Announcement PDF QUARTERLY REPORT FOR THE PERIOD ENDING September 2024 3130December 2021 ASX: AGE Quarter Highlights Alligator Energy Limited (“Alligator”, “AGE” or the “Company”) is pleased to release the 30 September 2024 Quarterly Activities Report. Significant Highlights for the Quarter include: Samphire Project • Drilling around Samphire’s Blackbush resource continued with further additional medium to high grade intersections within and outside the existing resource envelope. • Alligator is awaiting advice from the SA Department for Energy and Mining regarding the Samphire Retention Lease and field recovery trial proposal but understands this is advancing. • Expressions of Interest / tenders obtained from suitably experienced companies in the Whyalla region for planned civil works and installation of pre-fabricated pilot plant. Big Lake Project • Inaugural drilling program completed early August comprising 27 holes for total 3,413 m and resulting in a significant new uranium discovery. • Near economic grades of uranium detected in significant thicknesses (5 to 20m) of sands by in-field XRF measurements. These have recently been confirmed with laboratory assaying (refer ASX release dated 23 Oct 2024). • Planning for second round of drilling well underway. Traditional Owner heritage clearances organised for late 2024 to support a follow up drilling program targeted for late 1Q 2025. Nabarlek North Project • Drilling program of 22 holes for a total of 3,526 m completed during the Quarter. This included step-out drilling around northern extensions to the U40 prospect. • Assays pending for the above program, though field observations suggest that only minor, sub-economic intercepts of uranium were encountered. • Reconnaissance mapping and sampling undertaken across the tenement holding, particularly in northern sections, where limited work has occurred in the past. • Work program for the remaining part of the field season to focus on ground truthing previously identified high priority targets at the Tin Camp Creek Project. Corporate and Uranium Market • Cash balance at quarter end of $23.5 M. • A further $228,993 equity capital injection was made in EnviroCopper Limited at a subscription price of $2.71 per share. Minor amendments to the Shareholders’ Agreement are currently under negotiation. • 2024 AGM scheduled for Friday 22 November 2024 in Adelaide. • The spot U3O8 price ended the quarter at $82/lb (June 2024:$85/lb) • The term U3O8 price traded in the US$79 to $81/lb U3O8 range for the quarter. • Kazatomprom downgraded production due to difficulties in acid supply. • Oracle, Microsoft, Amazon and Google all announced significant arrangement with nuclear utilities for future assured reliable supply – re-affirming this new demand. 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 21 Plans for the forthcoming quarter: • Samphire - Continuation of resource extension and step out drill testing, with updated Blackbush resource targeted for 1st quarter 2025. - Post RL approval, submission of a Program for Environmental Protection and Rehabilitation (PEPR – the operating plan) for field recovery trial operations. - Final selection of preferred Whyalla based construction contractor for pilot plant site establishment. - Continued work on certain optimisation studies (water, power, transport, logistics etc.) required to be concluded prior to commencement of a feasibility study in 2025. • Big Lake - • Traditional Owner clearances scheduled for late October for next drilling program. Submission of an exploration PEPR to cover continued drilling works across EL6367. Data integration of assays, 2024 drilling results and petroleum drilling data to refine paleochannel model for 2025 drilling program on EL6367. Nabarlek North / ARUP - Review of multi-elemental assays from drilling data once received. Review of all new 2024 data to assess remaining prospectivity. Preliminary planning for 2025 program. Sampling and reconnaissance mapping at Tin Camp Creek. MMP submission for possible target testing at the Tin Camp Creek project in future field programs. - Demobilisation of people and machinery from ARUP operations for 2024 • 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. - Small reconnaissance mapping program planned at Piedmont to (i) demonstrate to the Provincial Government of our continued interest in the project area, (ii) test the efficacy of regional stream sediment sampling in the alpine environment and (ii) determine whether the extraordinary gold values returned from grab samples previously obtained at creek sites north and south of the Gula Mine are ‘pervasive’. In the case of the latter, this presents an ideal second-line of marketing for the Project, should anomalous gold values continue along structural/strike controls at the Gula Mine-site. 