Shirley Basin

Shirley Basin ISR Mine Site, Carbon County, Wyoming

As a part of the Pathfinder acquisition, we own the Shirley Basin and Lucky Mc mine sites in the Shirley Basin and Gas Hills mining districts of Wyoming, respectively, from which Pathfinder and its predecessors historically produced more than seventy-one million pounds of uranium, primarily from the 1960s through the 1990s. The Shirley Basin project is located in Carbon County, Wyoming, approximately 40 miles south of Casper, Wyoming. Conventional mine operations were suspended by Pathfinder in the 1990s due to low uranium pricing.

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Acquired Historic Geologic, Engineering and Operational Data Has Allowed for Easier Transition to Mineral Resource Estimates, and Obtaining Permits and Licenses

Together with property holdings of patented lands, unpatented mining claims, and private leases totaling nearly 3,700 acres (~1,500 hectares) at Shirley Basin, we also acquired all historic geologic, engineering and operational data related to the mine area.

We filed an Initial Assessment Technical Report Summary on Shirley Basin ISR Uranium Project, Carbon County Wyoming (the “Shirley Basin Report,” March 11, 2024). Based upon data from the historical and confirmation drilling at the site, the Shirley Basin Report confirms the project’s mineral resource estimate of 9.1 million pounds eU₃O₈ in the Measured and Indicated categories. Due to the very high level of density in drilling at the project, all resources within the three proposed mine units are classified as Measured or Indicated. There are no resources in the Inferred category.

In April 2026, we commenced initial operations to extract and capture U₃O₈ at Shirley Basin, marking the return of a historic ISR district to active operations. The project is designed as a satellite facility integrated with our Lost Creek processing plant, where U₃O₈ captured on resin at Shirley Basin will be transported for final processing, drying, and drumming. We expect to begin transporting uranium-loaded resin from Shirley Basin to Lost Creek in summer 2026, subject to receipt of final regulatory approvals. Development of additional header houses is ongoing, positioning the project for production operations and phased production growth.

The tailings facility at the Shirley Basin site is one of the few remaining facilities in the United States that is licensed to receive and dispose of byproduct waste material from other in situ uranium mines. We assumed the operation of the byproduct disposal site and continue to accept deliveries under several contracts.

Cautionary Note Concerning Disclosure of Mineral Resources:

The Technical Report Summary for the Shirley Basin Project (the S-K-1300 Report) on our website was prepared in accordance with U.S. securities laws pursuant to Regulation S-K, Subpart 1300 (S-K 1300). The Amended Preliminary Economic Assessment for the Shirley Basin Project (the NI 43-101 Report) was prepared in accordance 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. 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. The S-K 1300 Report and the NI 43-101 Report are substantially the same except for internal references to the regulations under which the reports were made, and certain organizational differences. The S-K 1300 Report and the NI 43-101 Report are preliminary in nature. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The estimated mineral recovery used in these reports is based on Company personnel and industry experience at similar facilities. There can be no assurance that recovery at the estimated level indicated in the reports will be achieved.