Phoenix Feasibility Study 2023

Phoenix In-Situ Recovery ("ISR") Feasibility Study (2023): Reflects rigour of multi-year technical de-risking and delivers impressive economic results (1) i c$1.56B estimated 70.5M lbs U₂Og @ 11.4% U308 | post-tax NPV, (100% basis) 8% Measured & Indicated Mineral Resources (280,200 tonnes, 100% basis) One of the highest- grade undeveloped uranium deposits globally Including... 56.3M lbs U₂Og @ 46.0% U308 M&I mineral resources for Zone A high-grade domain | Base-case (see note 3, 4) i 90.0% estimated Base-case | post-tax | IRR (see note 3, 4) US$6.28 / lbs U308 | average Cash Operating Costs | (C$8.51/lb U308) i c$419M estimated Initial | CAPEX (100% basis) i 3.7 to 1 impressive | Base-case | post-tax NPV |to initial capital | cost ratio US$16.04 / lbs U308 | average All-in Cost (2) | (C$21.73/lb U308) Lenison PHOTOS: Phoenix Feasibility Field Test (FFT) facilities during operations in 2022. NOTES: (1) See the Wheeler River Technical Report titled "NI 43-101 Technical Report on the Wheeler River Project, Athabasca Basin, Saskatchewan, Canada" dated June 23, 2023. (2) All-in cost is estimated on a pre-tax basis and includes all project operating costs, capital costs post-FID, and decommissioning costs divided by the estimated number of pounds U308 to be produced. (3) NPV and IRR are calculated to the start of construction activities for the Phoenix operation, and excludes $67.4 million in pre-FID expenditures. (4) Post-tax NPV, IRR and payback period are based on the "adjusted Post-tax" scenario, which includes the benefit of entity level tax attributes which are expected to be available and used to reduce taxable income from the Phoenix operation. See Wheeler River Technical Report for details. 10

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