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 21 Samphire Uranium Project Development Drilling activities continued during the quarter with key activities comprising: 1) Rehabilitation of 14 sonic holes drilled late 2021/early 20221 required to be rehabilitated by November 2024), and 2) Drilling south of Blackbush West and Area 51 (west of Blackbush West) within the indicated resource envelope to convert additional resource to the Indicated category in preparation for updated Blackbush resource targeted for 1st quarter 2025. The Samphire Retention Lease application continues to progress waiting advice from the SA Department for Energy and Mining regarding the grant of the Samphire Retention Lease (RL). In parallel, the Program for Environmental Protection and Rehabilitation (PEPR) is being drafted in readiness for submission post granting of the RL. Once approved on-site installation and then operation of the field recovery can commence. Site visits with four shortlisted construction contractors for civil works and on-site assembly of the FRT plant modules has been undertaken with a view to select a suitable experienced company by end of Q4 2024. Big Lake Uranium (BLU) Project Exploration progress for the quarter includes: • Inaugural drilling program completed, with 27 holes for a combined total of 3,413 m. Fences of holes were strategically placed centred on five areas to calibrate seismic/AEM interpretations and provide confirmation of key elements to demonstrate a fertile basin uranium roll-front mineralisation model. • As per ASX release 23 October 20242, drilling at Area 10 on EL6367 returned significant thicknesses of paleochannel sands and elevated uranium values. Four holes recorded uranium values at over 100 ppm, including two intersections within porous sands of greater than 20 m thickness (refer Figure 1 & 2 and table below). Hole ID From (m) To (m) Thickness (m) Laboratory Assay (U ppm) AC24-021 106 126 20 100 AC24-021 129 130 1 129 AC24-022 93 128 35 117 (previously stated as a 5m intercept, AGE ASX Release 13 August 2024) AC24-023 104 109 5 47 AC24-025 108 118 10 m 138 1 AGE ASX Release 19 November 2021, Drilling Commences at Alligator’s Samphire Uranium Project. 02454571.pdf 2 AGE ASX Release 23 October 2023, Assay Results from the Big Lake Uranium Project confirm Significant Uranium Discovery. https://wcsecure.weblink.com.au/pdf/AGE/02870056.pdf 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 21 Figure 1: Alligator’s significant tenement holding over the southern Cooper Basin which comprise the Big Lake Project. Area of current AGE drilling activities and location Site 10 denoted. Figure 2: Drillhole location map (Site 10) showing uranium grades (ppm) and thicknesses from laboratory assay results. 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 21 • Arrangements made with the Yandruwandha Yawarrawarrka Traditional Land Owners Aboriginal Corporation to undertake additional site clearances in late October to set up for a 2025 drilling program. • The proposed 2025 drilling program will now include the use of a mud-rotary drill rig to allow for acquisition of downhole geophysics and to test the Eyre Formation that underlies the Namba Formation up to 400 m below surface. These largely uncemented and semi-consolidated sediments of the Eyre Formation are a principal host for uranium mineralisation in the nearby Frome Embayment district. • Additional stratigraphic drill-fences using an aircore drill rig to continue regional mineralisation modeltesting across the central tenure of EL 6367. Alligator Rivers Uranium Province (ARUP) Exploration progress for the quarter includes: • The new high resolution airborne magnetic and radiometric survey acquired earlier in 2024 was supplemented with a third-party (Southern Geoscience Consultants) interpretation to assist with planning follow-up drill programs in 2025. • The 2024 drilling program was completed in September, having drilled a total of 3,526 m of reverse circulation in 22 holes in just two weeks. The program included 8 holes averaging 180 m depth to test for northerly extensions of the U40 prospect, along with step-out drilling from AGE’s uranium intercept reported last year3. Results from this drilling program will be reported in a forthcoming ASX release upon receipt and analysis of assay results. • As previously reported, Alligator was successful in two co-funding applications with the NTGS to partially cover geophysical survey and RC drilling costs for 2024. Costs for both programs are being finalised with reimbursement to be sought from the Northern Territory Department of Mines before the end of the year (up to $100 k/project, up to 50% of total costs). • The remainder of the 2024 field season will focus on mapping and surface sampling at high priority targets previously identified at the Tin Camp Creek Project. Piedmont Nickel Cobalt Project - NW Italy (Ni, Cu, Co – AGE: 51% JV) • Ongoing approaches made to seek interested parties on the opportunity to acquire 100% of the rights to the Piedmont Project. • Tenement applications Castello di Gavala, Sella Bassa and Valmaggia covering a total area of 5,405 hectares were re-submitted for review/acceptance to the Piedmont Region (Local) Government. This process was delayed whilst clarification was sought on changes to the responsible agency for issuing non-mining licences in Italy. Community posting of the three new license applications will commence shortly. 