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2024 Mineral Resource Estimate
Norasa Project
2024 Mineral Resource Estimate
| Class | Deposit | Mass Mt (Metric) | Average Grade eU3O8 (ppm) | Material Content U3O8 Mlb | Contained Metal U Tonnes |
| Measured | Valencia East | ||||
| Valencia Main | 7.6 | 171 | 2.9 | 1,099 | |
| Namibplaas | |||||
| Norasa | 7.6 | 171 | 2.9 | 1,099 | |
| Indicated | Valencia East | ||||
| Valencia Main | 144.3 | 134 | 42.6 | 16,368 | |
| Namibplaas | |||||
| Norasa | 144.3 | 134 | 42.6 | 16,368 | |
| Measured & Indicated | Valencia East | ||||
| Valencia Main | 151.9 | 136 | 45.4 | 17,467 | |
| Namibplaas | |||||
| Norasa | 151.9 | 136 | 45.4 | 17,467 | |
| Inferred | Valencia East | 1.0 | 114 | 0.3 | 97 |
| Valencia Main | 4.7 | 121 | 1.3 | 487 | |
| Namibplaas | 218.7 | 85 | 41.1 | 15,817 | |
| Norasa | 224.5 | 86 | 42.6 | 16,401 |
Notes and Qualified Person Statements (NI 43-101)
- Mineral Resources, which are not Mineral Reserves, have no demonstrated economic viability. There is no guarantee that all or any part of the mineral resource will be converted into a mineral reserve. The estimate of mineral resources may be materially affected by geology, environment, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
- The Mineral Resource Statement for Norasa as at 30th April 2024 is reported at a cut-off grade of 40ppm U₃O₈ from within a conceptual pit-shell using the following assumed parameters: Base Uranium Price –USD/lb U₃O₈: $120, Average Mining Cost at reference elevation (AISC) USD/tonne: Valencia Main $2.38; Valencia East $2.13; Namibplaas $2.29, Average Processing Cost USD/tonne processed: $7.55, Average G&A Overheads USD/tonne processed: $1.04, Process Overall Recovery % U₃O₈ Recovery: 85.0%, Selling Cost Transport USD/lb U₃O₈: $1.29
- From the assumed parameters, a 40 ppm U₃O₈ cut-off grade was calculated, which together with the conceptual pit shell demonstrates reasonable prospects for eventual economic extraction (RPEEE) for the Mineral Resource. The assessment to satisfy the criteria of RPEEE is a high-level estimate and is not an attempt to estimate Mineral Reserves.
- Qualified Persons Statement for Mineral Resource Estimate
The information that relates to the updated Mineral Resource Estimate for the Norasa Project is based on information compiled or reviewed by Dr Guy Freemantle of The MSA Group (Pty) Ltd., Johannesburg, South Africa. The MSA Group are independent consultants to the Norasa Project, Namibia. Dr Freemantle holds a Bachelor of Science in Geology and a PhD in Geology, both at the University of the Witwatersrand. He is a member of the Society of Economic Geologists (892905); a Fellow of the Geological Society of South Africa (965392); and is registered with SACNASP (Registration 117527). Dr Freemantle has practiced his profession continuously for 14 years and has sufficient experience and knowledge that is relevant to the style of mineralisation and type of deposits under consideration as well as to the activity that is being undertaken to fulfil requirements of a Qualified Person as per NI 43-101. - Qualified Persons Statement for Metallurgy
Mr Aveshan Naidoo is a Specialist Engineer: Hydromet and Economics, for DRA South Africa Projects (Pty) Ltd of Building 33, Woodlands Office Park, 20 Woodlands Drive, Woodlands, Sandton, 2080. He holds a Bachelor of Science in Chemical Engineering and a Master of Business Administration at the University of Witwatersrand. He is a registered Professional Engineer with the Engineering Council of South Africa (Registration No. 20130523). Mr Naidoo has been practising his profession continuously since 2008 and has 16 years of experience across a range of African projects. He is familiar with NI 43-101 and, by reason of his education, experience, and professional registrations, he fulfils the requirements of an independent Qualified Person as defined in NI 43-101.
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