GTI Activities Report, March Quarter 2024

GTI Energy Ltd (ASX: GTR) (GTI or Company) is pleased to report on its activities during the March quarter 2024.

• Lo Herma drilling permit amendment review in progress to optimise follow-up drilling, increase total number of drill holes, and construct monitoring wells for groundwater data collection. Drilling is scheduled for Q3 2024
• Lo Herma Mineral Resource Estimate & Exploration Target to be updated in Q4 2024
• Green Mountain maiden drilling planned for 2024 with permit application targeted for late April
• Utah uranium/vanadium projects under evaluation to determine potential paths for renewed exploration, resource development or other value creating activities
• Matt Hartmann appointed President US Operations with over 20 years of global mineral exploration, project development & commercial experience with significant track record in ISR uranium through the entire project life-cycle

LO HERMA ISR PROJECT

During the quarter the Company advised that planning for the 2024 field season in Wyoming has progressed well and permitting is on track to facilitate drilling during Q3.

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. Facilities include UEC’s Willow Creek (Irigaray & Christensen Ranch) & Reno Creek ISR plants, Cameco’s Smith Ranch-Highland ISR facilities & Energy Fuels Nichols Ranch ISR plant. The PRB has extensive ISR production history with numerous ISR uranium resources, central processing plants (CPP) & satellite deposits (Figure 1).

42 drill holes remain permitted and undrilled at Lo Herma, however a review of the drilling conducted during December 2023 has helped the Company to refine and expand the planned 2024 drilling program to include 76 drill hole locations and construction of up to 5 groundwater monitoring wells. The total estimated drill footage for this updated program is 57,000 ft (17,000 m).

This next phase of exploration at Lo Herma will be focused on expanding the resource areas and upgrading the current mineral resource classification. Collection of important data including, hydrogeologic parameters of the mineralised aquifers and collection of rock core samples for metallurgical testing will be also prioritised.

GTI intends to mobilise drilling rigs to Lo Herma as soon as the activity is fully permitted, and seasonal restrictions on exploration operations, due to wildlife activity, are lifted at the end of June. At this time, GTI anticipates that drilling will commence at Lo Herma during July 2024. Following completion of the 2024 drill program at Lo Herma, GTI intends to publish an updated mineral resource estimate and exploration target range for the project. The Company expects that the updated mineral resource estimate will support near-term development of a Scoping Study to demonstrate the economic potential of the project. The most recent drill results from Lo Herma and a summary of the project geology can be found in the Company’s 20 December 2023 news release.

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