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Highlights
- GTI Energy to raise $4.5M through placement for Lo Herma project.
- Snow Lake Energy to become a strategic investor with 9.9% stake.
- Funds to support drilling, analysis, and project advancement.
GTI Energy (ASX:GTR) has unveiled a $4.5 million capital raising initiative aimed at accelerating development at its Lo Herma In-Situ Recovery Uranium Project, located in Wyoming, USA. The company will issue shares at $0.0035 each, representing a 16.7% premium over its last closing price of $0.0030. The funds will support a series of strategic and technical activities intended to unlock further value from the uranium-rich region.
The capital injection will enable GTI Energy to execute infill drilling and pursue resource expansion at Lo Herma. Additionally, it plans to undertake advanced hydrogeological and metallurgical assessments. Part of the proceeds will also cover landholding expenses and provide general working capital support, positioning the company to deepen its presence in one of the most prospective uranium belts in the US.
One of the most noteworthy elements of this placement is the entry of Snow Lake Energy (NASDAQ:LITM) as a strategic investor. Snow Lake is set to acquire a 9.9% interest in GTI Energy's pro-forma shares upon completion of the placement, further underlining confidence in the long-term potential of the Lo Herma project. As part of its participation, Snow Lake will gain the right to appoint a representative to GTI’s board, enhancing collaboration and technical exchange between the two uranium-focused developers.
GTI Energy’s board has also expressed confidence in the project’s direction, committing $60,000 as part of the placement, pending shareholder approval. In a related update, the company has flagged its intention to propose a name change at the upcoming extraordinary general meeting, with full details to be shared in forthcoming meeting documents.
With the latest placement, GTI Energy aims to build on the encouraging findings from its recently completed Scoping Study. The Lo Herma Project currently hosts a total resource of 8.57 million pounds of uranium-equivalent, including 2.78 million pounds in the indicated category and 5.79 million pounds in the inferred category.
In-situ recovery (ISR) mining, the extraction method targeted at Lo Herma, is regarded as a low-cost and environmentally minimal-impact technique, making it highly suitable for uranium development in sensitive landscapes.
GTI Energy continues its mission to define economically viable ISR uranium resources in Wyoming, contributing to the broader goal of advancing clean energy sources. While GTI Energy is not part of the ASX 200 stock index, its strategic developments and partnerships have attracted attention among small-cap resource investors.
As uranium demand grows alongside interest in nuclear energy, GTI Energy’s latest funding round is a step toward unlocking the full potential of its Wyoming-based assets.
