HIGHLIGHTS
TUMAS PROJECT
• 650-hole resource upgrade program commenced in late February 2024 at Tumas 3
o Primary objective to define 6 years of proven reserves for detailed mine scheduling
o An associated diamond drilling program will provide supporting data for reserve upgrade purposes
• Tender process underway to select the detailed engineering and EPCM service provider
• Uranium offtake marketing underway, and discussions commenced with financiers for debt financing component
MULGA ROCK PROJECT
• Successful resource upgrade completed with a 26% increase in total contained uranium
to 71.2 Mlb U3O8 from 56.7 Mlb U3O8 ata 100 ppm U3O8 cut-off grade, with a substantial
uplift also achieved in critical mineral value (including Rare Earth Oxide)
o 86% of Mulga Rock East uranium resource in Measured and Indicated classification using a 100 ppm U3O8 cut-off grade
o Various critical minerals’ inventory (Cu, Ni, Co, Zn component) increased by
between 200% and 400%
o Updated total Mineral Resources Estimate at Mulga Rock East deposits:
- Ambassador: 73.9 Mt at 605 ppm U3O8 Equivalent
- Princess: 7.3 Mt at 425 ppm U3O8 Equivalent
• Definitive Feasibility Study revision to commence Q2 CY2024 following positive resource upgrade and metallurgical testwork results
• Mulga Rock West deposits remain to be assessed and eventually integrated with the Mulga Rock East mining operations
CAPITAL RAISING
• Successful A$250M capital raising to advance Tumas towards production, progress Mulga Rock and provide working capital
• A$220M raised at A$1.225 through a placement, with significant interest from a broad range of high-quality domestic and international funds, combined with strong support from existing institutional shareholders
• Subsequent to quarter end, A$30M raised through a Share Purchase Plan to existing shareholders
CORPORATE
• Cash position at end of March 2024 A$155.614M (December 2023 cash position
$25.248M)
• Uranium market outlook continues to be very strong with nuclear demand expected to continue outpacing supply over the mid-term
• Anticipated additional funds with receipts of approximately A$5M expected during 2024 with the majority relating to claims to be lodged for R&D reimbursement for financial year 2023. see & read more on
https://www.investi.com.au/api/announcements/dyl/f0a9b3d7-6d8.pdf