Texas

Hobson Central Processing Plant (CPP) is the Hub to five satellite In-Situ Recovery (ISR) project areas (Spokes) across the Texas Uranium Belt, including three fully permitted projects and the newest and largest ISR wellfield being developed in the U.S. (the Burke Hollow Project).
Successful delineation drilling program and a new S-K 1300 technical report increased Burke Hollow’s Measured and Indicated Resources from 2,324,000 lbs U3O8 to 6,155,000 lbs
4 Million pounds per year of licensed production capacity

S-K 1300 Technical Report Summary - June 2024

This IA TRS has been prepared in accordance with the regulations set forth in S-K 1300 with the objective of disclosing the mineral resources at the Project and Platform.

Based on the density of drilling, continuity of geology and mineralization, testing and data verification, the mineral resource estimates meet the criteria for indicated or inferred mineral resources as summarized herein.

The in-place resources were estimated separately for each project area. The Platform contains a measured resource of 3,631,900 lbs and an indicated resource of 9,326,100 lbs of U₃O₈ in-place. The Platform contains 9,948,100 lbs of inferred mineral resources in-place. Tables 1 and 2 below list the Platform resources by the project area. Mineral resources are not mineral reserves and do not have demonstrated economic viability. However, considerations of reasonable prospects for eventual economic extraction were applied to the mineral resource calculations herein.

Table 1: Texas Hub and Spoke Project Measured and Indicated Resource Summary

Mineral Resource	GT Cutoff	Average Grade (% eU₃O₈)	Ore Tons (000s)	eU₃O₈ (lbs)
Burke Hollow
Measured	0.30	0.086	581	964,000
Indicated	0.30	0.083	3,329	5,191,000
Total Measured and Indicated	0.30	0.083	3,910	6,155,000
Goliad
Measured	0.20	0.053	1,595	2,667,900
Indicated	0.20	0.102	1,504	3,492,000
Total Measured and Indicated	0.20	0.085	3,099	6,159,900
Palangana
Measured	-	-	-	-
Indicated	None	0.134	232	643,100
Total Measured and Indicated	None	0.134	232	643,100
Salvo
All mineral resources at Salvo are classified as Inferred.
Project Totals
Measured				3,631,900
Indicated				9,326,100
Total Measured and Indicated				12,958,000

Notes:

Pounds reported with disequilibrium factor (“DEF”) applied (except at Burke Hollow).
Measured and indicated mineral resources as defined in 17 CFR § 229.1300.
All reported resources occur below the static water table.
The point of reference for mineral resources is in-situ at the Project.
Mineral resources are not mineral reserves and do not have demonstrated economic viability.
Delineation drilling conducted at Palangana after 2010 was not incorporated into the resource estimate as in the experience of the QP, this type of drilling does not generally substantially change the resource estimates.
An 80% metallurgical recovery factor was considered for the purposes of determining the reasonable prospect of economic extraction.

Table 2: Texas Hub and Spoke Project Inferred Resource Summary

Mineral Resource	GT Cutoff	Average Grade (% eU₃O₈)	Ore Tons (000s)	eU₃O₈ (lbs)
Burke Hollow
Inferred	0.30	0.104	2,596	4,883,000
Goliad
Inferred	0.20	0.195	333	1,224,800
Palangana
PA-1 and PA-2 Inferred	None	0.100	96	192,500
Dome, NE Garcia, SW Garcia, CC Brine, Jemison Fence, Jemison East Inferred	0.10	0.110 - 0.300	206	808,800
Salvo
Inferred	0.30	0.091	1,125	2,839,000
Project Totals
Total Inferred			4,356	9,948,100

Notes:

Pounds reported with DEF applied.
A range of grades is presented for the Palangana inferred mineral because the resource estimation methods differed between PA-1/PA-2 and the rest of the trends. There was no cutoff for PA-1 and PA-2 block models. See Section 11.1 of the TRS for a more detailed explanation.
Inferred mineral resources as defined in 17 CFR § 229.1300.
All reported resources occur below the static water table.
The point of reference for mineral resources is in-situ at the Project.
Mineral resources are not mineral reserves and do not have demonstrated economic viability.
Delineation drilling conducted at Palangana after 2010 was not incorporated into this resource estimate, as in the experience of the QP this type of drilling does not generally substantially change the resource estimates.

The technical information in this news release has been reviewed and approved by Western Water Consultants, Inc., d/b/a/ WWC Engineering, an independent, third party consulting firm to the Company, and by Andrew W. Kurrus III, P.G., V.P. of Resource Development, Texas, for the Company, who fulfill the requirements as a “qualified person” for the purposes of S-K 1300.