Announcement PDF QUARTERLY REPORT FOR THE PERIOD ENDING 30 June 2024 31 December 2021 ASX: AGE Quarter Highlights Alligator Energy Limited (“Alligator”, “AGE” or the “Company”) is pleased to release the 30 June 2024 Quarterly Activities Report. Significant Highlights for the Quarter include: Samphire Project • Extension drilling around Samphire’s Blackbush resource continued with encouraging medium to high grade intersections. • Additional requested information provided to SA Department for Energy and Mining for Samphire Retention Lease Proposal and field recovery trial. Awaiting advice on RL approval. • Fabrication of pilot plant completed and components transported to AGE’s Whyalla yard. • Known palaeochannels in the Samphire Project significantly extended using ground gravity from ~64 linear kms to around 90 linear kms. 72% of these channels remain unexplored. Big Lake Project • Inaugural drilling program on project commenced, with drilling at one site returning encouraging indicators of paleochannel sands and elevated uranium levels. Additional holes to be drilled during August. Nabarlek North Project • High resolution airborne magnetic and radiometric survey completed post quarter. • Planning well underway for up to 40 reverse circulation holes to test various target / focus areas. Corporate and Uranium Market • Cash balance at quarter end of $28.4 M. • The spot U3O8 price ended the quarter at $85/lb, with some typical seasonal northern hemisphere summer volume weakness. • The term U3O8 price remained solid in the US$79 to $80/lb U3O8 range at quarter end. Alligator continues to be well funded to advance its program of field recovery and pilot testing at is flagship Samphire Uranium Project, while advancing targeted Northern Territory and South Australian uranium exploration. The Company held direct meetings late in the quarter to provide an update on the Samphire Uranium Project progress to potential future nuclear utility customers in North America and Europe, plus engaged with existing and potential international investors. info@alligatorenergy.com.au | www.alligatorenergy.com.au | +61 (0) 7 3839 3904 ABN 79 140 575 604 | Suite 2, 128 Bowen St, Spring Hill, QLD 4000 | Page 2 of 24 Quarter Detailed Summary Uranium - Samphire Project • • Extension drilling around Blackbush resource recommenced mid-May post pastoral activity • Blackbush Northeast channel (~2kms distant) has confirmed the presence of oxidised and reduced sands within the paleochannel – key ingredients for uranium roll front mineralisation • Encouraging medium-high uranium grade intersections were encountered with Blackbush direct extensions (refer ASX release 17 July 2024). • AGE provided additional requested information to the SA Department for Energy and Mining (DEM) in early July for the Retention Lease (RL) Proposal for the Samphire field recovery trial (FRT). Awaiting advice on RL approval. • A Program for Environmental Protection and Rehabilitation approval is required post granting of the RL to enable commencement of construction. • Fabrication of the containerised FRT plant was completed and components transported to AGE’s Whyalla yard. • Expressions of interest for onsite construction of the Pilot Plant have been received from five Whyalla based companies. • A ground gravity survey has extended the known palaeochannels in the Project from ~64 linear kms to around 90 linear kms. 72% of these channels have not been tested for mineralisation, indicating the significant potential for new discoveries. Drilling includes step-out areas around high-grade encouraging historical intercepts, as well as direct extensions around Blackbush Uranium - Big Lake Project • Inaugural drilling program on project commenced, with the objective of calibrating the seismic/AEM interpretations with the potential for existence of uranium roll-front systems. • • By 30 June, twenty holes completed for a total of 2,476 m. • Unseasonal heavy rains have delayed completion of the program until mid-August. Drilling at one site returned encouraging indicators of paleochannel sands and