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GTI Energy believes nuclear power is fundamental to achieving a successful global energy transition. The Company is committed to playing a role in this transition, contributing to global decarbonisation efforts through the definition and development of economic in situ recovery (ISR) amenable uranium resources potentially for the nuclear fuel supply chain. Climate response is driving sustained rapid global nuclear power growth, while at the same time, global uranium supply has been declining.
The Company’s Wyoming-based uranium exploration assets offer potential access to uranium produced responsibly using ISR, the lowest impact form of mining. The Company is proud to share its second Environmental, Social and Governance (ESG) overview. With continued commitment to the World Economic Forum (WEF)’s Stakeholder Capitalism Metrics, GTI Energy adopted the WEF’s Stakeholder Capitalism Metrics as a basis for its approach to ESG in 2021 and is proud to continue that commitment on its journey to provide Clean Fuel for a Clean Energy Future.
The WEF Stakeholder Capitalism Metrics were developed in 2020 in collaboration with the International Business Council. They provide a set of comprehensive ESG metrics and recommended disclosures used to measure and communicate the sustainable development efforts and progress or organisations. The Stakeholder Capitalism Metrics have 21 core and 34 expanded metrics, with disclosures organised under four pillars, Governance, Planet, People, and Prosperity. As part of the Company’s maturing approach to ESG, the Executive engaged leading ESG Advisory & Consultancy, ESG Capital in late 2022, to conduct a materiality assessment. This enabled the Company to define the sustainability topics most material to the sustainable execution of its business strategy and central to value creation for the Company and its stakeholders. These material topics are detailed below.
Clean Fuel for a Clean Energy Future The Company is focused on defining and developing economic ISR amenable Uranium resources, delivering value for stakeholders, and playing a role in helping to support humanity through the global energy transition. ISR mining sits at the centre of the Company’s vision.
ISR mining for uranium was first introduced in the United States in 1959 and has since been successfully adopted in many countries over the last 50 years. It enables uranium to be produced responsibly, via the lowest impact form of mining by minimising disturbance to existing natural conditions. In contrast to underground and open pit mining, ISR mining of sandstone hosted uranium also reduces the quantity of mining and hydrometallurgical effluents that require management.
In pursuing its vision, the Company’s Board and Management team are committed to adhering to a set of values and fundamental principles. These are outlined in the Company’s Statement of Values.
The core values of the Company are:
The executive management team of GTI Energy is responsible for upholding these values and ensuring they are embedded in the culture and day to day operations of the Company.
GTI Energy is proud to play a role in the global energy transition and believes in ‘walking the talk’ when it comes to corporate climate action. Following a commitment made in 2021 to commence measurement and management of the Company’s greenhouse gas (GHG) emissions, in CY22, GTI Energy committed to obtaining Climate Active certification. The Climate Active Carbon-neutral Standard is endorsed by the Australian Government, with Climate Active certification awarded to organisations that have credibly reached a state of carbon neutrality.
To date, there are only three ASX listed resources companies that are Climate Active certified. This demonstrates the Company’s commitment to meaningful climate action and positions GTI as a leader in the mining industry. This year, GTI is proud to share that the Company has finalised and submitted our Climate Active application for CY21 certification. Through the Climate Active process, GTI has offset 670 tCO2-e to become a carbon neutral organisation. All Australian and US corporate and operational activities across Scope 1, 2 and 3 were included.
Table 1: GTI’s emission profile for CY21.
The Company retired 225 Merepah Fire Project Australian Carbon Credit Units (ACCUs)9, with the remaining 445 Verified Carbon Standard (VCS) offsets being sourced from the Prairie Winds Emissions Reduction Project located near Minot, North Dakota, USA. With an annual generation of 300,000 MWh of clean energy, Prairie Winds aids in the transition toward a decarbonised US economy, and provides greater access to affordable, reliable, sustainable, and efficient energy solutions.
Our CY23 Goals:
GTI Energy is proud to play a role in the global energy transition and believes in ‘walking the talk’ when it comes to corporate climate action. Following a commitment made in 2021 to commence measurement and management of the Company’s greenhouse gas (GHG) emissions, in CY22, GTI Energy committed to obtaining Climate Active certification. The Climate Active Carbon-neutral Standard is endorsed by the Australian Government, with Climate Active certification awarded to organisations that have credibly reached a state of carbon neutrality.
To date, there are only three ASX listed resources companies that are Climate Active certified. This demonstrates the Company’s commitment to meaningful climate action and positions GTI as a leader in the mining industry. This year, GTI is proud to share that the Company has finalised and submitted our Climate Active application for CY21 certification. Through the Climate Active process, GTI has offset 670 tCO2-e to become a carbon neutral organisation. All Australian and US corporate and operational activities across Scope 1, 2 and 3 were included.
GTI Energy aims to provide a workplace that is free from injury, illness, and harm. While the Company’s operational activities are predominantly carried out by third-party contractors in Wyoming, GTI Energy is committed to supporting these contractors to operate in a way that is safe and protects the health and wellbeing of their people.
Wyoming experiences harsh weather conditions, particularly in the winter with significant snowstorms and temperatures below freezing. Potential contractors will undergo pre-screening to ensure that they are able, and compliant with Health & Safety requirements. Moving forward, the Company will enhance its focus on the health and safety policies and procedures through increased engagement and systematic reviews of contractors.
In CY22, there were no work-related injuries or ill health.
Our CY23 Goals:
The Company prides itself on managing its operations with the highest level of integrity, openness, and transparency. With corporate and mining operations are based in Australia and the US, respectively, GTI is governed by strict regulations and legislations which reduces exposure to corruption and bribery risks. Under circumstances where there could be potential breaches of the Anti-Corruption and bribery policy, individuals can report these instances safely, without repercussions in accordance with GTI’s Whistle-blower policy. The Company also regularly communicates its Anti-Corruption and Bribery policy to all relevant stakeholders as part of their onboarding process. In CY22, there were no incidents relating to bribery and corruption.
Our CY23 Goals:
As the Company’s mining operations continue to grow, it is proud to support the economic prosperity of its stakeholders and others across the value chain. GTI Energy’s most direct economic contributions are wages paid to employees, and third-party contractors. Maintaining consistent economic growth will benefit stakeholders and drive financial circularity.
By paying taxes, the Company is also supporting local and national governments in their endeavours to improve social support and infrastructure. Currently, the Australian corporate team is lean, consisting of 2 full time staff, as GTI Energy is focused on applying its resources to advancing exploration. The Company expects employee numbers to increase as it progresses through to development.
Our CY23 Goals:
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