Announcement PDF ASX : AGE Alligator Energy Limited ACN 140 575 604 AGE 2023 Annual Report 03 Highlights 102 Corporate Governance & Competent Person Statements 12 Chairman & Chief Executive Officer’s Letter 103 Annual Mineral Resource Statement 16 Tenement Register 17 107 Additional Information (ASX Listing Rules) Project Locations 18 Corporate Directory Environmental, Social and Governance (ESG) in Action 109 25 Financial Report 26 Directors’ Report 50 Consolidated Statement of Profit & Loss 51 Consolidated Statement of Financial Position 52 Consolidated Statement of Changes in Equity 53 Consolidated Statement of Cash Flows 54 Notes to the Consolidated Financial Statements 98 Auditor’s Report 2 2023 Annual Report Alligator Energy is a responsible and progressive uranium and energy metals explorer and emerging producer Our aim is to discover, source and economically extract these needed commodities with an innovative approach, with either zero or minimal impact, and with positive value and experience for our stakeholders and communities. We look at our business activities through the eyes of our stakeholders: • We aim to add value for shareholders in all our decision-making. • We wish to provide an engaging, challenging, enjoyable and respectful workplace for our employees. • We respect the rights of landowners and communities and seek to collaborate for our mutual benefit. • We respect the cultural heritage and connection to country of Traditional Owners and wish to create mutually beneficial opportunities. • We aim for a low impact on the environment through innovation, latest technology, and responsible land management techniques. Shareholders Communities Team STAKEHOLDER PERSPECTIVE Focus on Environment Landowners Traditional Owners 2023 Annual Report 3 ALLIGATOR ENERGY’S STRATEGY Our strategy is focused and straightforward: • To advance the Samphire Uranium Project through resource growth, economic evaluation, field recovery trial and feasibility study, initial offtake contracts, approvals and financing into in-situ recovery (ISR) production. • To identify and test highly prospective exploration targets at the Alligator Rivers and Big Lake Uranium Projects. • To evaluate, acquire or JV with further uranium or energy mineral assets in key target geographic regions. • To value-add to our Ni Co Cu Piedmont Project in northern Italy through exploring strategic partnership investment. • To continue to develop our nuclear utility customer relationships to enable future establishment of long-term offtake contracts at supportive pricing and economics for our Samphire Uranium Project. 4 2023 Annual Report ALLIGATOR’S PROJECT PIPELINE HIGHLIGHTS 2022-2023 Samphire Project, South Australia • Initial and Upgraded Mineral Resource Estimate at Blackbush within twelve months An initial Mineral Resource Estimate (MRE) of 14.8Mlbs U3O8 at 250ppm cut-off (combined Inferred and Indicated) from 10Mt @ 666 ppm U3O8 for the Blackbush Deposit (Blackbush) was confirmed on 1 September 2022. The MRE applies to ISR amenable lithologies only (i.e., the Kanaka Beds), with a cut-off grade of 250 ppm U3O8 to identify a potential ISR mineable resource. An upgrade to the MRE was then achieved in March 2023 with a 23% increase in uranium metal content (combined Indicated and Inferred) to 18.1Mlbs at a cut-off grade of 250ppm U3O8 from 11.4Mt @ 720ppm. 2023 Annual Report 5 HIGHLIGHTS (CONTINUED) • Improved quality of the MRE at Blackbush achieved through rotary mud drilling The average grade of the MRE at Blackbush of 666ppm U3O8 has lifted from UraniumSA’s (previous owner) global mean grade of 230ppm U3O8 and is now on par with several existing and previously operating ISR projects in Australia and the USA. A further upgrade of 8% in average grade of the MRE from 666ppm U3O8 to 720ppm U3O8 was achieved from the drilling in Q4 of 2022. The infill and extensional drilling in Q4 of 2022 also increased the Indicated portion of the MRE to enable the Scoping Study to draw from a higher confidence level – see table below: Changes for Alligator’s Blackbush Mineral Resource (September 2022 • March 2023) Resource Growth Potential Identified at Blackbush In October 2022 a follow-up drilling program of 120 infill and extensional holes at Blackbush was initiated and remained ongoing at 30 June 2023 with significant uranium mineralisation intersections encountered to date including: Blackbush East: • 1.78 metres at 0.45% (4,569ppm) pU3O8 from 61.70 metres (GT 8,132) • 1.94 metres at 0.11% (1,106ppm) pU3O8 from 58.20 metres (GT 2,145) • 1.26 metres at 0.19% (1,916ppm) pU3O8 from 58.76 metres (GT 2,414) • 1.30 metres at 0.21% (2,149ppm) pU3O8 from 60.72 metres (GT 2,793) Blackbush West: • 1.18 metres at 0.25% (2,557ppm) pU3O8 from 69.68 metres (GT 3,017) • 1.12 metres at 0.26% (2,696ppm) pU3O8 from 73,95 metres (GT 3,019) • 1.58 metres at 0.10% (1,097ppm) pU3O8 from 77.44 metres (GT 1,733) • 1.92 metres at 0.15% (1,539ppm) pU3O8 