GTI Activities Report, December Quarter 2022

GTI Energy Ltd (GTI or Company) is pleased to report on its activities in the December 2022 quarter.

Highlights

• Total projected roll front trends at GTI’s GDB projects increased to 7.5 miles (39,614 ft)
• New mineralised trend found within lease Section 29 with best hole a strong GT of 2.55
• 2.65 miles of new projected roll front trends discovered at Odin, Teebo & Loki with best hole to date 0.78 GT vs. target 0.2 GT cut-off
• 103-hole program completed across the Great Divide Basin prospects including 70-holes (34,010 ft) at Thor and 33-holes (30,210 ft) combined across Odin, Teebo & Loki
• 29 of 33 holes drilled across Odin, Teebo & Loki encountered uranium mineralisation
• Mineralisation conducive to ISR recovery with water table 100-200 ft above host sands

GREAT DIVIDE BASIN (GDB) ISR URANIUM, WYOMING, USA

GTI’s ISR uranium projects are located in the Great Divide Basin in Wyoming, USA and comprise a total area of ~35,000 acres (~14,000 hectares) across several groups of strategically located and underexplored mineral lode claims and two state leases.

The projects are prospective for sandstone hosted uranium that is amenable to low cost, low environmental impact ISR mining.

The Wyoming Properties are located in proximity to UR- Energy’s (URE) operating Lost Creek ISR Facility & Rio Tinto’s (RIO) Sweetwater/Kennecott Mill and the GDB roll front REDOX boundary (see ASX release 22 December 2022).

GTI’s exploration objective for its most recent follow-up program (completed during the quarter) in the Great Divide Basin is to identify REDOX boundaries and potential host sands in addition to defining the depth, thickness, grade and width of mineralisation across the REDOX front.

GTI has been targeting identification of further mineralisation of similar tenor to that encountered at the nearby Lost Creek deposit and that otherwise meets typical economic cutoff criteria for sandstone hosted ISR uranium projects in Wyoming’s Great Divide Basin1.

The drill program may also ultimately enable estimation of inferred mineral resources and/or an exploration target.

GREAT DIVIDE BASIN URANIUM DRILLING PROGRAM

During the quarter the Company advised that permitting and bonding had been achieved to commence drilling at the Thor prospect in the first stage of up to ~100,000ft of drilling across its Great Divide Basin Project area. The Company also advised on 15th September that this drilling program had commenced.

DRILLING AT THOR

The Thor prospect is located adjacent to Ur-Energy Inc’s (URE) 18Mlb Lost Creek deposit and operating ISR uranium processing plant (see ASX release 22 December 2022).

Exploration at Thor previously identified mineralisation with economic potential based on widths, grades and depth of mineralisation (ASX release 29 March 2022)2.

An initial 100-hole (~50,000 ft) drilling campaign was completed at Thor between November 2021 and March 2022. As part of GTI’s 2022 drill program, a 70-hole follow-up campaign commenced during the quarter to target extents of approximately 2 miles of mineralised uranium roll fronts at the Thor Project.

During the quarter, 70 further holes were completed at Thor, marking the end of the follow-up drilling program. Drilling was focused in the north-east of Thor, including fresh ground at State Section 29 & 20 leases (Figure 1).

The 70 holes were completed at Thor for a total of 34,010 feet (10,366 metres) of drilling (Figures 1 & 2). The company was targeting typical economically viable ISR grade and GT cut-offs are: 0.02% (200ppm) U₃O₈ and 0.2GT i.e., 10 ft (3 m) @ .02% (200ppm) U₃O₈. Initial results are observed as follows:

• 35 of 70 holes met both grade and GT cutoff with an average of 0.65 GT
  
• 23 of the remaining holes met grade cutoff but not GT, 8 had trace mineral & 4 were barren

GTI’s exploration objective is to identify REDOX boundaries and potential host sands in addition to defining the depth, thickness, grade and width of mineralisation across the REDOX front.

The Company is targeting mineralisation which is at least 50 feet (15 metres) below the water table.

The drill program may also enable estimation of inferred mineral resources and/or an exploration target.

GTI hoped to continue to encounter mineralisation of similar tenor to that encountered at the nearby Lost Creek deposit and that otherwise meets typical economic cutoff criteria for sandstone hosted ISR uranium projects in Wyoming’s Great Divide Basin e.g.:

• Grade greater than 0.02% (200 ppm) U₃O₈
  
• Grade x Thickness (GT) greater than 0.2 (10 ft @ 0.02 - 3 metres @ 200ppm U₃O₈)
  
• Width of mineralisation above cutoff nominal 50 feet (15 meters) and nominal GT of 0.4

UR Energy’s Lost Creek ISR uranium deposit reportedly contains a remaining 13Mlbs of U₃O₈ at average grade of 0.048% eU₃O₈ (Measured & Indicated) at a cutoff Grade Thickness (GT) of 0.2.3

The drilling at Thor was completed for the season with 70 completed drill holes.

The drill rigs were subsequently moved to the Odin claim group and commenced drilling operations.

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