Sheep Mountain — uranium project

Development-stage conventional uranium project in the Wyoming Basin Great Divide Basin, ~8 miles south of Jeffrey City, Wyoming. Includes the Congo Pit open pit (Congo, North Gap, South Congo areas) and the existing Sheep Underground (Sheep I & II), with a proposed on-site heap leach processing facility on a double-lined pad using sulfuric acid lixiviant. Approximately 5,055 acres in 218 unpatented mining claims plus ~640 acres State of Wyoming lease. BLM Plan of Operations approved Jan 6 2017; WDEQ Mine Permit revised Jul 2015 approving expanded surface and underground mining. License application for the on-site recovery facility on hold pending evaluation of off-site processing options and uranium market conditions. Mineral Reserves estimated at $65/lb U3O8 long-term price. Subject to 1-4% sliding scale royalty to Western Nuclear and 5% Wyoming State Mineral Lease royalty. Net book value $34.18 million at Dec 31 2025.