ULYTAU URANIUM PROJECT

A high-grade project with significant exploration upside

Established & Well-Known Uranium Province

Ulytau is in South Kazakhstan near Lake Balkhash and 15km south of Bota-Burum one of the largest Soviet-Era uranium mines.

Historic High-Grade Resource

Historic Non JORC compliant high-grade historic estimate containing 9.853 Mlbs U308 @ 2,790ppm.*

Historic drill intersects >40m width above 6,000ppm U308 from 3m below surface. *

Historical Metallurgical Test work

Historic bulk sample metallurgical test work produced very positive results with recovery rates of 93.3% by acid leaching.

Historical Drilling Data & Geological Understanding

Significant existing volume of drilling data, geophysics and other geology reports.

Exploration Opportunity

Huge resource growth upside potential, resource open in most directions. (south, west, east & down dip).

*Cautionary statement (about reliance on foreign estimate and foreign exploration results): The foreign estimates and foreign exploration results in this announcement are not reported in accordance with the JORC code 2012. A competent person has not done sufficient work to classify the foreign estimate as a Mineral Resource,  or disclose the foreign exploration results, in accordance with the JORC Code 2012. It is uncertain that following evaluation and/or further exploration work the foreign estimate will be able to be reported in accordance with the JORC Code 2012, and it is possible that following further evaluation and/or exploration work that the confidence in the prior reported foreign exploration results may be reduced when reported under the JORC Code 2012. Nothing has come to the attention of the Company that causes it to question the accuracy or reliability of the foreign exploration results, but the Company has not independently validated the foreign exploration results and therefore is not to be regarded as reporting, adopting or endorsing the foreign exploration results.

ULYTAU GEOLOGY OVERVIEW

Regional Geology: The field is a part of a large Bota-Burum uranium district. The deposit section covers the eastern endocontact part of the Dzhusandalinsky granitoid massif, located 1 km west of the contact with the enclosing effusive-sedimentary formations of the Lower-Middle Devonian

Mineralogy: Mineralisation consists of coffinite, uraninite and brannerite associated with Mo- and other sulfides, high grade Yttrium & other Rare Earth minerals have been historically recorded.

Mineralization Description: Most uranium occurrences are in subvolcanic rhyolite intrusions close to the contact with granite controlled by the intersection of steep, NE-SW oriented fracture zones with the NNW-SSE trending, 65°W dipping Contact fault

Controls: The contact of rhyolite intrusions with granite controlled by the intersection of NE fracture zones with the NW fault.

Lithology: Country rocks include Devonian rhyolitic and andesitic volcanics and clastic sediments intruded by Upper Devonian leucogranite. Intrusive stocks, dikes and/or sills consist of quartz-, granite-, diabase-, diorite-, and gabbro- porphyry, and andesite-basalt.

Tectonics: Botaburum is located within the volcanic caldera cutted by NW and NE faults.

KAZAKHSTAN AT A GLANCE

A top tier mining jurisdiction
  • 11th largest country in the world rich in mineral resources
  • Ranked 25th for ‘Ease of doing business’ by the World Bank
  • 53rd Largest GDP globally at US$221Bn3
  • Kazakhstan is the world’s Number 1 uranium producer (43% of world production)
  • 12% of the world’s uranium resources
  • National company Kazatomprom (National Uranium producer) has JVs in Kazakhstan with many international companies
  • Corporate income tax: 20% VAT 12%

NON JORC COMPLIANT HISTORIC ESTIMATE*

From historical drilling

*Cautionary statement (about reliance on historic estimate and historic exploration results): The foreign estimates and foreign exploration results in this announcement are not reported in accordance with the JORC code 2012. A competent person has not done sufficient work to classify the foreign estimate as a Mineral Resource,  or disclose the foreign exploration results, in accordance with the JORC Code 2012. It is uncertain that following evaluation and/or further exploration work the foreign estimate will be able to be reported in accordance with the JORC Code 2012, and it is possible that following further evaluation and/or exploration work that the confidence in the prior reported foreign exploration results may be reduced when reported under the JORC Code 2012. Nothing has come to the attention of the Company that causes it to question the accuracy or reliability of the foreign exploration results, but the Company has not independently validated the foreign exploration results and therefore is not to be regarded as reporting, adopting or endorsing the foreign exploration results.

HIGH GRADE INTERSECTIONS*

From historical drilling
*Cautionary statement (about reliance on historic estimate and historic exploration results):  The foreign estimates and foreign exploration results in this announcement are not reported in accordance with the JORC code 2012. A competent person has not done sufficient work to classify the foreign estimate as a Mineral Resource,  or disclose the foreign exploration results, in accordance with the JORC Code 2012. It is uncertain that following evaluation and/or further exploration work the foreign estimate will be able to be reported in accordance with the JORC Code 2012, and it is possible that following further evaluation and/or exploration work that the confidence in the prior reported foreign exploration results may be reduced when reported under the JORC Code 2012. Nothing has come to the attention of the Company that causes it to question the accuracy or reliability of the foreign exploration results, but the Company has not independently validated the foreign exploration results and therefore is not to be regarded as reporting, adopting or endorsing the foreign exploration results.

EXPLORATION PROGRAM 2024

Kazakhstan

“With initial works commencing immediately & first drilling planned to commence during Q3 CY24, we aim to rapidly advance & grow the foreign estimate.”

Shannon Green, Managing Director