elevated uranium levels to typical background values. Further holes are planned at this location. Uranium - Nabarlek North Project • • Site preparations underway for commencement of the 2024 Nabarlek North field program • Planning is well underway for up to 40 reverse circulation holes to test various target / focus areas within key stratigraphy. • • Drilling program includes additional along-strike testing of the U40 Prospect. Program includes a high resolution airborne magnetic and radiometric survey covering the entire Nabarlek North tenure (completed in July). Alligator was successful in two co-funding applications with the NTGS to partially cover geophysical survey and RC drilling costs for 2024. Energy Minerals - Piedmont Project (Ni,Cu,Co AGE: 51% JV) and EnviroCopper (AGE: 7.8%) • A Piedmont Project information memorandum seeking acquisition interest from nickel/copper investors has been provided to a number of parties with discussions ongoing. • EnviroCopper (ECL) are awaiting approvals for the Kapunda Project lixiviant copper extraction trial (work being funded by BHP). • A drilling program for water bores was initiated ahead of the planned push-pull and tracer testing (first phase) at ECL’s Alford West Project, Yorke Peninsula. info@alligatorenergy.com.au | www.alligatorenergy.com.au | +61 (0) 7 3839 3904 ABN 79 140 575 604 | Suite 2, 128 Bowen St, Spring Hill, QLD 4000 | Page 3 of 24 • ECL’s Projects are in South Australia where an approval framework for copper ISR extraction is in place. Corporate • • Cash balance at quarter end of $28.4M. During the quarter 959,913 short-term incentive options vested as a result of certain key performance indicators having been met and were converted to fully paid ordinary shares. A further 790,688 shortterm incentive options did not vest and have now expired. Uranium Market • The spot U3O8 price ended the quarter at $85/lb, with some typical seasonal northern hemisphere summer volume weakness. • • • The term U3O8 price remained solid in the US$79 to $80/lb U3O8 range at quarter end. Alligator met with a range of potential future nuclear utility customers in North America and Europe. Key market drivers during the quarter included: Signing into law of US sanctions on Russian EUP imports with declining quota over three-year period – waiver system implemented for exemptions; nuclear utilities continue on and off market long-term U supply discussions; Norwegian municipalities enter cooperation agreements regarding investigation of possible nuclear power plants; research institute established in South Korea for SMR-powered ships; Refer to additional detail in Market Update. Plans for the forthcoming quarter: • Samphire - Continuation of resource extension and step out drill testing, with updated Blackbush resource to be released either 4th quarter 2024 or 1st quarter 2025. - Post RL approval, submission of a Program for Environmental Protection and Rehabilitation (PEPR – the operating plan) for field recovery trial operations. - Selection of preferred Whyalla based construction contractor for pilot plant site establishment. - Initiation of certain optimisation studies (water, power, transport, logistics etc.) required to be concluded prior to commencement of a feasibility study in 2025. - Scoping in preparation for the feasibility study. • Big Lake - Completion of inaugural drilling program, including follow-up of site 10 where drilling to date has shown evidence of potential paleochannel sands (refer ASX Release: 17 July 2024) with an additional two to four holes to test dip and strike extensions from the same location. Anticipated remobilise of drilling crew to site in early August to finalise drilling campaign. • Nabarlek North - Interpretation of high resolution airborne magnetic and radiometric data over the tenement package. - Complete logistics planning and site set-up at Nabarlek North for forthcoming field program. - Environmental and heritage clearances for proposed drill sites. - Drilling contractor selection for approximately 5,000 m RC drilling program. - Commencement of