Maximizing Efficiency and Cost Savings: Fast-tracking Cebolleta with an updated MRE and PEA in early summer 2025, before initiating additional drilling and field programs, is expected to provide a clear and comprehensive assessment of the Project’s production potential. Inclusion of the newly available technical data on the Willie P area into the Project-wide mineral resource model and the forthcoming PEA are anticipated to provide a sound foundation to demonstrate the Project's potential economic viability and is believed to preclude the need for near-term comprehensive drilling. Meanwhile, ongoing cultural, archeological, and biological studies supporting preparation of a State of New Mexico Part 4 permit application are planned to continue, paving the way for planning and scheduling future drilling programs as needed, as well as a more efficient allocation of capital.

Colin Healey, CEO, said, “We are excited to update the project-wide mineral resource model for Cebolleta and formally commence the PEA process. Since acquiring the Project last year, we have achieved several important milestones, each ahead of schedule, and we believe this marks a pivotal step in transitioning from exploration to development. In our view, advanced stage assets with supporting economic studies tend to command a valuation premium, as they address speculative risks. By leveraging a technical strategy and a cost-conscious approach, we aim to maximize value by prioritizing the high-impact milestones and delivering them efficiently. We look forward to providing updates as we advance through the MRE and PEA studies in the coming months.”