from 74.51 metres (GT 2,964) 6 Note: GT = grade(ppm) x thickness(m) – divide by 10,000 for m% GT 2023 Annual Report HIGHLIGHTS (CONTINUED) • Highly Successful uranium leach extraction tests conducted with the assistance of ANSTO The testwork covered leaching of uranium from core samples through diagnostic, bottle roll and column leach tests, and ion exchange (IX) uranium extraction using latest Strong Base Ion salt tolerant resins. The work was undertaken by the Australian Nuclear Science and Technology Organisation (ANSTO). The leaching performance of the uranium ore from Samphire in an In Situ Recovery (ISR) scenario was simulated in two horizontal column leaching tests over 33 days. High uranium extraction into solution was achieved with extractions between 92.9% and 96.3%. • Scoping Study confirmed potential for a low cost ISR uranium operation at the Samphire Project Samphire Uranium Project Scoping Study completed in March 2023 confirmed the potential for development as a globally competitive low-cost uranium operation using the in-situ recovery (ISR) process at Samphire. A Life-of-Mine (LOM) Production Target of 10.0 Mlbs U3O8 over 12 years was applied, with annual production target of 1Mlbs pa for 8 years with ramp up and ramp down. Key economic metrics were as follows: • Low initial capital expenditure forecast of A$129.3M (A$123M-A$136M) including a significant combined contingency and cost escalation allowance of 40%. • Average cash operating costs of A$25.59/lb U3O8 (US$17.92 /lb U3O8) with a range of A$24.31/lb - A$26.87/lb). • AISC (including transport, shipping, royalties and sustaining capital) of A$43.19/lb U3O8 (US$30.23/lb U3O8) with range of A$41.03/lb to A$45.35/lb. • Attractive projected economics at a forecast US$65/lb U3O8 realised sales price and AUS:USD exchange rate of 70 cents: • • • Ungeared, real post-tax NPV8 of A$152M (A$144M - A$160M) Post-tax internal rate of return (IRR) of 29% (27.5% - 30.4%) Payback period of 3.5 years from start of production 2023 Annual Report 7 HIGHLIGHTS (CONTINUED) • Retention Lease application to obtain approval to conduct a field recovery trial (FRT) at Samphire lodged in April 2023 A Retention Lease is required for the purposes of conducting the FRT at Samphire (Blackbush Deposit) in early 2024. The South Australian Department for Energy and Mining (DEM) advised that the application was accepted, subject to some formatting updates plus additional information on baseline descriptions, and data on the groundwater characteristics and flow dynamics of aquifers in the application area. The full document was resubmitted on 18 August 2023 and was on release for public consultation between Wed 23rd August to Wed 20th September 2023. At time of writing Alligator was awaiting the public submission documents from the DEM. Alligator Rivers Uranium Projects – TCC, Beatrice and Nabarlek North, Northern Territory, Australia 8 • A Falcon Plus airborne gravity survey was successfully completed in July 2022 at the Nabarlek North Project, the first exploration work for this newly licensed Project. • Regional auger and RAB drilling program completed at Nabarlek North Project in the last quarter of 2022, with over 1,000 samples collected and submitted for geochemical analysis. • Interpretation of the geochemical assays from drill samples acquired in the 2022 field season was integrated with the Falcon airborne gravity data and was integral to the planning for the 2023 field season. Twenty-three (23) priority target areas were then identified for the focus of this field work which commenced in early July 2023. • An induced polarisation (IP) geophysical survey over key areas covering a collective 20km2 commenced towards the end of the financial year. Higher resolution follow-up is then anticipated over the best geophysical targets from this work. A key objective of the IP survey is to map chargeability and subtle conductive structures in the area north of DevEx Resources’ (ASX: DEV) high-grade U40 Prospect. • Systematic auger and RAB drilling recommenced in July 2023 across the Nabarlek North project area. The program will largely cover the remaining untested parts of the tenure. • Trialling of ultrafine (< 2µm) assaying from samples collected in 2022 was initiated. The technique has the potential to replicate basement geochemistry sampling without the need for shallow regolith drilling. The data will also be used to review tenure prospectivity for rare earth elements. 