WOODLAND HILLS, CA / ACCESS Newswire / February 4, 2025 / Uranium American Resources, Inc. (formerly Tonogold Resources, Inc., (OTC PINK:TNGL)) is proud to announce a significant milestone in its strategic transition, with the company officially rebranding as Uranium American Resources, Inc. effective immediately. The Company is also in the process of changing its ticker symbol and will update shareholders on this progress. Pending completion of the formal name and ticker update process with FINRA, the Company's common stock with continue to trade under the old Company and TNGL ticker symbol.
This rebranding marks a pivotal shift in the company's focus to uranium and vanadium assets, aligning with the growing demand for clean energy solutions and positioning Uranium American Resources as a key player in the U.S. nuclear energy sector.
The company is in the process of acquiring three unique low risk projects located in west central USA known for Historic Production of Uranium & Vanadium close to significant mines and operating plants.
The land was acquired during periods of low uranium prices between 2017 and 2020, including:
Marysvale Project: A hardrock uranium and vanadium mine with significant historic production.
SKY Project: A uranium roll front asset with promising in-situ recovery potential.
Stateline Project: A cluster of more than 19 historic high-grade vanadium and uranium mines located across Montrose County, Colorado, and San Juan County, Utah.
The projects contain highly prospective geology, confirmed by historical mining activities and supported by comprehensive existing datasets, enabling a fast track to updating Resources and mining approvals.
Table 1: Project Drilling, Historic Mining and Historic Estimates.
Project | Drillhole Data | Historic Mines1 | Historic Estimate2 |
Sky | >150 Drillholes | - | >1Mlb U3O8 |
Stateline | >30 Drillholes | 19 U & V Mines | - |
Marysvale | >120 Drillholes | 3 U Mines | ~2.9Mlb U3O8 |
Shareholder Support for Strategic Change
This positive transformation has received resounding support from shareholders, with over 80% of historical convertible noteholders electing to convert their notes into equity at a price of $0.10 (ten cents) per share. This strong endorsement highlights the confidence in the company's new direction and its focus on uranium and vanadium production.
The market has responded favorably to the company's strategic pivot, with the share price reflecting the strong investor confidence in the new vision and growth potential of Uranium American Resources.
CEO William Hunter commented:
"We're pleased to announce our name change and continuing to move this transaction forward. With the increased focus on producing "clean" energy, we believe our current strategy uniquely positions Uranium American Resources as a leader in the US nuclear industry. We continue to discuss partnerships and transactions with other leaders in the industry and look forward to providing updates in the near future."
The company looks forward to providing further updates as it progresses these exciting acquisitions and builds a sustainable future in clean energy production.
Enquiries
For further information, please contact:
William Hunter
Interim CEO, Uranium American Resources, Inc.
M: +1 203 856 7285
E: bhunter@tonogold.com
1 USGS MRDS database.
2 Historic Estimates are not considered NI43-101.
SOURCE: Uranium American Resources, Inc.
View the original press release on ACCESS Newswire
