Wyoming’s growing role in the American uranium industry was underscored Thursday by the announcement of a $76 million merger between Premier American Uranium Inc. and Nuclear Fuels Inc., a move that signals increasing investor confidence in the state’s uranium prospects, Cowboy State Daily reports.
The deal, valued at an estimated $31 million in acquisition cost with an implied equity value of $76 million, consolidates control over 12 uranium exploration projects totaling more than 104,000 acres. The combined entity now ranks among the largest uranium exploration companies focused solely on US assets, with Wyoming at the center of its operations.
At the heart of the merger is Nuclear Fuels’ Kaycee Project, located in Wyoming’s Powder River Basin. Spanning a 35-mile mineralized zone and supported by data from over 4,200 drill holes, the site is notable for its potential suitability for in-situ recovery (ISR) mining. This extraction method, which uses fluid injection to dissolve underground uranium for surface recovery, is considered more environmentally and economically viable than traditional open-pit mining.
“This combination establishes Premier American Uranium as one of the most active uranium explorers in Wyoming,” said Colin Healey, CEO of Premier American Uranium.
The company’s Cyclone Project in the Great Divide Basin — approximately 45 miles northwest of Rawlins — will now be developed in tandem with Kaycee, strengthening the new entity’s position across the state’s two most productive uranium basins.
According to merger details, the expanded company holds an estimated 18.6 million pounds of indicated and 4.9 million pounds of inferred uranium oxide resources. It also completed 368 drill holes in 2024, totaling over 209,000 feet — one of the largest ISR-focused exploration programs in the country, all concentrated in Wyoming.
Nuclear Fuels CEO Greg Huffman emphasized Wyoming’s appeal to the industry:
“We welcome the diversification and depth of the expanded asset portfolio across the key US uranium jurisdictions, most notably a doubling down on exposure in Wyoming.”
The Premier-Nuclear Fuels merger is just one sign of renewed momentum in Wyoming’s uranium sector.
Earlier this week, GTI Energy shared results of a scoping study for its Lo Herma Project in the Southern Powder River Basin. The study models a seven-year in-situ recovery operation with annual production of 800,000 pounds of uranium oxide and a projected pre-tax net present value of $110 million. The company anticipates construction to begin in 2028.
Elsewhere, the Pine Ridge Uranium Project, roughly 20 miles north of Glenrock, is also drawing attention. In April, Snow Lake Resources committed $30 million to uranium development and later partnered with Exodys Energy to explore future nuclear reactor projects.
Meanwhile, operations continue at the Lost Creek Mine in Sweetwater County. Operator Ur-Energy recently reported cash holdings of $86 million and generated $2.8 million in operating income during Q1 2025, while investing $3.8 million in project development.
