Resource

The Kayelekera deposit hosted a total mineral endowment of approximately 60Mlbs U3O8 equivalent when historical production (11Mlbs) and the current resource are accounted for. Kayelekera is a sandstone-hosted uranium deposit associated with the Permian Karoo sediments and is hosted by the Kayelekera member of the North Rukuru sediments of the Karoo. The mineralisation is associated with seven variably oxidised course-grained arkose units, separated by shales and chocolate-coloured mudstones. Uranium mineralisation occurs as lenses primarily within the arkose units and, to a lesser extent, in the mudstone units. The lowest level of known mineralisation currently is at a depth of approximately 160m below surface.

The Mineral Resources as at 15 February 2022 was 46.3Mlbs U3O8 equivalent (U3O8) reported above a 200ppm U3O8

Kayelekera Mineral Resource Estimate – March 2020 1

Category Mt Grade

(U3O8  ppm)

U3O8

(M kg)

U3O8

(M lbs)

Measured 0.9 830 0.7 1.6
Measured – RoM Stockpile 2 1.6 760 1.2 2.6
Indicated 29.3 510 15.1 33.2
Inferred 8.3 410 3.4 7.4
Total 40.1 510 20.4 44.8
Inferred – LG Stockpiles 2 2.4 290 0.7 1.5
Total All Materials 42.5 500 21.1 46.3

1 RoM stockpile has been mined and is located near mill facility.
2 Low Grade stockpiles have been mined and placed on the low-grade stockpile and are considered potentially feasible for blending or
beneficiation, with studies planned to further assess this optionality.
Figures have been rounded. Grade has been determined from a combination of XRF and downhole logging derived eU3O8 grades.
Insitu Mineral Resources are depleted for mining to 31 December 2013 when mining ceased; Stockpiles have been depleted to the end of processing in June 2014. Metal contents are based on contained metal in the ground and take no account of mining or metallurgical recoveries, mining dilution or other economic parameters.
An insitu bulk density of 2.29g/cm3 was applied for Arkose material and 2.20g/cm3 for mudstone material to all blocks within the model