Mineral Resource Statement* for the Muntanga Project, Zambia, with an Effective Date of January 31, 2024
| Category |
U3O8 Cut-off (ppm) |
Deposit |
Quantity Mt |
Grade U3O8 ppm |
Metal U3O8 Mlbs |
|---|---|---|---|---|---|
| Measured | 110 | Gwabi | 1.1 | 254 | 0.6 |
| 90 | Njame | 2.5 | 358 | 2.0 | |
| Indicated | 90 | Muntanga | 8.6 | 369 | 7.0 |
| 90 | Dibbwi | 3.2 | 253 | 1.8 | |
| 90 | Dibbwi East | 31.3 | 372 | 25.7 | |
| 110 | Gwabi | 2.7 | 374 | 2.2 | |
| 90 | Njame | 1.0 | 306 | 0.7 | |
| TOTAL M&I | 50.4 | 359 | 40.0 | ||
| 90 | Muntanga | 3.4 | 278 | 2.1 | |
| 90 | Dibbwi | 1.0 | 213 | 0.5 | |
| Inferred | 90 | Dibbwi East | 7.1 | 252 | 3.9 |
| 110 | Gwabi | 0.2 | 272 | 0.1 | |
| 90 | Njame | 1.1 | 329 | 0.8 | |
| TOTAL INFERRED | 12.8 | 263 | 7.4 |
*Notes:
1) The effective date of the mineral resource statement is January 31, 2024. The QP for the estimate is Andre Deiss, Pr.Sci.Nat., P.Geo. Associate Consultant of SRK (Canada).
2) Mineral resources are prepared in accordance with CIM Definition Standards (CIM, 2014) and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (CIM, 2019).
3) Mineral resources are constrained within an optimized pit shell using a uranium price of US$100/lb, mining costs of US$3.30/t, processing costs of US$9.00/t, additional mining costs of US$0.55/t, G&A costs of US$1.50/t, Transport costs of US$1.50 and a royalty of 5 %.
4) Mineral Resources are reported at a U3O8 ppm cut-off grade within the optimized pit shell and are inclusive of Mineral Reserves.
5) Mineral resources are inclusive of mineralization in the low-grade U3O8 80 ppm halo but reported above the relevant cut-off and classed as Inferred Resources. This mineralization represents approximately 5 % of the total Mineral Resources metal (Mlb).
6) Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resources will be converted into mineral reserves in the future.
7) All figures have been rounded to reflect the relative accuracy of the estimate.