Lo Herma Resource Drilling Permitted – Rig Mobilising to Site

GTI Energy Ltd (GTI or Company) is pleased to provide an update on the upcoming resource expansion drilling program at the Lo Herma ISR uranium project in Wyoming’s Powder River Basin (PRB). All permits, bonds and access arrangements are now in place allowing a mud rotary drill rig to mobilise to site and commence drilling within the next 48 hours.

HIGHLIGHTS

• Permit approved for 57,000 ft (~17,000 m) of mud rotary drilling
• Drill rig to mobilise and commence drilling within the next 48 hours
• Drilling will target expansion and upgrade of the current Inferred Mineral Resource Estimate of 5.71 Mlbs U₃O₈ at average 630ppm
• Details of a planned rights entitlement offer to all GTR shareholders and GTRO option holders expected imminently

The Lo Herma project area currently contains 880 drill holes and as previously advised on 2nd of May 2024, the planned 2024 drilling permit at Lo Herma allows for up to 57,000 ft (~17,000 m) spread across up to 76 drill hole locations including construction of up to 5 groundwater monitoring wells.

This next phase of drilling will focus on expanding the resource areas and where possible, upgrading the current mineral resource classification (Table 1). Collection of important data including, hydrogeologic parameters of the mineralised aquifers and collection of rock core samples for metallurgical testing will be also prioritised.

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 the updated mineral resource estimate will support near-term development of a Scoping Study to demonstrate the economic potential of the project.

GTI Executive Director Bruce Lane commented, “We are very pleased to be starting resource expansion drilling at Lo Herma on time. We’re excited to be in a strong position to be able to complete the drilling program this quarter, with a revised mineral resource estimate to be rapidly advanced post-drilling. This work prepares GTI for a potential Lo Herma scoping study which we hope to commence later this year on the basis that we can grow the Lo Herma uranium resource estimate to a similar scale to ISR uranium mines currently being constructed or planned in Wyoming at Ur- Energy’s Shirley Basin project & Encore’s Energy’s Gas Hills project.”

FIGURE 1. GTI WYOMING PROJECT LOCATIONS

LO HERMA GEOLOGIC SETTING

The target host geology for the Lo Herma project is located in and around the contact of the Eocene Wasatch Formation (Wasatch) and the Paleocene Fort Union Formation (Fort Union) of the Powder River Basin (PRB). Both formations consist of sedimentary sequences of sandstones, siltstones, claystones, and coal – creating a favourable geologic environment for uranium roll-front deposits in the permeable sandstone units. The gently north-east dipping host sandstones of the Lo Herma Project lie stratigraphically below the prominent Badger and School House coal seams, and likely represent some of the lowest Wasatch sandstones and the uppermost Fort Union sandstones. The lower sandstone units of the Fort Union formation represent an underexplored potential for additional uranium mineralisation on the property (Figure 2).

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