Positive Start to Dilling at Lo Herma ISR Uranium Project

GTI Energy Ltd (GTI or Company) is pleased to advise that the first 3 days of drilling were completed last week at its 100% owned Lo Herma ISR Uranium Project (Lo Herma), located in Wyoming’s prolific Powder River Basin (Figures 1 & 2). Ten (10) drillholes have been completed to date for 1,908 m (6,260 ft), with drilling is progressing well and is expected to continue until approximately the end of quarter 3.

• First 10 drill holes completed of 76 hole campaign at Lo Herma ISR uranium project
• Encouraging results with mineralisation meeting expectations for economic ISR mining methods
• Best mineralised intercepts to date include 14.5ft at 0.0640% (640ppm) eU308 in drill hole LH-24-002, and 16.5 ft at 0.054% (540ppm) eU308 in drill hole LH-24-001
• Drilling progressing ahead of schedule

The 10 initial hole results (Table 2) include several highlights:

• Drill holes LH-24-001 and LH-24-002 returned thick mineralised intercepts in excess of 4.2m (14 ft), averaging 1.02GT* for total hole intercepts.
• 8 of 10 drill holes have intercepted on trend mineralisation
• Drilling is progressing on schedule, with the contractor averaging over 610m (2,000 ft) of drilling per day.

* Typical economically viable ISR grade and GT cut-offs are: 0.02% (200ppm) U3O8 and 0.2GT i.e., 10 ft (3 m) @ .02% (200ppm) U3O8.

GTI Executive Director & CEO Bruce Lane commented “We are really pleased to be underway with drilling at Lo Herma and early results are very encouraging from the first drill holes. It is really pleasing to see holes with such good thick intercepts and strong Grade Thickness results of around 1.0GT, well above our cut off of 0.2GT. Drilling is currently tracking ahead of schedule, and we will provide further updates in the coming weeks as the program progresses.”

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 close to seven (7) 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) & satellite deposits (Figure 1). The Powder River Basin has been the backbone of Wyoming U3O8 production since the 1970s.

FIGURE 1. WYOMING IS URANIUM PROCESSING PLANTS & GTI PROJECT LOCATIONS

As reported to ASX on 14/03/2023, 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, from the 1970’s and 1980’s, pertaining to the Lo Herma region. A total of 1,391 original drill hole logs were digitised for gamma count per second (CPS) data and converted to eU3O8% grades. 833 of these drill holes were located on GTI’s land position & used to prepare the MRE. 21 additional drill holes are located in expanded claims across Section 4 of Township 36N, Range 75W. Along with the 26 drill holes completed in the initial 2023 drill program, GTI currently holds data from 880 drill holes within the current Lo Herma mineral holdings.

An initial Exploration Target for the Lo Herma project was previously announced to the ASX on 4 April 2023 (refer to Table 1). 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. Additional redox trends can now be interpolated based on the recent drilling and acquisition of the newly located mineral claims, however the Exploration Target has not yet been updated to encompass this new area of potential. GTI plans to update the mineral resource and exploration target estimates following execution of the current drilling.

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