Announcement PDF 15 December 2015 ASX Announcement Beatrice Project 2015 drilling results Highlights Alligator Energy Ltd Preliminary assessment of assay results from shallow air-core drilling completed Moderate uranium anomalism (>50x background) detected over 2km strike length at BT1 prospect Beatrice Prospect returns moderately anomalous to medium grade uranium mineralisation (up to 796ppm U3O8) in the regolith zone extending 100m south of outcropping mineralisation First pass reconnaissance drilling returns anomalous uranium (>100ppm U3O8) and anomalous uranium decay products at BT9 Alligator Energy (ASX:AGE) has received final assay results from the shallow air-core drilling program undertaken in 2015. This program comprised 87 holes for 2,257 metres and was undertaken in three target areas, BT-4, Beatrice Prospect and BT-1 (Figure 1). Some reconnaissance drilling was undertaken at BT-9. Drill spacing was generally broad and designed to identify the response from a large (>100Mlb U3O8) deposit. Air-core drilling is a shallow drilling technique used primarily for first pass testing of an area for mineralization and geochemical anomalies in the weathered bedrock/regolith zone. Holes were drilled through cover material and the soft weathered bedrock/regolith “to refusal” when hard, fresh bedrock was encountered. Uranium is a mobile element in the oxidized weathering zone. It is readily leached and remobilized throughout the weathered bedrock/regolith zone. This results in a bigger and more easily detected “footprint” that can be traced back to the primary mineralisation. It is anticipated that diamond drilling would then be used to test the fresh bedrock beneath any large, coherent zone of strong uranium or decay elements identified in the weathered bedrock/regolith, in particular where this extends beneath the sandstone cover. Alligator Energy Ltd ACN 140 575 604 Website: www.alligatorenergy.com.au Phone: +61 7 3852 4712 | Fax: +61 7 3852 5684 ASX Code: AGE ABN 79140575604 Suite 3 36 Agnes Street Fortitude Valley, QLD 4006 Ph: (07) 3852 4712 Fax: (07) 3852 5684 ASX Code: AGE Number of Shares: 353.9M Ordinary Shares 8.0M Unlisted Options Board of Directors: Mr John Main (Chairman) Mr Robert Sowerby (CEO) Mr Paul Dickson (Non Exec. Director) Mr Peter McIntyre (Non Exec. Director) Mr Andrew Vigar (Non Exec. Director) Mr Greg Hall (Non Exec. Director) Figure 1: Drill collar locations at BT-4, BT-1, BT9 and Beatrice prospects. BT-1 At BT-1 drill holes were about 100 metres apart on lines approximately 1,000 metres apart. Preliminary assessment of results Moderate uranium anomalism, more than 50 times background and greater than 50ppm U3O8, is evident in two drill holes (BTA15-074 and BTA15-081) located adjacent to the Beatrice Fault zone. These holes are separated by 1km. A broader zone of regolith anomalism defined by uranium assays 10 - 50 times background (10-50ppm U3O8) extends for more than 2km along the Beatrice fault (Figure 2). Strong uranium decay element anomalism was identified over a strike length in excess of 2km coincident with this uranium anomaly and is open along strike. The associated radiogenic groundwater emanating from the Beatrice Fault mark this area of anomalous uranium and uranium decay products as a significant regional feature requiring further assessment. Alligator Energy Ltd ACN 140 575 604 Website: www.alligatorenergy.com.au Phone: +61 7 3852 4712 | Fax: +61 7 3852 5684 ASX Code: AGE The source of the uranium and its decay products may be from within the Beatrice Fault or from a large mineralized zone under the Kombolgie sandstone immediately north of the Beatrice Fault. Further assessment of the uranium decay elements results will be undertaken in early 2016. Alligator considers that the techniques under development using uranium radiogenic isotope geochemistry have the potential to discriminate between responses of major uranium mineralisation and “false” anomalies Figure 2: BT1 and BT9 drill collars coloured by maximum downhole U3O8 value on SAM conductivity background (MMC1VD) Beatrice Prospect The aircore drilling program was designed to test for southerly extensions of known high grade uranium mineralisation at surface. The target was defined by a coincident SAM conductor response and uranium in soil samples extending several hundred metres south from the outcropping mineralization. Moderate uranium anomalism up to medium grade mineralisation was intersected in holes BTA15-013 (1m@222ppm U3O8), BTA15-014 (7m@311ppm U3O8), BTA15-015 (2m@598ppm U3O8), BTA15-016 (2m@358ppm U3O8), and BTA15019(1m@218ppm U3O8) (Figure 3). Alligator Energy Ltd ACN 140 575 604 Website: www.alligatorenergy.com.au Phone: +61 7 3852 4712 | Fax: +61 7 3852 5684 ASX Code: AGE Preliminary Assessment of Results: Anomalism was primarily confined to the upper part of the regolith profile. This probably reflects secondary dispersion from the outcropping mineralisation rather than the response from mineralisation extending under the scree south of the exposed uranium. Surface sampling, mapping and pitting undertaken around the known uranium outcrop showed it to be a narrow, 5-10m wide, 150m long, north-easterly trending zone of mineralisation (>1,000ppm U3O8) with a peak value of 9,491ppm U3O8. The mineralisation appears to be best developed at the intersection of this north east trending structure and the north-south trending SAM conductor. Sulphur analyses of drill samples indicate the SAM conductor is probably caused by sulphide in north-south trending zones. The intersections of these zones with the NE trending structure fault zone is considered to be the locus of mineralisation. The results from the drilling preclude the presence of a large (>100Mlb U3O8) uranium deposit at Beatrice and no further work is warranted. However, additional small, high grade pods of uranium mineralisation may exist in the area. The north east structure that hosts the Beatrice mineralisation is part of a broader structural zone that extends for over 20kms. The intersection of this structure with other SAM conductors are evident and may represent targets for this style of mineralisation. Alligator Energy Ltd ACN 140 575 604 Website: www.alligatorenergy.com.au Phone: +61 7 3852 4712 | Fax: +61 7 3852 5684 ASX Code: AGE Figure 3: Beatrice prospect showing 2015 drill collars coloured by maximum downhole U3O8 value, and the extent of the north east trending surface mineralisation - on SAM conductivity background. BT-4 Eleven shallow (maximum depth 34 metres) holes were drilled at BT4 on three traverse lines to test a strong and well-defined but alluvium covered SAM conductor target. Drilling showed a fault zone and alteration accurately matched the location and extent of the SAM feature but no significant uranium was encountered. The rock types encountered were not considered optimal hosts for uranium mineralisation. More favourable host rocks are now interpreted to exist to the north of the area drilled. The BT-4 target is considered tested and no follow work is planned (refer ASX release 22nd September 2015). Alligator Energy Ltd ACN 140 575 604 Website: www.alligatorenergy.com.au Phone: +61 7 3852 4712 | Fax: +61 7 3852 5684 ASX Code: AGE Reconnaissance drill testing- BT-9 The BT-9 prospect, located south east from BT1 was identified during the 2015 field season as a zone of very high uranium decay elements in sandstone. First pass reconnaissance drilling was undertaken late in the field season. Laboratory assays showed up to 134ppm U3O8ppm and very high values of uranium decay elements in schistose host rocks of the Cahill Formation. These are very encouraging results. The uranium decay element target remains unclosed and has not been covered by a SAM survey. The 2015 aircore drilling program completes the testing of targets in the exposed basement. In 2016 Alligator will focus solely on defining and drill testing coincident uranium decay element and SAM conductor targets in areas concealed by sandstone. While results have not been received for all sandstone samples collected in 2015, and merging and interpretation of all the uranium decay element results from the Tin Camp Creek and Beatrice tenements is still in progress, four areas of very strong anomalism have been identified. The company will make available the results of this work and the plans to test them over the next few months. FOR FURTHER INFORMATION, PLEASE CONTACT Mr Rob Sowerby Chief Executive Officer Alligator Energy Ltd Email: info@alligatorenergy.com.au Ian Howarth Collins Street Media 0407 822 319 ian@collinsstreetmedia.com.au Alligator Energy Ltd ACN 140 575 604 Website: www.alligatorenergy.com.au Phone: +61 7 3852 4712 | Fax: +61 7 3852 5684 ASX Code: AGE Table 1 – Drillhole location data and significant assay results MGA94 Easting 303985 303086 304187 304284 304388 304481 304145 304042 303947 303849 303779 304295 MGA 94 Northing 8605623 8605623 8605613 8605627 8605621 8605517 8605994 8605996 8605998 8605991 8606235 8604175 Dip -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 