GTI Energy Ltd. announced that four mud rotary drill rigs are now working at the Company's ISR uranium projects in Wyoming's Great Divide Basin with 22 holes completed to date of a planned approximately 65-hole campaign. Drilling of 70 holes was previously completed at the Thor prospect (Thor) and 16 holes were completed at the Odin prospect (Odin). Drilling at the Teebo prospect (Teebo) is approximately 50% completed with 6 holes drilled to date and drilling at the Loki prospect (Loki) started at the end of last week.

Drilling at Thor and Odin is now completed. The seventy holes completed at Thor were previously reported to ASX on 8th November 2022. Odin & Teebo are located adjacent to Uranium Energy Corp.'s (UEC) Antelope Project.

Loki sits south of Antelope and north of URE's Lost Creek. Drilling of up to 45 holes (approximately 42,500 ft) combined across all 3 prospects will explore approximately 5 miles of mineralised trends (Trends) interpreted from historic information also used at Thor. A further 20 holes are planned, weather permitting, at Wicket East Drilling of 16 holes at Odin has progressed to completion and drilling at Teebo is now partially completed with 6 of 12 holes finalised.

Drilling is targeting confirmation of historically identified mineralisation and extensions of known roll front trends and has successfully encountered uranium mineralisation at both Odin and Teebo. Results at Teebo are particularly encouraging where 4 of 6 holes drilled to date met or exceeded cut-off for both Grade & Grade Thickness (GT). 22 holes were completed at Odin & Teebo for a total to date of 19,510 feet (5,947 metres) of drilling.

The drilling successfully confirmed GTI's exploration hypothesis that roll front trends are present in the targeted locations & that mineralisation is located below the water table at potentially viable depths for ISR mining. Initial results for 22 holes are observed as follows: 18 holes encountered uranium mineralisation below the water table; 4 holes met both grade & GT cut-off with an average of 0.47 GT ­ 2.35 x the target cutoff; 7 of the remaining holes met grade cutoff but not GT, 7 had trace mineral & 4 were barren. These interim results are positive, particularly with mineralisation encountered at Teebo meeting expectations for potentially economic ISR uranium recovery.

Drilling to date has confirmed GTI's exploration hypothesis and that the historic data continues to be a very useful guide for drilling. Drilling has also shown that the geological and hydrogeological setting of the mineralization encountered to date at Odin and Teebo appears to be conducive to ISR recovery with the main host sand appearing to be continuous and below the water table. Drilling at Odin encountered mineralisation in 12 of 16 drillholes with 5 of these holes encountering mineralisation in excess of 0.02% eU3O8.

Mineralisation occurs in multiple sandstone units over a 700+ foot thick section of alternating sandstone and silt/shale units from approximately 200 to 900 feet in depth. While mineralisation was encountered in both the northwest and southeast portions of the claims, the most promising drill hole, GTI-1012-OD, is located in the south eastern portion of the claims. Drill results will be further analysed to assess exploration potential. Drilling at Teebo to date has delivered encouraging results with all 6 drillholes completed exceeding 0.02% eU3O8 grade and 4 of these holes exceeding minimum GT with and average GT of 0.47.

Mineralisation occurs in multiple sandstone units over a 600+ foot thick section of alternating sandstone and silt/shale units from approximately 450 to 950 feet in depth. Drilling is ongoing. Additional results will be reported when drilling is completed for this season.

Once interpretation of this data is completed, new exploration target areas are anticipated. Wicket East lies on the southern boundary of Ur-Energy's Lost Soldier Deposit. GTI seeks to explore a projected mineralised trend extending from the southern boundary of URE's Lost Soldier property for approximately 3 miles.

This Trend is interpreted from historic drilling information similar to that used at Thor. Drilling of up to 20 holes (approximately 22,500 ft) is planned at Wicket East however weather conditions have slowed progress on the GDB drill program despite the addition of two more drill rigs. Drilling at Wicket East may therefore be delayed until after Christmas 2022 due to weather delays.

This season's drilling campaign has so far discovered an additional 7,974 feet of mineralised roll front trends within GTI's Thor project for a now enlarged total of 25,614 feet (4.85 miles) as reported to ASX on 8 November 2022. The Company expects that the balance of the program will be concluded by the end of 2022 if weather conditions remain favourable or in early 2023. Further drilling results will be available in the coming weeks with final results, conclusions & recommendations for next steps to be developed during early 2023.