Uranium Explorer Advances High-Grade 20.6M Pound Resource in Guyana

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

U92 Energy Corp. (UTWO: TSX.V) announced an update on ongoing phase one drilling and technical advancement at its flagship Kurupung Project in Guyana, according to an April 27 release. This update follows the company's engagement with Orbit Garant (TSX: OGD) to undertake a 5,000-meter diamond drilling program, marking the first phase of drilling at this site.

U92 aims to expand upon its historical mineral resource estimate (MRE), which includes 10.6 million pounds of indicated uranium at a grade of 0.072% U₃O₈ and 10 million pounds inferred at a grade of 0.067% U₃O₈. The project spans a 92 square kilometer area under the company's two Exploration Licenses.

Currently, the diamond drill rig provided by Orbit Garant is in Guyana and is expected to be moved to the project site shortly to begin drilling on high-priority targets, the company said. U92 has also submitted the necessary environmental applications for preparing the drill pads and is actively working on setting up the camp infrastructure, including a fuel storage facility that meets regulatory standards. Additionally, essential machinery has been acquired to enhance access roads and construct the drill pads.

"We are making strong, coordinated progress across site development and drill mobilization as we advance towards our first holes in the current drilling campaign at Kurupung," U92 Chief Executive Officer Adam Clodew said. "We are very excited about our upcoming drill program as we build on the company's historical MRE, with the objective of incorporating the phase one drilling into a pit-constrained, updated mineral resource estimate in the second half of 2026. Our focus is on ensuring that all elements of the program, from target definition to operational readiness, are in place to support efficient execution once drill mobilization is complete, with the objective of delivering meaningful results and building long-term value for shareholders."

In addition to the physical preparations at the site, U92 said it is also enhancing its technical understanding of the Kurupung project. The company's technical team, in collaboration with Watts, Griffis & McOuat (WGM), is reinterpreting historical drilling data, geological maps, and geophysical datasets from the area. This effort builds on over 129,000 meters of historical drilling and a substantial database from various deposits and target zones within the licenses. Notably, more than 14,000 meters of historical drilling, not included in the historical MRE, revealed high-grade uranium across significant widths. The team is refining the geological model, focusing particularly on structurally controlled zones known for uranium deposits and underexplored areas that have shown significant mineralization in past drilling efforts.

Emerging Destination for Mining Investments

Guyana has emerged as a premier destination for mining investments, as highlighted by significant transactions such as G Mining Ventures' recent acquisition of G2 Goldfields for CA$3 billion.

U92, a Canadian exploration company listed on the TSX Venture Exchange, is at the forefront of uranium exploration in Guyana with its advanced-stage Kurupung Project. This project has seen extensive drilling, totaling over 129,723 meters, and hosts historical mineral resources including an Indicated resource of 10.6 million pounds and an Inferred resource of 10 million pounds of uranium, using a cut-off grade of 0.03% U₃O₈. These resources are distributed across four deposits with potential for expansion along strike and down plunge, the company said. Additionally, there are eight other targets where previous drilling intersected significant uranium grades, which require further exploration to potentially enhance the project's resource estimates.

The historical resource estimates at the Kurupung Project were derived from technical reports in 2009 and 2012 that utilized an inverse distance squared method and were based on a uranium price of US$55 per pound, with a cut-off grade of 0.05% U₃O₈. It's important to note that these historical estimates have not been updated to current mineral resources and should not be relied upon as such, U92 said in the release. The estimates were made using data from vertical cross-sections and grade correlations, supported by detailed level plans to create a comprehensive 3D geological and block model.

Expert: The World Needs a 'Plan B'

Writing April 27 for 321Gold.com, Bob Moriarty said he was contacted recently by the company, which stands to gain from the ongoing turmoil in the Middle East, he said.

UTWO is a newcomer to the market, having only begun trading in February, he noted. The company has engaged in a significant venture involving an advanced-stage uranium exploration project located at the Kurupung property in Guyana, on the north coast of South America.

