Gryphon — uranium project

Basement-hosted uranium deposit approximately 3 km northwest of Phoenix at Wheeler River, planned as an underground mine. Access is via two blind-bored shafts - a production shaft for personnel, supplies, ore and waste hoisting and fresh air, and a dedicated ventilation and secondary-egress shaft - with a composite steel/concrete liner grouted into basement rock. The mine is divided into five blocks (E Zone, Lower D, Upper and Lower Main, Upper SW), each mined bottom-up by longhole methods, producing approximately 605 t/d of ore and 330 t/d of waste at steady state. Ore is hoisted and trucked to the McClean Lake mill; a two-year ramp-up to a full production rate of 9 million lb U3O8 per year is planned. Processing at McClean Lake requires a toll milling agreement that is not yet established and regulatory approvals not yet obtained, plus certain mill modifications. The Gryphon PFS Update reports a pre-tax IRR of 41.4% and after-tax IRR of 37.6% with a 22-month after-tax payback.