Highlights:

• April 12, 2024: Tonogold acquires a large, diversified uranium company based in the USA.

• May 10, 2024: Tonogold’s merger partner secures two additional leases, expanding the Sky Uranium portfolio by 1,285 acres (5.2 km²).

• May 30, 2024: Positive assay results from a sampling program at the Stateline Project, including scintillometer readings up to 45,200 cps, with assays revealing >1% Uranium and >1% Vanadium.

• October 29, 2024: Tonogold’s board approves its rebrand as Uranium American Resources Inc. and announces new board.

WOODLAND HILLS, CA – ACCESSWIRE – December 4, 2024. Tonogold Resources / Uranium American Resources Inc. (OTCBB: TNGL) holds three unique, low-risk uranium and vanadium projects strategically located in the western-central USA, an area historically known for substantial uranium and vanadium production. These projects are in close proximity to historic mines and currently operating processing plants, providing potential logistical advantages.

Figure 1: Uranium American Resources Portfolio.

Each project features highly prospective geology, with strong evidence from historical mining activities and a robust collection of existing datasets. JAG Minerals strategically acquired these properties during periods of low uranium prices from 2017 to 2020, positioning the Company to capitalize on the current favorable uranium market conditions.

STRATEGIC PROPERTY EXPANSIONS & TECHNICAL UPDATES

• SKY PROPERTY, WYOMING: On May 12, 2024, the Company expanded the Sky Uranium property in Fremont County, Wyoming by two additional state leases, comprising an extra 1,285 acres (5.2 km²), see Figure 2. This built on the existing 57 patented mining claims, with historic drilling data from the 1960s-1980s reporting a resource of over 1M lbs U₃O₈. ¹

Figure 2: New Sky Project Leases.

¹ Strathmore Minerals Corp, 9th February, 2007, link: https://www.sedarplus.ca/csa-party/records/document.html?id=3951328acb1462570581b8531492d806ae6ce69c9d1bd189672ec0934d572fb2

• STATELINE SAMPLE ASSAYS: On May 30, 2024, the company released assay results from a sampling program at the Stateline Project. The project covers 2.75 mi² (7.2 km²) across seven strategic areas in the highly prospective La Sal Creek District, approximately 19 km from the La Sal Complex operated by Energy Fuels Inc.

The project area features >19 Historic Uranium mines ², producing Vanadium (V2O5), with high vanadium content ranging from 1% to 3%, averaging around 1.5%, significantly higher than most North American V2O5 mining plays, averaging in the 0.5% to 0.8% range ³.

The assay reveal promising high-grade uranium and vanadium mineralization. Scintillometer readings reached up to 45,200 cps, with assays showing >1% uranium and >1% vanadium from seven targeted samples, primarily taken from in-situ sources rich in visible carnotite and uraninite. This sampling program, covering 7.2 km² across historical uranium-vanadium mines, highlights multiple zones with high-value locations and supports the presence of extended ore zones near historic sites.

Figure 3: Stateline Project historic mines and recent assay results.

² USGS MRDS database.
³ Geology and uranium-vanadium deposits of the La Sal quadrangle, San Juan County, Utah, and Montrose County, Colorado, Carter, W.D., and Gualtieri, J.L. USGS, PP 508, 1965

• MARYSVALE PROJECT, UTAH: On September 12, 2024, historic resource estimates at the Marysvale Project indicated up to 2.9 million lbs (1,315,000 kg) of U₃O₈ at depths of 300–800 feet (91–244 meters) ⁴. This estimate is based on 115 historic drill holes and highlights potential for further resource expansion at depth.

The mineralisation has been described as a “blanket-type supergene” deposit formed from the remobilization of primary deposits along vertical faults. Extension is prospective due to a large alteration system along a major northwest-trending fault zone, confirmed by gamma ray (eU) anomalies detected from drilling.

Figure 4: Marysvale historic drilling and mineralised zones.

⁴ Proctor, P.D. (pre-2000). Private Report on the Marysvale Uranium Project. (Referenced in the NI 43-101 report by Havenstrite and Hardy, 2006).

