Quarterly Activities Report For Period Ending 30 September 2022

HIGHLIGHTS

Corporate

• Cash and liquid financial assets valued at $3.3 million as at 30 September 2022 ($3.5 million at 31 October 2022).

Wiluna Uranium Project, Western Australia

• Scoping study for the stand-alone Lake Maitland uranium/vanadium operation progressed during the quarter, with the strong results being released subsequent quarter end on 24 October 2022. Refer to Table 1 below and to the Company’s announcement of 24 October 2022 for further information in respect of the below estimates.
  
• Key outcomes from the scoping study are very competitive and include:
  • NPV pre-tax of approximately $610M at a discount rate of 8%
  • Mine life of approximately 17.5 years
  • Modest CAPEX of US$189M (or A$270M) including contingency and EPCM
  • Rapid payback period of 2.5 years and IRR of 41%
  • C1* Cash operating cost of US$23.10/lb U3O8 over Life of Mine (LoM)
  • All In Sustaining Cost (AISC)^# of US$28.02/lb U3O8 over LoM
    
  • Total EBITDA of A$1,768.6M
• Opportunity to improve value by investigating the inclusion of Mineral Resources from three (3) nearby 100% owned Toro uranium deposits in any further studies.

Dusty Nickel Project, Western Australia

• Third (3rd) massive nickel sulphide discovery, Jumping Jack, intersected on the Dusty Nickel Project in diamond drill hole TED37, as announced by the Company on 6 July 2022, and in TED38, as announced by the Company on 25 July 2022.
  
• TED37 discovery intersection is 3.4m thick (downhole) from 240.3m downhole and includes a 1.4m thick lens of massive Ni-sulphide with blebby and semi-massive Ni-sulphides above the massive sulphide lens.
• More massive nickel sulphides were also intersected at the Jumping Jack Discovery in follow-up diamond drill hole TED38, as announced by the Company on 25 July 2022. Multiple spot analyses using a hand-held portable X-Ray Fluorescence instrument (hh-pXRF) suggest local nickel concentrations within the massive sulphide of between 1.44 and 4.66% Ni in TED37 and 1.28 and 3.5% Ni in TED38.
• Fourth (4th) massive nickel sulphide discovery, Dimma, intersected in diamond drill hole TED41, located approx. 400m SSE and along strike of the Jumping Jack discovery, as announced by the Company on 8 August 2022. The discovery intersection consists of 3.6m of massive Ni-sulphides from 244.1m downhole in diamond drill hole TED41, with almost all being massive in nature. A further two (2) intersections of semi-massive Ni-sulphides of approx. 20cm thick (downhole) intersected in hanging wall from 231 and 232.9m downhole.

HIGHLIGHTS (CTD)

• The follow-up diamond drill hole at Dimma TED42 also intersected nickel sulphides which, inclusive of dilution, extend for some 20.5m and include 2.5m of continuous massive Ni-sulphide at its base from 314.7m downhole, 35cm of semi-massive Ni-sulphides from 296.5m downhole and disseminated Ni-sulphides between these zones, as announced by the Company on 6 September 2022. Multiple spot analyses using hh-pXRF suggest local nickel concentrations within the massive sulphide intersections at Dimma of between 1.45 and 3.66% Ni in TED41 and 1.0 and 3.1% Ni in TED42.

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