Uranium is a strategically important mineral within modern energy infrastructure. As global demand for reliable, low-carbon baseload power continues to evolve, uranium exploration plays a foundational role in identifying and evaluating potential future sources of supply.

The Company’s uranium exploration initiatives are focused on the disciplined evaluation of select geographic regions and property areas where uranium mineralization has been historically documented or where geological conditions support further investigation. These activities are conducted at the exploration stage and are distinct from development or production operations.

The Company’s broader exploration framework also includes lithium exploration initiatives and rare earth exploration initiatives evaluated under similar regional and organizational standards.

Overview of Uranium Exploration

Uranium exploration is an early-stage process centered on understanding geological environments, reviewing historical data, and assessing land positions for potential relevance within broader mineral systems. Exploration efforts typically involve a combination of data analysis, field evaluation, and ongoing review of third-party geological information.

At this stage, exploration activities are designed to build technical understanding and regional familiarity rather than to define resources or reserves. Outcomes are inherently uncertain, and progress is communicated as material developments occur.

Strategic Rationale

The Company approaches uranium exploration with a focus on organization, selectivity, and long-term positioning. Rather than pursuing broad or speculative exposure, uranium interests are structured by commodity and region to support clarity, oversight, and disciplined evaluation.

This approach allows the Company to:

• Maintain a clear inventory of uranium-related exploration interests
• Monitor developments on a regional and project-area basis
• Communicate updates in an orderly and transparent manner
• Expand or refine its exploration footprint as conditions warrant

Uranium exploration activities are aligned with the Company’s broader strategy of maintaining exposure to commodities of strategic relevance while operating within an exploration-stage framework.

Scientific and Geological Context

Uranium mineralization occurs in a range of geological environments, including sedimentary-hosted systems, volcanic-associated formations, and structurally controlled settings. Exploration strategies often focus on regions where basin characteristics, alteration patterns, and documented historical activity suggest potential relevance.

Publicly available geological data, historical exploration records, and regional studies form an important foundation for early-stage evaluation. The Company’s exploration activities rely on these established sources of information to guide decision-making and prioritization.

Importantly, the presence of historical exploration activity or favorable geology does not imply the existence of economically recoverable mineralization. Exploration is an investigative process, and conclusions evolve as additional information becomes available.

Regional Organization

The Company organizes its uranium exploration activities by geographic region to provide clarity and structure. Regional organization allows stakeholders to better understand where exploration interests are located and how they relate to broader geological trends.

At present, the Company’s uranium exploration interests are concentrated within select regions of the United States. Each region is evaluated independently, with project-area details and updates provided as appropriate.

Regional pages within this section serve as informational hubs, summarizing geographic context and listing relevant exploration areas associated with the Company.

Exploration Stage and Disclosure

All uranium-related activities discussed within this section are at the exploration or evaluation stage. The Company does not present estimates of mineral resources or reserves unless and until such information is supported by appropriate technical reporting standards.

Updates related to uranium exploration activities are provided through Company announcements and other formal disclosures as material developments occur. Readers are encouraged to review these updates in conjunction with regional and project-area information.

Accessing Uranium Exploration Information

This uranium exploration section functions as a central reference point for information related to the Company’s uranium-focused activities. From here, visitors may navigate to region-specific pages, review project-area summaries, or access relevant Company updates.

As exploration initiatives evolve, this section will be updated to reflect changes in regional focus, organizational structure, or material developments.