Solid Economics

• After tax NPV8% of USD 243 million[1]
• Internal rate of return (IRR) of 20.8%
• Operating costs of USD 32.2 /lb U3O8
• LOM AISC (all-in sustaining costs) of USD 47.3 /lb U3O8[2]
• Significant leverage to higher uranium prices, with an additional USD 45 million added to NPV for every USD 5 /lb increase in U3O8 prices        
• Production averaging 2.2 million pounds U3O8 per annum over 12 years
• LOM of 12 years based on Probable Mineral Reserves in two deposits, and further potential for upgrading Inferred Resources, exploration, and mining of three satellite deposits

Low Technical Risk

• Shallow open pit mine and heap leaching with industry-standard, conventional processing methods
• Excellent local infrastructure with road access, water and grid power
• Well-established export routes through Namibia; able to supply Western and non-Western markets
• No tailings storage required, reducing the environmental impact

Cost-Efficient Operations

• Soft rock reduces powder factor and lowers mining costs
• Optimized ore processing: High liberation of minerals; only requires crushing to 25 mm for agglomeration
• LOM average recovery rates of at least 90% with rapid uranium recoveries within 21 days from start of heap irrigation
• Low acid consumption, averaging less than 16.5 kg H₂SO₄ per tonne of ore treated, with Zambia's position as a net surplus acid producer ensuring reliable local supply
• Low energy requirements: Soft rock minimizes crushing costs, with a total grid power draw requirement of just 7 MWp
• Quick start up: uranium production expected within 4 months of mining
• Rapid payback estimated at 3.8 years from start of production