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The project sits in New Mexico's Grants Mineral Belt, the largest uranium area in the United States, where mines historically produced over 119,000 tons of uranium oxide, roughly 40% of total U.S. production. New Mexico ranks second nationally in uranium reserves, and around 409 million pounds of identified uranium resources remain in the Grants district that were drilled but never mined.
Nuclear has become Wall Street's unexpected answer to the data-center energy crunch. U.S. data center electricity demand is projected to grow from 176 terawatt hours to as high as 580 terawatt hours by 2028, and hyperscalers including AWS, Microsoft, and Meta have all moved to lock in nuclear power. More than 63% of surveyed investors now believe AI-related consumption will become a material factor in nuclear planning over the next decade.
The U.S. has moved to rebuild a domestic supply chain it almost entirely lost. Uranium has been reclassified as a critical mineral, yet the United States still imports over 95 percent of it, a dependence policymakers treat as a national security concern. In February 2026, the administration launched "Project Vault," a domestic strategic critical-minerals reserve backed by an EXIM direct loan of up to $10 billion.
Demand is colliding with a market that physically cannot keep up. A majority of surveyed investors expect mined uranium to meet less than 75% of future reactor requirements, citing years of underinvestment, long permitting timelines and declining secondary supplies. More than 85% anticipate higher prices into 2026, with upside scenarios cited as high as $135/lb.
Location and regulatory certainty are now differentiators. A federal executive order has invoked the Defense Production Act to facilitate domestic mineral production and expedite permitting for projects on federal lands, with uranium explicitly included. Capital is increasingly flowing toward execution capability over optionality, favoring permitted, U.S.-based assets with clear development timelines.
Consolidate land position — Secure and stake the priority claim package across the target trend to lock in district-scale ground.
Compile historical data — Digitize and model decades of legacy drilling and production records from the Grants belt.
Build geological model — Integrate the data into a 3D model to define and rank initial exploration targets.
Permitting groundwork — Begin community, tribal, and regulatory engagement to underpin future drill permits.
Geophysical surveys — Run radiometric and ground geophysics to refine subsurface targets.
Surface sampling & mapping — Complete detailed geological mapping and geochemical sampling across priority zones.
Define drill targets — Finalize a ranked portfolio of drill-ready targets for the maiden program.
File drill permits — Submit exploration drilling permit applications to clear the path to drilling.
Phase 1 drilling — Execute the maiden drill campaign on the highest-priority targets.
Logging & assays — Complete downhole radiometric logging and lab assays to confirm mineralization.
Confirm historical zones — Validate and extend historically reported uranium intercepts.
Release results to market — Report assay results to demonstrate discovery progress to investors.
Infill & step-out drilling — Tighten and expand drill spacing to support a resource estimate.
Maiden resource estimate — Deliver an initial S-K 1300 / NI 43-101 compliant mineral resource.
Metallurgical testwork — Assess ISR amenability and processing routes for the deposit.
Scoping study — Begin a preliminary economic assessment to frame project economics.