Phoenix — uranium project

High-grade unconformity-hosted uranium deposit at Wheeler River, planned as an in-situ recovery operation - the first ISR uranium mine in Canada. The 2023 Phoenix feasibility study established a 10-year mine life on proven and probable reserves of 56.7 million lb U3O8 (219,000 tonnes at 11.7% U3O8) with a base case pre-tax IRR of 105.9% and adjusted after-tax IRR of 90.0%. The Zone A high-grade domain is estimated to contain 56.3 million lb U3O8 in measured and indicated resources at an average grade of 46.0% U3O8. Uranium-bearing solution from the wellfield feeds an adjacent self-contained processing plant. A January 2026 capital update raised total initial capital to about $700 million - roughly $100 million pre-FID and $600 million post-FID - at AACE Class 2 precision, with the post-FID IRR at 73%. Grid power arrived in January 2026 and the CNSC approved the environmental assessment and issued the Licence to Prepare a Site and Construct in February 2026, the first Canadian uranium mine approved for construction in over 20 years. FID had not been taken at the reporting date.