2023 Annual Report HIGHLIGHTS (CONTINUED) Big Lake Uranium Project – Cooper Basin, South Australia • 6 additional mineral exploration licences were granted adjoining the previously held Big Lake title significantly enlarging the uranium exploration search space in the Cooper Basin with a large proportion covering the emerging exploration opportunities related to the “granite wash” geology of the underlying Cooper Basin. • A comprehensive compilation and interpretation of seismic data across the Big Lake Project area was completed. This has set the groundwork for detailed paleochannel and other potential host formation mapping, defining potential source-to-trap pathways and determining prioritised drilling locations. • AGE conducted an inspection of core from the Moomba 236 petroleum well to assess the radiogenic source potential of ‘granite-wash’ plays within the Patchawarra Formation/ Tirrawarra Sandstone at Big Lake. • A Native Title Agreement for Mineral Exploration with the Yandruwandha Yawarrawarrka Traditional Landowner Aboriginal Corporation (YYTLOAC) was executed in May 2023, allowing for detailed planning of an inaugural investigative drilling program at Big Lake. • Post year end, initial site visits to understand cultural heritage requirements were undertaken, and a formal heritage survey has now been requested. Subject to final drill area clearance and regulatory approvals, drilling is now anticipated to commence in early 2024. Energy Minerals – Piedmont Ni-Co Project, northern Italy • An inaugural ground EM geophysics program was completed over five grids on the Alpe Laghetto license. Highlights included an anomaly identified coincident with observed mineralisation at historic Alpe Laghetto mine and a new large-scale anomaly east of historic La Balma Ni-Co prospect. • Alligator completed its farm-in obligations and acquired a 51% interest in the underlying Piedmont licences. • A site mapping and sampling visit was conducted in May 2023 across the EM conductors identified in 2022 at La Balma and Alpe Laghetto prospects. In addition, the Team assessed logistics for a potential 2024 drilling program, should the combined geology, geochemistry and EM results provide compelling evidence for untested, mineralised targets below surface. • Geochemical assaying covering 52 elements and compositions was accompanied by petrology and petrophysical analyses on 9 and 34 samples respectively. When integrated with 2022 EM survey results, the combined datasets do not provide compelling cases to proceed to a drilling program at this stage. 2023 Annual Report 9 HIGHLIGHTS (CONTINUED) Corporate • AGE attended the World Nuclear Association (WNA) Symposium and Nuclear Energy Institute (NEI) Uranium seminars in 2H 2022, and the World Nuclear Fuel Market (WNFM) conference in 1H 2023. The Company met with a large number of potential European and US nuclear utility customers to introduce the Samphire Uranium Project for future uranium term agreements. There was keen interest on future diversified uranium supply from secure jurisdictions such as Australia, and several of the utilities expressed an interest in early conditional offtake contracts which would assist to support financing of a project. • Changes to the Board composition occurred in April 2023, with long term NED Andrew Vigar departing, and new non-executive director Fiona Nicholls being appointed. Fiona brings 30 years of experience in the global resources industry to the Alligator Board having worked across a range of business functions including strategy and planning, exploration and operations, multi-country project development and approvals, due diligence and assurance processes, crisis management and organisational change. • Michael Barlow was appointed as Group Exploration Manager with principal responsibility for advancing exploration activities at the Nabarlek North (and other interests in the ARUP), Big Lake and Piedmont Projects. Michael was previously the Director Geophysical Acquisition and Processing at Geoscience Australia. Prior to that he held a number of senior roles with BHP Exploration. • Significant progress was made in the first two years of a strategic relationship with Traxys North America LLC (Traxys), the U.S. arm of the global commodities trading group Traxys. Traxys is providing uranium marketing services for future uranium production long-term offtake contracting, will consider potential support in project development financing, and is assisting in uranium and energy minerals project acquisition opportunities. • Evaluation of a range of additional uranium and energy minerals opportunities continued during the year. Uranium Market • 10 Spot uranium price increased from US$49.50 per lb to over US$56 per lb U3O8 during the financial year. At time of writing, and with future supply issues dominating the uranium market news, the spot price had climbed close to US$70 towards the end of September 2023. 