Snow Lake Energy (NASDAQ.LITM) has confirmed its intention to participate in tranche two of GTI Energy’s (ASX:GTR) $4.5 million placement.
The Nasdaq-listed, US-focused uranium and nuclear energy company has now completed due diligence in respect of their participation in tranche two and will proceed with the investment, subject to shareholder approval at a general meeting on 13 August 2025.
Snow Lake’s participation in the placement will result in the company obtaining a 9.9% shareholding in GTI Energy.
The company also holds the right to appoint a director to the GTI Energy board, subject to completion of the placement.
On 10 July 2025, GTI Energy had received $2.5 million and announced Snow Lake had committed to investing $1.487 million as part of the raise.
GTI Executive Director Bruce Lane says Snow Lake’s intention to proceed with the equity raise is strategically significant due to the proximity of its 50:50 joint venture Pine Ridge Project, which adjoins GTI’s Lo Herma ISR Uranium Project along trend.
Pine Ridge abuts the Lo Herma and is a 50:50 JV between Global Uranium and Enrichment (ASX:GUE) and Snow Lake Energy.
Pine Ridge is located in the southwestern Powder River Basin of Wyoming, the premier US uranium basin and has an exploration target of 24.4 to 51.3 million pounds of U3O8 at an average grade of 0.031% to 0.040% U3O8.
GTI Energy is progressing its flagship Lo Herma ISR Uranium Project, which is located in Converse County, Powder River Basin in Wyoming, 15 miles north of the town of Glenrock and within 60 miles of five permitted in-situ recovery (ISR) production facilities.
Facilities include Uranium Energy Corporation’s (NYSE:UEC) Willow Creek (Irigaray and Christensen Ranch) and Reno Creek ISR plants, Cameco’s (NYSE:CCJ) Smith Ranch-Highland ISR facilities, and Energy Fuels’ (TSX:EFR) Nichols Ranch ISR plant.
Wyoming is arguably the most important uranium producing state in the US. It has led America in uranium mining for 30 years. Since the first uranium mines started operating in 1951, the US state has produced more than 238 million pounds of U₃O₈ concentrate (yellowcake).
Wyoming hosts the largest-known economic uranium ore reserves in America, which are located across the Powder River Basin, Great Divide Basin, Shirley Basin, and Gas Hills.
The Powder River Basin has extensive production history with numerous ISR uranium resources, central processing plants, and satellite deposits.
In Wyoming there are significant resources in the ground with potential for significantly more and the largest uranium companies in the US are quite active in the landlocked state.
A Wyoming State Geological Survey reports that after decades of low production, optimism has been growing among domestic uranium producers, particularly in Wyoming since 2024.
GTI Energy is advancing one of the few near-term, low-cost ISR uranium projects in the US. It is positioned to capitalise on America’s nuclear revival, with Lo Herma at the forefront of the domestic supply chain rebuild.
Write to Adam Orlando at Mining.com.au
Images: Powder River Basin Resource Council
