Alligator Energy announced an increase to the Initial Mineral Resource Estimate (MRE) targeting In-Situ Recovery (ISR) for the Blackbush Deposit (`Blackbush'). The Mineral Resource now contains 18.1Mlbs U3O8 (previously 14.8Mlbs) total contained uranium metal. Upgraded Blackbush Mineral Resource Estimate: This MRE was prepared by AMC Consultants (Perth) using historical UraniumSA Ltd. (UraniumSA) drilling data and AGE rotary-mud/sonic drilling data acquired in 2021-2022 within Blackbush.

Uranium grades were determined by a combination of chemical assay, downhole prompt fission neutron (PFN) and downhole gamma geophysical sonde measurements. The updated 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 at Blackbush. Comparison to Initial Blackbush MRE Targeting In-Situ Recovery: Comparison of the total Indicated and Inferred uranium metal content estimated in this MRE with Alligator's initial MRE targeting in-situ recovery (September 2022) identifies a favourable 23% increase in U3O8 metal content and an 8% uplift in the average grade in addition to a 78% category transfer and increase in the Indicated Mineral Resource.

This was achieved through: An infill rotary-mud drilling program completed by AGE Fourth Quarter 2022 which acquired both gamma (eU3O8) and PFN (pU3O8) data and PFN data in AGE's cased sonic core holes. Both datasets added significant confidence to some areas previously reliant solely on gamma data. Increasing the drill density in Blackbush West which provided the basis to improve the classification from Inferred to Indicated in peripheral areas.

Addition of new tonnes and improved grades in the western channel area. Metallurgical analysis (undertaken by ANSTO) and additional wireline downhole density data acquired by AGE allowed an upgrade of the density factor from 1.8 t/m3 (used in the September 2022 MRE) to 2.05 t/m3. Next Steps: The substantial increase in Indicated Mineral Resource provides the additional confidence to complete the first study of the potential Blackbush project economics.

Alligator's Scoping Study for an initial ISR operation at Blackbush is well advanced with completion anticipated during March 2023. Drilling has recommenced at the Blackbush deposit, initially focussed on water monitoring bores for ongoing ground water monitoring, and ready for planned Field Recovery Trial later this year. Drilling will continue onto further infill and extensional drilling around Blackbush West and East.

Alligator has secured the services of drilling contractors and personnel for near continuous resource and exploration drilling work through the year, with planned breaks around the pastoralists lambing season in May and June. The Company has continued its community and regional engagement with a further public presentation meeting and drop-in session held in Whyalla, along with ongoing discussions with pastoralists and key community groups regarding drilling and planned pilot field recovery trial.