New Investors Information 92E, page-27

92 Energy (ASX: 92E)

Market cap of only $37m at 56.5c SP - listed in April2021 (the first uranium stock listed on the ASX for over 10 years)

Quick Summary

• Uranium explorer in the Athabasca basin in Canada which is known for numerous high quality uranium mines
• 92E has highly prospective ground near Cigar Lake (the large uranium mine in the world) and McArthur River (the highest grade uranium mine in the world)
• Gemini prospect - Initially drilling program commenced over the last few weeks at Gemini and last week they announced with only their 4^th drillhole they have elevated radioactivity levels and will be refocusing their gemini drilling program to this area
• Uranium industry is expected to hit a bull market in the near future and the current uranium spot price over the weekend hit a 5 year high
• James Packer’s companies ‘CPH’ became a substantial holder in May buying $1m worth over a couple of weeks

Prospects

• Gemini – 30-40km to McArthur River with VTEM surveys already completed they have a number of targets to drill including the additional work around the 4^th drillhole
• Tower – only 10-12km from Cigar Lake with VTEM surveys completed they will start drilling later this year
• Clover – a large portion of land near both McAthhur River and Cigar Lake
• Powerline - the company is extremely excited with this new prospect that the company believes has the best chance of discovering uranium in their portfolio
• Cypress – small area with the company looking to expand its size

Uranium industry - currently at the beginning of anexpected bull market

• Uranium spot price over the last week has hit a 7 year high ($40/lb) mainly due to SPROTT purchasing physical uranium as they expect uranium to appreciate in the near future
• Since the Fukushima nuclear disaster in 2011 the spot price was at $80/lb (with earlier highs of $140/lb), Uranium experienced significant lows and governments avoiding anything involving uranium
• Current supply deficit with 180m pounds of uranium consumed every year and due to mine closures as a result of covid and low spot prices there is only a supply of c.130m pounds of uranium
• The tragedies over the last few decades are mainly a result of poor infrastructure and design - Uranium is quickly becoming at the forefront of leaders’ minds around the world as the best baseload power source for renewable energy with updated technology enabling safe facilities and plans for hundreds of reactors to be built in the coming years over the globe to assist with net zero emissions targets

Final thoughts

• The results from the 4^th drillhole is only 2-3 weeks away with the drilling program refocused on this area
• Tower drilling program expected in the coming months
• Tight register with only 66m shares on issue (25m of those are escrowed)
  
• Potentially has the best ground in a proven uranium area of any small cap uranium explorer