American Uranium (ASX:AMU) Shares Rally 26% on Tuesday: What Comes Next?

Sonal Goyal

10 November 2026 02:41 PM AEDT

American Uranium (ASX:AMU) Shares Rally 26% on Tuesday: What Comes Next?

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Key Highlights

Lo Herma's total resource has been upgraded to 9.96 million pounds of U3O8.
Indicated resources rose 72% to 4.79 million pounds, or 48% of the total.
Aquifer pump testing at Mine Unit 1 supports the in-situ recovery development approach.

American Uranium (ASX:AMU) shares were trading higher during the 10 November 2026 session, up 26.09% at $0.058 at midday AEDT. The S&P/ASX 200 was also higher, up 1.13% at 9,131.90 around 12:32 pm AEDT. American Uranium Limited (ASX:AMU) is developing its Lo Herma in-situ recovery uranium project in Wyoming. Its September 2026 quarterly activities report, dated 29 October 2026, described an upgraded Mineral Resource estimate that lifted total resources to 9.96 million pounds of U3O8, and reported aquifer pump tests supporting development of the project.

About the company

American Uranium is an ASX-listed uranium company whose flagship asset is Lo Herma, an in-situ recovery project in Wyoming. The company's total Wyoming Mineral Resources now stand at 11.62 million pounds of U3O8, and it has completed a 120-hole drilling program for the 2025/26 period.

Updated Lo Herma resource and quarterly report

The updated Lo Herma Mineral Resource estimate is 7.16 million tonnes at 630 parts per million U3O8 for 9.96 million pounds, including 4.79 million pounds Indicated, which the company said is a 72% increase in Indicated resources from the December 2024 estimate. Resources within the proposed Scoping Study mine units rose 23% to 7.38 million pounds, with Indicated confidence rising from 32% to 54%.

The company completed the 120-hole 2025/26 resource drilling program, bringing the Lo Herma database to 1,077 drill holes, and completed a convertible Loan note Facility of A$1.235 million in September 2026.

Aquifer testing and scoping study

Pump testing at Mine Unit 1 was reported on 22 October 2026. The pumping well sustained a pump-limited 19.2 gallons per minute for 48 hours, consistent with the 20 gallons per minute per well assumption being evaluated for the Scoping Study. Testing indicated confinement of the production aquifer, which the company said is supportive of in-situ recovery operations. The Scoping Study was targeted for early the fourth quarter of 2026.

Scoping studies are preliminary assessments that test whether a project could be economic under defined assumptions. They use the resource estimate, mine design, processing costs and project-specific inputs such as well flow rates. Scoping study results do not provide a reserve estimate, and further studies are normally required before a development decision is taken. The company's statement that the study is targeted for early the fourth quarter of 2026 is a company target and not a commitment to a specific release date.

Sector Context

Uranium Demand from nuclear utilities and the development of in-situ recovery projects in the United States are driving interest in new supply. In-situ recovery requires aquifer characteristics that can be confirmed through pump testing and hydrogeological work.

In-situ recovery is a uranium production method in which a solution is injected into a sandstone aquifer to dissolve uranium, which is then pumped to the surface for processing.

Risks to Consider

The resource is an estimate, and the Scoping Study that will test the Economics of the project has not yet been released.
The aquifer pump test results depend on per-well flow assumptions that must be confirmed across the mine units.
Development will require funding, and the convertible loan notes are a limited source of capital.

What to Watch Ahead

Release of the Lo Herma Scoping Study, targeted for early the fourth quarter of 2026.
Results from further aquifer testing and hydrogeological monitoring.
Uranium prices and the availability of project funding.

Final Word

American Uranium's September quarter shows a larger Lo Herma resource and encouraging aquifer testing. The Scoping Study will be the next key document for judging the project's development economics.

The company said the updated resource and aquifer results are being used in the Scoping Study, which uses project-specific hydrogeological inputs and the updated resource base.

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