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Gladiator Resources
Overview
Gladiator Resources (ASX:GLA) is an Australian explorer focused on uranium projects. The company’s portfolio of uranium assets covers 1,811 square kilometres located in Tanzania. The company’s key projects include – Mkuju, Minjingu, Liwale, Foxy and Eland. Mkuju is the company’s flagship project, having the potential to host world-class uranium deposits given its proximity to the Nyota deposit, which contains 124.6 million pounds (Mlbs) U3O8. Nyota is regarded as one of the largest uranium deposits in the world.
The company is planning a 2024 drill program at Mkuju focusing on the South West Corner (SWC), Mtonya and Likuyu North targets. The 2024 drilling program will commence with initial core drilling at the SWC target, where 2023 trenching revealed up to 7,139 parts per million (ppm) U3O8. Additionally, drilling at Mtonya and Likuyu North will aim to explore potential extensions and new zones of the existing uranium deposits.
The Minjingu project is the other key focus area for Gladiator. This project compliments the company’s flagship Mkuju uranium project in southern Tanzania. Surface pit samples at the Minjingu project have returned high-grade uranium mineralization up to 269 ppm U3O8. Follow-up auger drilling is planned to understand the thickness of the mineralized layer and potential extension.
Tanzania is an ideal location for uranium mining due to its favourable geology. It is rich in uranium-bearing deposits, notably the Mkuju River project, among the world's largest undeveloped uranium reserves. The Tanzanian government’s mining-friendly policies, including taxation and quick permitting process, are encouraging for uranium miners. The presence of well-developed infrastructure, including several ports, makes it easy to transport uranium ore. Further, the country has a large and skilled workforce with graduates in various fields, such as geology and mining. These factors make Tanzania a favourable jurisdiction for uranium exploration and development.
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Capitalizing on the uranium momentum with prolific assets in Tanzania
Term Sheet to Treat Colorado Project Uranium Waste Dumps and Gross Revenue Sharing Agreement with DISA Technologies
Highlights:
- Standard to be paid a Gross Revenue Share of any saleable uranium and other critical mineral concentrates recovered from waste at its Colorado Projects via deployment of DISA's modular mobile plants utilising the patented High-Pressure Slurry Ablation ("HPSA") system.
- No capital expenditure or operating expenditure is payable by Standard or Thor.
- Thirteen separate prospective waste dumps have been ground surveyed at Standard's Colorado Projects; others may be added to this inventory over time.
- Standard to receive a percentage of gross product sale revenue stream, minus certain post-treatment allowable costs. A sliding scale with a base rate of 2.5%, through to 4.0% in certain metals pricing environments.
- DISA will be the operator of the Colorado Projects and to pay all associated costs of economic evaluation, permitting, treatment and ongoing remediation.
Advantages of HPSA:
- The High-Pressure Slurry Ablation ("HPSA") process treats surface dumps of previously partially mined and aggregated material.
- DISA has been working with the U.S. Nuclear Regulatory Commission (NRC) since 2021 on a robust licensing process, which is expected to conclude soon. This would make DISA the first company to receive a Service Providers License (SPL) to remediate abandoned uranium mine waste.
- Aside from extracting valuable uranium and critical minerals, the process delivers significant improvements to the local environment and watersheds by removing, on average, 90% of the uranium and radium-226 content from the waste, as evidenced by a treatability study DISA completed with the U.S. Environmental Protection Agency1.· Strong US Government support for domestic recovery of uranium and critical minerals from legacy mine waste. This activity is directly in line with the recent Secretarial Order from the Department of the Interior (Order No. 3436: Unlocking Critical and Strategic Minerals from Mine Waste, Cutting Red Tape, and Restoring American Dominance in Strategic Mineral Production).
Next Steps:
- Characterisation program with a combination of assay and gamma probe to determine likely quantities of uranium and other recoverable minerals present in the waste dumps and economic evaluation.
- Application and completion of all requisite permits needed to commence treatment of waste and recovery of payable concentrates using HPSA technology.
- Future potential sale of metals concentrates and payment of gross revenue to Thor via Standard.
- Parties will immediately move to finalise and execute a more detailed binding agreement and complete any outstanding conditions precedent to the transaction.
