GTI Activities Report, September Quarter 2023

GTI Energy Ltd (ASX: GTR) (GTI or Company) is pleased to report on its activities during the September 2023 quarter.

• 5.71 Mlbs U3O8 Inferred Mineral Resource Estimate @ avge 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 grew to 7.37 Mlbs U₃O₈
• Lo Herma Project Exploration Target Range updated & increased by ~25%
• Permitting in progress for Lo Herma drill program targeting late 2023/H2 2024
• Aerial geophysics data collection completed at Lo Herma, Green Mountain & Loki West
• Carbon Neutral certification achieved under the Climate Active standard

LO HERMA ISR PROJECT MAIDEN RESOURCE ESTIMATE

During the quarter the Company declared a maiden Inferred Mineral Resource Estimate (MRE) at the Lo Herma Project located in Wyoming’s prolific Powder River Basin uranium production district. The MRE assumes mining by In-Situ Recovery (ISR) methods and is reported at a cut-off grade of 200 ppm U₃O₈ and a minimum grade thickness (GT) of 0.2 per mineralised horizon as:

4.12 million tonnes of mineralisation at an average grade of 630 ppm U₃O₈ for 5.71 million pounds (Mlbs) of U₃O₈ contained metal.

In addition, the initial Lo Herma Exploration Target range is updated & increased (Table 1) since it was reported to ASX on 05 March 2023. The updated Exploration Target Range for the Lo Herma Project is between 5.3 to 6.7 million additional tonnes at a grade range of between 500 ppm to 700 ppm U₃O₈ containing an estimated 5.9 to 10.3 million pounds of U₃O₈. The potential quantity and grade of the Exploration Target 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.

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. WYOMING IS URANIUM PROCESSING PLANTS & GTI PROJECT LOCATIONS

FIGURE 2. WYOMING ISR URANIUM DEPOSITS

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).

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