Alligator Energy : 14th July 2021 – Alligator featured in Mining Journal – Uranium Outlook

URANIUM

OUTLOOK

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2	July 2021

INTRODUCTION | URANIUM OUTLOOK

Uranium juniors on their marks as prices start to move

After a decade in the doldrums, the uranium market is spluttering into life. Uranium stocks have seen significant gains in recent months, driven partly by the improving outlook for nuclear power - particularly in the US and Europe - and the expectation of a new buying cycle by power utilities for the yellow powder.

In the US, Joe Biden has stated that nuclear has a clear future within the nation's energy matrix, while European investors appear increasingly confident the EU will designate nuclear power as a green technology.

However, there is still a long way to go. Prices still need to double to reach the minimum incentive level of US$60/lb, but uranium explorers and producers believe recent increases in their stock prices could just be the start.

One company of the many poised to pounce as soon as prices rise is Boss Energy, an ASX-listed miner which put out an enhanced feasibility study for its Honeymoon uranium project in South Australia late June, which featured a 35% rise in its pre-tax NPV and paved the way for the project to move to the next stage.

The potential for big move in uranium has not escaped the attention of investment firm Sprott Asset Management, which has departed from its usual precious metals focus to take over the management of Uranium Participation Corporation (UPC) - the world's largest publicly traded investment vehicle - and re-launch it as the Sprott Physical Uranium Trust.

"Bringing in an experienced professional manager in the physical metals space will bring access to a broad base of investors launch a new physical uranium trust," said Cameco's CEO Tim Gitzel.

Bearing in mind the exciting opportunities in the space, Mining Journal has increased its coverage of the uranium sector in recent months, and this report contains a selection of the features which sparked particular attention among our readership over that time.

Please be aware, however, that the status of certain projects may have changed since the time of their original publication.

"Explorers and producers believe recent increases in their stock prices could just be the start."

Mining Journal, Tom Hoskyns

3

URANIUM OUTLOOK | ALLIGATOR

Alligator steps ahead with

key uranium partnership

Australia-based Alligator Energy is taking a big league approach as it advances its flagship Samphire uranium project, just as nuclear power is being embraced as part of a zero- emissions future.

Alligator has its recently-expanded Samphire and the Big Lake uranium projects in South Australia, the high-grade Alligator Rivers Uranium Project (ARUP) in the Northern Territory and is keeping a sharp eye out for more uranium acquisitions, targeting certain jurisdictions in Africa, the US and Australia.

The company also has an asset attracting interest in Europe, the Piedmont nickel-cobalt-copper-gold-PGM project in Italy, where it's in discussions regarding a strategic partnership in line with the increasing focus in the region on energy-related minerals.

Importantly, in a strategic move designed to smooth its transition to becoming a uranium producer, the explorer recently formed a landmark partnership with global commodities trading group Traxys. It's an unusual step for an early-stage company but Alligator MD and CEO Greg Hall, who has a wealth of uranium mining and marketing experience, believes it's the right time.

Not only will Traxys bring its experience, of covering 15 million pounds of U3O8 annually, to provide marketing services for future uranium production, long-term offtake contracting and assist in acquisition opportunities, it will also provide up to US$15 million towards project development finance.

"That's very valuable in that it will assist in getting the rest of the finance," Hall said.

"They know the uranium and nuclear fuel business very, very well."

He puts the deal down to the prospectivity in Alligator's existing uranium assets, plus the experience within the company. Hall's previous roles include marketing manager for uranium marketing and sales for Rio Tinto Uranium, and mine manager at the Ranger uranium mine in the Northern Territory and Olympic Dam in South Australia.

He also founded Toro Energy and was at the helm when the company was granted approval for its Wiluna uranium project in Western Australia.

Fellow director Peter McIntyre was MD of Extract Resources during the discovery and pre-feasibility stage of the Husab uranium project in Namibia.

"Now we're combined with Traxys, Alligator has one of the most experienced uranium management, advisory and board teams on the ASX," Hall said.

"We have the experience in uranium development right from exploration through to production and marketing.

4		July 2021

ALLIGATOR | URANIUM OUTLOOK

"We have the expertise to manage mines, develop mines, we've operated with governments, operated with community, and we now have a resource project on the books that we can help take forward, and we're looking for more."

The Samphire project has an existing 47Mlb inferred uranium resource across two deposits, Blackbush and Plumbush. Alligator acquired the project in October 2020 and recently expanded it, acquiring an exploration licence south of the Plumbush deposit.

Blackbush has quickly become the company's key focus, holding the bulk of the resources and containing a higher- grade core demonstrated through historical work and updated desk top studies to be amenable to in-situ recovery. A resource upgrade drilling campaign is set for the second half of 2021 and Alligator is aiming for a scoping study by year-end.

It's also establishing procedures with ANSTO, Australia's Nuclear Science and Technology Organisation, for updated uranium recovery test work.

"We think that will position us to make decisions around a big step up next year," Hall said. "Essentially starting the project approvals, undertaking feasibility, undertaking a

"Now we're combined with Traxys, Alligator has one of the most experienced uranium management, advisory and board teams on the ASX."

field leach trial and undertaking the detailed environmental work there."

The scoping study will consider open pit mining as well as in-situ recovery but Hall believes ISR will be the likely outcome.

"The in-situ recovery looks like the ideal form of extraction there because the uranium is in sand beds," he said.

"It's permeable, there's already been enough test work by the discovery company to show that ISR is amenable there

Reverse circulation drilling at Alligator Energy's Alligator Rivers Uranium Project in the NT with sampling being conducted by AGE personnel

July 2021		5