Church Rock Project, McKinley County, New Mexico

Laramide Resources Ltd. acquired our former Church Rock project from the Company in 2017, and as part of the purchase consideration granted our Company a 4.0% net smelter return (NSR) royalty on future production from the subject properties.

The Church Rock project has a series of permits and licenses, granted by the US Nuclear Regulatory Commission to produce uranium via ISR methods from a deposit that is estimated to contain more than 6 million pounds of U3O8. Additional non-reserve mineral resources have been identified on other property parcels that were included as part of the Laramide transaction. These mineral resources, which were identified from historical exploration data are not yet fully quantified.