3 AGE ASX announcement, 19 December 2023: - https://wcsecure.weblink.com.au/pdf/AGE/02755611.pdf 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 21 • A small geological reconnaissance mapping program is planned for Piedmont this year to (i) test the efficacy of regional stream sediment sampling (Figure 3) and (ii) determine whether the extraordinary gold vales returned from grab samples previously obtained in stream sediment samples north and south of Gula Mine are ‘pervasive’. In the case of the latter, this may present a value–add opportunity should anomalous gold values be repeatable along strike and along interpretated structural controls of the mineralisation outside of the old workings. Figure 3. Piedmont stream sediment sampling survey ‘downstream’ from the La Balma and Campello di Monti Ni-Cu-Co mines. Along with the rock-chip sampling around Gula, the reconnaissance program will take 4 – 5 days Investment in EnviroCopper Limited – (Cu ISR – AGE: 7.8%) • During the quarter EnviroCopper (ECL) completed the hydrological test work for the newly constructed 5 spot pattern wells and established an environmental baseline for the Kapunda Project lixiviant copper extraction trial (work being funded by BHP). Planning for the trial continues ahead of receiving regulatory approvals. • Three rotary mud drillholes were completed at ECL’s Alford West Project to determine hydrological characteristics and to test weathered structurally controlled mineralisation for in-situ recovery amenability. The drillholes to be used as injectors (2) and an extractor for the planned push/pull test at this Project. 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 21 Market Update • • The spot U3O8 price ended the quarter down just over 4% at ~$82/lb The term U3O8 price remained solid in the US$79 to $81/lb U3O8 range at quarter end. Key market drivers during the quarter were: • • • • • • • • • • Early in the quarter, Kazatomprom revised forward guidance lower due to acid availability, now expecting its 2025 production to be between 25,000 and 26,500 tU (down from 30,500-31,500 tU). The Serbian government announced in July that the country is considering ending a 35-year-old ban on nuclear reactors, opening the topic up to public debate to shake-up the country’s long-standing energy policy. Russia announced Putin is considering restrictions on exports of raw materials including uranium in response to sanctions limiting imports of certain goods. Kazatomprom’s CEO Meirzhan Yussupov told the FT that Russia's war on Ukraine is ‘making it harder for to keep supplying the West’. The following month, Kazatomprom announced an agreement with China’s CNUC and CNNC Overseas that, cumulative with the previously concluded transactions, comprises fifty percent or more of the total book value of the company’s assets. The Office of Nuclear Energy in the US released a report titled ‘Could the Nation’s Nuclear Power Plant Sites Support New Reactor Builds’ showing that 41 operating and retired nuclear power plant sites in the US have room to host one or more large light-water reactors which would create an additional 60 GW of new capacity. The US Department of Energy awarded contracts to process HALEU fuel for high-tech reactors, with up to $US800 mil available over 10 years, to BWXT, Centrus, Framatome, GE Vernova, Orano and Westinghouse. At New York Climate Week, Abu Dhabi Commercial Bank, Ares Management, Bank of America, Barclays, BNP Paribas, Brookfield, Citi, Credit Agricole CIB, Goldman Sachs, Guggenheim Securities LLC, Morgan Stanley, Rothschild & Co, Segra Capital Management, and Societe Generale, stated their recognition that global civil nuclear energy projects have an important role to play in the transition to a low-carbon economy and expressed support for long-term objectives of growing nuclear power generation and expanding the broader nuclear industry to accelerate the generation of clean electrons to support the energy transition. Microsoft and Constellation Energy signed a power deal to help resurrect a unit of the Three Mile Island nuclear plant in Pennsylvania, citing electricity demand for data centers needed to expand