Large scale hydrogeological testing is now underway at Mine Unit 1 following AMU’s recent 9.96Mlb resource update, supporting permitting activities and the Company’s targeted Q4 2026 Scoping Study.

American Uranium Limited (ASX:AMU, OTC:AMUIF) (American Uranium, AMU or the Company) is pleased to advise that large-scale hydrogeological pump testing has commenced at proposed Mine Unit 1 of its Lo Herma ISR Uranium Project in Wyoming’s Powder River Basin. The program represents another important milestone in advancing Lo Herma from resource definition toward project evaluation, permitting and potential ISR development.

Highlights

• Major development milestone: Large-scale aquifer testing has commenced at Lo Herma Mine Unit 1, marking an important step toward ISR project evaluation and development.
• Key hydrogeological data being collected: Testing is designed to further assess groundwater flow, hydraulic connectivity and wellfield development parameters across the proposed initial mining area.
• Follows recent 9.96Mlb resource update: The program follows AMU’s August 2026 resource update, including 7.38Mlbs U3O8 within the proposed Scoping Study area.
• Supporting next major catalyst: Results are expected to provide important inputs to the Company’s targeted Q4 2026 Scoping Study.

Aquifer pump testing follows the Company’s 16 July 2026 announcement that seven additional hydrogeological monitoring wells had been installed at Mine Unit 1. The program is centred on the existing LH MW-003 pumping well and incorporates monitoring wells in the target production horizon, overlying units and an underlying sand interval.

The program is designed to generate key hydrogeological data for groundwater modelling, permitting activities and future ISR wellfield design. It will assess groundwater flow through the target production sands, hydraulic connectivity between relevant units and wellfield development parameters across the proposed initial mining area. Results from the program are expected to support groundwater modelling inputs required for permitting activities and provide key parameters for the planned Scoping Study.

The program follows AMU’s 4 August 2026 Lo Herma Mineral Resource Estimate update, which reported total Lo Herma resources of 9.96Mlbs U3O8, including 4.79Mlbs Indicated. Within the proposed Scoping Study footprint across Mine Units 1, 2 and 3, resources increased to 7.38Mlbs U3O8, with 54% classified as Indicated. The combination of the updated resource and commencement of large-scale pump testing continues to strengthen the technical foundation for Lo Herma’s planned Scoping Study and longer-term development pathway. The Company expects results from the testing program to be incorporated into the targeted Q4 2026 Scoping Study.

AMU CEO and Executive Director Bruce Lane commented: “With our updated 9.96Mlb resource completed and pump testing now underway, Lo Herma continues to advance toward development. The program will deliver key data…

Gold and silver are wrapping up yet another record-setting week that’s seen economic uncertainty and geopolitical tensions combine to push prices upward.

The yellow metal moved decisively through US$4,600 per ounce on Monday (January 12), trading above that level for a decent amount of the week.

For its part, silver reached what’s perhaps an even more impressive price milestone, surging past US$90 per ounce and breaking US$93 on Wednesday (January 14).

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At this point, there’s a very long list of factors providing support for the precious metals, and we don’t have time to touch on all of them today. Instead let’s take a look at a few that have been making headlines over the past week or so and break them down.

First, there’s the latest news in the clash between US President Donald Trump and Federal Reserve Chair Jerome Powell. On Sunday (January 11), Powell said that two days earlier, the Department of Justice had served the Fed with grand jury subpoenas threatening a criminal indictment.

I had the chance to speak with Mario Innecco, who runs the @maneco64 channel on YouTube, not long after Powell’s statement — here’s how he summed it up:

“They’ve subpoenaed documents, and it’s supposed to be related to the renovation of the Fed’s headquarters in Washington, DC. But Jay Powell came out and said it’s not, it’s basically because they want him to cut rates.

“And he’s probably right. I think they’re using any kind of, let’s say tricks, to try to get rid of him, because I think the administration, even though they talk about how the economy is doing so great, they are desperate.”

Trump himself has said he had no knowledge of the investigation, and has also asserted that he’s not interested in firing Powell, whose term as Fed chair wraps up in May.

Nevertheless, the situation has reignited concerns about Fed independence, and has provided support for gold and silver, which tend to fare better when rates are lower. The next Fed chair, who has not yet been appointed, is widely expected to fall in line with Trump.

In addition to that, geopolitical tensions have remained high. Venezuela is still in the spotlight after its former president was removed by the US last week, and this week Trump warned that the US would intervene in Iran if its executions of anti-government protesters did not stop.

Iran responded by saying it would strike US bases if that happened.

Those events and others are boosting safe-haven demand for gold, as well as silver, but I want to hone in on a couple more points on the silver side that I think are worth looking at.

One of those is the news that the US plans to hold off on new critical minerals tariffs after receiving the results of a Section 232 investigation launched last year.