Although the company is relatively new, it boasts a historic 43-101 resource estimate of just over 20 million pounds of U₃O₈ with a notable grade of approximately 0.07%.

"Adam Clode, the CEO, set up a conference call with me. He introduced himself and spent five minutes telling me the companies he started, put into production, and advanced over his career," Moriarty said. "My response was to ask him, 'So basically you are telling me you can’t hold a job for long?' He laughed. So, did I. It was very funny. But he really did have an impressive CV."

The story is simple, Moriarty noted. "The world needs an alternative, a Plan B as it were, for the Strait of Hormuz," he said. "While I believe Oman and Iran will continue to control the Strait of Hormuz, the war has demonstrated the need for alternatives. U92 has one. The company is cheap only because it is brand new."

Despite its infancy, U92's market valuation is modest, trading at CA$0.52 per pound of U₃O₈, compared to its peers, which average CA$1.83 per pound.

U92 is set to commence a 5,000-meter drilling program in May, with results expected to be released progressively through October. Plans are also in place to update its 43-101 report by the fourth quarter of 2026, he said.

"I did not have the opportunity to participate in the last private placement," Moriarty wrote. "I have gone into the open market and picked up a magnificent position of 2,000 shares, but would like a few more. I am biased, so do your own due diligence."

The Catalyst: The 'Largest Oil Price Shock in History'

In the wake of what the International Energy Agency chief Fatih Birol described as the "largest oil price shock in history," nations are urgently seeking to diversify their energy sources, wrote Emily J. Thompson for Intellectia on April 27. This shift is largely driven by recent global events, including the Iran war, which has significantly impacted traditional energy supplies. South Korea, for instance, has turned its focus towards nuclear power as a strategic response to these supply crises, aiming to stabilize its energy resources through diversification.

The uranium market is currently experiencing a structural shortage, primarily due to long-term underinvestment, Thompson reported. Kazakhstan's Kazatomprom leads global uranium production, contributing 21% to the total output in 2024, followed by its competitor Cameco Corp. (CCO:TSX; CCJ:NYSE), which accounted for 17%. This ongoing supply deficit has led to a consistent rise in demand over supply, subsequently boosting Kazatomprom's stock price as the market adjusts to these dynamics. Investment opportunities in the uranium sector are expanding, underscoring nuclear energy's role in facilitating decarbonization and enhancing energy independence, marking it as a viable solution amidst global energy challenges.

The focus on the Canadian mining sector is intensifying, especially around firms like Cameco and U92. According to Seven Investment Management, Canadian mining entities are poised to become "very popular," reflecting the robust demand for established players within the nuclear market. This trend highlights the growing strategic importance of nuclear energy resources in the global push for sustainable and independent energy solutions.

Amid the growing market deficit, global uranium producers are swiftly transitioning from development phases to active commercial operations, reported Giann Liguid for Investing News Network on April 27. Since the start of 2026, the spot price for U₃O₈ has consistently remained above US$80 per pound, a trend that began in early 2025 for long-term contract prices. This pricing environment is encouraging producers and developers to ramp up production or push forward with project developments.

In the United States, significant strides are being made to rejuvenate domestic uranium production, Liguid wrote. Earlier this month, Uranium Energy Corp. received the final nod from the Texas Commission on Environmental Quality to initiate production at its Burke Hollow project. This site, spanning 20,000 acres in South Texas, represents the largest greenfield In-Situ Recovery (ISR) uranium discovery in the country over the last decade. Now operational, the site functions under a hub-and-spoke model with uranium extraction processed at UEC's Hobson Central Processing Plant, which boasts a licensed capacity of 4 million pounds per year, the article noted.

Ownership and Share Structure¹

About 2% of the company is held by insiders and management. The rest is retail.

Top shareholders include Jeffrey Paquin with 0.35%, Geoff Upitis with 0.28%, Alfred Fischer with 0.28%, Mark Richard Smith with 0.28%, and Randall J. Green with 0.28%.

Its market cap is CA$17.98 million with 43.85 million shares outstanding. It trades in a 52-week range of CA$0.21 and CA$0.49.