Tiris Uranium Project

85%-owned Tiris uranium project (15% Mauritanian government via Tiris Ressources SA) in northern Mauritania (Reguibat Shield). The flagship development is a low-cost, shallow open-pit uranium operation comprising the Tiris East deposits (Lazare North, Lazare South, Hippolyte, Sadi) and the Oum Ferkik discovery within a >13,000 km2 tenement package. The Mineral Resource was upgraded in June 2024 to 184 Mt @ 225 ppm U3O8 (91.3 Mlb U3O8) at a 100 ppm cut-off. The December 2024 Ore Reserve update increased reserves 49% to 62.8 Mt @ 243 ppm U3O8 (33.6 Mlb U3O8). The September 2024 Production Target supports a 25-year LOM (extended from 17), 43.5 Mlb U3O8 LOM production at ~2 Mlb/yr, post-tax NPV8 US$499M, IRR 39%, payback ~2.25 years, all at US$80/lb uranium. Fully permitted; ESIA completed; financing discussions with the U.S. DFC and strategic partners advancing.