Velvet-Wood

Underground uranium and vanadium project comprising the Velvet and Wood mine areas. Located within the Lisbon Valley physiographic province in San Juan County, Utah, approximately 31 miles from Monticello. Property includes unpatented mining claims and a State of Utah mineral lease totaling approximately 2,166 acres. Irregular tabular bodies located at the base, top, or close to pinch-outs of fluvial arkose sandstone units within the Cutler Formation. Acquired in August 2015 from Uranium One; the Velvet mine historically produced 4.2 Mlb U3O8 and 4.8 Mlb V2O5. May 2023 PEA (combined with Slick Rock) outlines a conventional random room and pillar underground mine operation with material hauled to the Shootaring Canyon Mill. Construction activities launched in November 2025 following approval from the Utah Department of Oil, Gas and Mining.