GTI Energy (ASX:GTR) has received $2.5 million in funds as part of a two-tranche private placement worth $4.5 million for expansion and infill drilling at the Lo Herma In-Situ Recovery Uranium Project in Wyoming, US.
Under the terms of the placement, shares were issued at $0.0035 per share, representing a 16.7% premium to the last closing price of $0.0030.
Alpine Capital and CPS Capital Group acted as joint lead managers to the placement.
Tranche two, totalling $1.97 million, including a $1.487 million commitment by Snow Lake Energy (NASDAQ:LITM) is expected to be approved by shareholders at a general meeting, with formal notifications to be sent in the coming week.
GTI, which has a market capitalisation of $10.49 million, expects to progress the upcoming drilling campaign efficiently, with all major objectives projected to be completed by the end of 2025.
Field activities are scheduled to begin during September 2025, contingent on contractor availability and final permit approvals. The execution of this field program is expected to provide data to support updating and optimising the resource models and further define key operational parameters.
GTI says these outcomes will play a key role in advancing the Lo Herma Project towards production.
Further, at the forthcoming extraordinary general meeting, GTI will seek shareholder approval for a change of company name.
GTI Energy is a uranium developer focused on defining economic in-situ recovery uranium resources.
The Lo Herma Project contains a resource of 8.57 million pounds of uranium-equivalent, with 2.78 million pounds in the indicated category and 5.79 million pounds in the inferred category.
In-situ recovery mining is a low-cost and low-impact way to mine uranium. GTI aims to define in-situ recovery amenable uranium resources in Wyoming.
Write to Aaliyah Rogan at Mining.com.au
Images: GTI Energy
