Basin Uranium Production Notes

Fixed-rate notes on an operating in-situ recovery wellfield with five utility supply contracts.

In-situ recovery dissolves uranium in place and pumps it to the surface, so there is no open pit, no waste rock and no tailings impoundment. The facility holds an operating license, is in production, and sells under five indexed utility contracts. Every reactor on this platform needs what this wellfield produces.

Powder River In-Situ Recovery Facility · Moorcroft, WYOperating license issuedEscrow: Meridian Trust, N.A.

TRL 9 of 9, band 8.8 to 9, signed by Dr. Samuel Adeyemi, PhD Nuclear Engineering; ASME Section III reviewer, on Apr 2, 2026.See the evidence it rests on

$28,000,000 committed of $28,000,000

$28,000,000 released · 100% subscribed

Released to the issuerCommitted, held in escrowRemaining

Minimum: $500
Target coupon: 6.60%
Term: 7 yr
Investors: 3,388

Closed May 29, 2026

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TRL assessment

Technology readiness level, 1 to 9

Confidence band 8.8 – 9.0

In-situ recovery is a mature extraction technology and this wellfield is in production under an operating license with five indexed supply contracts. Evidence is shipped product and settlement data. The risk in this offering is uranium pricing and groundwater restoration obligations, not TRL.

At TRL 9, the ladder permits Revenue share or Fixed-rate note or Municipal mini-bond and releases up to 100% of committed capital. This offering is structured as a fixed-rate note, which is consistent with that band.

Signed and published

Reviewer: Dr. Samuel Adeyemi
Credential: PhD Nuclear Engineering; ASME Section III reviewer
Signed: April 2, 2026
Published: April 3, 2026
Methodology: v1.4
Model: ci-trl-2026.06
Generated: Mar 28, 2026

How scoring works

Evidence

Every score cites the documents it was derived from, with the weight each carried. An assessment without evidence is an opinion.

Source	Document	Date	Weight
Metered output	Production and shipment records, trailing eighteen months Issuer production records, converter receipts Sustained production against nameplate with documented converter deliveries.	Mar 31, 2026	43%
Operating license	Source material license, no open violations NRC source material license; state UIC permits Most recent inspection closed with no findings.	Jan 22, 2026	32%
Supplier contract	Five utility supply contracts, indexed pricing Executed multi-year agreements Contracted volume covers the majority of forecast production through 2031.	Sep 30, 2025	25%

Source

Document

Date

Weight

Metered output

Production and shipment records, trailing eighteen months

Issuer production records, converter receipts

Sustained production against nameplate with documented converter deliveries.

Mar 31, 2026

43%

Operating license

Source material license, no open violations

NRC source material license; state UIC permits

Most recent inspection closed with no findings.

Jan 22, 2026

32%

Supplier contract

Five utility supply contracts, indexed pricing

Executed multi-year agreements

Contracted volume covers the majority of forecast production through 2031.

Sep 30, 2025

25%

Score history

A score changes on the day a reviewer signs a new assessment, which is why this is a step line rather than a curve.