Roca Honda

Proposed underground uranium mine in the Ambrosia Lake subdistrict, McKinley County, New Mexico, ~22 road miles northeast of Grants. 4,440 acres on 163 unpatented lode mining claims plus a New Mexico State General Mining Lease and fee mineral interest. Held 100% by Strathmore Resources (US) Ltd, a wholly owned subsidiary. Roca Honda Resources LLC originally formed in 2007 with Sumitomo (40%); 100% acquired by EFR in May 2016. 95% expected metallurgical recovery. Exploration stage under S-K 1300 as Project does not have known Mineral Reserves; current activities focused on permitting (revised Plan of Operations with USFS, revised draft EIS). Subject to 1% gross revenue royalty on Section 9 claims and 5% State of New Mexico royalty on Section 16. Net book value $22.42 million at Dec 31 2025.