Stallion Uranium Mineral Resource Restatement

Summit Minerals Limited (ASX: SUM, “Summit” or the “Company”) is pleased to announce that it has completed a review and restatement of the Stallion Uranium Mineral Resource, which Manhattan Corporation previously prepared in 2017². Both Stallion estimates have been reported in accordance with JORC 2012.

HIGHLIGHTS

• Mineral Resource Estimate (MRE) for the Stallion Uranium deposit has been restated as an initial step in restating and delivering maiden MREs for all deposits in the Stallion Project.
• The restated MRE for the Stallion deposit, reported in accordance with JORC 2012 at a 100 ppm U₃O₈ cut-off, contains an Inferred Mineral Resource of 9.5Mt at 150 ppm (1.4 Kt U₃O₈; see Table 1 below) for a contained 3.2 Mlb U₃O₈.
• The project is supported by the potential economic extraction through ISR (In Situ Recovery), which typically has a lower operating recovery of around AUD$15-25 per pound of uranium oxide¹.
• Mr Arnold van der Heyden of H & S Consultants Pty Ltd (HSC), an independent, competent person, performed the resource estimation.

A Mineral Resource estimate for the Inferred Mineral resource of 9.5 million tonnes (“Mt”), grading 150 ppm U₃O₈, totalling 3.2Mlb U₃O₈ at the 100 ppm U₃O₈ cutoff. The resource estimate was prepared by HSC and reported in accordance with the JORC Code 2012 (See Appendix 1-JORC Table 1).

Table 1: Restated JORC 2012 MRE for Stallion deposit.

Resource blocks inside the Queen Victoria Springs Nature Reserve (QVSNR) were excluded from the estimate, slightly reducing the Stallion MRE from the 3.3 Mlb U₃O₈ previously stated by Manhattan (ASX: MHC).

The work involved rebuilding the resource database, reviewing previous work, and confirming compliance with the JORC Code (2012).

The Stallion uranium project is approximately 175km east-northeast of Kalgoorlie, WA. The Company owns 100% of the 442 km2 of exploration tenements and applications underlain by Tertiary palaeochannels within the Gunbarrel Basin. These palaeochannels are known to host several uranium deposits and drilled uranium prospects (Figure 1).

The Company intends to advance resource expansion work at Stallion.

Summit’s Chief Executive Officer, Gower He, said:

“The board is extremely pleased with the rapid advancements in restating the Uranium Resource at Stallion. Once our additional applications are granted, we are well equipped to quickly advance exploration work to expand our resources as we look to deliver value for our shareholders.

Figure 1 - Summit controls 442 km2 of exploration tenements and applications underlain by Tertiary palaeochannels at Stallion. These palaeochannels are known to host several uranium deposits and drilled uranium prospects, including the 3.2Mlb Stallion uranium resource.

GEOLOGY

Tertiary palaeochannels within the Gunbarrel Basin underlie the Ponton Creek area, which includes the Stallion Project. Carbonaceous sand-hosted uranium mineralisation has been defined by drilling along 55 kilometres of the palaeochannels at Stallion, Stallion South, Double 8, Ponton, Highway, Highway South, and the Shelf prospects (Figure 1). Uranium mineralisation occurs in shallow, reduced sand- hosted tabular deposits between 40 and 70 metres deep. The mineralisation is confined to the palaeochannel and is potentially amenable to in situ metal recovery (“ISR”), the lowest cost method of producing yellowcake with the least environmental impact.

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