North Shore Uranium: The 11.4-Million-Pound American Uranium Drill Just Starting

Disseminated on behalf of North Shore Uranium Ltd. Cashu Group has been compensated for this content. Full disclosure at bottom

Nuclear is no longer controversial. It is consensus.

Amazon, Google and Microsoft have all signed deals to power their AI data centers with nuclear electricity. Bloomberg Intelligence estimates U.S. data centers alone will require roughly $350 billion in new nuclear capacity over the next 25 years. Uranium spot prices hit $101 per pound in January 2026 and remain elevated near $86. Bloomberg's nuclear stock gauge added $566 billion in market value through 2025.

There is one problem the headlines have not caught up to. The United States operates the world's largest fleet of nuclear reactors and produces almost none of its own uranium. The country relies on imports from Russia, Kazakhstan, and other foreign suppliers to fuel both its civilian reactor fleet and its nuclear navy. Washington is treating that dependency as a national security issue, and federal policy (executive orders accelerating domestic critical mineral production, FAST-41 permitting for select uranium projects) is now actively pushing to build a domestic uranium supply chain.

The companies positioned in that policy lane are a short list. North Shore Uranium (🇨🇦NSU / 🇺🇸NSURF) is one of them.

The Rio Puerco setup

North Shore's flagship project is Rio Puerco, in New Mexico's Grants Uranium District. The Grants District was the leading uranium-producing region in the United States from 1950 to 2002. Rio Puerco itself was discovered by Kerr-McGee in 1968. Kerr-McGee drilled more than 1,000 exploration holes, built a 260-metre vertical shaft, ventilation shafts, mining adits, and support infrastructure. The mine never reached production because uranium prices collapsed in the 1970s and the project was shelved.

The infrastructure is still there. The drill data is still there. And no significant work has been done on the property since.

The historical resource estimate at Rio Puerco is 6.0 million tonnes at an average grade of 0.09 percent eU3O8, totaling 11.4 million pounds of uranium oxide. That estimate is historical (dated 2009) and has not been verified as NI 43-101 compliant. A qualified person has not done sufficient work to classify it as a current mineral resource. North Shore is not treating it as a current resource. The upcoming drill program is designed to verify the historical data and work toward a modern compliant resource.

North Shore is acquiring up to 87.5 percent of Rio Puerco and has expanded the surrounding land package to 64 BLM claims. The company also holds two exploration projects in Saskatchewan's Athabasca Basin (Falcon and West Bear), providing additional exposure to the highest-grade uranium district in the world.

The 27-hole drill program

The near-term catalyst is concrete.

North Shore has engaged Harris Exploration Drilling and selected 27 drill sites at Rio Puerco. The program is launching in May 2026. Twenty-five holes are designed to test within the historical resource area to verify Kerr-McGee's data. Two holes are stepping outside the known resource to test for expansion.

The structural objective is to convert a 1970s-era historical estimate into a modern, NI 43-101 compliant resource. For a project at this stage, drill results are the primary re-rating mechanism.

There is a secondary thesis embedded in the same program. Preliminary review of the historical data suggests Rio Puerco may be amenable to in-situ recovery (ISR) mining, the lowest-cost method for producing uranium. ISR avoids open-pit and underground mining entirely by pumping a solution through the ore body, dissolving the uranium underground, and recovering it at the surface. If ISR viability is confirmed at Rio Puerco, the project's potential economics improve materially.

The team

North Shore's board and executive group is built around operators who have worked uranium deals before.

Director Blake Steele, who owns close to 10 percent of the company, previously led URZ Energy, which was acquired by Azarga Uranium and subsequently by EnCore Energy. The company's other senior figures include Alex Molyneux, former Chairman of Azarga Uranium and former CEO of Paladin Energy, and CEO Brooke Clements. Past performance on prior deals is not an indication of future results at North Shore. What it does indicate is that this leadership group has worked the uranium acquisition-to-development playbook before, in the same commodity, with the same kind of asset.

Insiders and founding investors own approximately 28.9 percent of the company. Of that, 14.92 million shares (about 19.9 percent of the company) are held by six founding investors under a voluntary pooling agreement that restricts sales until October 19, 2026. That level of voluntary alignment is not common in a junior at this stage.

The valuation gap, plainly

This is not a price target or a recommendation. It is the math the company itself flags in its public materials.

At a low-end in-ground value of US$5 per pound (a frequently cited reference point in recent uranium project acquisitions), the 11.4 million pounds of historical uranium resource at Rio Puerco implies a value of roughly US$57 million for the known resource alone. North Shore's current market capitalization is a fraction of that figure. The market is currently assigning no separate value to the team, the two Athabasca projects, the ISR optionality, or the upcoming drill results.

Whether the historical resource is verified by drilling, and whether ISR proves viable, are open questions. They are the questions the 27-hole program is designed to answer.

What to watch

May 2026 drill program at Rio Puerco. The primary near-term catalyst.

ISR viability assessment from the verification work. Confirmation would meaningfully improve project economics.

Federal uranium policy. Any further FAST-41 designations or domestic uranium supply-chain initiatives directly benefit U.S.-based project developers.

Capital structure. As is the case for any junior, follow-up programs may require additional capital. How that capital is raised will shape per-share outcomes.

Disclaimer: Disseminated on behalf of North Shore Uranium Ltd. This article is for informational purposes only and is not investment advice. It is part of a paid marketing campaign. Cashu Group was compensated by North Shore Uranium Ltd. for the creation and distribution of this content. The Rio Puerco resource estimate referenced is historical (2009) and has not been verified as NI 43-101 compliant. It is not a current mineral resource. Investing in early-stage exploration companies is speculative and involves significant risk, including the risk of loss of capital. Drilling outcomes, permitting, ISR viability and commodity prices are inherently uncertain. References to prior deals or transactions by directors or insiders are historical and are not an indication of future performance at North Shore Uranium. All project details, resource figures and corporate information referenced come from the company's public disclosures. Always conduct your own due diligence and consult a licensed financial professional before making investment decisions.