on-ground field programs, including reconnaissance mapping geochemistry sampling and scintillometer surveys. • Piedmont - Continued marketing of the opportunity to acquire the Piedmont Project with the Company preferring to focus on uranium and applications for the in-situ recovery (ISR) mining technique. info@alligatorenergy.com.au | www.alligatorenergy.com.au | +61 (0) 7 3839 3904 ABN 79 140 575 604 | Suite 2, 128 Bowen St, Spring Hill, QLD 4000 | Page 4 of 24 Samphire Uranium Project Development Extension Drilling Resource extension drilling for 2024 commenced at the Blackbush Deposit in late January and continued until mid-April when the program was suspended for the pastoral lambing season. Drilling recommenced mid-May with a total of 39 holes for 3,553m drilled during the quarter, for a total of 69 holes for 5,990m this calendar year to date. The program has focussed primarily on areas up to 2kms from the Blackbush mineralisation, investigating encouraging historical intercepts and those encountered in previous AGE drilling programs (Blackbush Extension 2) and a new area Blackbush Northeast (Figure 1). At this stage, drilling in Blackbush Northeast has confirmed the presence of both oxidised and reduced sands within the paleochannel which are key ingredients when exploring for uranium roll front mineralisation. In addition, encouraging medium-high uranium grades were intersected at Blackbush Extension 2, namely: o o o o o BBRM24-217 3.07 meters at 0.05% (493ppm) pU3O8 from 58.47m (GT 1,514), BBRM24-220 1.32 meters at 0.10% (978ppm) pU3O8 from 56.10m (GT 1,291), BBRM24-255: 1.18m @ 0.016% (1,682ppm) pU3O8 from 54.04m and 0.87m @ 0.14% (1,399ppm) pU3O8 from 60.35m, BBRM24-258: 0.57m @ 0.13% (1,357ppm) pU3O8 from 54.76m, and BBRM24-267: 1.18m @ 0.53% (5,332ppm) pU3O8 from 52.96m. These areas will be further tested with follow-up drilling along with new exploration target areas in the north and northeastern palaeochannels (Figure 1). In addition, step-out drilling at the Blackbush Deposit has focused on uranium mineralisation recently delineated west of Blackbush West1 (Blackbush Extension 1 - Figure 1). Interpretation suggests that the palaeochannel as well as the uranium mineralisation is extending northwards. Drilling is currently underway to investigate this trend. Key intercepts showing that this mineralisation has not yet been closed out in this area include: o o o o BBRM24-222 1.47 meters at 0.40% (3,992ppm) pU3O82 from 60.68m (GT 5,868), BBRM24-235 4.44 meters at 0.43% (4,370ppm) pU3O8 from 61.38m (GT 19,403), BBRM24-275: 0.53m @ 0.019% (192ppm) pU3O8 from 61.26m and 0.71m @ 0.48% (4807ppm) pU3O8 from 65.01 BBRM24-276: 0.51m @ 0.06% (618ppm) pU3O8 from 65.93m. Drilling in this area will continue in addition to commencing exploration north of Blackbush West as part of Blackbush Extension 1 drilling program. info@alligatorenergy.com.au | www.alligatorenergy.com.au | +61 (0) 7 3839 3904 ABN 79 140 575 604 | Suite 2, 128 Bowen St, Spring Hill, QLD 4000 | Page 5 of 24 Figure 1: Recent drilling at the Samphire Project. Intercepts above 250ppm pU 3O8 (yellow dots), 100ppm-250ppm pU3O8 (red dots) and <100ppm pU3O8 (blue dots). Areas to be drilled tested for the remainder of 2024 also shown. Ground Gravity Daishsat Geodetic Surveyors completed acquiring ground gravity data south of the Plumbush Prosect (EL6350) and an area north of the Blackbush Deposit (Figure 2 – pink shading) to examine the extension potential of the uraniferous Samphire palaeochannel. Integration of the new gravity data with the historical shows outstanding continuity of the palaeochannel system (Figure 2). Whilst detailed interpretation of the new data is ongoing, a preliminary assessment of the geological logs from historic drillholes completed by Uranium SA Ltd in this region, confirm the presence of significant thicknesses (between 16 and 60 m) of palaeochannel sediments (Kanaka Beds) within the newly identified channel system mapped by gravity data (Figure 2). At this stage of Alligator’s interpretation, the recent survey has extended the known