Rankings Commodities & uranium Premier American Uranium
Premier American Uranium
47
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Margin−12
- Dilution−9
- Resource and studies−7
Strengths
- Strategic shareholders+2
- Investment at a premium+1
Speculative profile
A penny stock under DKK 3. The asymmetry rating is separate from the Bjarvik score and is not a recommendation.
- Asymmetry (1–10)
- 3
- Price
- 1.49 DKK
- Market value
- DKK 142m
- Cash runway
- 8 months
- Cash / debt
- 6.7 / 0.0m CAD
- Dilution, 12 months
- +108%
Bull case
Metallurgy raises recovery at Cebolleta to 90% (NPV approx. $160m), the Kaycee drilling points the way to a first resource in 2027, and the DISA money is released. With a market cap of approx. C$31m, a re-rating to 0.3–0.5x of an NPV of $160m could give C$65–110m, i.e. 2–3.5x – more if Sumitomo or enCore bid.
Bear case
The price collapse covers up something negative, the Colorado sale is not closing, and the cash is empty at the start of 2027. Then C$8-10m must be raised at C$0.20-0.25 (+35-50% shares). The metallurgy confirms only 80%, and an NPV of $84m with a 5-10 year permitting process carries not much more than the current market cap.
Catalysts
- 20 Nov 2026Q3 report (estimated date) – cash after the drilling seasongradual stockanalysis.com
- Q4 2026More drilling results from Kaycee (Rustler/Outpost) in cycles of about 6 weeks; 50 of the planned holes had been drilled by mid-Augustgradual discoveryalert.com
- H1 2027Updated PEA for Cebolleta after Hazen's 42-week metallurgy programme; 90% recovery instead of 80% could lift NPV from approx. $84m to approx. $160mbinary discoveryalert.com
- by 2027-06-13 at the latestClosing of the Colorado sale to DISA (DOE review) and release of US$5m from escrowbinary globenewswire.com
Risk of going to zeromedium – cash for approx. 8 months, and the share count has doubled in a year, but industrial major shareholders (Sumitomo, IsoEnergy, enCore) and a PEA project make zero unlikely in the short term.
Next financingCash of C$6.65m at 30/6-2026 vs spending of approx. C$2.5m per quarter gives approx. 8 months of runway from June (to around February 2027) and in reality shorter, because the summer's Kaycee drilling (100,000 feet) and the Hazen metallurgy have to be paid for. DISA's US$5m (approx. C$7m) could extend runway by approx. a year, but only if the Colorado sale closes. Otherwise money must be raised in H1 2027, at a price far below C$0.75.
Warrants & convertiblesNo convertibles found. DISA subscription rights: c. 6.7m shares at C$0.75 (US$5m in escrow, released when the Colorado sale closes, by 13/6-2027 at the latest). Warrants from the bought deal issue in February 2026 and options are not quantified.
Insiders, last 12 monthsNo purchases or sales found (not systematically checked). Insiders own only c. 1% (stockanalysis).
Largest ownersSumitomo about 20%, IsoEnergy about 8%, enCore about 6% (Crux Investor, early 2026; since diluted). DISA Uranium gets about 8.7% when the subscription rights are converted.
Circio check(1) Small market cap: yes – approx. DKK 142m, EV approx. DKK 100m. (2) Hot theme: yes – US uranium supply. (3) Upcoming milestones: yes – Kaycee results, metallurgy and updated PEA in H1 2027. (4) Major partner: partial – Sumitomo as a shareholder and DISA at a premium, but no project partner. (5) Funding for 2+ years: no – approx. 8 months, unless the DISA money is released. (6) Price near the bottom: yes – −74% in a year and −40% in two weeks.
Why this asymmetryThe price is far below DISA's subscription price of C$0.75, and EV is only about 0.2x the PEA NPV, with Sumitomo behind it. But the projects are small or early, the share count has doubled in a year, and the unexplained collapse and the conditional DISA financing make the downside real.
