Drilling completed in 2024 reveals palaeovalley setting

Highlights:

• 3,271 meters drilled at Overland Project in 2024: 25 Air Core (AC) drill holes completed including downhole gamma logging across the Overland Project area, a new frontier uranium region in South Australia.

• Palaeovalley defined: Drilling has defined a north/south trending palaeovalley setting for the accumulation of thick sequences of Murray group stratigraphy containing interbedded sands, clays and lignite horizons. This provides the ideal host for the critical elements required for the formation of a sedimentary-hosted uranium deposit.

• Target Zone of lignite horizons and anomalous gamma identified:

• Drilling within the palaeovalley identified an abundance of lignite horizons with associated anomalous downhole natural gamma readings along its western margin.

• Significant potential for hosting uranium mineralization, with setting providing substantial reductants and permeable sand sequences, providing high priority follow up targets.

• Geophysics review under way with CSIRO: This research project is part funded by the CSIRO Kick-Start Program. Using historical geophysical (airborne electromagnetic) data to map the sediment-basement architecture and palaeochannel sequences with the Murray and Renmark Group sediments to assist with drill targeting.

• Next steps: Drilling to recommence later this month to map out the palaeovalley within EL7001 and to follow up the high-priority target zone within its western margin.