Fermi Exploration Ltd’s properties are split between in and around the Athabasca Basin, northern Saskatchewan, and the prolific Central Mineral Belt, in Labrador.
In Saskatchewan, the portfolio of seventeen properties, with a collective area of 109,375Ha (1093.75km2). was assembled through staking – following detailed technical reviews, seven of the properties are located within the world famous Athabasca Basin itself, two in the Beaverlodge district, and seven around the Athabasca Basin, targeting pegmatite, intrusion and unconformity related uranium mineralisation.
In Labrador, the Drake Lake Silas Property lies within 1km of the Moran Lake ‘C’ Zone, which hosts a historical resource of over 5M lbs U3O8 (indicated) and 5.82M lbs U3O8 (inferred).
The portfolio enjoys substantial funding to capitalise on the exploration opportunities, with a fully funded exploration campaign ongoing into late 2026 and 2027. Following an equity restructuring in September 2026, Power Metal increased its stake to 45%, unlocking c. £1.9 million in committed funding for the next phase of the exploration programme..
Badger Lake
Located in the southwest of the Athabasca Basin, 30 km east of the Patterson Lake Uranium Trend. A four-hole, 1,922-metre diamond drilling programme was completed in early 2026 to test the S-Zone and inferred fault structures. Although no elevated radioactivity was encountered, drilling confirmed highly favourable geological conditions for unconformity-related uranium mineralisation, intersecting significant hydrothermal alteration, illite bleaching, and preserved palaeoweathering profiles. Core samples are undergoing comprehensive laboratory analysis to guide future exploration.
Perch River
Located in the northeast of the Athabasca Basin, around 6 km from the basin edge. Initial geochemical and radon sampling over the Rapids Zone revealed uranium, lead isotopic, and radon anomalies. A review of 2025 drilling identified "near-miss" uranium indicators, and a Phase 2 drilling programme is now underway, specifically targeting the Rapids Fault structure at depth.
East Hawkrock
Located in the northeast of the Athabasca Basin, this project is in a structurally prospective area. A major nine-hole, 2,120.4 m diamond drilling programme was completed in 2026. This drilling successfully confirmed a highly favourable geological setting for hosting unconformity-related uranium mineralisation, with comprehensive laboratory analysis results expected in Q4 2026 to guide future exploration.
West Hawkrock
Located approximately 10 km from the East Hawkrock Project, West Hawkrock contains multiple untested historical conductors. Overlying these conductors are instances of elevated uranium in lake sediments, as well as elevated arsenic, nickel, molybdenum, zinc, and lead—all recognised as tracers of unconformity-related uranium mineralisation in the Athabasca Basin.
Kernaghan & Durrant Lake
Located near the eastern edge of the Athabasca Basin. Both projects exhibit elevated radon levels or historical geophysical conductors. Power Metal and Fermi have conducted electromagnetic surveys and geophysical analyses across these sites to refine future drill targets.
Durrant Lake
Historical work identified eight northeast-southwest trending geophysical conductors in the northeastern part of the project, none of which have been drill-tested. Additionally, a historical helium-in-lake-water survey returned elevated results associated with these conductors.
Richards Lake
Located in the north of the Athabasca Basin, 14 km south of the Fond du Lac Uranium Deposit, this project is crossed by major fault structures similar to those found near the Fond du Lac deposit.
Thibault Lake & Clearwater
Located near the northern edge of the Athabasca Basin and Uranium City, these projects host multiple uranium occurrences characteristic of Beaverlodge-type mineralisation. Magnetic and radiometric surveys, supplemented by field campaigns, were completed through 2024 to enhance target generation.
Tait Hill
The Mullins Lake Target in the south of the project has been identified as geologically analogous to the Rössing Uranium Mine. Extensive sampling and prospecting identified a significant area of uranium and 206/204Pb isotopic anomalism near the edge of an igneous intrusion, highlighting a highly prospective location for intrusive-hosted uranium.
Reitenbach
Located 120 km from the eastern border of the Athabasca Basin. Historical exploration identified multiple uraniferous boulder trains and highly elevated lake sediment results. As part of the fully funded late-2026 exploration campaign, a new geophysical survey is being flown over the property to enhance the structural understanding of targets hidden under thick glacial cover.
Cook Lake, E-12, Soaring Bay & Old Woman Rapids
Located south and west of the basin, these projects host multiple shear structures, fault lines, and radiometric anomalies. Airborne magnetic surveys and subsequent soil and radon sampling campaigns have been conducted across these sites to prepare them for further targeted exploration.
Pardoe & Fortin River
Pardoe sits in a region with over 33 km of inferred geophysical conductors. Five priority targets have been identified. Fortin River contains a potential impact crater; detailed geophysical analyses have been conducted to evaluate it for Carswell-style unconformity-related uranium mineralisation.
The Drake Lake-Silas Project is situated within the Central Mineral Belt (CMB) of Labrador, a region known for its diverse geology and significant uranium mineralisation, alongside potential for copper, molybdenum, rare-earth elements, and Iron Oxide Copper Gold (IOCG) deposits. The project lies just 1km from the Moran Lake 'C' Zone (historic indicated resource of over 5M lbs U3O8).
The property hosts two known uranium occurrences and one copper showing, including the 'No. 16' prospect, which features a strong radiometric anomaly with assay results up to 2.02% U3O8. Following comprehensive airborne gravity, magnetic surveys, and radon sampling campaigns, diamond core drill programmes were initiated in 2025 to test priority targets.
POW Ownership Increased: Power Metal increased its equity interest in Fermi Exploration Limited to 45% (September 2026), further aligning with UCAM (55%).
New Funding Committed: A £1.9m capital injection was secured in September 2026 for the next campaign, combining a £1.3m warrant exercise by UCAM and £600,000 from Power Metal.
Active Drilling Programmes: Phase 2 drilling is progressing at Perch River following "near-miss" indicators, alongside pending laboratory results from a successful 2,120m diamond drill programme at East Hawkrock.
Scale: Fermi holds licences spanning a combined 109,375Ha (1093.75km2) in and around the prolific Athabasca Basin and the Central Mineral Belt Labrador.
