Recently here in June of 2025, Nuclear Fuels Inc. officially kicked off its 2025 drilling program at the Kaycee Uranium Project in Wyoming’s Powder River Basin. For those of us on the ground, this marks more than the start of another drill season—it represents a strategic pivot point in America’s race to revitalize domestic uranium production.

Building on Discovery, Not Just Hype

The 2025 program plans to complete at least 100,000 feet of rotary mud drilling, expanding on successes from late 2024 when the Outpost and Trail Dust Zones were discovered. Both zones returned solid intercepts of roll front-style mineralization—textbook ISR targets.

• Outpost Zone: 0.082% eU₃O₈ over 6.5 ft (GT 0.532) at 767 ft depth
• Trail Dust Zone: 0.0553% eU₃O₈ over 5.5 ft (GT 0.304) at 886 ft depth

These aren’t headline-grabbing grades, but they’re meaningful, especially when contextualized within a district that hosts over 430 miles of roll fronts across a consolidated 55-square-mile land position. ISR uranium is a volume game, and Kaycee is one of the few districts in the U.S. where all three historically productive formations—Wasatch, Fort Union, and Lance—are present and mineralized.

This is no small feat. It’s been four decades since this patch of uranium country was under single-company control. That historical fragmentation is exactly why it has been overlooked—until now.

Fast-Tracking the Future? The Role of Fast-41 and Domestic Policy

It’s also no accident that this kind of momentum is happening in Wyoming, a state that not only supports energy development but also operates under “Agreement State” status, streamlining the ISR permitting process in partnership with the NRC.

Policies like Fast-41—first implemented under the Trump administration to accelerate federal reviews for critical infrastructure—are back in the conversation. And they matter. Fast-41 designations don’t just cut red tape; they elevate a project’s visibility, encourage inter-agency cooperation, and unlock capital that would otherwise sit on the sidelines due to regulatory uncertainty. In today’s geopolitical climate, where nuclear energy is being rediscovered as the linchpin of a clean and sovereign energy future, the uranium sector is moving from “interesting” to “imperative.”

M&A: Consolidation Brings Clarity

The recent announcement that Premier American Uranium will acquire Nuclear Fuels adds another layer of momentum. Once completed, the merger will create one of the largest pure-play uranium explorers in the U.S. with a portfolio of 12 key projects across several top-tier uranium basins.

We’re seeing a broader trend across the sector:

• Uranium Energy Corp. continues expanding ISR capacity via South Texas and Wyoming acquisitions.
• enCore Energy, our strategic partner at Kaycee, is pivoting from explorer to near-term producer.
• And legacy juniors are being rolled into larger vehicles that can leverage scale and permitting strength.

These moves aren’t just about size—they’re about aligning technical teams, capital, and permitting expertise to match a coming uranium demand cycle that’s being driven by utility restocking, geopolitical stockpiling, and a resurgence of U.S. nuclear builds.

My Role in the Shift

As the Project Manager for Nuclear Fuels, and now part of the integrated team under the Premier American umbrella, my role remains the same in spirit but is growing in scope. I’ll continue overseeing the Kaycee exploration campaign—coordinating drill planning, target modeling, logging, and resource delineation. The groundwork we’re laying now isn’t just about proving pounds—it’s about positioning Kaycee as one of the next ISR uranium projects ready for resource definition and eventual development.

Being a Qualified Person under NI 43-101, I’ve reviewed and signed off on the technical content of our news releases, but I’m also deep in the field: managing contractors, monitoring lith logs, and piecing together the kind of geologic story that excites engineers and investors alike.

And I believe in that story.

A Foundation for the Next Cycle

We’re not in the discovery-for-discovery’s-sake phase anymore. The uranium sector is tightening, and developers with real ground, real data, and real people doing the work are rising to the top. The Kaycee Project has the hallmarks of a future ISR producer: favorable host formations, supportive jurisdiction, strong partnerships, and aggressive yet responsible exploration.

So here’s to another season of mud, probes, logging runs, and long drives between rotary rigs. If you’re watching the uranium space, keep your eye on Kaycee. The pieces are coming together.

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Mark Travis, CPG
Project Manager – Nuclear Fuels Inc. / Premier American Uranium
Geologist, Permitting Liaison, and Explorer of America’s Energy Future

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