2023 Annual Report HIGHLIGHTS (CONTINUED) • As of March 2023, 57 reactors were under construction around the globe, with 22 of those being in China. During 2022, 6 new reactors were connected to the grid with a total capacity of 9,054 Mwe, and 5 old reactors were shut down (total capacity 3,271MWe). Thus far in 2023, 4 new reactors have been connected to the grid in Slovakia, China, USA and Belarus (total capacity 3,772MWe) and 5 old reactors have been shut down in Taiwan, Belgium and Germany (total capacity 6,048MWe). • Small Modular Reactors (SMR) remained in the headlines, with an MOU signed with NuScale in Romania, collaboration between France and Belgium on EDF’s NUWARD SMR design, a Rolls Royce/Sumitomo study showing the potential for a 470 Mwe SMR design to support the UK’s hydrogen network and Slovakia’s utility signing agreement in support of SMR development amongst other news on this front. • Refer to Chairman and CEO’s letter for further commentary on outlook for nuclear power as a stable low carbon power generation source. 2023 Annual Report 11 CHAIRMAN & CHIEF EXECUTIVE OFFICER’S LETTER We are delighted to report on significant progress, strong momentum and positive outcomes across our project portfolio through FY 2023, and that Alligator Energy has ensured it remains well-funded to maintain this rapid pace. At our Samphire Project’s Blackbush Deposit, key results include reporting both an initial and then an upgraded mineral resource of 18.1Mlbs U3O8 at an increased grade of 720ppm, a Scoping Study for an In-Situ Recovery (ISR) operation with robust economics, and detailed planning for a field recovery trial to be conducted in early 2024. We’ve also delivered encouraging progress at our Nabarlek North project in the NT, with geophysical and geochemical surveys identifying 23 priority targets which are currently being assessed, along with advancing work on our Big Lake project in SA and Piedmont project in Italy. In parallel with this progress, Alligator continues to attract high-calibre, experienced personnel to its Board and growing Team. At Samphire we initially reported an ISR resource of 14.8Mlbs U3O8 from 10Mt @ 666 ppm U3O8. Following ongoing infill and extensional drilling, we subsequently upgraded the mineral resource estimate later in the financial year, in terms of scale, grade and confidence, lifting this to 18.1 Mlbs U3O8 (from 11.4Mt at 720ppm U3O8), with 10.7 Mlbs in indicated category. This resource was enough to underpin an industry competitive Scoping Study, with a low capex of A$129 million which will deliver an ISR processing plant producing 1 million lbs U3O8 per annum for 12 years (including ramp up - ramp down) for total production of 10 million lbs U3O8. With an All In Sustaining Cost of US$30.20 /lb (A$43.19/lb) U3O8 and at a forecast price of US$65/lb U3O8 and AUD/USD 0.70 exchange rate, the project delivers robust economics with an ungeared, real post-tax NPV8 of A$152M and 3.5 year pay back. While we believe the Samphire Scoping Study to be compelling, we are confident the resource will grow further in scale and confidence level, based on the results of additional drilling during the calendar year with an aim to further update the Mineral Resource in November this year. An updated Scoping Study based on this updated resource and updated marketing pricing will be undertaken in parallel. We have also identified considerable regional potential, and Alligator is now preparing an exploration target range to cover the Plumbush Deposit, further potential around Blackbush, and other historical uranium intersections not yet followed up. With a near term objective of growing the global resource at Samphire, there is a clear path to augmenting the metrics of the Scoping Study. An important next step in de-risking the project is the Field Recovery Trial at Blackbush. We have begun fabricating the pilot plant in Adelaide, ordered a range of hardware and reagents, hired an experienced Process Chemist and engaged ammjohn, a project engineering and management group. A retention lease application for this trial has been reviewed by the South Australian Government, and the public consultation for this process was underway at time of writing. 12 2023 Annual Report CHAIRMAN & CHIEF EXECUTIVE OFFICER’S LETTER (CONTINUED) The Nabarlek North project in the Northern Territory sits within a highly prospective uraniumbearing region. It is adjacent to the U40 Prospect which has previously produced intersections such as 6.8m @ 6.7% U3O8, and lies to the north of the previous Nabarlek Mine. During the second half of 2022 we conducted an airborne gravity survey and drilling program which generated a number of high-priority targets that we are testing further with an IP survey and follow up geochemical drilling. This is quickly evolving into a very exciting project, and we look forward to reporting on our further findings. While most uranium projects globally are testing known occurrences, our Big Lake project in South Australia’s Cooper basin represents a rare greenfields ISR uranium target and potential new province if exploration is successful. We are testing an internationally recognised theory around the coincidence of significant uranium roll front deposits and hydrocarbon deposits. After close engagement with the traditional landowners, a Native title Agreement was executed in May, and pending initial surveys and approvals, we plan to