Lost Creek

Lost Creek Production

On August 2, 2013, the Company began production activities at its Lost Creek Project. Innovative design and development have focused on employee and environmental safety, water management practices, and advanced instrumentation monitoring and data capture. First sales of Lost Creek yellowcake were made in December 2013.

Lost creek production facility

Lost Creek Project Operations

Since the commencement of operations in 2013, through 2025, production at Lost Creek has totaled over 3 million pounds U₃O_8.The licensed annual plant production is 2.2 million pounds U₃O₈, which includes wellfield production of up to 1.2 million pounds U₃O₈ and toll processing up to one million pounds U₃O_8.

Due to low uranium prices, operations were reduced in late 2019 and returned to commercial production operations in 2023.

Lost Creek Property Resource Estimate

The Lost Creek Property represents the composite of six individual contiguous Projects: Lost Creek Project, LC East Project, LC West Project, LC North Project, LC South Project and EN Project. The fully licensed and operating Lost Creek Project is considered the core project while the others are collectively referred to as the Adjoining Projects. The Adjoining Projects were acquired by the Company as exploration targets to provide resources supplemental to those recognized at the Lost Creek Project. Most were initially viewed as stand-alone projects but expanded over time such that collectively they represent a contiguous block of land along with the Lost Creek Project.

We filed an Initial Assessment Technical Report Summary on our Lost Creek Property, Sweetwater County, Wyoming, USA (the “Lost Creek Report,” March 4, 2024). The Lost Creek Report not only provides the most recent resource update, but also calculates the Property’s economics assuming a near immediate restart of wellfield development activities and the subsequent ramp-up to a one million pounds per year production rate.

The mineral resource estimate for the property is 12.7 million pounds eU₃O₈in the Measured and Indicated categories, and 6.1 million pounds eU₃O₈ in the Inferred category. Lost Creek has produced over 3 million pounds U₃O₈ as of December 2025.

Cautionary Statement: The S-K 1300 Technical Report Summaries (and NI 43-101 Preliminary Economic Assessments, which are substantively the same) which are reported and linked on our website, are preliminary in nature and, in the case of the Lost Creek Report, includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The estimated mineral recovery used in these reports is based on recovery data from wellfield operations to date at Lost Creek in the case of the Lost Creek Report, and Company personnel and industry experience at similar facilities in the case of the Shirley Basin Report. There can be no assurance that recovery at this level will be achieved.

Cautionary Note Concerning Disclosure of Mineral Resources:

The mineral resource estimates referred to on our website and included in the “S-K 1300” reports linked on the Technical Reports page on this site, have been prepared in accordance with U.S. securities laws pursuant to Regulation S-K, Subpart 1300 (“S-K 1300”). Prior to these estimates, we prepared our estimates of mineral resources in accord with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards for Mineral Resources and Mineral Reserves (“CIM Definition Standards”). NI 43-101 is a rule developed by the Canadian Securities Administrators which establishes standards for public disclosure an issuer makes of scientific and technical information concerning mineral projects. We are required by applicable Canadian Securities Administrators to prepare and file in Canada an NI 43‑101 compliant report when we file an S-K 1300 technical report summary. The NI 43-101 and S-K 1300 reports (for each of the Lost Creek Property and Shirley Basin Project) that are linked on the Technical Reports page are substantially the same except for internal references to the regulations under which the report is made, and certain organizational differences.