Interview with
Greg Huffman, CEO of Nuclear Fuels
Colin Healey, CEO of Premier American Urnaium Inc.

Recording date: 21st July 2025

The merger between Premier American Uranium and Nuclear Fuels represents a significant consolidation in the US uranium exploration sector, creating what executives position as America's leading exploration and development platform. Nuclear Fuels shareholders will receive 41% ownership of the combined entity, bringing $14 million in cash from their November 2024 financing round to support aggressive exploration programs.

The combined company will operate the largest exploration drilling programs of any non-production uranium company in the United States. The Kaycee project in Wyoming alone has committed to over 100,000 feet of drilling in 2025, building on successful 2024 results that included both resource expansion and new discoveries. The project carries an exploration target of 11.5 to 30 million pounds of uranium, while the Cyclone project targets 8-12 million pounds. Combined with existing 43-101 compliant resources at the Sevieta project in New Mexico, the portfolio provides diversified exposure across the development spectrum.

Both Wyoming projects benefit from critical proximity to existing licensed uranium processing facilities. Kaycee sits within 20 miles of Christensen Ranch and Nichols Ranch processing facilities, while Cyclone is positioned 12-14 miles from Lost Creek and Sweetwater Mill. This infrastructure access could significantly accelerate development timelines through satellite operations or toll milling arrangements, potentially providing faster cash flow generation compared to building standalone processing facilities.

CEO Colin Healey noted the strategic advantage: "11.5 million pounds to me is beyond critical mass to be a satellite. I think that 2-3 years from now when those resources are probably potentially being delineated, the existing processing facilities in the US looking for feed and possibly expansion because there's going to be a push to grow uranium production in the US."

The combined entity benefits from significant institutional support, including backing from Sachem Cove, IsoEnergy, and Mega Uranium. Nuclear Fuels maintains a strategic relationship with enCore Energy, one of the largest US uranium producers, which holds a buyback option on the Kaycee project at 2.5 times exploration costs once resources reach 15 million pounds. Rather than limiting upside, executives frame this as providing development partnership optionality and potential funding support.

The enlarged company expects inclusion in major uranium ETFs, including URJ, URMM, and potentially URA, which could provide sustained institutional buying pressure. Plans for US listing following the merger target the larger US investor base and improved liquidity, addressing key challenges facing Canadian-listed uranium explorers.

The transaction occurs against supportive federal policy tailwinds emphasizing domestic nuclear fuel security. Greg Huffman, CEO of Nuclear Fuels, emphasized: "There's going to be a huge push for domestic to reignite that domestic uranium and nuclear fuel supply chain." This policy support, combined with AI-driven electricity demand growth, positions the combined entity to benefit from anticipated uranium sector re-rating.

While the merger creates compelling scale and strategic positioning, uranium exploration carries inherent geological and market risks. Resource targets remain unproven until confirmed through drilling, and cash flow generation remains years away. However, the combination of financial strength, infrastructure access, institutional backing, and supportive policy environment creates multiple value creation pathways for investors seeking exposure to US uranium exploration with significant upside potential.

Learn more: https://cruxinvestor.com

Sign up for Crux Investor: https://cruxinvestor.com