Nichols Ranch ISR

Existing in-situ recovery uranium complex in Campbell and Johnson Counties in the Pumpkin Buttes Mining District of the Powder River Basin, Wyoming, ~80 miles northeast of Casper. Complex comprises the Nichols Ranch Plant (100%), Nichols Ranch Wellfields (100%), Jane Dough Property (81%, balance held through Arkose Mining Venture by United Nuclear), Hank Project (100%) with permitted but not constructed Hank Satellite Plant, North Rolling Pin (100%) and West North Butte (100%) on 10,755 acres total. Production currently on standby pending market conditions and capex for additional wellfields; can recommence within ~12 months of a 'go' decision. In 2025 the Company drilled 394 delineation holes (79 Nichols Ranch, 315 Jane Dough) and continued planning for header houses 11-13. Considered exploration stage under S-K 1300; no Mineral Reserves. Net book value of Plant $19.36 million plus North Rolling Pin/WNB $10.22 million at Dec 31 2025.