GTI Energy Limited (ASX:GTR) has announced that it has received A$2.5 million (before costs) and issued 709,990,858 new fully paid ordinary shares in respect of the first tranche of a two-part placement to raise A$4.5 million. GTI Energy is focused on exploration and development of energy resources. The company is advancing its Lo Herma ISR uranium project in Wyoming, USA.
The second tranche of the Placement for A$1.97 million includes A$1.487 million committed by Snow Lake Energy. Snow Lake is a NASDAQ-listed, US-focused uranium and nuclear energy business with a 50% JV holding in the Pine Ridge project abutting GTI’s Lo Herma ISR uranium project. GTI shareholders are expected to approve Tranche-2 at a general meeting, with a notice of meeting to be dispatched next week. Snow Lake’s participation remains subject to completing its final due diligence on GTI Energy and its assets, before the EGM to approve the issue.
GTI Energy has submitted updated drilling permits for the Lo Herma project to the Wyoming Department of Environmental Quality and corresponding updates to the Notice of Intent were filed with the U.S. Bureau of Land Management. Both agencies have acknowledged receipt of the submissions and confirmed that the documents passed initial reviews for completeness. Final approval of the updated permits is anticipated during August 2025, authorising up to 121 drill holes, encompassing a total of up to 37,500 meters of drilling.
The drilling program is designed to achieve multiple objectives critical to advancing the Lo Herma project, including step-out drilling to target resource expansion, infill drilling to upgrade inferred mineral resources, installation of additional observation wells, and diamond core drilling to collect samples for additional metallurgical testing. Field activities are scheduled to commence during September 2025, contingent on contractor availability and final permit approvals. At the Company’s forthcoming EGM, GTI Energy will seek shareholder approval for a share consolidation and a change of Company name.
