Noble Plains Uranium's Shirley Central Project: A Strategic Play in the Uranium Renaissance

The global uranium market is on the cusp of a renaissance, driven by decarbonization mandates, supply shortages, and geopolitical realignments. Amid this backdrop, Noble Plains Uranium's (NPUVF) Shirley Central Project in Wyoming's Shirley Basin emerges as a compelling investment opportunity. Leveraging a proven brownfield asset, Wyoming's ISR-friendly regulations, and a well-timed exploration plan, the project is positioned to deliver rapid resource definition and value accretion. Here's why investors should take note.

The Strategic Brownfield Advantage

The Shirley Central Property, acquired in late 2024, sits within the heart of the Shirley Basin—the largest and highest-grade uranium-producing district in the U.S. This region historically yielded over 52 million pounds of U₃O₈ at an average grade of 0.22%, far exceeding the current U.S. average. Noble Plains' proximity to active developers like Ur-Energy Inc. (URG) and Uranium Energy Corp. (UEC) is no accident. These neighbors offer logistical synergies, shared infrastructure, and a proven path to production via in-situ recovery (ISR) methods.

De-Risked Exploration via Historical Data

Noble Plains' strategy hinges on minimizing exploration risk by leveraging decades of data from past operators like Kerr-McGee. The company has identified five high-density drilling zones with spacing as tight as 25m x 25m, indicating areas of elevated uranium mineralization. By targeting these zones, Noble Plains can reduce the number of new drill holes required, slashing costs and accelerating resource delineation.

The Q3 2025 drilling program—a 15-hole campaign—aims to validate these zones. With permits secured and a Wyoming-based contractor on standby, the project is on track to deliver results by year-end. This timeline is critical: positive outcomes could coincide with rising uranium prices, creating a dual catalyst for share price appreciation.

Wyoming's ISR-Friendly Regulatory Framework

Wyoming's status as an NRC Agreement State streamlines permitting for ISR projects, a key advantage given the method's efficiency and environmental benefits. ISR avoids the costly and disruptive surface mining seen elsewhere, instead extracting uranium via wells and minimal infrastructure. This aligns with Noble Plains' focus on capital efficiency—a stark contrast to the multi-year, billion-dollar projects common in the sector.

The state's regulatory support has already enabled Ur-Energy to advance its Shirley Basin Project, which hosts 8.8 million pounds of compliant resources. Noble Plains' Shirley Central Property, with its similar geology and strategic adjacency to Ur-Energy's claims, stands to benefit from the same tailwinds.

Market Catalysts: Supply Constraints & Rising Demand

The uranium market's fundamentals are shifting decisively higher:
- Supply-Demand Imbalance: Global uranium production lags consumption by 35–40 million pounds annually, with secondary supplies (e.g., Russian imports, military stockpiles) now contributing just 10% of supply.
- Demand Surge: China's 30 reactors under construction require 1.2–1.5 million pounds each for initial fuel loads, while U.S. policies like the Energy Policy Act mandate domestic uranium purchases.
- Price Dynamics: The incentive price for new production has risen to $90–100/lb, up from $45/lb in 2019, reflecting inflation, supply bottlenecks, and geopolitical risks.

Why Invest Now?

Noble Plains' Shirley Central Project offers a rare combination of de-risked exploration, capital-light execution, and strategic positioning in a rising uranium market. Key catalysts include:
1. Q3 Drilling Results: Positive data could unlock a compliant resource estimate, immediately boosting valuation.
2. Wyoming's Regulatory Tailwinds: Permitting for ISR projects is faster than elsewhere, accelerating the path to production.
3. Uranium Price Appreciation: With the incentive price exceeding $90/lb and global utilities scrambling for secure supply, Noble Plains' assets are perfectly timed to capitalize.

Risk Considerations

• Regulatory Delays: While Wyoming's framework is favorable, permitting delays could push timelines.
• Uranium Price Volatility: Spot prices remain below long-term contract levels, though structural deficits support upward momentum.
• Geopolitical Uncertainty: U.S. trade policies (e.g., Section 232 outcomes) and Russian supply restrictions remain risks.

Investment Thesis

Noble Plains' Shirley Central Project is a high-conviction, near-term play on the uranium renaissance. The combination of proven geology, low-cost ISR, and a well-defined exploration timeline creates a low-risk profile with asymmetric upside. Investors should consider:
- Buying on dips ahead of Q3 drilling results, targeting a $0.50–$0.75 share price if the project delivers a +1 million pound resource.
- Holding through 2026, as the uranium market matures and Noble Plains progresses toward production.

In a sector where most projects face years of development, Noble Plains offers a rare opportunity for rapid value creation. The uranium renaissance isn't just coming—it's already here.

Action Item: Position for the Q3 drilling results and the broader uranium market upswing by initiating a long position in NPUVF ahead of catalysts.