palaeochannels in the Project from ~64 linear kms to around 90 linear kms (~5 km north of Blackbush and ~29 km south of Plumbush). With this new extension, 72% (over 70km) of the prospective areas of the entire Samphire palaeochannel system now remain completely untested by drilling, indicating the significant potential for new discoveries and resource growth in the Project area. Alligator will now integrate these new targets into the pipeline of its multiyear uranium exploration program. info@alligatorenergy.com.au | www.alligatorenergy.com.au | +61 (0) 7 3839 3904 ABN 79 140 575 604 | Suite 2, 128 Bowen St, Spring Hill, QLD 4000 | Page 6 of 24 Figure 2: AGE’s Samphire project tenement holding showing extent of the Samphire palaeochannel as mapped by integrated ground gravity dataset and historical Uranium SA Ltd (USA) drillholes 1 showing thicknesses of palaeochannel sediments (Kanaka Beds) interpreted by Alligator from USA data. Field Recovery Trial The Samphire Retention Lease application continues to progress with lodgement in July of all additional information requested by the Department of Energy and Mining (DEM) relating to the conduct of the Field Recovery Trial (FRT). A Program for Environmental Protection and Rehabilitation approval is required post granting of the RL to enable commencement of construction. 1 Drillhole location information published in Appendix 2 of AGE’s ASX Release “Significant Exploration Target Range established, Samphire Uranium Project, South Australia” 02751150.pdf (weblink.com.au) info@alligatorenergy.com.au | www.alligatorenergy.com.au | +61 (0) 7 3839 3904 ABN 79 140 575 604 | Suite 2, 128 Bowen St, Spring Hill, QLD 4000 | Page 7 of 24 Fabrication of the pilot processing plant by Adelaide Control Engineering (ACE) for the Samphire Project FRT was completed. The seven containerised plant modules including the reverse osmosis plant passed factory acceptance testing and were transported to Whyalla where they will be stored ahead of finalisation of all regulatory approvals and completion of site construction works. An Expression of Interest for the on-site assembly of the FRT plant modules and associated infrastructure has been issued to seven short-listed local Whyalla contractors. Five have now progressed through the next round of evaluation. Big Lake Uranium (BLU) Project Highlights for the quarter include: • • • • Commencement of the inaugural drilling program for the Big Lake project, with the primary objective of calibrating the seismic/AEM interpretations of the upper (<500m) sections of the Cooper basin against the potential for existence of uranium roll-front systems in prospective host formations. By the end of the Quarter and the allotted timeframe, 20 holes were completed for a total of 2,476 m. This represents about 50% of the initially proposed program, with wet weather and additional requirements for confined aquifer grouting significantly reducing production and escalating costs. Drilling at site 10 (see Figure 3) showed evidence of potential paleochannel sands with elevated uranium between 93 and 102 m in oxidized quartz-rich sands. In light of this, an additional drilling shift has been organised to provide an opportunity to affirm and test the scale of the potential paleochannel intercept. This will involve two to four angled holes at 90-degree azimuths from the same drill pad, scheduled for August. Arrangements made with the Yandruwandha Yawarrawarrka Aboriginal Corporation to undertake additional site clearances later in the year to set up a 2025 drilling program. Figure 3: Big Lake Project. AGE Big Lake drilling proposals for March/April 2024 as a series of fences. Sites were inspected and cleared by traditional owners in November 2023. info@alligatorenergy.com.au | www.alligatorenergy.com.au | +61 (0) 7 3839 3904 ABN 79 140 575 604 | Suite 2, 128 Bowen St, Spring Hill, QLD 4000 | Page 8 of 24 Alligator Rivers Uranium Province (ARUP) • A new high resolution airborne magnetic and radiometric survey was completed over the entire Nabarlek North tenement package (Alligator Rivers