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US1 CRITICAL MINERALS

Uranium

725

SQ KM COVERAGE

RESOURCE: URANIUM

Mkuju Project

Includes the Likuyu North deposit, the Likuyu South target and the Mtonya-SWC corridor within 4 contiguous permits totalling 725km2. The area is underlain by sandstone dominated formations of the Triassic aged Lower Karoo Supergroup which is host to Uranium One’s 125 Mlb (U3O8) Nyota deposit 20 km to the north.

Sealed roads and power within 20 km of the project

Geology of the Mkuju Project and surrounding area

Likuyu North Deposit

  • JORC Mineral Resource Estimate (2022) of 4.6 Mlb U3O8 at an average grade of 267ppm U3O8. Up to 8 extensive ‘stacked’ layers, gently dipping, hosted by permeable coarse-grained sandstones, within 150 m of surface.
  • An assessment by ERM (Perth) in 2024 suggest it to be very well-suited to recovery by In-Situ Recovery (ISR) which can bring significant economic and environmental advantages. Over 50% of the world’s uranium is mined by this method. Advantages of ISR are:
      • No pit and no rock-dumps,
      • No tailings disposal or storage requirement,
      • No crushing and pulverizing ore,
      • Power costs are less,
      • Reduced labor costs,
      • Safer mining operation,
      • Restoration costs significantly less
  • Potential to expand the resource with ISR  as is not depth constrained – the existing MRE is constrained by a conceptual conventional open-pit ‘shell’.

Example drilling intersection at the Likuyu North deposit

Conceptual model for roll-front system at Mtonya

Mtonya-SWC Corridor

  • A classic roll-front target. Roll-front uranium deposits are amongst some of the most important globally.
  • The 14 km long corridor has many surface uranium ‘shows’ and primary uranium zones at depth (foreign estimate of 1.91 Mlbs U3O8 at an average grade of 293 ppm), all likely to be ‘tail/lateral’ zones or relics of older ‘nose’ zones.
  • Analysis based on historic and recent work suggests that the main ‘nose’ zone may be to the southwest of all drilling to date as illustrated below.

Map showing Airborne Radiometric data for the Mkuju Project

Likuyu South Target

  • A 15 km long belt of radiometric anomalies. Some drilling completed by Uranex pre-2013 but needs further work, not tested by Gladiator.

294

SQ KM COVERAGE

RESOURCE: URANIUM

Eland Project

  • Large quartz syenite intrusion with zones of high Nb, Ta, Uranium
  • 2022 Rock-chip samples with up to 4120ppm Nb2O5, 571ppm Ta2O5 and 832ppmU3O8 (GLA announcement dated 6 April 2023)
  • Channel sampling (rock saw cut grooves) completed October 2024, results pending.

Map showing Ground Radiometric data for the Eland Project and 2022 rock samples

299

SQ KM COVERAGE

RESOURCE: URANIUM

Foxy Project

  • Radiometric anomaly on a ridge with sub-cropping Karoo Supergroup sandstones.
  • Drilling of 19 holes by Western Metals Limited in 2008.
  • Best line of drilling open to the northwest, FRC014 intersected 6m with average of 217ppmU3O8 (by assay) including 2m with 405ppmU3O8.
  • Most holes ended at 70m depth.
  • Needs drilling NW of hole FRC014 and to test depth

Mineral Resources

Notes

    • Reported in accordance with the JORC Code
    • Effective date 27 April 2022
    • Note that these are not in addition to each other, the 200ppm cut-off MRE is a portion of the 100ppm cut-off MRE.
    • The MRE assumes open pit mining within a conceptual pit shell based on a USD70/lb U3O8 and 88% recovery.
    • Figures have been rounded to the appropriate level of precision for the reporting of Mineral Resources, totals may not add-up exactly
    • The MRE are stated as in situ dry metric tonnes.

* Cautionary Statement: The estimate of mineralisation at Mtonya is a “foreign estimate” as defined by the ASX Listing Rules, and accordingly:

  • The estimates are not reported in accordance with the JORC Code;
  • The Competent Person has not done sufficient work to classify the foreign estimates as mineral resources in accordance with the JORC Code; and
  • it is uncertain that following evaluation and/or further exploration work that the foreign estimates will be able to be reported as mineral resources in accordance with the JORC Code.
  • Full disclosures required by Listing Rule 5.12 are contained in Appendix 1 of the US1's announcement dated 14 July 2022

Notes

  • The foreign (non JORC) estimate was prepared by Roscoe Postle Associates Inc
  • The estimate was reported effective 1 March 2013 using the CIM definitions and in accordance with Canadian NI 43-101
  • Note that the 200-ppm cut-off estimate is a portion of the 100-ppm cut-off estimate, it is not in addition to it
  • It was assumed that the deposit could be mined viably by ISR
  • A minimum mining width of 80 cm was used
  • Bulk density of 1.7 t/m3 was used
  • Numbers may not add due to rounding