BTA15-013 304322 8604180 -90 BTA15-014 304320 8604245 -90 BTA15-015 304347 8604256 -90 BTA15-016 BTA15-017 BTA15-018 304347 304374 304398 8604180 8604181 8604181 -90 -90 -90 BTA15-019 304307 8604181 -90 304251 304274 304297 304327 304349 304377 304395 304350 304302 304148 304108 304037 303690 303755 303816 304058 309330 309332 309320 309316 309312 309309 309310 309321 309378 309319 311166 8604100 8604098 8604101 8604098 8604100 8604103 8604099 8604001 8604002 8604036 8604057 8604065 8604338 8604355 8604386 8604302 8607282 8607378 8607478 8607578 8607681 8607773 8607871 8607982 8607724 8607175 8607119 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 Hole ID BTA15-001 BTA15-002 BTA15-003 BTA15-004 BTA15-005 BTA15-006 BTA15-007 BTA15-008 BTA15-009 BTA15-010 BTA15-011 BTA15-012 BTA15-020 BTA15-021 BTA15-022 BTA15-023 BTA15-024 BTA15-025 BTA15-026 BTA15-027 BTA15-028 BTA15-029 BTA15-030 BTA15-031 BTA15-032 BTA15-033 BTA15-034 BTA15-035 BTA15-036 BTA15-037 BTA15-038 BTA15-039 BTA15-040 BTA15-041 BTA15-042 BTA15-043 BTA15-044 BTA15-045 BTA15-046 Prospect BT4 BT BT1 Alligator Energy Ltd ACN 140 575 604 Website: www.alligatorenergy.com.au Phone: +61 7 3852 4712 | Fax: +61 7 3852 5684 ASX Code: AGE From (m) Length (m) Grade (U3O8) No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation 1 metre of low level anomalism >50 ppm 2 1 222 and 4 metres of low level anomalism >50 ppm 0 7 311 and 1 metre of low level anomalism >50 ppm 0 2 598 and 9 metres of low level anomalism >50 ppm 2 2 358 and 4 metres of low level anomalism >50 ppm 3 metres of low level anomalism >50 ppm No Significant Uranium Mineralisation 2 1 218 and 4 metres of low level anomalism >50 ppm No Significant Uranium Mineralisation No Significant Uranium Mineralisation 3 metres of low level anomalism >50 ppm 7 metres of low level anomalism >50 ppm 7 metres of low level anomalism >50 ppm No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation BTA15-047 BTA15-048 BTA15-049 BTA15-050 BTA15-051 BTA15-052 BTA15-053 BTA15-054 BTA15-055 BTA15-056 BTA15-057 BTA15-058 BTA15-059 BTA15-060 BTA15-061 BTA15-062 BTA15-063 BTA15-064 BTA15-065 BTA15-066 BTA15-067 BTA15-068 BTA15-069 BTA15-070 BTA15-071 BTA15-072 BTA15-073 BTA15-074 BTA15-075 BTA15-076 BTA15-077 BTA15-078 BTA15-079 BTA15-080 BTA15-081 BTA15-082 BTA15-083 BTA15-084 BTA15-085 BTA15-086 BTA15-087 311179 311168 311166 311165 311161 311354 311352 311637 311627 311342 310336 310331 310335 308454 308420 308386 308349 308315 308209 308259 308302 308361 308413 308471 307961 307959 307741 307725 307607 307612 307055 307227 307735 307715 306276 306292 305416 305347 305334 305308 305304 Alligator Energy Ltd ACN 140 575 604 Website: www.alligatorenergy.com.au Phone: +61 7 3852 4712 | Fax: +61 7 3852 5684 ASX Code: AGE 8607191 8607282 8607346 8607444 8607552 8606989 8606749 8606635 8606579 8606508 8607519 8607415 8607320 8607368 8607568 8607708 8607905 8608096 8608243 8608339 8608464 8608590 8608708 8608810 8608852 8608891 8608932 8608899 8608978 8609021 8608925 8608860 8608916 8608864 8608941 8608918 8608715 8608779 8608855 8608922 8608901 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation 3 metres of low level anomalism >50 ppm No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation 2 metres of low level anomalism >50 ppm No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation 5 metres of low level anomalism >50 ppm No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation No Significant Uranium Mineralisation JORC Code, 2012 Edition – Table 1 Exploration update – December 2015. Section 1 Sampling Techniques and Data Criteria JORC Code explanation Sampling techniques Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, facesampling bit or other type, whether core is oriented and if so, by what method, etc). Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative Drilling techniques Drill sample recovery Alligator Energy Ltd ACN 140 575 604 Website: www.alligatorenergy.com.au Phone: +61 7 3852 4712 | Fax: +61 7 3852 5684 ASX Code: AGE Commentary • A total of 2281 Aircore drill samples were retrieved during this period of work, of these 760 were selected for laboratory analysis. • 1 metre composite drill chip samples were collected at in plastic sample bags via drill rig cyclone. • The samples obtained are considered to be representative of the intervals from which they were obtained and sampling and sub-sampling techniques were appropriate for the sample type and for exploration purposes. • A Radiation Solutions RS-125 