Uranium One Starts First Paraguay Uranium Program After Permit

A permit from Paraguay's mining authority has put Uranium One Mining Corp.'s first Paraguay exploration program in the field, part of it next door to a uranium project with a defined resource. The Canadian explorer announced on November 2, 2026 that the Vice Ministry of Mining and Energy, known as the VMME, had granted it a Prospection Permit. Its inaugural program is now underway on the Yuty Prometeo uranium project in the Paraná Basin of southeastern Paraguay, according to the company's news release. Chief executive David Greenway called the permit "a significant milestone for Uranium One."

The project covers about 90,000 hectares, or 900 square kilometres, roughly the area of a square 30 kilometres on each side.

It is made up of four concessions in two groups. The smaller group, Prometeo, sits directly against the Yuty project of Uranium Energy Corp. (NYSE American: UEC), a U.S.-listed uranium company that reports a defined resource there. The larger group, San Jose, lies to the northwest.

Source: Uranium One Mining Corp., November 2, 2026. Added up, the two groups come to about 89,900 hectares, which the company rounds to 90,000.

The permit puts five field tasks to work

The company says it is focused on verifying historical exploration data, assessing known uranium anomalies and setting priorities for future drill targets. It lists five pieces of fieldwork, each with its own job.

• Reconnaissance and access. Field visits to the priority blocks to find access points, assess the terrain and set up logistics.
• The old drill holes. The company will locate and inspect holes attributed to Anschutz Co., which explored Prometeo earlier. For each one it will record where the hole sits and what state it is in, along with the surrounding geology, using photographs and GPS coordinates. A hole found and pinned to a coordinate turns an old log into a point on a modern map.
• Radiation readings. A portable scintillometer will record natural gamma radiation from rock and soil, with the focus on areas linked to historical uranium anomalies. Uranium gives off gamma rays as it decays, so a handheld counter that reads higher than the surrounding ground can flag uranium near the surface.
• Quarries and outcrops. Geologists will inspect accessible quarries and outcrops where fresher, better-preserved bedrock is exposed.
• Samples. Up to 100 representative rock or soil samples will be collected from priority areas, each logged with photographs and GPS positions, to help assess the anomalies and sharpen the targets.

Greenway said in the release that the company's "immediate priority is to verify historical exploration results." The technical content was reviewed and approved by Lawrence Segerstrom, a consulting geologist and Qualified Person under NI 43-101, Canada's rule for scientific and technical disclosure on mineral projects.

Prometeo starts from 27 historical holes and a 107-metre interval

The strongest lead on Prometeo comes from that earlier drilling. Historical records cited by the company describe 27 holes on the property, averaging 165 metres deep. All of them were surveyed with spectral gamma downhole logging. A probe lowered down the hole measures natural radiation, and the uranium content is estimated from that signal.

The logging indicated uranium in seven of the 27 holes, about one hole in four. Those seven averaged 175 metres deep. Six returned anomalous values of 0.01 to 0.02 per cent U3O8, the usual way of stating uranium grade as uranium oxide.

The seventh hole stands out. Its records report 0.05 to 0.10 per cent over a length of 107 metres.

At 0.10 per cent, a tonne of rock contains one kilogram of uranium oxide. At 0.05 per cent it contains half a kilogram, and at 0.01 per cent, 100 grams.

The same Anschutz data suggest that the Prometeo block lies along a geologic trend with UEC's neighbouring Transandes block, according to the release.

Uranium One says these figures are historical, that it has not yet completed the work needed to verify them under NI 43-101, and that they should not be relied upon. It plans confirmatory drilling to verify them. Finding the old holes and taking fresh readings around them is the groundwork for that drilling.

Prometeo sits beside UEC's defined Yuty resource

UEC reports an indicated resource of 8.962 million pounds of eU3O8 (equivalent U3O8, as UEC states it) at Yuty, at an average grade of 0.049 per cent.

On top of that sits an inferred resource of 2.203 million pounds at 0.040 per cent.

The figures come from UEC's initial assessment of Yuty, prepared under the U.S. Securities and Exchange Commission's S-K 1300 mining disclosure rules and dated July 1, 2022. An indicated resource rests on drilling close enough to estimate tonnage and grade with reasonable confidence. An inferred resource rests on wider spacing and carries less confidence.

UEC says preliminary studies indicate that Yuty is amenable to in-situ recovery, or ISR. In ISR, a solution is pumped through porous rock underground to dissolve the uranium, and the liquid is drawn back to surface through wells, so the rock itself stays in the ground.

