The Nichols Ranch Project is located in the Powder River Basin. The mineralized trends within the Nichols Ranch Project are alteration-reduction trends hosted in the Eocene age channel sands that lie at depths of approximately 300 to 1,100 feet from the surface. Roll front deposits of uranium bearing material are anticipated to occur within these properties. An alteration-reduction trend is a natural chemical boundary trend line in a sandstone aquifer where reduced (non-oxidized) sand is in contact with altered (oxidized) sand. Uranium mineralization may be found along the trend line.

The properties in the Nichols Ranch Project contain alteration-reduction trends hosted in Eocene age channel sands. Alterationreduction trends in the Pumpkin Buttes Mining District are typically composed of multiple, stacked roll front deposits that often contain associated uranium mineralization. A stacked roll front is a type of uranium occurrence found in thick sandstone where a number of mineralization trends are stacked on top of each other. Uranium mineralization within and adjacent to the Nichols Ranch Project are found in the Eocene Wasatch Formation (“Wasatch”). The Wasatch is a fluvial deposit composed of arkosic sandstones that are typically 25% or more feldspar grains and indicates a source rock where chemical weathering was not extreme, and the sediments have not been transported far. A fluvial deposit is a deposit of uranium mineralization found in sandstones that origin ........

The Nichols Ranch Complex previously operated from 2014 to 2019 and is located within uranium-producing regions of central Wyoming.

The production schedule is based on ISR mining of the uranium mineralization at the Nichols Ranch Mining Unit section of the Complex (Nichols Ranch, Jane Dough, and Hank areas). ISR is an injected-solution mining process that reverses the natural processes that originally deposited the uranium in the sandstones. On-site ground water is being fortified with gaseous oxygen and introduced to the zones of uranium mineralization through a pattern of injection wells. The solution dissolves the uranium from the sandstone host.

The uranium-bearing solution is brought back to surface through production wells where the uranium is concentrated at a central processing plant and dried into yellowcake for market.

ISR mining and milling utilizes the five steps:
1. A solution called lixiviant (typically containing water mixed with oxygen and/or hydrogen peroxide, as well as sodium bicarbonate or carbon dioxide) is injected through a series of wells into the mineralized zones to dissolve and to complex the uranium.
2. The lixiviant with uranium in solution is then collected in a series of recovery wells, through which it is pumped to a processing plant, where the uranium is extracted from the solution through an ion-exchange process.
3. Once the uranium has been extracted, the lixiviant is fortified and reused in th ........

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