Alligator Energy announced its initial combined Indicated and Inferred Mineral Resource estimate (MRE) targeting In-Situ Recovery (ISR) for the Blackbush Deposit. The MRE was prepared by AMC Consultants (Perth) using historical UraniumSA Ltd. (UraniumSA) drilling data, along with recent data acquired in AGE rotary-mud and sonic drilling campaigns. Historical data was reviewed for quality control purposes by AGE prior to AMC using these data in the MRE.

Uranium grades were determined by a combination of chemical assay, downhole prompt fission neutron (PFN) and downhole gamma geophysical sonde measurements. The MRE has been reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) and reports only that portion which has been assessed by AGE as amenable to ISR within the Kanaka Beds of the Samphire Palaeochannel. Comparison of the uranium metal content estimated at various cut-off grades in the MRE with UraniumSA's 2013 MRE3 for Blackbush within the ISR amenable Kanaka Beds identifies a favourable 25% increase in metal content achieved by Alligator due to: Application of a higher cut-off grade (250ppm U3O8) for the MRE and additional drilling by AGE (50 holes).

Changes in the interpretation of the geology and uranium mineralisation. Improved understanding of the disequilibrium4 within the deposit by additional drilling and modelling. Eliminating uranium mineralisation and host lithologies from the MRE that at this stage, do not have reasonable prospects for eventual economic extraction or are considered not suitable for ISR Comparison to Previous Estimates The focus of this MRE was to estimate the Mineral Resource only in ISR amenable lithologies i.e., the Kanaka Beds, and to lift the cut-off grade to allow focus on a potential ISR resource.

Relative changes in tonnage, grade, and metal between AGE's MRE and the UraniumSA's 2013 MRE 5 relate to: 1. AGE's infill drilling rotary-mud and sonic core drilling programs undertaken Fourth Quarter 2021/Q1 2022 used both gamma and PFN downhole tools. The latter increased the confidence to those areas where uranium grade was solely defined by gamma. Sonic core holes provided uranium assay for further data verification.

This successfully increased the confidence level of the historical data, such that 6Mlbs is now classified as an Indicated Mineral Resource at 250ppm cut-. 2. A change to the model approaches for interpretations, block sizes, estimation method and use of dynamic anisotropy for the estimation. 3. Disequilibrium modelling for gamma data based on AGE PFN data which precipitated some detailed changes (both positive and negative), dependent on lateral location and stratigraphic positions within the palaeochannel.

4. A general change in classification to drilled areas due to improved data, interpretations, and the model improved classification of some previously Inferred material to Indicated category. Resource Growth Potential; Forthcoming Drilling Program Focus; Drilling of 50 holes by AGE has successfully increased the confidence level of a significant portion of the JORC Mineral Resource at Blackbush. Drilling of a further 100 infill and extensional holes commencing in early October 2022 will focus on the following: 1) Further conversion of the Mineral Resource from Inferred to Indicated categories, using a 250ppm cut-off, thus giving the potential to increase the grade and the amount of Indicated Mineral Resource within the deposit.

2) Follow-up of extensions of the known high-grade zones in the MRE where mineralisation is not closed off. 3) Testing areas where historical data outside the MRE flags potential for additional accumulations of uranium mineralisation.