spectrometer was used to measure radioactivity (in counts per second – cps) of each 1m sample. Samples are selected for laboratory based geological observation and radioactivity (cps) relative to background. No allowance is made for any potential disequilibrium of U within the weathered zone. • All drilling was conducted using heli-supported Aircore rig with either blade, blade-vacuum and tri-cone sampling bits. • Undersize drilling samples returned are recorded on drill hole sampling sheets. Logging Subsampling techniques and sample preparatio n nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. The total length and percentage of the relevant intersections logged. If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled. • All chip samples are logged systematically recording lithology, alteration and mineralisation. Drilling was undertaken for exploratory purposes. • Lithological logging is qualitative. • All (100%) drill intervals have been logged by company geologists. • The samples obtained are considered to be representative of the intervals from which they were obtained and sampling and sub-sampling techniques were appropriate for the sample type and for exploration purposes. • Field Blanks, duplicates or laboratory prepared standards were inserted into the sampling sequence for assay. • Samples chosen for assay are submitted for analyses to NTEL Laboratory in Darwin. Further sample preparation is undertaken by NTEL prior to assay. Drill samples are dried to a core temperature of approximately 100ºC. Dried samples are then coarse crushed using a Boyd crusher to a sizing of approximately 5mm. The total sample is then milled in an LM5 pulveriser to 85% passing 75µm. An analytical pulp of 250 g is taken from the bulk and the residue retained. The pulp sample is retained by the lab. • Sample sizes were considered appropriate for the type of material being sampled. • A Radiation Solutions RS-125 spectrometer was used to measure radioactivity (in counts per second – cps) of each sample. Some samples are selected for laboratory assay based geological observation and radioactivity (cps) relative to background. • Geochemical assay of representative samples is . Quality of assay data and laboratory tests The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the Alligator Energy Ltd ACN 140 575 604 Website: www.alligatorenergy.com.au Phone: +61 7 3852 4712 | Fax: +61 7 3852 5684 ASX Code: AGE analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. Verificatio n of sampling and assaying Location of data points Data spacing and distributio n Orientatio n of data in relation to geological structure Sample The verification of significant intersections by either independent or alternative company personnel. The use of twinned holes. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. Discuss any adjustment to assay data. Accuracy and quality of surveys used to locate drill holes (collar and downhole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Specification of the grid system used. Quality and adequacy of topographic control. Data spacing for reporting of Exploration Results. Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. Whether sample compositing has been applied. Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. The measures taken to ensure sample Alligator Energy Ltd ACN 140 575 604 Website: www.alligatorenergy.com.au Phone: +61 7 3852 4712 | Fax: +61 7 3852 5684 ASX Code: AGE undertaken at NTEL’s Darwin laboratory. Uranium analysis is undertaken utilising ICP-MS using Lithium Borate fusion of the pulp sample. This technique is considered a total analysis method and appropriate for the style of mineralisation targeted. • Field Standards, blanks and duplicates were included in the samples submitted to the laboratory. • • Uranium assay data is provided in Table 1 Uranium assay data is provided in Table 1 • A multiplication factor of 1.179 is introduced to convert Uppm to U3O8ppm. • Current sample locations were surveyed using GPS with accuracies of between 1-4 metres. • All samples have been surveyed on Map Grid of Australia 94 (MGA94 Zone 53). • Drilling was broad spaced for exploratory purposes to test new structural targets and until significant mineralisation is identified is insufficient to define mineral resources. • Sample compositing is applied where multi-meter intervals are reported. • Current sampling is of an exploratory nature. There is generally insufficient data in the areas during this phase of work to determine the orientation