Alastair Clayton, Chairman, commented:
"We are pleased to announce the Term Sheet executed with DISA today to help facilitate Thor potentially becoming revenue-generating from US uranium and critical metals production. Moving our US uranium projects forward in a non-dilutionary manner has been a priority for some time. DISA is a world leader in its materials upgrading technology, and its patented HSPA process is considered a revolutionary, non-chemical technology.
"Importantly, DISA's NRC licensing process is expected to conclude soon. This would make DISA the first company to receive a Service Providers License to remediate abandoned uranium mine waste, a hugely appealing regulatory framework. A major benefit is that the process does more than just extract value, it also leaves behind a substantially improved local environment by remediating these historic legacy sites. Thor looks forward to working with DISA going forward as we move towards generating revenue from these recycled materials."
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Figure 1 - Example of Gen B modular HPSA components - Source: DISA
The Board of Thor Energy Plc has approved this announcement and authorised its release.
For further information on the Company, please visit the website or please contact the following:
Thor Energy PLC
Andrew Hume, Managing Director
Alastair Clayton, Non-Executive Chairman
Rowan Harland, Company Secretary
Tel: +61 (8) 6555 2950
Zeus Capital Limited (Nominated Adviser and Joint Broker)
Antonio Bossi / Darshan Patel / Gabriella Zwarts
Tel: +44 (0) 203 829 5000
SI Capital Limited (Joint Broker)
Nick Emerson
Tel: +44 (0) 1483 413 500
Yellow Jersey (Financial PR)
Dom Barretto / Shivantha Thambirajah / Bessie Elliot
thor@yellowjerseypr.com
Tel: +44 (0) 20 3004 9512
Competent Person Statement
The information in this report that relates to exploration results and exploration targets is based on information compiled by Andrew Hume, who holds a BSc in Geology (Hons). Mr Hume is an employee of Thor Energy PLC. He has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' and is a qualified person under AIM Rules. Andrew Hume consents to the inclusion in the report of the matters based on his formation in the form and context in which it appears.
About Thor Energy Plc
The Company is focused on Hydrogen and Helium exploration which are crucial in the shift to a clean energy economy, with a portfolio that also includes uranium, and other energy metals. For further information on Thor Energy and to see an overview of its projects, please visit the Company's website at https://thorenergyplc.com/.
About DISA Technologies
Founded in 2018, DISA Technologies is revolutionizing mineral recovery with our patented High-Pressure Slurry Ablation (HPSA) technology-an innovative solution that upgrades critical minerals from mined ore and legacy waste. Serving both the mining and remediation sectors, we recover valuable resources that power industry, strengthen energy independence and restore contaminated sites to productive use. DISA's technology unlocks economic and environmental value, transforming how the world processes, remediates and recycles essential mineral assets. DISA is headquartered in Casper, Wyoming, with a satellite office in Westminster, Colorado.
Saga Metals
Investor Insight
A diversified critical minerals exploration company driving value from a world-class titanium-vanadium-iron discovery at its Radar project in Labrador, while developing high-potential uranium and lithium assets in Canada’s top jurisdictions. A partnership with Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) further strengthens Saga’s position in the global green energy transition.
Overview
Saga Metals (TSXV:SAGA,OTCQB:SAGMF,FSE:20H) is a Canadian mineral exploration company with a diversified portfolio of critical minerals assets in top-tier mining jurisdictions. The company’s flagship Radar titanium-vanadium-iron project in Labrador recently delivered significant drill results setting the stage for what could become a globally significant vanadiferous titanomagnetite (VTM) opportunity.
Early drilling has confirmed thick, high-grade layers of mineralization containing titanium, vanadium and iron — three metals essential to steelmaking, aerospace, defense and new energy storage technologies. The project covers the entire Dykes River intrusion, a large mineral system on par with some of the world’s best-known titanium-vanadium operations, such as Panzhihua in China and Tellnes in Norway. Geophysical surveys and drilling suggest that only a fraction of the 20-kilometre mineralized trend has been tested so far, leaving huge upside for further growth.
