JMP Microcap Uranium Holding: Drills Turn Next Week, 3km From World’s Highest-Grade Uranium Discovery
Former Orano CEO, McArthur River Discoverer, Arrow Finder Direct Drilling 3km From Hurricane. Market Cap: $10M. Cash: ~$5M.
CSE: STMN / OTC: STMXF
Current Price: $0.11 | Market Cap: ~$10.1M CAD
We haven’t talked about STMN since February 25th when the stock was trading at $0.13.
New subscribers can access my last update here.
Here’s what’s happened since, and why positioning now matters.
tl;dr - The Setup
Eastern Athabasca Basin. The most active uranium exploration corridor on Earth.
Every major operator has ground here. The same geological structures that host the world’s highest-grade uranium deposits run through this corridor.
UraniumX’s Murphy Lake asset sits 3km from two major uranium discoveries: IsoEnergy’s Hurricane deposit (48.6M lbs @ 34.5% U₃O₈ - world’s highest-grade indicated resource) and Cosa Resources’ Murphy Lake North project, which reported 5 metres of anomalous radioactivity up to 13,900 CPS in March, sending its stock soaring, with a market cap today of ~$80 million.
Murphy Lake is also surrounded, on all sides, by giants Cameco and Orano - the district is red hot, and they are literally right in the middle of it.
The company is being directed and advised by a veteran roster of Athabasca experts with a track record of major discoveries in this specific geological terrain.
Drilling commences mid-May 2026. Geophysics just extended Murphy Lake conductors by 1.45km. The company holds $5.3M cash with $2.1M earmarked as flow-through for drilling.
Stock trades at $0.11 - a 52-week low - while the fundamental situation has radically improved. In my experiance, these opportunities are rare and hard to find.
Since February: Material Developments
On March 18, STMN announced ground geophysics underway at Murphy Lake. The moving loop electromagnetic survey wrapped May 5th with significant results: conductors extended by 1.45km, dramatically increasing the high-priority target area.
The expanded strike length now connects two key historic drill holes: ML22-012 (56 ppm uranium in sandstone above unconformity) and ML22-006 (0.242% U₃O₈ over 0.5m within 4.2m deformation zone).
CEO Esen Boldkhuu said: “What the previous programs lacked was tight enough geophysical coverage to know exactly where to put the next holes, and we now have that.”
Drilling commences mid-May 2026. Fully funded.
The Cosa Factor Few Are Aware Of
On March 24, Cosa Resources (TSXV: COSA, ~$80M market cap) dropped a bombshell 3km away from STMN’s Murphy Lake property.
Cosa’s Murphy Lake North project intersected 5 metres of anomalous radioactivity up to 13,900 CPS at shallow depth (260m from surface) within a 1.2km section of the Cyclone structural trend.
Their stock exploded, adding over $40 million market cap within days.
The mineralization sits in strongly altered basement rocks open in all directions, with the nearest drilling 600m away along strike.
Cosa’s CEO Keith Bodnarchuk: “This intersection is an exceptional result. The shallow depth, proximity to existing infrastructure, and our team’s history with this area, elevates the significance of this result.”
STMN’s Murphy Lake property sits directly between Cosa’s discovery and IsoEnergy’s Hurricane. Same structural corridor. Same basement geology. Same unconformity-type deposit model that’s delivered every major Athabasca Basin discovery for 40 years.
Surrounded on All Sides by Major Discoveries
STMN’s Murphy Lake property is literally surrounded by proven high-grade uranium systems on all sides:
5km south: IsoEnergy’s Hurricane (48.6M lbs @ 34.5% U₃O₈)
3km west: Cosa Resources’ Murphy Lake North (5.0m @ 13,900 CPS, drilling ongoing)
4km east: Cameco’s La Rocque Lake Zone (29.9% U₃O₈ over 7m)
30km southeast: Orano’s McClean Lake mill (processing infrastructure)
These all share the same La Rocque Structural Corridor and unconformity-type deposits formed by identical geological processes.