of host structures. • No known sampling bias is known to have been introduced. • The majority of samples were taken from the weathered zone. No allowance is made for potential disequilibrium of uranium in this zone. Samples, each contained in calico and subsequent zip • security security. Audits or reviews The results of any audits or reviews of sampling techniques and data. tied polyweave sample bags are delivered by Alligator personnel with Chain of Custody documentation directly to NTEL laboratory in Darwin. • No audits have been undertaken for this phase of work. Section 2 Reporting of Exploration Results Criteria JORC Code explanation Mineral tenement and land tenure status Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. Commentary • All work reported in this ASX release was undertaken on the Beatrice Project JV. • The Beatrice Project JV with Cameco which is comprised of exploration licences EL24291 and EL26796 in the Northern Territory. The tenements are held by Cameco Australia Pty Ltd. Alligator executed the Beatrice Joint Venture agreement with Cameco on 18 December 2014. • The key terms of the Joint Venture are as follows: Alligator may earn a Stage 1 interest of 51% of the project by exploration expenditure of $250,000 prior to 2 July 2016. Alligator may maintain its Stage 1 interest by sole funding to a total of $2.0 million for exploration activities prior to 2 July 2017 (Stage 2). Following completion of Stage 2, Cameco may elect to fund continuing exploration on a pro-rata basis to maintain a 49% interest or dilute its interest. If AGE fails to meet its expenditure commitments up to the end of Stage 2, AGE will forfeit its interest in the Project. On definition of a resource of 75Mlb U3O8 resource (inferred+indicated+measured), the JV must commence a NI43-101 compliant Prefeasibility Study (PFS) within 12 months of identifying a qualifying resource. Cameco may elect to manage and operate during the PFS stage and fund 51% of the PFS following making a payment of $2 million to AGE, provided they have maintained a 49% interest. Alligator Energy Ltd ACN 140 575 604 Website: www.alligatorenergy.com.au Phone: +61 7 3852 4712 | Fax: +61 7 3852 5684 ASX Code: AGE Following completion of the PFS, Cameco may acquire an additional 2% of the project (for a total of 51%) by paying AGE: For a total resource of less than 100Mlb U3O8, an amount equal to 2% x Total Resource (lbs U3O8) x $5/lb U3O8. For a total resource of greater than 100Mlb U3O8, an amount equal to 2% x Total Resource (lbs U3O8) x $6/lb U3O8 less the initial PFS payment ($2 million). • There are no known existing impediments to operating on any granted tenement within the Beatrice Project area. Exploratio n done by other parties Acknowledgment and appraisal of exploration by other parties. • Regional exploration has previously been undertaken by other parties in the region by Queensland Mines Ltd (1970-1972), Afmeco (1996-2001) and Cameco Australia Pty Ltd (2001-2010). Geology Deposit type, geological setting and style of mineralisation. • Alligator is exploring for Unconformity Associated Style Uranium Deposits. The geology of the area being targeted is comprised primarily of Carpentarian aged sandstones of the Kombolgie Formation overlying multiply deformed metasediments of the lower-Proterozoic Cahill Fm and Archaean granite Gneiss Complexes. Drill hole Informatio n A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: easting and northing of the drill hole collar elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar dip and azimuth of the hole down hole length and interception depth hole length. If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly • Drill hole survey information is provided in the Table 1 of the ASX release. Collar positions were located by GPS with accuracies of 14metres. This accuracy is considered sufficient for exploration purposes and for the style of mineralisation targeted. Alligator Energy Ltd ACN 140 575 604 Website: www.alligatorenergy.com.au Phone: +61 7 3852 4712 | Fax: +61 7 3852 5684 ASX Code: AGE Data aggregatio n methods Relationshi p between mineralisa tion widths and intercept lengths Diagrams Balanced reporting Other substantive exploration data Further explain why this is the case. In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. The assumptions used for any reporting of metal equivalent values should be clearly stated. These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’). Appropriate maps and sections (with scales) and tab