Quarterly Activities Report – September 2021

Namib IV Discovery

The Company announced a new uranium discovery from its maiden scout reverse circulation (RC) drilling program on exclusive prospecting license ("EPL") 7662 ("Namib IV"), see ASX Announcement titled "Encouraging Uranium Mineralisation Identified at Namib IV", dated 10 August 2021. The exploration program intersected uranium mineralisation over a palaeochannel length of 17 kilometres within the main palaeochannel. There is significant upside potential for additional mineralisation along the identified palaeochannels. Further geological interpretation will be undertaken in order to guide the next phase of drilling.

Highlights

• Uranium Discovery at Namib IV
  • Uranium mineralisation identified within a palaeochannel of 17 kilometres.
  • Significant near surface uranium drill intersections.
• Exploration Target at Oobagooma Project
  
  • See details of the Exploration Target on Page 3 of this report.
  • Uranium mineralisation occurs over a distance of 9 kilometres.
  • 123 mineralised drill holes, 47 with intervals in excess of 1,000 ppm U3O8.
• Strengthening of Team
  
  • Dr Andy Wilde appointed as Exploration Manager.
  • Extensive uranium experience in Namibia and Australia.

Figure 1 shows the location of the drill holes, significant intersections include:·

• N4_015: 2 m at 435 ppm eU3O8 from surface
  
• NA_044: 3m at 376 ppm eU3O8 from surface
• N4_046: 3m at 387 ppm eU3O8 from surface
• N4R243: 2 m at 758 ppm eU3O8 from surface

Figure 1 – Location of Drill Holes and HLEM Identified Palaeochannels

Figure 2 – Location of Namib IV in the Namib Desert, Namibia

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