The Only Uranium Project in Guyana, But Can They Drill There? | U92 Energy CEO Interview

SPEAKER_1 (0:00)

This video is sponsored by Terrahutton, who makes the invisible, investible. Today, we're going to see you barbecue advanced stage uranium exploration in Guyana together with U92 Energy Corp. But if you're short on time, subscribe to our free newsletter, and once a week, we'll send you a five-minute summary of all interviews we put out, resourcetalks.com for a free weekly newsletter. Now, although this company has not paid us for the production of this video, you should still understand that we are not financial advisors, and this is not intended as financial advice. It is a broad, general and in-personal piece of information intended only for those who know and understand the risks of junior mining, of which there are many. Before moving on, read the company's official filings on Sitterplus.ca and do your own due diligence. Pause the screen and read all the disclaimers I've shown you because your capital is at risk. If this isn't clear, go to the last section of this video for a longer explanation of the risks and biases, and do not consume this content if you don't agree with everything said therein. Moving on, the flagship project for U92 is the Kurupung project in Guyana's Kuyuni-Mazurounian region, roughly 250 kilometers southwest of Georgetown. Kurupung is a structurally controlled, Albatide-hosted uranium system that was extensively explored by KuJemma and later recently actually by U308 Corp, with about 130,000 meters of historical drilling completed across the property between those two companies.

And a lot of other work, med work and whatnot that of course we'll talk about. The current resource is from August of last year, but it actually doesn't use any of U92's own drilling and just reproduce the historical estimates that were prepared in 2009 and 2012

They did that at 0.03% U308 cutoff. The four Aricheng or Aricheng, I'm not yet sure how to pronounce them, but I'm sure Adam's going to correct me at a certain point. But the four Aricheng deposits, they contain about 10.6 million pounds indicated that's grading 0.072% U308. And then there was another 10 million pounds inferred. There was grading close to 0.07 U308 for about 20.6 million pounds combined.

However, worth pointing out here, the recommended cutoff when those estimates were originally prepared. So back in the day, it was 0.05% U308, at which the combined inventory then would fall to roughly 16 million pounds. So that's 1.6. The immediate job for this company now is to generate modern drilling and turn the historical data set into a current pit constrained resource. And then hopefully, put some economics around that as well, that would consider modern uranium pricing, hopefully some new metallurgy and a bunch of other stuff that again, we'll talk about later on.

They're now going to be doing 5,000 meters of diamond drilling, focused on Aricheng South and Accori North C. And earlier in 2026, field crews were working on a cap infrastructure, field storage, access road upgrades, a bunch of other stuff, drill pad preparation, and so on and so forth. While also reinterpreting the historical drilling, geophysics, and geology to come up with the new targets that will actually get drilled. And when is that drilling starting? Well, the answer is hopefully soon, but the more specific answer will hopefully come later on in the conversation. That's because Guyana's EPA exempted the exploration program for a full EIA in August of 2026, so in this summer, allowing roughly 5,000 meters of drilling from about 30 platforms, as well as limited road work and camp work. But that decision is now actually under formal appeal, so it's getting some pushback. The EPA's executive director has said nothing is going to move forward until the Environmental Assessment Board rules for it.

Again, hopefully, an update on that and the timing behind it later on as well. Now, for some of the numbers and a bit of the details here, U92 Energy is listed as U2 like the band, but instead of the number, it's the letter, so it's UTWO on the TSX Venture Exchange in Canada, where the average daily volume over the last three months has been about 60,000 units.

52-week high is 60 cents and a 52-week low is 22 cents. With 68.7 million shares outstanding and a $21.5 million market cap today, this is a 31-cent stock. There are 24 million warrants outstanding and just under 6.5 million options, so the dilutive securities represent about 30.5% of the 99.2 million shares on a fully dilutive basis. Last time they raised money was in the summer in August, raising around $1.5 million Canadian dollars at 40 cents with a half a warrant at 65 for four years. How much money have they got left right now? Is that going to be enough to complete that drill program? How are they going to raise next time that they do have to raise? And a bunch of other totally not annoying money questions later on in the conversation. But for this to actually become a conversation, though, I will have to shut up already. And Adam, I'll give you the word here. But first of all, thank you for sitting down with me today.