technologies like artificial intelligence and cloud computing. Oracle’s Larry Ellison reported the company has building permits for three small modular nuclear reactors to power an 800 MW datacenter intended to train one of the world’s largest AI models Amazon announced multiple agreements in support of nuclear and SMR technology including: - “An agreement with Energy Northwest, a consortium of state public utilities, which will enable the development of four advanced SMRs. The reactors will be constructed, owned and operated by Energy Northwest, and are expected to generate roughly 320 megawatts (MW) of capacity for the first phase of the project, with the option to increase to 960 MW total—enough to power the equivalent of more than 770,000 U.S. homes” - “We’re also making an investment in X-energy, a leading developer of next-generation SMR reactors and fuel, and X-energy’s advanced nuclear reactor design will be used in the Energy Northwest project.” - “In Virginia, we’ve signed an agreement with utility company Dominion Energy to explore the development of an SMR project near Dominion’s existing North Anna nuclear power station. This will bring at least 300 megawatts of power to the Virginia region, where Dominion projects that power demands will increase by 85% over the next 15 years.” 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 21 • Google announced signing the world’s first corporate agreement to purchase nuclear energy from multiple small modular reactors (SMR) to be developed by Kairos Power. Corporate • • During Cash balance at quarter end of $23.5M. • A further $228,993 equity capital injection was made into EnviroCopper Limited at a subscription price of $2.71 per share. Minor amendments to the Shareholders’ Agreement are currently under negotiation. • The Company advised that the 2024 AGM would be held at 10am Adelaide time on Friday 22 November 2024 at level 1, 103 King William Street, Kent Town, Adelaide. During the quarter the Company issued 3,811,525 fully paid ordinary shares as part of the Employee Performance Incentive Scheme. The shares were issued in relation to the vesting of short-term incentive options for the 2023/24 performance year. A further 3,235,262 zero strike priced options lapsed as the individual’s stretch target KPIs had not been achieved. Capital Structure and Listing Rule 5 disclosures At 30 September 2024, the Company had the following capital structure and cash balances: As at 30 September 2024 Cash Balance A$23.5M Ordinary Fully Paid Ordinary Shares (AGE) 3,873.6M 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 17.3M Big Lake Performance Shares (Exp 10/12/24) (see Appendix 1) 30.0M Expenditure on exploration and evaluation activities during the September 2024 quarter totalled $3,640k (previous quarter - $3,210k) and related principally to advancing the Samphire Project, the inaugural drilling program at Big Lake and a focused drill program at Nabarlek North. Payments to related parties including non-executive director fees and the salary of the CEO and Managing Director for the September quarter totalled $128k (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 9 of 21 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 drillhole data, QAQC and geology aspects related to the Alligator 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. In relation to Exploration results referred to in this quarterly activities report, the Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. In relation to production target referred to in AGE ASX release 14 December 2023, the Company confirms that all material assumptions underpinning the production target, and the forecast financial information derived from the production target, in the initial announcement continue to apply and have not materially changed. The information in this report that relates to the Blackbush Mineral Resource estimate (uranium) is based on and fairly represents information compiled by and generated by Mr Ingvar Kirchner, AMC Geology Manager (Perth) and a full-time employee of AMC Consultants. Mr Kirchner is a Fellow of the Australasian Institute of Mining and Metallurgy (the AusIMM) and a Member of the Australian Institute of Geoscientists (the AIG). Mr Kirchner has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which is being undertaken to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). 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 21 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. 