Kayelekera Overview

The Kayelekera Uranium Project (“Kayelekera” or the “Project”) in Malawi, Africa is the fourth largest uranium asset globally by historical annual production currently on care and maintenance. The Project produced ~11MIbs U3O8 equivalent over five-years between 2009-2014, before the asset was shutdown to preserve its longevity due to a sustained low uranium price.

The infrastructure at the Project is significant and includes a 1.5Mtpa processing facility, administration offices, an existing opencut mine, tailings dams, accommodation camp and other mine infrastructure that historically cost more than +US$200m. This existing infrastructure will allow for an accelerated re-start and one of the lowest initial capital cost estimates in the industry (US$50m plant refurbishment based on Re-Start Study).

The Project already has a mining licence and its environmental permits, access to a skilled local workforce who worked at the asset previously, as well as strong government support (who are also 15% owners of the Project).

The Company is currently advancing the project through a Definitive Feasibility Study that is anticipated to be completed by mid-2022 with a decision to recommence production expected thereafter providing a favorable uranium price environment.