American Uranium Limited has secured binding commitments to raise A$1.235 million through an unsecured convertible loan note facility to fund near-term development workstreams at the Lo Herma uranium project in Wyoming.

The financing package provides the company with immediate funding flexibility as it advances ongoing hydrogeological testing and modelling, permitting activities, and a Scoping Study. The facility carries an 18-month term and a 12% annual coupon, with lenders receiving four options for every Australian dollar funded. These options are exercisable at A$0.16 and expire on 30 June 2029.

Prior to securing the facility, American Uranium completed an interim Mineral Resource upgrade for Lo Herma in April 2026, defining 9.45 million pounds of equivalent U3O8 at an average grade of 720 ppm. The company had previously established a timeline targeting the completion of a Scoping Study for the project in the third quarter of 2026.

“We appreciate the ongoing support from existing shareholders. The Facility strengthens AMU's ability to advance Lo Herma through key technical, study and permitting milestones while maintaining momentum toward the delivery of a construction-ready ISR uranium project in Wyoming. We believe the coming work programs will continue to enhance the project's strategic relevance within the U.S. uranium sector.”

— Bruce Lane, CEO and Executive Director

Completion of the facility remains subject to final documentation, receipt of funds, and customary conditions. American Uranium intends to convene a general meeting to seek shareholder approval for the facility options, shares issued in lieu of interest, and the capacity to issue up to an additional A$1.3 million of convertible loan notes on the same terms.

Read the full announcement: Binding Commitments for A$1.235M Convertible Loan Notes