Brief Review Of Operations

REVIEW OF OPERATIONS

Energy Metals is a dedicated uranium exploration company with eight projects located in the Northern Territory (NT) and Western Australia covering over 2,400 km². Most of the projects contain uranium mineralisation discovered by major companies in the 1970’s, including the advanced Bigrlyi project, located in the prospective Ngalia Basin (NT). Bigrlyi is characterised by relatively high uranium grades (with vanadium credits) and excellent metallurgical recoveries

Bigrlyi Joint Venture (EME 72.39%)
The Bigrlyi exploration camp remained on a care and maintenance footing during the period and only minimum exploration activities were undertaken. Energy Metals’ focus this period was on the optimisation of various aspects of the pre-feasibility study including an update of the mineralisation model, and geotechnical and mining design reviews in order to improve the economics of Bigrlyi project.

Ngalia Regional Project (EME 100%)
During the half-year only minimum exploration activities were conducted due to the COVID-19-related suspension of fieldwork programs. Exploration work was limited to desk-top studies including a geological review and completion of an exploration database update.

Malawiri Joint Venture (EME 76.03%)
Minimum exploration activities were undertaken in the current half-year to ensure the tenements remained in good standing.

Walbiri Joint Venture (EME 77.12%)
Minimum exploration activities were undertaken in the current half-year to ensure the tenements remained in good standing.

Western Australia
The company’s strategy is to maintain tenure over its Western Australian uranium deposits with minimum expenditure until economic conditions improve and WA Government restrictions on uranium mining are lifted. Four projects are covered by granted Retention Licences and one, the Manyingee East project, by a Retention Licence application. Landholder objections to the grant of the Manyingee East application is progressing through the Warden’s Court process. Energy Metals continues to monitor the situation with a view to recommencing exploration and development activities in the future.