CORPORATE UPDATES

• New Leadership: The Company has appointed experienced professionals to its board of directors. Mr. Joe Phillips, the vendor of JAG Minerals Pty Ltd, brings 18 years of leadership experience, having served as COO, CEO, and Executive Chairman in North American (TSXV, TSX, and OTCQX) and Australian-listed companies. The new board has substantial executive management and financial expertise to support the Company’s growth going forward.

• Restructuring and Financing: Over 80% of Tonogold CLN holders have converted into the new Uranium/Vanadium program. Additionally, the Company is working on completing the financing to support this transition.

• Stock Structure Adjustment: The Company plans a reverse stock split at a 1-for-15 ratio.

FUTURE PLANS

The Company aims to enhance project value by:

1. Advancing resource understanding at Stateline through interpretation of historic drilling and gamma logging, combined with geochemical testing to identify resource extensions.

2. Updating NI 43-101 Technical Reports for both the Sky and Marysvale properties.

3. Focusing on expanding resource inventory, particularly bulk tonnage supergene deposits and high-grade vein deposits.

CEO William Hunter commented:

“In 2024 your company has undertaken a positive field geological field season with JAG Minerals USA, Inc., significantly expanding our uranium and vanadium claims across Wyoming, Utah, and Colorado. Our focus has been on properties with historic uranium data and accessible processing infrastructure.
With the support of legacy Tonogold convertible note holders, we’ve restructured the company effectively. These efforts are reflected in our stock performance in FY 2024. The NPV of these projects is significant with the Stateline Project alone justifying a major re-rating of our share price. Our rebranding is almost complete and we will be focusing on closing the transaction in the near term. This is an exciting time for Uranium American Resources and we look forward to a very production FY 2025”

QUALIFIED PERSON STATEMENT

The information contained in this report that relates to Exploration Results, Mineral Resource Estimates, and Mineral Reserves is based on data compiled by Mr. Andrew Hawker, a Member of the Australasian Institute of Mining and Metallurgy. Mr. Hawker is a Geological Consultant for Hawker Geological Services Pty Ltd. He has reviewed and approved the technical information regarding exploration results and Mineral Resource estimates in this news release. Mr. Hawker possesses sufficient relevant experience with the style of mineralisation and type of deposit under consideration, as well as the activity being undertaken, to qualify as an independent Qualified Person as defined by NI43-101. The information in this report regarding Mineral Reserves is also based on data compiled by Mr. Hawker. He consents to the inclusion of this information in the report in the form and context in which it appears.

ENQUIRIES

For further information, please contact:

William Hunter
Interim CEO Tonogold Resources Inc.

M: +1 203 856 7285
bhunter@tonogold.com

FORWARD-LOOKING STATEMENTS

This press release and any related calls or discussions may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Tonogold. Forward-looking statements are statements that are not historical facts. All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements include statements about matters such as: capital raising activities and negotiations; market conditions; future changes in exploration activities, production capacity, and operations; future exploration, production, operating, and overhead costs; production of feasibility studies, technical reports, or other findings related to estimated mineralization; operational and management restructuring activities; capital expenditures (by Tonogold or other parties) and their impact; investments, acquisitions, joint ventures, strategic alliances, business combinations, asset sales; consulting, operational, tax, financial and capital projects, and initiatives; contingencies; environmental compliance and changes in the regulatory environment; offerings, sales, equity dilution, and other actions regarding debt or equity securities; including a redemption of the debenture, and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings, and growth. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential,” and similar expressions identify forward-looking statements, but are not the exclusive means of doing so. These statements are based on assumptions and assessments made by Tonogold management in light of their experience and their perception of historical and current trends, current conditions, possible future developments, and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations, or warranties, and are subject to risks and uncertainties that could cause actual results, developments, and business decisions to differ materially from those contemplated by such forward-looking statements. Occurrence of such events or circumstances could have a material adverse effect on the business, financial condition, results of operations, cash flows, or the market price of Tonogold’s securities. All subsequent written and oral forwardlooking statements by or attributable to Tonogold or persons acting on their behalf are expressly qualified in their entirety by these factors. Tonogold does not undertake any obligation to publicly update or revise any forward-looking statement.