Uranium Province, Figure 4 Preliminary results show a significant improvement in data resolution over historical data, highlighting previously unknown structural trends (U40 trend), prospective geological domains and structural complexities (Figure 2). Upon receipt of final data, a full release will be made with an updated interpretation and target selection for the 2024 drilling program. Tendering is in process for the provision of reverse circulation drilling services for the Nabarlek North 2024 field program. A program of 5,000 m is envisaged for fences of strategically placed holes targeting structures and interpreted sections of Lower Cahill Formation (the main uranium host-horizon in the district). Subject to availability, it is expected that the successful tenderer will commence operations in mid to late August. During the Quarter, two successful co-funding applications were made to the Northern Territory Geological Survey, Department of Industry, Tourism and Trade (DITT) under the Geophysics and Drilling Collaborations Program (see https://resourcingtheterritory.nt.gov.au/exploration-grants). This will provide for up to 100K for both the airborne geophysics and drilling planned for 2024. • • • Figure 4: Comparison between resolutions of historical vs newly acquired preliminary magnetic data (flown by AGE, June – July 2024). Yellow circles denote areas of structural complexities that share similarities to known uranium mineralisation in the region and will be subject to further detailed interpretation. Green circles highlight areas already considered to be potential targets areas of interest for the 2024 drill program. Note this data is preliminary and not the final product to be delivered by the Contractor. Piedmont Nickel Cobalt Project - NW Italy During the quarter the Company engaged with a number of interested parties on the opportunity to acquire 100% of the rights to the Piedmont Project. Discussions with certain parties remain ongoing. Investment in EnviroCopper Limited • Approvals for the Kapunda Project lixiviant copper extraction trial will enable commencement of construction. A meeting is scheduled with various South Australian Government Departments to discuss the push/pull trial results and discuss any modifications required for the next phase of in groundwork (in-situ recovery site environmental lixiviant test). info@alligatorenergy.com.au | www.alligatorenergy.com.au | +61 (0) 7 3839 3904 ABN 79 140 575 604 | Suite 2, 128 Bowen St, Spring Hill, QLD 4000 | Page 9 of 24 • A drilling program for three water bores was initiated ahead of the planned push-pull and tracer testing (first phase) at Alford West project, Yorke Peninsula (Figure 5). Visible mineralisation was detected in drillholes with samples submitted for assay. Figure 5: Alford West Project Area showing the extent of the Alford Copper Belt and the location of the Alford West copper orebodies (Wombat, Bruce and Larwood). Market Update • The spot U3O8 price ended the quarter at $85/lb, with some typical seasonal northern hemisphere summer volume weakness. • • The term U3O8 price remained solid in the US$79 to $80/lb U3O8 range at quarter end. Alligator met with a range of potential future nuclear utility customers in North America and Europe. There was strong interest in the potential for future uranium production from Samphire – dependent on successful field trials, feasibility, full mine approvals and financing – towards the end of the decade. South Australia has a reputation as a known experienced regulatory regime in regard to uranium production and export, with minimal jurisdictional risk. Key market drivers during the quarter were: • The signing into law of US sanctions on Russian EUP imports with a declining import quota over a three-year period (2025, 2026, 2027). A waiver system has been implemented whereby US nuclear utilities must show that they have tried to obtain other source of supply, however need to keep access to Russian material for the period above. • Nuclear utilities continue on and off market long-term U supply discussions with