How the score is built
From 100 to 47, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 0.34 CAD
- Median analyst target
- 2.30 CAD
- Upside to median
- +586.6%
- Analysts
- 2
- Target range
- 2.10 – 2.50 CAD
- 52-week change
- −61%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−25 of −30
- −12MarginNo revenue. The operating result is −C$39.8m TTM and −38.0m in 2025, mainly non-cash exploration and acquisition expenses. The cash burn (FCF) is −C$9.4m TTM and rising (−1.2m in 2023). The loss is counted only here.
- −7Resource and studiesCebolleta's PEA gives only an after-tax NPV of about $84m at $90/lb and 80% recovery (about 1.4m lb a year for 13 years). Kaycee has only an exploration target (11.5–30m lb), and the 2026 drilling has given thin intercepts (e.g. 0.5 ft at 0.101% eU3O8; 7 of 27 holes above 0.02% at Outpost).
- −6Capital allocationGrowth via acquisitions paid with shares: Nuclear Fuels was bought in 2025 for approx. CAD 42m in shares and American Future Fuel in 2024. Both were largely expensed. The Colorado assets were sold in September 2026 for shares and warrants in the unlisted DISA instead of cash.
Price
Today's multiples against the company's own history and its peers. · 1 finding−4 of −35
- −4Valuation vs history and NPVP/B 2.72 vs 6.9–20 in 2023–25 and EV approx. CAD 21m vs a PEA NPV of approx. $84m (approx. 0.2x). It is cheap vs its own history and the study, but it is a PEA with low recovery and a permitting process of 5–10 years.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−21 of −35
- −9DilutionThe share count has more than doubled in a year: from 45.9m (June 2025) to 95.6m (June 2026) via the acquisition of Nuclear Fuels and a bought deal of C$15m in February 2026. The DISA agreement adds a further about 6.7m shares.
- −6Unexplained share price collapseThe price has fallen from above C$1.00 (December 2025) to C$0.32 (-74% over a year), and from about C$0.53 to C$0.34 over two weeks at the end of September 2026 (-17.9% on 29/9 alone), right after DISA subscribed at C$0.75. I have not found any announcement that explains the fall.
- −6FundingCash was C$6.65m at 30/6-2026 (down from 9.27m in March) vs spending of about C$2.5m per quarter, before the 100,000 feet of drilling at Kaycee is paid for. DISA's US$5m is held in escrow and is only released if the Colorado sale closes (incl. DOE review) by 13/6-2027.
Plus
Only documented strengths. · 2 findings+3 of +15
- +2Strategic shareholdersSumitomo owned about 20%, IsoEnergy about 8% and enCore about 6% (early 2026) – a heavy industrial shareholder base for a company of this size.
- +1Investment at a premiumDISA Uranium has subscribed for US$5m at C$0.75 (41.5% above the price on 14/9-2026) and gets a board seat. The investment is however conditional and held in escrow.
Caveats
What the score does not capture, or where the data is weak.
Penny analysis (Under DKK 3). US uranium explorer/early developer listed on TSXV: Cebolleta (New Mexico, PEA 2025), Kaycee (Wyoming, only an exploration target) and Cyclone. Latest financial statements at 30/6-2026. The operating loss is largely non-cash: exploration and acquisitions (Nuclear Fuels 2025) are expensed, and stockanalysis shows different TTM figures (−C$39.8m and −C$56.4m). The price collapse from about C$0.53 to C$0.32 in the last two weeks of September 2026, right after the DISA investment at C$0.75, is not explained by any announcement I have found. Ownership stakes for Sumitomo, IsoEnergy and enCore are from Crux Investor in early 2026 and have since been diluted. Warrants from the bought deal issue in February 2026 have not been calculated. Nordnet's market cap (DKK 172m) is outdated; 95.6m shares × C$0.32 gives about DKK 142m. Compared with Laramide, the projects are smaller and less advanced, but are located in Wyoming and New Mexico without direct state bans.
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