GTI Resources : Positive Drill Results at Wyoming ISR Uranium Project

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15th December 2021

ASX: GTR

POSITIVE DRILLING RESULTS CONTINUE AT WYOMING ISR URANIUM PROJECT

Highlights:

• 24 holes completed to date of ~100‐hole maiden drill program
• 10 of 24 holes (42%) drilled to date met or exceeded the Grade Thickness (GT) cutoff with an average of 0.68GT
• Encouraging results continue with over 40% of holes drilled recording better than the minimum economic Grade Thickness (GT) cutoff of 0.2GT1
• Mineralisation continues to demonstrate characteristics conducive to ISR recovery
• 1st phase of drilling to conclude December 17th with balance of holes planned for early 2022

GTI Resources Ltd (GTI or Company) is pleased to advise that 2 mud rotary drill rigs have now completed 24 holes of its 50,000‐foot (~15,000 metre) ~100‐hole maiden drill program within exploration area 1 (Exp area 1) at the Thor ISR uranium project in Wyoming's Great Divide basin (Figure 1).

Figure 1. Thor Project Uranium Drilling Location Map, Great Divide Basin, Wyoming USA.

• Typical economically viable ISR grade & GT cut‐offs are: 0.02% (200ppm) U3O8 & 0.2GT i.e., 10 ft (3m) @ 0.02% (200ppm) U3O8

Level 1/89 St Georges Terrace, Perth, WA 6000. Phone: [phone], email: [e-mail] web: www.gtiresources.com.au

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Figure 2. Mud Rotary Drill Rigs, Ancillary Equipment and Support Vehicles at the Thor Project.

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The first 24 drill holes at the Thor Project were completed for a total of 12,041 feet (3,670 metres) within Area 1 (Figures 1 & 3). Typical economically viable ISR grade and GT cut‐offs are: 0.02% (200ppm) U3O8 and 0.2GT ‐‐ i.e., 10 ft (3m) @ 0.02% (200ppm) U3O8. Results from the first 24 holes (including those previously reported) were characterised by (Table 1):

• 10 of 24 holes (42%) drilled to date met both grade and GT cutoff with an average of 0.68GT; and
• Of the remaining 14 holes 2 met grade cutoff but not GT, 6 had trace mineralisation & 6 were barren.

These results are in line with expectation and are viewed by the Company as indicative of high potential for economic ISR uranium mineralisation.

Drilling is now completed in the initial drilling area to the northeast (Area 1 in Figure 3) and has moved to the southeast claim group (Area 2 in Figure 3). Drilling along the eastern portion of the claim block has shown a consistent sand at ~200 feet that is 110‐120' thick within which there are three or more fronts.

These results continue to be very encouraging, and the mineralisation encountered meets expectations for economic ISR uranium recovery. Drilling to date has confirmed that the historic data is an excellent guide for drilling2. Drilling has also continued to show that the geological and hydrogeological setting of the mineralisation appears to be conducive to ISR recovery with the main host sand appearing to be continuous in the area and the water table being over 100 feet above the main host sand.

Drilling continues to show that there are at least 3 separate roll fronts present in the main host sand with additional sands positioned above and below the main sand unit showing at least trace mineralisation.

GTI's exploration objective for this drill program is to identify REDOX boundaries and potential host sands in addition to defining the depth, thickness, grade and width of mineralisation across the REDOX front. The Company is targeting mineralisation 50 feet (15 metres) or more below the water table. The drill program may ultimately enable estimation of inferred mineral resources and/or an exploration target.

• It should be noted that the drilling commenced in one of the areas with better historic data and that the positive drilling success rate may not be replicated as the Company proceeds into other areas with less comprehensive historical data.