current producers, restart uranium production mines, and new developing mining groups. info@alligatorenergy.com.au | www.alligatorenergy.com.au | +61 (0) 7 3839 3904 ABN 79 140 575 604 | Suite 2, 128 Bowen St, Spring Hill, QLD 4000 | Page 10 of 24 • Reporting of continued activity around datacentres (AI and cloud hosting services) looking to secure locations adjacent nuclear power sites for reliability and stability of power supply. • The Niger Government has revoked the mining licences for three uranium projects (one producing and two developing) in that country, with appeals and legal challenges being mounted. • European countries continue to evaluate and advance new nuclear plans. In the latest, two Norwegian municipalities enter cooperation agreements regarding investigation of possible nuclear power plants in their region, with a Norwegian committee established to evaluate nuclear potential. • • A research institute has been established in South Korea for SMR-powered ships. • • • The US Government pledges US$900M to accelerate SMR deployment in that country. India’s Union Minister says that India’s nuclear power capacity will increase by around 70% in the next 5 years. Vattenfall in Sweden aims to extend the operating life of two reactors to 80 years. France confirms plans for eight new nuclear plants. Corporate • • During the quarter 959,913 short-term incentive options vested as a result of certain key performance indicators having been met and were converted to fully paid ordinary shares. A further 790,688 shortterm incentive options did not vest and have now expired. At 30 June 2024, 1,401,501 long-term (three year) incentive options lapsed as the associated performance hurdles were not met. Capital Structure and Listing Rule 5 disclosures At 30 June 2024, the Company had the following capital structure and cash balances: As at 30 June 2024 Cash Balance A$28.4M Ordinary Fully Paid Ordinary Shares (AGE) 3,869.8M Listed Options 7.8c (Exp 28/11/25) (AGEOC) 273.9M Unlisted Options 8.1c (Exp 01/12/25) 132.0M Unlisted Employee Incentive Performance Options 25.7M Big Lake Performance Shares (Exp 10/12/24) (see Appendix 1) 30.0M Expenditure on exploration and evaluation activities during the June 2024 quarter totalled $3,210k (previous quarter - $1,497k) and related principally to advancing the Samphire Project and the inaugural drilling program at Big Lake. Payments to related parties including non-executive director fees and the salary of the CEO and Managing Director for the March quarter totalled $130k (previous quarter $130k). This announcement has been authorised for release by the Board. info@alligatorenergy.com.au | www.alligatorenergy.com.au | +61 (0) 7 3839 3904 ABN 79 140 575 604 | Suite 2, 128 Bowen St, Spring Hill, QLD 4000 | Page 11 of 24 Contacts: For more information, please contact: Mr. Greg Hall Mr. Mike Meintjes CEO & Director CFO & Company Secretary gh@alligatorenergy.com.au mm@alligatorenergy.com.au For media enquiries, please contact: Alex Cowie Media & Investor Relations alexc@nwrcommunications.com.au Competent Person’s Statement Uranium The information in this announcement that relates to Exploration Results for the Samphire, Big Lake and Nabarlek North Projects is based on and fairly represents information provided by Dr Andrea Marsland-Smith who is a Member of the AusIMM. Dr Marsland-Smith is employed on a full-time basis with Alligator Energy as Chief Operating Officer, and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration (including 21 years in ISR uranium mining operations and technical work) and to the activity she is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr Marsland-Smith consents to the inclusion in this release of the matters based on her information in the form and context in which it appears. Forward Looking Statement This announcement contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. These risks and uncertainties could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking information should circumstances or management’s estimates or opinions