La Sal Project

Existing underground uranium-vanadium complex of seven individual mines and properties in the Uravan Mineral Belt, San Juan County, Utah, on the Colorado Plateau. From east to west: Pine Ridge (reclaimed), Pandora, Snowball, La Sal Decline, Beaver Shaft, Redd Block IV and Energy Queen. 100% owned through subsidiary EFR Colorado covering approximately 9,750 acres. Sandstone-hosted uranium-vanadium in the Top Rim sandstone of the Morrison Formation. Test-mining program 2018-2019; production restarted at La Sal and Pandora portions in Q4 2023. In 2025 the La Sal Complex mined 44.9 kt at probed 0.17% U3O8 and 1.01% V2O5 containing 155.1 klb U3O8 and 911 klb V2O5. Ore trucked to White Mesa Mill. Royalties include 10% on certain Pandora claims, 3-8% sliding-scale on others, 8% on State of Utah uranium leases plus 4% vanadium, 1% NSR on selected claims. Considered exploration stage under S-K 1300 (no Reserves).