Tiris Uranium Project - SWEDEN

NEAR TERM, LOW COST, PERMITTED URANIUM
PRODUCTION
Tiris Uranium Project
• Shallow mineralisation – from surface to depth of 1-5m
• Free digging – Low cost, flexible mining
• Upgradability – 550% upgrade with 80% mass rejection1
• Scalable2
• 20% of Mineral Resources used in Stage 1
• Modular design for capital efficient expansion
• Proven exploration methods
• Permitted
• ESIA approved October 20173
• Exploitation licence approved February 20194
• Well-defined authorisation process for U3O8 export

COMPELLING TIRIS PROJECT FUNDAMENTALS
• 1.25Mtpa for 12.4Mlb U3O8 over 15
years.
• Average 336ppm U3O8 upgraded to
~1,500ppm U3O8.
• Low-cost and flexible mining
• Simple modular process plant,
designed for expansion
• Offtake agreement with Curzon
Resources for 15% production over 7
years
• Tiris project Phase 1
• CAPEX: US$74.8M
• C1 cost: $25.43/lb U3O8
• AISC: $29.41/lb U3O8
• Strong returns at current U308 prices
• IRR of 22%
• Total After-Tax Cash Flow
US$289m
• Opportunity to include vanadium
pentoxide by-product.

NEAR-TERM URANIUM PRODUCTION –PHASE 1 LOW CAPITAL & OPERATING COSTS
Tiris Phase 1 is a compelling low-cost project, as per 2021 Feasibility Study.
Project economics presented for the Tiris Uranium Project is based on Phase 1,
which represents approximately 20% of the known Mineral Resources.