GTI Activities Report, June Quarter 2024

GTI Energy Ltd (GTI or Company) is pleased to report on its activities during the June quarter 2024.

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• Q3 Lo Herma resource drilling funded, now commenced
• Drilling will target expansion and upgrade of the current Inferred Mineral Resource Estimate of 5.71 Mlbs U₃O₈ at average 630ppm (Table 1)
• Green Mountain drilling permit lodged
• Board appointment - Ex-Head of Cameco Australia, Mr Simon Williamson
• Board appointment - Denver-based ISR uranium specialist, Mr Matt Hartmann
• $2.25 million placement completed, and $2.155 million rights entitlement offered to all shareholders and optionholders
• GTI accepted to membership of the Uranium Producers of America – the peak industry body in the US

LO HERMA ISR PROJECT

During the quarter the Company advised that planning for the 2024 field season in Wyoming has progressed well and permitting is now in place to facilitate drilling at Lo Herma during Q3.

The Lo Herma ISR Uranium Project (Lo Herma) is located in Converse County, Powder River Basin (PRB), Wyoming (WY). The Project lies approximately 15 miles north of the town of Glenrock and within ~60 miles of five (5) permitted ISR uranium production facilities. Facilities include UEC’s Willow Creek (Irigaray & Christensen Ranch) & Reno Creek ISR plants, Cameco’s Smith Ranch-Highland ISR facilities & Energy Fuels Nichols Ranch ISR plant. The PRB has extensive ISR production history with numerous ISR uranium resources, central processing plants (CPP) & satellite deposits (Figure 1).

During the quarter GTI contracted its preferred Wyoming-based exploration drilling contractor, experienced and licensed in the construction of water wells, for its 2024 drill program at Lo Herma. This has allowed GTI to lock in both contract rates and a schedule in what appears to be a busy 2024 drilling season in the uranium sector across Wyoming.

The planned 2024 drilling program at Lo Herma includes 76 drill hole locations of which up to 5 will allow for construction of groundwater monitoring wells. This next phase of exploration will be focused on expanding the resource areas and where possible, upgrading the current mineral resource classification. Collection of important data including, hydrogeologic parameters of the mineralised aquifers and collection of rock core samples for metallurgical testing will be also prioritised.

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