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 11 of 21 Alligator Group Tenure Holdings at Quarter End: The following information is provided pursuant to Listing Rule 5.3.3 for the quarter ended 30 September 2024. ARUP (NT) Uranium Licence Number Ownership Interest Area (km2) State Status TCC Project P/L 98 76.79 NT Granted TCC Project P/L 98 194.59 NT Granted TCC Project P/L 100 11.55 NT Granted EL24291 Tenement Name Tin Camp Creek Tin Camp Creek Tin Camp Creek Beatrice Alligator Energy Ltd 100 337.21 NT Granted EL26796 Beatrice 100 19.77 NT Granted EL27252 Nabarlek North 100 6.75 NT Granted EL27253 Nabarlek North 100 5.61 NT Granted EL28389 Nabarlek North 100 110.83 NT Granted EL28390 Nabarlek North 100 33.58 NT Granted EL29991 Nabarlek North 100 26.87 NT Granted EL29992 Nabarlek North 100 63.81 NT Granted EL29993 Nabarlek North 100 57.06 NT Granted EL31480 Nabarlek North Alligator Energy Ltd Northern Prospector P/L Northern Prospector P/L Northern Prospector P/L Northern Prospector P/L Northern Prospector P/L Northern Prospector P/L Northern Prospector P/L Northern Prospector P/L 100 188.44 NT Granted Alligator Energy Ltd 100 123.88 NT Application Northern Prospector P/L 100 907.44 NT Applications EL24921 EL24922 EL25002 EL26793, EL26794, Beatrice EL26795 EL27777, EL27778, EL28176, EL28293, EL28315, EL28863, EL28864, EL28865, Various 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 100 818 SA Granted 100 841 SA Granted 100 877 SA Granted 100 978 SA Granted 100 939 SA Granted 100 994 SA Granted 100 975 SA Granted Cooper Basin (SA) Uranium EL6367 Big Lake EL6847 Big Lake EL6848 Big Lake EL6849 Big Lake EL6902 Big Lake EL6903 Big Lake EL6904 Big Lake Big Lake Uranium Pty Ltd Big Lake Uranium Pty Ltd Big Lake Uranium Pty Ltd Big Lake Uranium Pty Ltd Big Lake Uranium Pty Ltd Big Lake Uranium Pty Ltd Big Lake Uranium Pty Ltd Piedmont (NW Italy) Ni-Co – JV 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 21 P38V Laghetto TBA Gavala TBA Valmaggia TBA Sella Bassa AGE EV Minerale SrL AGE EV Minerale SrL AGE EV Minerale SrL AGE EV Minerale SrL ~51* 16.50 ~51* 13.50 ~51* 3.77 ~51* 36.78 PIE (Italy) PIE (Italy) PIE (Italy) PE (Italy) Granted Application Application Application *- subject to a Joint Venture Agreement with Chris Reindler and Partners in NW Italy 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 treatment process. Classification is according to JORC Code Mineral Resource categories. Totals may vary due to rounded figures The mineral resource estimate in this report was reported by the Company in accordance with listing rule 5.8 on 7 December 2023. The Company confirms it is not aware of any new information or data that materially affects the information included in the previous announcement and that all material assumptions and technical parameters underpinning the estimates in the previous announcement continue to apply and have not materially changed. 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 21 Appendix 1 Performance Shares on Issue A Listing Rule 6.1 waiver was granted in relation to the Performance Shares issued under the terms of the Big Lake Uranium Farm-in and Share Sale Agreement. The waiver granted by the ASX included the following disclosure requirements in each Quarterly, Half Year and Annual Report: 1. Number of Performance Shares on issue at Quarter end: 30,000,000 2. Summary of the terms and conditions of the Performance Shares: See details below 3. Performance Shares converted or cancelled during the Quarter: NIL 4. Performance Share milestones met during the Quarter: NIL Summary of terms and conditions attaching to the Big Lake Uranium Performance Shares (as amended) Rights attaching to Performance Shares (a) Each Performance Share is a share in the capital of Alligator Energy Limited (AGE or the Company) (Performance Share). (b) A Performance Share shall confer on the holder (Holder) the right to receive notices of general meetings, financial reports and accounts of the Company that are circulated to shareholders of the Company (Shareholders). (c) The Holder has the right to attend general meetings of Shareholders (General Meeting). A Performance Share does not entitle the Holder to vote on any resolutions proposed at a General Meeting. (d) A Performance Share does not entitle the Holder to any dividends. (e) The Holder of a Performance Share is not entitled to participate in the surplus profits or assets of the Company upon the winding up of the Company. (f) The Holder of a Performance Share is not entitled to a return of capital upon a reduction of capital or otherwise. (g) A Performance Share is not transferable, except as otherwise contemplated by these terms. (h) The Holder of a Performance Share will not be entitled to participate in new issues of capital offered to holders of shares such as bonus issues and entitlement issues. (i) A Performance Share gives the Holder no rights other than those expressly provided by these terms and those provided at law where such rights at law cannot be excluded by these terms. 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 21 (j) The Performance Shares will not be quoted