For a company starting work next door, Yuty is the clearest sign that this part of the Paraná Basin can host uranium in quantity. Uranium One draws the line itself: mineralisation on adjacent properties is not necessarily indicative of mineralisation on its own concessions, and Greenway repeated the point in his comments. The program now underway is how the company begins to test how far that geology carries across the boundary.

San Jose gives the company a second, larger target area

The three San Jose concessions make up the bigger share of the project, and they lie 40 kilometres west of a second UEC project, Coronel Oviedo. They follow the contact between Upper Permian and Carboniferous rocks, a geological boundary the company highlights.

A radiometric car survey over a 40 by 10 kilometre area delineated significant uranium anomalies across the San Jose concessions, the release said. A car survey carries a gamma detector in a vehicle along roads and tracks, and an anomaly is a stretch where the count runs above the local background.

The handheld readings and sampling in the new program are the ground check on those anomalies.

Washington and Asunción open nuclear talks

The policy backdrop moved on October 21, 2026. The U.S. Department of State announced that the United States and Paraguay had started negotiations toward an agreement for cooperation in the peaceful uses of nuclear energy. It is known as a 123 Agreement, after the section of the U.S. Atomic Energy Act behind it. The department said such an agreement would set the legal framework required for U.S. companies to export significant civil nuclear equipment and material to Paraguay.

In the same announcement, the department said UEC had announced a US$12 million investment to develop one of its uranium concessions in Paraguay. Uranium One's release notes that the investment relates to UEC's own concession, separate from the Yuty Prometeo project, and that a nuclear cooperation agreement is subject to negotiation and entry into force.

The State Department announced the start of those talks and UEC's US$12 million Paraguay investment together, and that is the setting in which Uranium One starts work. Greenway said in the release: "With growing global interest in secure and reliable nuclear fuel supplies, we believe this is an opportune time to advance our uranium assets in Paraguay."

Where Paraguay fits in Uranium One's year

The company, formerly Vanguard Mining Corp., took its current name after announcing on April 21, 2026 the change of name and a strategic focus on uranium. It describes itself as a Canadian explorer of uranium projects and select battery metals assets, with projects in Canada, Paraguay and Argentina.

On May 27, 2026, the company closed a non-brokered private placement with gross proceeds of about C$3.0 million. On October 23 it engaged a technical advisor for uranium exploration in Saskatchewan's Athabasca Basin.

On October 28 it announced amended terms for its agreement to acquire the Foghorn property in British Columbia and the Pasfield Lake property in Saskatchewan through a share exchange, a transaction that had not closed as at November 2, 2026 and is subject to Canadian Securities Exchange approval and other conditions; the October 28 amendment set October 31, 2026 as the termination date. Maple looked at those terms on October 30 in How Uranium One Reworked Its Pasfield Lake and Foghorn Share Exchange.

Its condensed interim financial statements for the six months ended June 30, 2026 show cash of C$2,868,144 at June 30, 2026, its interim management's discussion and analysis (MD&A) for the same period reports working capital of C$3,517,148 at that date, and the November 2 release lists the availability of sufficient financing among the assumptions behind its plans. On February 6, 2026 the company, then Vanguard Mining Corp., said it had received its final Environmental Licences from Paraguay's environment ministry, MADES, four in all, covering its whole land position at Yuty Prometeo and San Jose, and that it had applied to the VMME for the Prospection Permit it has now received. In Paraguay, this program is the company's first exploration on the ground.

Verification leads to drill targets and confirmatory drilling

The current program gathers the evidence, from the old holes found in the field to the new samples. Those results feed the identification and ranking of drill targets. Confirmatory drilling follows, to test the historical Anschutz results with new holes.

At Prometeo, the work starts where the data are richest, beside a defined resource and on ground with 27 historical holes to find. At San Jose, it starts with the anomalies from the car survey across a much larger area.

Uranium One in Paraguay: quick answers

Where is the Yuty Prometeo project? In the Paraná Basin of southeastern Paraguay. Its roughly 90,000 hectares sit in four concessions: Prometeo, which borders UEC's Yuty project, and three San Jose concessions about 100 kilometres to the northwest.

What stage is the project at? Early exploration. Uranium One holds a Prospection Permit from the VMME and announced on November 2, 2026 that its inaugural program of fieldwork and sampling is underway.

Who leads Uranium One? David Greenway is chief executive, according to the company's November 2, 2026 release.

Where does Uranium One trade? On the Canadian Securities Exchange, under the symbol UUU.

What comes next in Paraguay? The company's stated priority is to verify the historical exploration results. The fieldwork is designed to identify and rank future drill targets, and Uranium One plans confirmatory drilling to verify the historical Anschutz data.