Drilling Update: New Roll Front Trends Identified At Teebo & Odin ‐ Four Drill Rigs Now Operating

GTI Energy Ltd (GTI or Company) is pleased to advise that four mud rotary drill rigs are now working at the Company’s ISR uranium projects in Wyoming’s Great Divide Basin with 22 holes completed to date of a planned ~65-hole campaign. Drilling of 70 holes was previously completed at the Thor prospect (Thor) (ASX release from 8 November 2022) and 16 holes were completed at the Odin prospect (Odin) (Table 1). Drilling at the Teebo prospect (Teebo) is approximately 50% completed with 6 holes drilled to date (Table 1) and drilling at the Loki prospect (Loki) started at the end of last week (Figure 2).

Highlights

• New trends at Teebo & Odin with best hole to date 0.78 GT vs. target 0.2 GT cutoff¹
• 18 of 22 drillholes encountered uranium mineralisation
• Four drill rigs in operation with two now working at Loki and two more operating at Teebo
• Drilling at Odin completed, Teebo drilling 50% completed and drilling commenced at Loki
• Completed ~1/3^rd of 65 holes targeting redox trends at Odin, Loki, Teebo & Wicket East

DRILLING AT ODIN, LOKI & TEEBO

Drilling at Thor and Odin is now completed. The seventy holes completed at Thor were previously reported to ASX on 8th November 2022.

Odin & Teebo are located adjacent to Uranium Energy Corp’s (UEC) Antelope Project. Loki sits south of Antelope and north of URE’s Lost Creek. Drilling of up to 45 holes (~42,500 ft) combined across all 3 prospects will explore ~5 miles of mineralised trends (Trends) interpreted from historic information also used at Thor. A further 20 holes are planned, weather permitting, at Wicket East

Drilling of 16 holes at Odin has progressed to completion and drilling at Teebo is now partially completed with 6 of 12 holes finalised. Drilling is targeting confirmation of historically identified mineralisation and extensions of known roll front trends and has successfully encountered uranium mineralisation at both Odin and Teebo (Table 1). Results at Teebo are particularly encouraging where 4 of 6 holes drilled to date met or exceeded cut-off for both Grade & Grade Thickness (GT).

22 holes were completed at Odin & Teebo for a total to date of 19,510 feet (5,947 metres) of drilling (Figures 2 & 3). The drilling successfully confirmed GTI’s exploration hypothesis that roll front trends are present in the targeted locations & that mineralisation is located below the water table at potentially viable depths for ISR mining. Initial results for 22 holes (Table 1) are observed as follows:

• 18 holes encountered uranium mineralisation below the water table
  
• 4 holes met both grade & GT cut-off with an average of 0.47 GT – 2.35 x the target cutoff2
• 7 of the remaining holes met grade cutoff but not GT, 7 had trace mineral & 4 were barren

Executive Director Bruce Lane commented“This round of exploration drilling at Odin & Teebo confirmed our hypothesis by identifying additional roll front uranium mineralisation at viable ISR depths. It is particularly pleasing to see such strong results at Teebo at this interim stage of the program. Drilling is planned to continue up until the Christmas break, weather permitting, with further updates provided in due course”

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