While a presidential proclamation states that imports of processed critical minerals and their derivative products do constitute a national security risk for the US, the country will first take steps such as negotiating supply agreements with other…

This week has brought ups and downs for the gold price as US President Donald Trump’s tariff decisions continue to create widespread uncertainty across sectors globally.

The yellow metal started the week at about US$3,020 per ounce, but quickly tumbled below the US$3,000 level as markets around the world took a beating.

Although gold is known as a safe haven, it’s common for it to fall in tandem with other assets during widespread downturns. The idea is that gold won’t drop as hard and will recover more quickly.

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Speaking just after gold’s fall, Gary Wagner of TheGoldForecast.com explained that its decline shouldn’t be concerning for investors. Here’s how he explained it:

“One thing that is clear is that when equities came under fire … liquidation happened across the board in multiple asset groups and classes. Gold was kind of a witness to that, and the massive liquidation that occurred was either to liquidate profitable positions to cover margin calls, or just to get more into cash than they had been in terms of the position of the portfolio. So to me it’s not that unexpected, and the amount of the decline is actually fairly calm considering how much it’s gone up.”

Wagner’s advice not to worry about gold’s pullback was prescient — the precious metal was back on the move by Wednesday (April 9), and on Thursday (April 10) it notched yet another fresh all-time high.

It continued moving upward on Friday (April 11), breaking US$3,200 and setting another price record.

Gold’s midweek rebound came after Trump’s turnaround on tariffs — in a surprise move on Wednesday, he announced a 90 day pause on “reciprocal” tariffs for most countries.

China is an exception — Trump said he would be boosting China’s rate to 125 percent after the Asian nation announced further retaliatory tariffs against the US. It’s since been clarified that tariffs on China stand at 145 percent; on Friday, China said it would raise its tariffs on the US to 125 percent.

Canada and Mexico are also exceptions. Most goods from these countries are already subject to 25 percent tariffs, and these will remain in place. Blanket 25 percent tariffs on cars and car parts, as well as steel and aluminum, have also not been affected at this point.

The reversal from Trump came not long after he encouraged his followers on Truth Social to “be cool” and told them it was “a great time to buy.” It also reportedly came after White House officials put increasing pressure on Trump to change course. Worries about a selloff in US government bonds raised alarm bells, with Treasury Secretary Scott Bessent taking these concerns to Trump.

“The bond market is very tricky, I was watching it. The bond market right now is beautiful. But yeah, I saw last night where people were getting a little queasy” — Trump

Major US indexes rebounded strongly once Trump announced his decision, and although they had given up some gains by the end of the week, they still finished the period in the green.

In terms of where…

In this regard, our management have contacted CIRO who are the market regulator for issuers on the TSX-V Exchange. CIRO is now undertaking an evaluation of certain market transactions and trading patterns of the common shares of WLR and our predecessor TSX-V: CMB to determine if a more comprehensive investigation is required. The company will not be advised by CIRO of the results of their evaluation or if an investigation is to be undertaken. However, if suspicious trading practices are identified they may result in further action by CIRO with the related party(ies).

Kevin Brewer, President and CEO of Walker Lane noted: “Walker Lane is advancing gold-silver projects in Nevada, the second most mine-friendly jurisdiction in the world as ranked by the 2024 Annual Fraser Institute Rankings of Mining Jurisdictions. The three new property focused in the Walker Lane Gold Trend in Nevada were added to our strong portfolio of exploration projects in Canada and should therefore result in a strengthening of our market position and valuation. These recent acquisitions have paved the way to conduct near-term exploration programs on potential high-grade gold and silver projects with a determined focus on drilling as a critical element of our exploration efforts. It is our intent to focus drilling on our two cornerstone properties, the Tule Canyon Gold Project in the highly popular Walker Lane Gold District in western Nevada and on our silver-polymetallic Amy Project in British Columbia. Combined with exploration efforts that are expected to be conducted on our Silverknife Property optioned to Coeur Mining Inc. and continued benefits in payment streams associated with the sale of our Bishop gold mill to North Bay Resources Inc, our management team feels that our new direction and our former strengths represent a tremendous opportunity to create shareholder value. The recent trading of our common shares does not in our opinion accurately reflect the value of our assets and the potential value generation that we submit can be derived by executing our current strategic direction.”

In addition, the Company notes that it is creating a new website which will be www.walkerlaneresources.com

Our current target is to have the website operational on or before April 7, 2025 and thereafter it will be regularly updated with news updates, property information, recent and past corporate presentations, upcoming events etc,.

Qualified Person

Qualified Person Kevin Brewer, a registered professional geoscientist, is the Company’s President and CEO, and Qualified Person (as defined by National Instrument 43-101). He has given his approval of the technical information pertaining reported herein. The Company is committed to meeting the highest standards of integrity, transparency and consistency in reporting technical content, including geological reporting, geophysical investigations, environmental and baseline studies, engineering studies, metallurgical testing, assaying…