GTI Energy Ltd (ASX:GTR) 2024 Activity Update

GTI Energy Ltd (ASX:GTR) is set to commence the final phase of its 2024 drilling campaign in late October. The company will drill and construct 3 hydrogeologic and water monitoring wells, with plans to update the Mineral Resource Estimate and Exploration Target for Lo Herma by year end. Additionally, the drilling permit conditions for the Green Mountain project have been satisfied.

Executive Commentary on UEC Acquisition

We recognised early on that there are meaningful development synergies with the Rio Tinto assets, particularly the Sweetwater plant. UEC's plan to prioritize ISR-amenable resources for development and near-term production, while maintaining flexibility for future production growth, aligns with our belief in the real potential of uranium resources in the Great Divide Basin and Green Mountain district. We are excited about UEC's acquisition and their plan to build their third 'hub-and-spoke' ISR production centre at the Sweetwater mill site.

Summary of GTI Energy Ltd (ASX:GTR) Announcement

GTI Energy Ltd (ASX:GTR) is progressing with its 2024 drilling campaign, with plans to update the Mineral Resource Estimate and Exploration Target for Lo Herma by year end. The company is also considering commencing a Scoping Study to demonstrate the economic potential of the project. Additionally, the drilling permit conditions for the Green Mountain project have been satisfied, and a decision regarding the timing of drilling will be made in due course. UEC's acquisition of Rio Tinto's assets, including those in the Great Divide Basin and at Green Mountain, is expected to establish UEC's third hub-and-spoke production platform and bolster its resources by circa 175 million pounds. GTI Energy Ltd remains optimistic about the development potential of uranium resources in the Great Divide Basin and Green Mountain district.