be drilling during early 2024. At Piedmont in northern Italy, a ground EM geophysics program and additional ground-truthing and sampling was undertaken, and at time of writing determination of next steps was still underway with our JV partner. The positive news around the nuclear power industry and uranium market has continued into the FY 2023. As at end June 2023 the uranium spot price had gained ~13% over the twelve months to be at US$56.13/lb U3O8. At time of writing, and with future supply issues dominating the uranium market news, the spot price had climbed close to US$70 towards the end of September 2023. One ongoing theme that continued through the year has been Western governments increasing their support for nuclear energy, often reversing previous policy decisions to do so. Sweden recently flagged the potential for ten new conventional reactors, after pivoting their energy policy goal from ‘100% renewable’ to ‘100% fossil-free’. The government will present a roadmap later this year for the expansion of nuclear power, to help reach net-zero emissions by 2045. The UK government committed to a programme of new nuclear projects, describing nuclear as the ‘critical baseload of the future energy system’, with the goal for nuclear to provide a quarter of Britain’s electricity, and help the UK become a global leader in large scale nuclear and SMR’s which have been gaining growing support. The Netherlands government announced plans to build two new nuclear power plants by 2035 as it aims to make its power production carbon neutral by 2040. In a similar vein, the Italian parliament committed to consider nuclear power among Italy’s clean energy sources, with the Lower House of Parliament passing two motions geared at countering the country’s historical anti-nuclear stance. In France, EDF announced it is seeking the necessary authorisations to construct two EPR2 reactors in Normandy, Northern France. 2023 Annual Report 13 CHAIRMAN & CHIEF EXECUTIVE OFFICER’S LETTER (CONTINUED) As of March 2023, 57 reactors were under construction around the globe, and these additional commitments from major governments will all add further future demand to a market already forecast to move significantly into deficit. There has been growing support for Small Modular Reactors (SMR’s) through the year, which Alligator sees as being an important part of the industry’s future. Leading SMR company, RollsRoyce, signing an MOU to investigate the deployment of its small modular reactor in Finland and Sweden as well as Ukraine. Another developer, NuScale Power, placed its first long-lead order to build the SMR modules for the Carbon Free Power Project LLC’s plant at the Idaho National Laboratory in Idaho. Then at the G7 leaders’ summit, funding of up to $US 275 million was announced to advance the deployment of a NuScale’s SMTR in Romania. The Ontario government announced planning and licensing for three additional GE Hitachi SMRs, for a total of four, at Darlington. A key driver in the uranium supply market during the year was potential sanctions on Russian uranium. Given that a large portion of Western uranium has been converted and enriched in Russia, there is a dramatic push to increase capacity in the West. One mothballed conversion facility, Converdyn in the USA, was brought back online, and an existing enrichment facility operated by Urenco will expand capacity, representing some initial progress for firming nuclear fuel supply chains. The shortage of western enrichment capacity has resulted in some levels of ‘overfeeding’, where an increased level of uranium is processed to produce the same enriched material, but allowing faster processing times to improve capacity. This is important as it adds another increase in demand for uranium. An important indicator in the uranium supply and purchase market is the level of long-term uranium contracting – traditionally how ~80% of uranium is sold to nuclear utilities. In the 2022 calendar year, 122 Mlbs of uranium were put under long term contract, nearly 6 times the previous year. By August 2023, already ~ 120 Mlbs had been contracted under LT arrangements, with an increase in Requests for Proposals for new LT contract tenders during August and September 2023 emerging. Post end of FY 23 a coup in Niger now seems to be increasing uranium supply risk to western markets from that country, adding further pressure on supply. At time of writing in September 2023, a shortage of spot supply on the market, and aggressive buying by traders and financial funds, has seen the spot price lift dramatically. This will no doubt transfer to increased pressure on LT pricing. 