change. info@alligatorenergy.com.au | www.alligatorenergy.com.au | +61 (0) 7 3839 3904 ABN 79 140 575 604 | Suite 2, 128 Bowen St, Spring Hill, QLD 4000 | Page 12 of 24 About Alligator Energy Alligator Energy Ltd is an Australian, ASX-listed, exploration company focused on uranium and energy related minerals, principally through its equity interest and funding agreement with EnviroCopper Limited. Alligator’s Directors have significant experience in the exploration, development and operations of both uranium and nickel projects (both laterites and sulphides). Projects info@alligatorenergy.com.au | www.alligatorenergy.com.au | +61 (0) 7 3839 3904 ABN 79 140 575 604 | Suite 2, 128 Bowen St, Spring Hill, QLD 4000 | Page 13 of 24 Alligator Group Tenure Holdings at Quarter End: The following information is provided pursuant to Listing Rule 5.3.3 for the quarter ended 30 June 2024. ARUP (NT) Uranium Licence Number Tenement Name Ownership Interest Area (km2) State Status EL24921 Tin Camp Creek TCC Project P/L 98 76.79 NT Granted EL24922 Tin Camp Creek TCC Project P/L 98 194.59 NT Granted EL25002 Tin Camp Creek TCC Project P/L 100 11.55 NT Granted EL24291 Beatrice Alligator Energy Ltd 100 337.21 NT Granted EL26796 Beatrice Alligator Energy Ltd 100 19.77 NT Granted EL27252 Stevens Northern Prospector P/L 100 6.75 NT Granted EL27253 Stevens Northern Prospector P/L 100 5.61 NT Granted EL28389 Nabarlek North Northern Prospector P/L 100 110.83 NT Granted EL28390 Nabarlek North Northern Prospector P/L 100 33.58 NT Granted EL29991 Nabarlek North Northern Prospector P/L 100 26.87 NT Granted EL29992 Nabarlek North Northern Prospector P/L 100 63.81 NT Granted EL29993 Nabarlek North Northern Prospector P/L 100 57.06 NT Granted EL31480 Nabarlek North Northern Prospector P/L 100 188.44 NT Granted EL26793, EL26794, EL26795 Beatrice Alligator Energy Ltd 100 123.88 NT Application Various Northern Prospector P/L 100 907.44 NT Applications EL27777, EL27778, EL28176, EL28293, EL28315, EL28863, EL28864, EL28865, EL28950, EL31452, EL31453, EL31454, EL32075, EL32389, EL32390, EL32391 Eyre Peninsula (SA) Uranium EL5926 Samphire S Uranium Pty Ltd 100 332 SA Granted EL6350 Samphire S Uranium Pty Ltd 100 38 SA Granted EL6835 Samphire S Uranium Pty Ltd 100 61 SA Granted EL6901 Samphire S Uranium Pty Ltd 100 119 SA Granted Cooper Basin (SA) Uranium EL6367 Big Lake Big Lake Uranium Pty Ltd 100 818 SA Granted EL6847 Big Lake Big Lake Uranium Pty Ltd 100 841 SA Granted EL6848 Big Lake Big Lake Uranium Pty Ltd 100 877 SA Granted EL6849 Big Lake Big Lake Uranium Pty Ltd 100 978 SA Granted EL6902 Big Lake Big Lake Uranium Pty Ltd 100 939 SA Granted EL6903 Big Lake Big Lake Uranium Pty Ltd 100 994 SA Granted EL6904 Big Lake Big Lake Uranium Pty Ltd 100 975 SA Granted Piedmont (NW Italy) Ni-Co – JV P38V Laghetto AGE EV Minerale SrL 51* 16.50 PIE (Italy) Reapplication TBA Gavala AGE EV Minerale SrL 51* 13.50 PIE (Italy) Application TBA Valmaggia AGE EV Minerale SrL 51* 3.77 PIE (Italy) Application 100 36.78 PIE (Italy) Application Piedmont (NW Italy) Ni-Co – AGE TBA Sella Bassa AGE EV Minerale SrL *- subject to a Joint Venture Agreement with Chris Reindler and Partners in NW Italy info@alligatorenergy.com.au | www.alligatorenergy.com.au | +61 (0) 7 3839 3904 ABN 79 140 575 604 | Suite 2, 128 Bowen St, Spring Hill, QLD 4000 | Page 14 of 24 Blackbush Mineral Resource Estimate reported above a 250ppm U3O8 cut-off. JORC Category Mt Grade (U3O8 ppm) U3O8 Metal (Mlbs) Indicated 7.8 754 12.9 Inferred 4.6 447 4.6 Total 12.4 640 17.5 The model is reported unconstrained and above a 250 ppm U3O8 lower cut-off grade for all zones in consideration of potential for recovery by in situ leach processes. Estimation is by ordinary kriging for all mineralised zones. Density is assigned as 2.05 t/m3 based on limited test work. The model assumes agglomeration of 12.5mE x 12.5mN x [variable]mRL panels for definition of well fields for production. The model does not account for dilution, ore loss or recovery issues. These parameters should be considered during the mining study as being dependent on the treatmen