While Radar is currently the primary focus, Saga also maintains exposure to uranium and lithium through the Double Mer uranium property in Labrador and the Legacy lithium JV with Rio Tinto in Quebec. This balanced portfolio positions Saga to benefit from multiple high-demand supply chains supporting the global energy transition.
Company Highlights
- Globally Significant Titanium-Vanadium-Iron Project: Newly confirmed high-grade titanomagnetite discovery at Radar project with an inferred 20 km oxide layering strike within the Dykes River intrusion.
- Drill intercepts at Radar include up to 43 percent iron, 9.4 percent titanium dioxide (TiO₂) and 0.66 percent vanadium oxide (V₂O₅).Claims have been expanded to secure the entire titanomagnetite-bearing intrusion.
- Rio Tinto JV: A C$44 million option agreement with Rio Tinto Exploration Canada to advance the Legacy lithium project in James Bay, Quebec, part of North America’s newest lithium district.
- Double Mer Uranium Project: Drill-ready 25,600-hectare project covering an 18 km uranium-rich trend, with U₃O₈ grades up to 0.43 percent and scintillometer readings up to 27,000 cps.
- Diversified pipeline: Additional North Wind iron ore property in the Labrador Trough with historical grades up to 75 percent iron oxide (Fe₂O₃) in surface samples.
- Strong leadership with a track record across mining, exploration and capital markets.
Key Projects
Radar Titanium-Vanadium-Iron Project (Flagship)
The Radar project is Saga’s current flagship asset located ~10 km from Cartwright, Labrador. With the potential to become a globally significant VTM discovery, the project covers 24,175 hectares over the Dykes River intrusion, a billion-year-old layered mafic complex comparable in scale to Greenland’s Skaergaard intrusion and analogous to globally recognized VTM systems at Panzhihua (China) and Tellnes (Norway).
Project Highlights:
- 2025 maiden drill program confirmed continuous titanomagnetite layers with intercepts grading up to 43 percent iron, 9.4 percent TiO₂ and 0.66 percent V₂O₅. Titanomagnetite-rich intercepts averaged 20 to 40 percent, with massive layers exceeding 60 percent.
- Expanded claims now secure the entire 160 sq km titanomagnetite-bearing intrusion.
- Geophysical work linked the oxide-rich layering over >20-km strike with magnetic high anomalies, ground-truthed by drilling and mapping.
- Winter 2025 drilling in the Hawkeye Zone, guided by 3D magnetic inversion and VLF-EM, intersected a 300- to 400-m thick titanomagnetite-rich sequence. The highest V₂O₅ assays correlate with these thicker bands, pointing to a major magmatic pulse.
- At the Trapper Zone, summer geophysics revealed a 3-km continuous anomaly with magnetic readings up to 115,500 nT, among the highest recorded, highlighting exceptional mineralization potential.
- Mineralogical studies confirm ilmenite inclusions within magnetite, suggesting metallurgical simplicity and potential for a combined vanadium-titanium-iron concentrate, echoing vertically integrated operations like Panzhihua.
- Supported by excellent infrastructure, including road access, deep-water port, hydroelectric power and an airstrip near Cartwright, Labrador.
- Strong community collaboration, with the Mayor of Cartwright issuing a formal letter of support, and local workers engaged in field programs.
- Comprehensive 2024–2025 work programs integrated geophysics, drilling, petrography, geological mapping, and infrastructure upgrades, rapidly advancing project understanding.
Double Mer Uranium Project
The Double Mer uranium project is located in eastern central Labrador, 90 km northeast of Happy Valley, Goose Bay. The property lies between Lake Melville and Double Mer, both inlets off the Labrador Sea, and covers three high-priority uranium zones – Luivik, Nanuk and Katjuk – along an 18-kilometre mineralized trend.
Regional map of the Double Mer uranium project in Labrador, Canada
Project Highlights:
- 1,024 claims spanning 25,600 hectares in eastern Labrador, covering the Luivik, Nanuk and Katjuk zones along an 18-km uranium trend.
- Rock sampling returned up to 0.428 percent U₃O₈ with scintillometer readings as high as 27,000 cps.
- Geological parallels to Labrador’s Central Mineral Belt (CMB), home to Paladin Energy’s Michelin deposit.