Level 1/89 St Georges Terrace, Perth, WA 6000. Phone: [phone], email: [e-mail], web: www.gtiresources.com.au

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Table 1. Thor Drilling Preliminary Results

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GTI hopes to encounter mineralisation of similar tenor to that encountered at the nearby Lost Creek deposit and that otherwise meets typical economic cutoff criteria for sandstone hosted ISR uranium projects in Wyoming's Great Divide Basin e.g.:

• Grade greater than 0.02% (200 ppm) U3O8
• Grade x Thickness (GT) greater than 0.2 (10 ft @ 0.02 ‐ 3 metres @ 200ppm U3O8)
• Width of mineralisation above cutoff nominal 50 feet (15 metres) and nominal GT of 0.4

UR Energy's Lost Creek ISR uranium deposit (Figure 1) is reported to contain a remaining 13Mlbs of U3O8 at average grade of 0.048% eU3O8 (Measured and Indicated) at a cutoff Grade Thickness (GT) of 0.2.3

• https://www.ur‐energy.com/news‐media/press‐releases/detail/169/ur‐energy‐issues‐amended‐preliminary‐economic‐assessment

Level 1/89 St Georges Terrace, Perth, WA 6000. Phone: [phone], email: [e-mail], web: www.gtiresources.com.au

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Figure 3. Thor Project Uranium Drilling Location Map, Great Divide Basin, Wyoming USA.

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The 1st phase of the drilling program is expected to be completed on December 17th for the Christmas break with the balance of the program planned to take place during early 2022 as conditions permit. Further drilling results are expected to be available in the week before Christmas. Final results, conclusions and recommendations for next steps will be developed at end of drill program during 2022.

‐Ends‐

This ASX release was authorised for release by the Directors of GTI Resources Ltd. Bruce Lane, (Executive Director), GTI Resources Ltd

Level 1/89 St Georges Terrace, Perth, WA 6000. Phone: [phone], email: [e-mail], web: www.gtiresources.com.au

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Table 2. Drill Collar Information (Including Previously Reported)

Hole ID	Coordinates (easting, northing)	Elevation (ft)
BR‐1001	107.6251015547,42.0890548662	6873.86
BR‐1002	107.6254199081,42.0892066907	6888.63
BR‐1003	107.6258066366,42.0894079077	6884.09
BR‐1004	107.6261828799,42.0895925592	6886.52
BR‐1005	107.6257158977,42.088921223	6883.69
BR‐1006	107.6242940705,42.0926740981	6897.49
BR‐1007	107.6247348601,42.0931038252	6891.21
BR‐1008	107.6251282725,42.0934402246	6903
BR‐1009	107.6256337815,42.0939136711	6906
BR‐1010	107.6280267692,42.0960116756	6904.88
BR‐1011	107.628460662,42.0964353442	6900.63
BR‐1012	107.6289477636,42.096869593	6903.61
BR‐1013	107.6275635919,42.0956299147	6910
BR‐1014	107.6266336868,42.0947884841	6900.39
BR‐1015	107.6384091935,42.0925488176	6877.43
BR‐1016	107.6380727834,42.0920768141	6886.93
BR‐1017	107.6377577502,42.0916160627	6883.4
BR‐1018	107.6377577502,42.0916160627	6883.4
BR‐1019	107.6371122922,42.0906534466	6884.2
BR‐1020	107.6244934496,42.0928435666	6894.72
BR‐1021	107.6261682996,42.0819693297	6858.92
BR‐1022	107.6263389272,42.0822372169	6857.62
BR‐1023	107.6261682996,42.0819693297	6859.22
BR‐1024	107.63854722,42.09281944	6877.43

Note: All holes were drilled vertically

Competent Persons Statement

The information in this announcement that relates to the Exploration Results is based on information compiled and fairly represents the exploration status of the project. Doug Beahm has reviewed the information and has approved the scientific and technical matters of this disclosure. Mr. Beahm is a Principal Engineer with BRS Engineering Inc. with over 45 years of experience in mineral exploration and project evaluation. Mr. Beahm is a Registered Member of the Society of Mining, Metallurgy and Exploration, and is a Professional Engineer (Wyoming, Utah, and Oregon) and a Professional Geologist (Wyoming) . Mr Beahm has worked in uranium exploration, mining, and mine land reclamation in the Western US since 1975 and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and has reviewed the activity which has been undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of exploration results, Mineral Resources and Ore Reserves. Mr Beahm provides his consent to the information provided.

Level 1/89 St Georges Terrace, Perth, WA 6000. Phone: [phone], email: [e-mail], web: www.gtiresources.com.au

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