North Shore Uranium: The U.S. Imports 96% of Its Uranium

The United States consumes roughly 50 million pounds of uranium every year. It produces about 2 million domestically. That's a 96% import dependency for a fuel that powers roughly 20% of America's electricity grid.

For decades, that gap didn't matter much. Uranium was cheap, supply chains were stable, and nobody was building new reactors. All three of those things have changed. Uranium prices have tripled from below $30 per pound in 2020 to approximately $85 per pound today. Over 20 nations have pledged to triple global nuclear capacity by 2050. Microsoft, Google, and Amazon are signing deals with nuclear power providers to fuel AI data centres. And the U.S. government has designated uranium a critical mineral with bipartisan support for domestic production.

North Shore Uranium (TSXV: NSU / OTCQB: NSURF) is drilling in the middle of that opportunity. Their flagship Rio Puerco project sits in New Mexico's Grants Uranium District, one of the most historically productive uranium regions in the world. And their first drill program just hit uranium in every single hole.

Phase 1 drill site at Rio Puerco, New Mexico. Source: North Shore Uranium Ltd.

In August 2026, North Shore completed Phase 1 drilling at Rio Puerco: 13 rotary holes totalling 2,828 metres. Results came back in September. Every single hole intersected uranium mineralization. Key intercepts include 27.0 feet at 0.30% eU3O8 and 12.5 feet at 0.33% eU3O8.

But here's the detail that matters most: all 21 mineralized intercepts were found below the water table, hosted in permeable sandstone with shale boundaries. That's textbook geology for in-situ recovery (ISR) mining, the lowest-cost uranium extraction method and the dominant production technique in the U.S. today. No open pit. No underground mine. You inject solution, dissolve the uranium, pump it up.

Phase 2 drilling of up to 13 additional holes is expected to commence in Q4 2026, with all permits already in place.

See the full drill results

Rio Puerco sits in the Grants Uranium District alongside other advanced uranium projects. Source: North Shore Uranium Ltd.

North Shore isn't exploring blind. The Grants Uranium District has historically produced over 340 million pounds of U3O8. Kerr-McGee, one of the original operators, drilled over 1,100 holes across what is now Rio Puerco back in the 1960s and 70s. That historical work identified approximately 6.0 million tonnes grading 0.09% eU3O8, containing an estimated 11.4 million pounds of uranium.

The Kerr-McGee mine shaft at Rio Puerco, built in the 1970s. Source: North Shore Uranium Ltd.

North Shore holds an option to earn up to 87.5% interest in the project from Resurrection Mining LLC. The company is drilling targets backed by decades of prior geological data. Urenco's decision to expand its enrichment facility in New Mexico (announced June 2026) further confirms the state's role in America's nuclear fuel chain.

Beyond New Mexico, North Shore's Falcon property covers over 42,000 hectares in Saskatchewan's eastern Athabasca Basin, the region that produces the world's highest-grade uranium. The property sits approximately 30 kilometres east of Cameco's Key Lake uranium mill. A 2024 maiden drill program found uranium at two targets with readings up to 572 ppm U3O8. A 2025 field program recorded radioactivity of 27,000 counts per second.

The company also earned a 75% joint venture interest in the West Bear property, located near Uranium Energy Corp's West Bear deposits. Together, the Saskatchewan properties give North Shore a dual-jurisdiction strategy: near-term advancement in New Mexico, high-grade exploration upside in the Athabasca Basin.

CEO Brooke Clements has 40-plus years of geological experience. He led Peregrine Diamonds and helped build Peregrine Metals, which was sold to Stillwater Mining for US$487 million. He's a recipient of the PDAC Bill Dennis Award and the AMEBC Hugo Dummett Award. CFO Dan O'Brien was previously CFO of Azarga Uranium before its acquisition by enCore Energy. Director Blake Steele was CEO of Azarga Uranium and guided that company through its sale. This is a team that has discovered, developed, and sold resource companies.

North Shore Uranium (TSXV: NSU / OTCQB: NSURF) is a micro-cap uranium explorer with a market cap of approximately C$16 million on roughly 89.5 million shares. The flagship Rio Puerco project sits in a district with 340 million pounds of historical uranium production, and Phase 1 drilling just hit uranium in all 13 holes with ISR-favorable geology. The team has direct experience selling uranium companies. And the macro backdrop, AI-driven power demand, $85 uranium, and a 96% U.S. import dependency, hasn't been this supportive for domestic uranium in decades.

This is a pre-resource, early-stage exploration company. There is no mine, no NI 43-101 resource, and mineral exploration is inherently high-risk. But the setup is worth understanding.

The ticker is NSU on the TSX Venture Exchange, or NSURF on the US OTC.

Disclaimer: Disseminated on behalf of North Shore Uranium Ltd. This newsletter 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. North Shore Uranium is a pre-resource, early-stage exploration company. There is no NI 43-101 compliant resource estimate on the Rio Puerco property. The historical resource estimate referenced is from the 1960s-70s and is not current. Mineral exploration is one of the highest-risk activities in business and there is no guarantee of discovery or development. Investing in early-stage exploration companies involves significant risk, including the risk of total loss of capital. All project details, financial figures, and drilling results come from the company's public disclosures and filings. Always do your own due diligence and consult a licensed financial professional before making investment decisions.