Legacy Lithium
The Legacy lithium property is dedicated to expanding North America’s newest lithium district in the prolific James Bay region of Quebec. The projects span over 65,849 hectares and hosts the same geological setting along strike from Rio Tinto, Winsome Resources, Azimut Exploration and Loyal Lithium in the La Grande sub-province.
Project Highlights:
- Subject of a C$44.4 million JV option with Rio Tinto Exploration Canada, under which Rio Tinto acts as operator and can earn up to 75 percent.
- 100+ documented pegmatite outcrops with multiple prospective lithium-bearing zones for follow-up in 2025.
- Benefits from Quebec’s Plan du Nord infrastructure development program.
North Wind
The North Wind project is located in west central Labrador, 16 km southwest of Schefferville, Quebec within the Labrador Trough.
Project Highlights:
- Covers 6,375 hectares and 255 claims.
- Historical drilling averaged 21 percent iron across eight holes, including intercepts from the Lower Red Green Chert unit with grades up to 75 percent Fe₂O₃.
- 2024 fieldwork confirmed a 4-km NW-SE mineralization trend, reinforcing the project’s scale and grade potential.
Management Team
Michael Stier – Chief Executive Officer and Director
Educated in business management and finance, Michael Stier has spent the past 15 years focused on and building expertise in capital markets. Experienced in corporate structure, finance, business development, IPOs, M&A and wealth management, Stier served as a CIBC IIROC licensed senior financial advisor, senior analyst for a private equity company and more recently holds executive and directorship roles with private companies and publicly listed issuers. He has consulted in industries including mining, oil & gas, fintech, VR, eSports, health, life sciences and biotech. In addition to Saga, Stier has acted for several public entities and currently sits on the board of GoldHaven Resources.
Terence Lee – Chief Financial Officer
Terence Lee is a CPA with over nine years of finance experience in reporting under International Financial Reporting Standards. Lee has worked in financial planning, analysis and reporting for companies across various industries including mining, technology, real estate, life sciences, education and private healthcare. Lee graduated with a BA from Simon Fraser University, a Diploma of Accounting from UBC’s Sauder School of Business and articled with BDO LLP. Lee is CFO of various private and publicly listed companies.
Michael Garagan – Chief Geological Officer
With a Bachelor of Science in Geology, Michael Garagan has 15 years of experience in the exploration industry with projects across the world including Africa, Asia, North and South America. He encountered a diverse experience of deposit styles from gold to base metals in porphyry, orogenic, epithermal and VMS deposits to uranium and lithium pegmatites. Notable projects include B2 Gold’s Otjikoto project in Namibia, Night Hawk’s Colomac project in NWT, Unigold’s Neita project in the Dominican Republic, as well as Hudbay’s Lalor Mine in Snowlake, Manitoba.
Michael Waldkirch – Independent Director
Michael Waldkirch is a CPA and CGA with over 25 years of professional experience. Since 1998, he has led the accounting firm of Michael Waldkirch & Company, specializing in accounting, tax and business consultancy services to a wide variety of public and private companies. He has represented a wide variety of public corporations including mining, oil and gas and technology companies listed on the TSX, TSXV, NYSE-American, NASDAQ and OTC-BB. He has served as CFO of numerous Canadian and US publicly listed companies, including Gold Standard Ventures and Barksdale Resources and is currently an independent board member of US Gold Corp. (NASDAQ:USAU).
Harrison Pokrandt - Independent Director
With 7 years of experience in mineral exploration, Harrison Pokrandt has worked on multiple styles of geology including porphyry, VMS, orogenic, Epithermal, and Carlin-style deposits throughout countries such as Canada, Nevada, Uzbekistan, Finland, Japan, and Mali. Primarily working in gold in multiple districts, Pokrandt has experience in exploration projects and mines within all stages of project development from grassroots to development projects as well as active mines. Some flagship projects he has experience with include B2Gold’s Fekola, Skeena Resources’s Eskay Creek, as well as B2Gold’s Back River Project. Pokrandt studied earth science at Carleton University and is currently employed at Scorpio Gold Corporation as VP of Exploration.
