West Slope — uranium & vanadium project

Uranium and vanadium complex comprising four contiguous DOE leases (JD-6, JD-7, JD-8, and JD-9) that were previously developed and mined. Located within the Uravan Mineral District of southwestern Colorado, approximately 10 miles west of Naturita. Property covers 2,355 acres of DOE Mineral Leases, encumbered by a 15% royalty retained by Cotter Corporation and DOE royalties. Sandstone-hosted, channel-bound tabular and lenticular deposits within the Salt Wash member of the Jurassic Morrison Formation. Acquired in March 2019 from Cotter Corporation; historical production from the 1970s to early 2000s totaled over 1.3 Mlb U3O8 and 6.6 Mlb V2O5. Permitting application submitted to restart the JD-8 mine with a target operational restart in the second half of 2026. 2025 verification drilling program completed at JD-7. Key risks: combined royalty burden from Cotter and DOE considered excessive.