F4 Uranium’s 2022 drilling at Murphy Lake already confirmed this geological continuity: 0.242% U₃O₈ intersections, 2,300 cps radioactivity, graphitic shear zones with strong alteration signatures matching Hurricane’s discovery holes.
The May 2026 MLEM survey extended known conductors by 1.45km, connecting the dots between two historic uranium intersections across ground that previous operators under-explored.
The Dream Team Directing Targeting
The quality of STMN’s asset base has assembled a technical roster you’d expect at a $500M producer.
Ken Wheatley, P.Geo (Exploration Director) - 47 years Athabasca Basin experience, discovered 8 uranium deposits including McArthur River and Cigar Lake (4 became producing mines). He knows what discovery holes look like because he’s drilled them.
Dr. Yuanming Pan (Technical Advisor) - Leading academic authority on Athabasca unconformity systems, 30+ years researching uranium deposit formation at University of Saskatchewan.
Vincent Martin (Strategic Advisor) - Former Orano Canada CEO, 37 years global uranium operations including 12 years overseeing Cigar Lake, McArthur River, and McClean Lake. He managed billions of dollars in uranium production and over 50 active Athabasca Basin exploration projects.
Matthew Schwab (Director) - Arrow deposit discovery team, Roughrider sale to Rio Tinto for $654M.
This team drills where geology, geophysics, and 40+ years of discovery experience converge.
Enterprise Value Comp Prove STMN Is Extremely Undervalued
May 1st financials showed STMN with $5.31M cash, $6.53M total current assets, $5.98M working capital. The company holds $2.12M in flow-through commitments that must be deployed on qualifying exploration expenditures by December 31, 2026.
That’s $2.12M guaranteed to go into the ground at Murphy Lake.
The stock trades at $0.11 with ~92M shares outstanding for a $10.1M market cap. Enterprise value after backing out cash: roughly $4.8M for 609 hectares at Murphy Lake (70% earn-in), 19,850 hectares at Zoo Bay (optioning to Pond Technologies), and 13,012 hectares at NeoCore.
The market values Murphy Lake - surrounded on all sides by major discoveries, with world-class technical team, fully funded drilling in May - at $4.8M enterprise value.
IsoEnergy trades at $33,764/hectare. STMN trades at $157/hectare on an EV basis.
The Zoo Bay Optionality Play
On April 27, STMN announced a letter of intent with Pond Technologies for Zoo Bay.
Pond can earn 100% interest by issuing 16M shares, paying $350K cash over 3 years, and incurring $4.5M in exploration expenditures.
The transaction structure follows STMN’s stated project generation model: advance assets, unlock value, maintain focus on flagship Murphy Lake.
If the Pond transaction closes, STMN receives carried exploration on a 19,850-hectare property while concentrating capital on Murphy Lake where discovery potential is highest.
Actionable Insight
STMN is trading at ~$10M market cap, with over $5M in cash on hand, positioned between world-class uranium systems, led by the technical team that discovered several of them.
Cosa’s March 24 discovery 3km away validated the structural corridor. IsoEnergy’s Hurricane 5km south proves the deposit model. Cameco’s La Rocque 4km east confirms regional prospectivity. STMN sits in the middle with extended conductors, proven uranium intersections, and drilling starting mid-May.
I’ve been personally accumulating shares throughout April and early May. The stock trades at a 52-week low while the fundamental situation - cash position, technical team, refined drill targets, surrounding discoveries - has materially improved since September 2025.
Drills turning next week represents a binary catalyst that could re-rate this stock violently if Wheatley and Pan’s targeting delivers high-grade intersections in the La Rocque Structural Corridor.
The pieces are positioned. Drills turn next week.
IMPORTANT DISCLAIMER AND RISK DISCLOSURE
This analysis is provided for informational and educational purposes only and does not constitute investment advice, financial advice, trading advice, or a recommendation to buy, sell, or hold any securities. The author is not a licensed financial advisor, investment advisor, broker-dealer, or registered investment advisor and does not provide personalized investment advice or recommendations tailored to any individual’s financial situation.
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Have you looked at standard uranium at all? They were at MIF last weekend. Similar market cap