Highlights

Jaguar Uranium Corp. (NYSE American: JAGU) reported a maiden resource at Laguna Salada of 4.2 million lbs U3O8 Indicated and 10.1 million lbs U3O8 Inferred, plus 31.1 million and 57.3 million lbs V2O5, respectively.
Independent consultants prepared the estimate under SEC Regulation S-K 1300 and Canada’s NI 43-101; no Measured resources were classified.
The model relies mainly on 2,146 historical pits and trenches, and no study has yet shown the deposit can be mined economically.

Jaguar Uranium Corp. (NYSE American: JAGU) now has a formal resource count for Laguna Salada, its flagship uranium-vanadium project in Argentina’s Chubut Province. The company announced the maiden Mineral Resource Estimate on October 13, 2026, in a release distributed via PRNewswire.

It is the first real yardstick for a company that went public only in February, through a US$25 million IPO. The deposit is big and shallow. It is also very low grade, and most of the uranium sits in the lower-confidence tier.

The Numbers

Indicated resources total 21.1 million tonnes grading 90 parts per million (ppm) U3O8 and 665 ppm V2O5. That works out to 4.2 million pounds of uranium oxide and 31.1 million pounds of vanadium oxide. Inferred resources add 34.0 million tonnes at 137 ppm U3O8 and 755 ppm V2O5, for 10.1 million and 57.3 million pounds.

No Measured resources were classified. Inferred, the least certain category, holds roughly 70% of the uranium pounds. It cannot be converted to reserves, and the release says there is no certainty that more work will upgrade it.

Caracle Creek Chile SpA and Atticus Geoscience Consulting Ltd. prepared the estimate under two rulebooks: the SEC’s Regulation S-K 1300, which governs mining disclosure for U.S.-listed companies, and Canada’s NI 43-101. The Qualified Persons (QPs) who signed off, Dr. Scott Jobin-Bevans of Caracle Creek and Simon Mortimer of Atticus, are both independent of Jaguar. Other technical content was approved by C. Gustavo Fernandez, a consultant to the company. A full technical report is due on SEDAR+ within 45 days.

How Low Is Low?

Ppm figures can feel abstract. 90 ppm equals 0.009% U3O8. Paladin Energy’s Langer Heinrich mine in Namibia, another shallow deposit where carnotite hosts the uranium, reported a 2023 resource grade of about 415 ppm.

Jaguar’s case rests on easy digging. Mineralization sits in loose gravels near surface, and the deeper zones fall inside a modeled open-pit shell just 5 to 8 meters down. Carnotite, a yellow-green uranium-vanadium mineral, coats the sand grains. CEO Steven Gold said the material’s traits “may allow us to upgrade the raw gravel into a high-grade fine fraction.”

Nobody has proven that yet. The release states that mining methods, processing, costs and economic viability have not been established.

Vanadium Does Real Work

Resources are reported above a net smelter return (NSR) cut-off of US$12.08 per tonne. On uranium alone, that equals roughly 100 ppm. The Indicated average of 90 ppm falls below that line, so vanadium credits help carry the material.

Jaguar’s U3O8-equivalent grades, 119 ppm Indicated and 170 ppm Inferred, assume US$84/lb uranium and US$5.30/lb V2O5, with recoveries of 84.9% and 59.5%. On that basis, vanadium supplies about a quarter of the Indicated equivalent grade and a fifth of the Inferred. The US$84 assumption sits below the end-of-September uranium spot price of US$89.63/lb, according to Cameco’s month-end series. Other companies use different price and recovery inputs, so equivalent grades rarely compare cleanly.

Old Data, New Model

Most of the estimate draws on 2,146 historical pits and trenches. Conventional drilling was judged unsuitable because loose gravel tends to lose the fine, carnotite-rich matrix. Fifty-seven historical reverse-circulation holes guided geological interpretation only. Where screened samples were converted to in-place grades by formula, the blocks were capped at Inferred. The QPs say they reviewed and verified the data as adequate for disclosure.

What Comes Next

Jaguar plans about 250 new pits and trenches at Pampa de Arroqui and Laguna Salada, plus 1,500 meters of sonic drilling (100 to 150 holes) at Buried Lake. Bench-scale vanadium recovery work and environmental baseline monitoring are also on the list. The company reports nearly US$18 million in cash and no debt.

Management points out that the resource covers only about 4.3% of the 210,284-hectare land package. The rest carries no resource yet, and acreage alone says nothing about grade.

Sources

Editorial Disclosure

This article is based on a corporate press release issued by Jaguar Uranium Corp. on October 13, 2026, and distributed via PRNewswire. Securities discussed: Jaguar Uranium Corp. (NYSE American: JAGU). Mining Markets Report has not received compensation from Jaguar Uranium, its management, investor relations representatives, or any third party for the creation of this specific coverage. No staff member, principal, or affiliate of Mining Markets Report holds a position, option, or interest in this security as of the publication date. Mineral Resource estimates, planned work programs, the timing of technical report filings, and any potential processing or beneficiation outcomes are forward-looking statements. They are subject to geological uncertainties, metallurgical results, commodity prices, permitting, and political and economic conditions in Argentina; actual outcomes may differ materially. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. Mineral exploration and small-cap mining stocks carry an extremely high degree of financial risk. Early-stage exploration companies often have no revenues, are speculative in nature, and can result in the total loss of invested capital. This overview is published strictly for informational, news-reporting, and educational market context purposes only. It does not constitute an investment recommendation, endorsement, or professional financial, legal, or tax advice.

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Jaguar Uranium Defines First Uranium-Vanadium Resource at Laguna Salada