Alligator Energy (AGE) Noosa Mining Investor Conference summary

Market and industry trends

• Strong support from both investment and nuclear utilities markets, with increased engagement from European and North American utilities.

• European utilities, including EDF and Swiss utilities, are actively seeking uranium contracts for the first time in decades.

• Sweden has reversed its nuclear ban and is planning new nuclear plants; Norway is considering small modular reactors.

• Utilities are cautiously managing inventories, with critical supply-demand periods expected in the late 2020s and early 2030s.

• Demand for uranium is robust, with potential to sell future production multiple times over.

Project updates and operational progress

• The Samphire Uranium Project, acquired in 2020, is advancing with a focus on the Blackbush deposit and Plumbush prospect near Whyalla, South Australia.

• Infrastructure is well-established, reducing capital requirements and supporting local employment.

• Initial resource is around 20 million pounds, with ongoing drilling to expand the resource and an updated estimate expected by year-end.

• Scoping study released in December shows strong project economics and low capital expenditure due to location advantages.

• The pilot plant for the field trial is fabricated and awaiting regulatory approvals, with construction planned for Q4 and operations in Q1 next year.

Technical and exploration highlights

• In-situ recovery (ISR) mining method is used, leveraging favorable geology and groundwater chemistry.

• ISR cost estimates are mid-range globally, with continuous well field drilling factored into all-in sustaining costs.

• Only 30% of mapped paleochannels have been drilled, indicating significant exploration upside.

• A dedicated ISR team with extensive experience has been assembled to manage operations and field trials.

• Additional exploration is ongoing in Arnhem Land and the Cooper Basin, with new drilling results expected soon.