14 2023 Annual Report CHAIRMAN & CHIEF EXECUTIVE OFFICER’S LETTER (CONTINUED) During the 2022/23 financial year, Alligator has continued to add to its experienced team as it increases its Samphire Project development work, and re-starts exploration post the Covid delays. Some of our key hires during the year including Fiona Nicholls as Non-Executive Director and Michael Barlow as Group Exploration Manager. Post the end of FY 23, your Company has successfully undertaken a significant capital raise, and initiated a Share Purchase Plan. Total funds raised will provide a substantial runway for Alligator to progress its advancing Samphire project towards ISR uranium production, at a time of increasing interest in future uranium offtake contracts into an expanding nuclear fuel market. On behalf of the Board, we thank all our shareholders and stakeholders for continuing to support and work with Alligator in the 2022-2023 year, and we extend special thanks for the support and understanding of the Traditional Owners, local pastoralists, and local communities on whose lands we explore, and to our high performing and dedicated exploration and business teams for the great work they do. Paul Dickson Chairman 28 September 2023 2023 Annual Report Gregory Hall CEO and Managing Director 28 September 2023 15 ALLIGATOR GROUP TENURE HOLDINGS AT 30 JUNE 2023: 16 2023 Annual Report ALLIGATOR ENERGY - PROJECT LOCATIONS ITALY Piedmont NW Ni-Co-Cu-Au-PGEs NT, AUSTRALIA Alligator Rivers (ARUP) High Grad U SA, AUSTRALIA Samphire ISR style U resources 2023 Annual Report SA, AUSTRALIA Big Lake (Cooper Basin) ISR style U 17 ENVIRONMENT, SOCIAL AND GOVERNANCE (ESG) - OUR PHILOSOPHY AND ESG IN ACTION Alligator’s ESG philosophy is to understand what our stakeholders value and their key issues and concerns, which then drive how we operate. To this end Alligator has developed its “Working with Stakeholders” plan as follows: • • • • • We aim to add value in all of our decision-making for shareholders. We wish to provide an engaging, challenging, enjoyable and respectful workplace for our employees. We respect the rights of landowners and communities and seek to collaborate for our mutual benefit. We respect the cultural heritage and connection to country of Traditional Owners and wish to create mutually beneficial opportunities. We aim for a low impact on the environment, through innovation, use of latest technology, and responsible land management techniques. Shareholders Communities Team STAKEHOLDER PERSPECTIVE Focus on Environment Landowners Traditional Owners To embed this philosophy long-term in the business, AGE is in the process of developing an ESG framework that: • Considers material topics (for example, land and biodiversity management, Aboriginal heritage, uranium and radiation, and local communities) relevant to an exploration and development company, while leveraging international guidance such as the Global Reporting Initiative (GRI); • Engages with our stakeholders to understand their perspectives, shared values and outcome expectations, and • Drives our performance, informs strategy and identifies further actions for implementation. 18 2023 Annual Report ENVIRONMENT, SOCIAL AND GOVERNANCE (ESG) - OUR PHILOSOPHY AND ESG IN ACTION (CONTINUED) Alligator Energy acknowledges and respects that the topic of uranium is a concerning one for some people. We will always work to better understand any concerns people have and provide information about the project and the environmental protections that must be followed as transparently and openly as possible. As we evolve from an exploration company to a developer through advancing the Samphire Project to the next stage of feasibility, so are our approaches and commitments to ESG increasing. We will continue to develop and deliver ESG outcomes which are fit for purpose and at a level commensurate with community and other stakeholder expectations. The following sections outline how we are putting our ESG philosophy into practice. Importantly, our current activities undertaken at Big Lake (South Australia), Nabarlek (Northern Territory) and Piedmont (Italy) are largely short-term, and campaign based. This is in contrast to the significant and ongoing activities at the Samphire Project. As a result, the following largely focusses on delivery of our ESG philosophy and outcomes at Samphire, with commentary on other portfolio projects, as appropriate. Environment Samphire Uranium Project (20km South of Whyalla, South Australia) At Samphire, we are committed to collaborating with the immediate and surrounding landholders to improve the quality of the land and local environment to a level close to pre-pastoral use. Pastoral activity has occurred for more than 100 years at this location, and our aim is to demonstrate that mineral exploration and pastoral activities can successfully co-exist.. During FY23, we were awarded a Commendation in the South Australian Premier’s Awards for Energy and Mining (Environment category) for the Company’s approaches to improving biodiversity and pastoral conditions at the Samphire site, aiming to achieve double the current bush density upon rehabilitation. Drilling activities are planned and executed with the aim of minimising environmental