Maiden Uranium Resource & Exploration Target Update At Lo Herma ISR Project

GTI Energy Ltd (ASX: GTR) (GTI or Company) is pleased to declare an initial 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.

• Inferred Mineral Resource Estimate of 5.71 Mlbs U₃O₈ at average 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 now 7.37 Mlbs U₃O₈
  
• Exploration target range updated & increased by ~25% for Lo Herma Project
• Permitting in progress for Lo Herma drill program targeting late 2023/H2 2024

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.

GTI Executive Director Bruce Lane commented “We are very pleased to declare an initial JORC inferred U₃O₈ mineral resource estimate with an updated exploration target at Lo Herma in the Powder River Basin. The reported estimates are based solely on significant historical drilling information. This initial MRE highlights the exciting potential at Lo Herma with an initial inferred resource of 5.7 Mlbs at average grade of 630 ppm. The exploration target for the project has also been updated with an additional 5.87 to 10.26 Mlbs potential at average grade of 500 – 700 ppm. This initial resource validates our belief that Lo Herma, which is located within 60 miles of ISR production plants owned by Cameco, UEC & Energy Fuels, holds real potential to become a producing deposit. GTI’s immediate goal is to integrate the results of our ariel geophysics survey into the exploration targeting model and to secure approvals for a drilling program timed for late 2023 or H2 of 2024. Drilling will aim to verify, upgrade and extend the resource. As highlighted by the exploration target, there appears to be material potential to increase the resource along trend but also possibly at depth within the highly productive Fort Union formation.”

LO HERMA URANIUM PROJECT – LOCATION & BACKGROUND

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 LOCATIONS1

FIGURE 2. WYOMING ISR URANIUM DEPOSITS2

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.

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