Mineral Resource Statement* for the Muntanga Project, Zambia, with an Effective Date of March 31, 2023
| Category | Deposit |
Quantity Mt |
Grade U3O8 ppm |
Metal U3O8 Mlbs |
|---|---|---|---|---|
| Measured | Gwabi | 1.1 | 254 | 0.6 |
| Njame | 2.2 | 374 | 1.8 | |
| Indicated | Muntanga | 7.5 | 360 | 5.9 |
| Dibbwi | 3.1 | 255 | 1.8 | |
| Dibbwi East | 25.2 | 374 | 20.8 | |
| Gwabi | 2.7 | 374 | 2.2 | |
| Njame | 0.8 | 321 | 0.6 | |
| TOTAL M&I | 42.6 | 359 | 33.7 | |
| Muntanga | 4.0 | 319 | 2.8 | |
| Dibbwi | 0.6 | 250 | 0.3 | |
| Inferred | Dibbwi East | 9.1 | 344 | 6.9 |
| Gwabi | 0.2 | 279 | 0.1 | |
| Njame | 1.1 | 326 | 0.8 | |
| TOTAL INFERRED | 15.0 | 330 | 10.9 |
*Notes:
1) The effective date of the mineral resource statement is March 31, 2023. The QP for the estimate is Cliff Revering, P.Eng., an employee 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 reported at a cut-off grade of 100 ppm U3O8.
4) Mineral resources are constrained within an optimized pit shell using a uranium price of US$70/lb U3O8, mining costs of US$2.90/t, processing costs of US$8.00/t ore, additional ore mining costs of US$0.50/t ore, G&A costs of US$1.50/t ore, and a royalty of 5% on U3O8 price.
5) 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.
6) All figures have been rounded to reflect the relative accuracy of the estimate.