Australian Project

Bigrlyi Project – (OML 41.17%)

The Bigrlyi deposit is a tabular sandstone hosted uranium vanadium depositlocated on the northern margin of the Ngalia Basin. The Bigrlyi Project comprises 11 granted exploration licenses in retention (ELRs). The project, which is a joint venture with Optimal Mining Limited, (41.7%) and was subject to significant exploration activity for the period 1974 to 1982 including over 400 drill holes, resource estimations and metallurgical test work programs. The project was put on care and maintenance in 1983.

At a cut-off grade of 500ppm U3O8 the Bigrlyi MIK resource totals 21.09 million pounds (Mlb) of U3O8 and 19.69 Mlb of V2O5. Significantly 62.3% of the contained uranium metal (or 6.36 Kt U3O8) reports to the Indicated Resource category. At a cut-off grade of 250ppm U3O8 the MIK resource totals 26.97 Mlb of U3O8 with most of this resource within 200m of the surface and potentially amenable to open cut mining. At both the 500ppm and 250ppm cut-off grades approximately 60% of the contained uranium metal reports to the Indicated Resource category.

Detailed metallurgical test work undertaken by EME confirmed that the major uranium bearing minerals are Uraninite and coffinite, and the major vanadium bearing mineral is montroseite. This work has also confirmed the very high acid dissolution characteristics of the Bigrlyi ore with extraction levels of up to 98% uranium and 59% vanadium recorded from the base-case acid leach tests.