Carter Uranium Project

The Project is located in southeast Montana, close to the Wyoming border. Access is via US Highway 212, approximately 75km kilometres from the town of Belle Fourche, South Dakota.

The Project was intensely explored by numerous major mining and energy companies during the late 1970s and early 1980s. Uranium exploration was focused on the northern rim (extension) of the Powder River Basin from Wyoming into Montana.

Kerr McGee, one of the largest uranium producers during this era, in its joint venture with Chevron, was particularly active in the area and drilled thousands of reconnaissance and closer-spaced delineation holes on, and around, Recharge’s Project. Recharge has purchased a large database of exploration data and is currently compiling and reviewing the wealth of information.

The Carter Uranium Project is within 250 kilometres of six (6) permitted ISR uranium production facilities. ISR accounts for the vast majority of USA production, and the Powder River Basin has an extensive In Situ Recovery (ISR) uranium production history. This started on an experimental basis during the early 1960s, with the first commercial mine commencing operations in 1974.

The Carter Uranium Project hosts a significant amount of uranium mineralisation with the deposits extending over a strike extent of approximately 11 kilometres. The mineralisation, which is related to an extensive system of roll fronts, is hosted in discrete uranium deposits, and along the oxidation-reduction interfaces throughout the area.

Acadia Property

The Acadia Property covers an estimated 87% of the Acadia historical resource. The Acadia historical resource estimate of approximately 3.7 Mlbs U₃O₈ in 2.1M tonnes at a grade of 1,250ppm eU₃O₈ with an average thickness of about 2.4 metres.

The Acadia Property covers an area of close-spaced drilling by Kerr McGee in joint venture with Chevron that identified a roll front traceable for approximately 4 kilometres in the Fall River Sandstone of the Cretaceous Inyan Kara Group.

At least 254 holes were drilled, mostly on 30m spacing along fences at 150 metre intervals along strike.

The drilling identified uranium mineralisation at depths of 420 to 445m. The uranium zone was found in the A1 and A2 numbered roll fronts in the Fall River formation of Early Cretaceous age. They exhibit a sinuous shape in plan view and are 15.24 to 30.48m wide, with an average thickness of about 2.4m, at a Grade times Thickness (GT) cut-off of 900 (1.8m at 500ppm eU₃O₈).

Significant intercepts include:

• 1.83m @ 5,400ppm eU₃O₈ from 438m
• 3.35m @ 2,000ppm eU₃O₈ from 430m
• 3.65m @ 1,700ppm eU₃O₈ from 430m
• 1.83m @ 3,200ppm eU₃O₈ from 441m

Several excellent areas with strong potential for expanding the resource have been identified within the surrounding ground held by Recharge.

Mindy Property

The Mindy Property covers an estimated 78% of the Mindy historical resource. The Mindy historical resource estimate of approximately 1.4 Mlbs U₃O₈ in 0.45M tonnes at a grade of 1,560ppm eU₃O₈ with an average thickness of about 2 metres.

The Mindy Property covers an area of close-spaced drilling by Kerr McGee in joint venture with Chevron that identified a roll front traceable for approximately 7 kilometres in the Fall River Sandstone of the Cretaceous Inyan Kara Group.

The sandstone hosted uranium mineralisation occurs at a depth of about 290 metres below surface. The known mineralised portions of the roll front are defined by at least 226 holes drilled by Kerr McGee and Chevron.

Significant intercepts include:

• 2.74m @ 2,900ppm eU₃O₈ from 288m
• 1.83m @ 2,600ppm eU₃O₈ from 295.9m
• 2.13m @ 2,100ppm eU₃O₈ from 288m
• 2.43m @ 1,600ppm eU₃O₈ from 295.9m

Exploration Potential and Strategy

A thorough review of the historical drill data is continuing. A number of targets have been identified from the preliminary data review, providing potential for discovery of mineralised extensions and new zones of uranium mineralisation that are not incorporated in the historical resource estimate.

Numerous target areas with potential for expanding the mineralised roll fronts are held by the Company. These areas cover known roll front targets with significant but fewer close-spaced drill holes than the aforementioned properties.

Historical data from the identified roll fronts within the Carter Project indicate:

• Historical resource areas are open along strike in one or both directions which offer potential for defining extensions of the mineralised zones; and
• Areas of encouraging drill results not previously followed-up that could lead to further discoveries along the known roll fronts.

Data compilation, data review and target generation is ongoing. Permitting work has commenced with drilling planned for 2025.