HIGHLIGHTS

• Inferred Mineral Resource Estimate of 5.71 Mlbs U₃O₈ at average 630ppm for Lo Herma
• Lo Herma is ~10 miles from the US’s largest ISR U₃O₈ production plant at Cameco’s Smith Ranch-Hyland & ~60 miles from UEC’s Irigaray & Energy Fuels’ Reno Creek.
• GTI’s combined Wyoming Inferred Mineral Resources now 7.37 Mlbs U₃O₈
• Exploration target range updated & increased by ~25% for Lo Herma Project
• Permitting in progress for Lo Herma drill program targeting late 2023/H2 2024

Project Location & Infrastructure

The Lo Herma ISR Uranium Project (Lo Herma) is located in Converse County, Powder River Basin (PRB), Wyoming (WY). The Project lies approximately 15 miles north of the town of Glenrock and within ~60 miles of five (5) permitted ISR uranium production facilities.

These facilities include UEC’s Willow Creek (Irigaray & Christensen Ranch) & Reno Creek ISR plants, Cameco’s Smith Ranch-Highland ISR facilities and Energy Fuels Nichols Ranch ISR plant (Figure 1). The Powder River Basin has extensive ISR uranium production history with numerous defined ISR uranium resources, central processing plants (CPP) and satellite deposits (Figures 1 & 2). The Powder River Basin has been the backbone of Wyoming uranium production since the 1970s.

Figure 1. Location of Wyoming ISR Properties

Lo Herma is ~10 miles from the US’s largest ISR U₃O₈ production plant at Cameco’s Smith Ranch-Hyland & ~60 miles from UEC’s Irigaray & Energy Fuels’ Reno Creek. The Powder River Basin has an extensive ISR uranium production history and has been the backbone of the Wyoming uranium production business since the 1970s.

Figure 2. Wyoming ISR Uranium Deposits

Historical Drilling Data Acquisition

As reported to ASX on 14 March 2023, a comprehensive historical data package, with an estimated replacement value of ~$15m, was purchased for the Lo Herma project in March of 2023.  The data package includes original drill data for roughly 1,771 drill holes pertaining to the Lo Herma region.  The original drill data has been used to prepare an inferred mineral resource estimate for the Lo Herma Project using the original exploration results.

An initial exploration target for the Lo Herma project was previously announced to the ASX on 4 April 2023.  An additional data package containing previously unavailable drill maps with geologically interpreted redox trends was subsequently secured by GTI as announced to the ASX on 27 June 2023.  The additional redox trend interpretations allowed for an update of the previously reported Lo Herma exploration target to be announced herein (Table 1).

TABLE 1: SUMMARY OF EXPLORATION TARGETS & RESOURCES

The potential quantity and grade of the Exploration Targets is conceptual in nature and there has been insufficient exploration to estimate a JORC-compliant Mineral Resource Estimate. It is uncertain if further exploration will result in the estimation of a Mineral Resource in the defined exploration target areas.