Announcement • Feb 13
Snow Lake Resources Ltd. (NasdaqCM:LITM) completed the acquisition of remaining 80.30% stake in Global Uranium and Enrichment Limited (ASX:GUE). Snow Lake Resources Ltd. (NasdaqCM:LITM) entered into a binding Scheme Implementation Deed to acquire remaining 80.30% stake in Global Uranium and Enrichment Limited (ASX:GUE) for approximately AUD 35.5 million on October 6, 2025. Global Uranium shareholders will receive AUD 0.0968 in Snow Lake shares for each GUE Share held. The number of new Snow Lake shares will be based on a formula and adjusted for the USD/AUD exchange rate, subject to a maximum of 0.083878 new Snow Lake shares for each GUE Share held. Upon completion, Snow Lake Resources Ltd. will own 100% stake in Global Uranium and Enrichment Limited. GUE shareholders (excluding Snow Lake, which has an existing 19.7% shareholding in Global Uranium) to own ~33% of pro-forma shares outstanding of the enlarged Snow Lake (Combined Group) if the Scheme is implemented. Upon implementation of the Schemes, the Snow Lake Board remains unchanged, while Tim Brown and Jim Viellenave from Global Uranium's executive team join as U.S. Country Manager and Technical Adviser, respectively. In case of termination of transaction, Snow Lake Resources Ltd. and Global Uranium and Enrichment Limited will pay a termination fee of AUD 0.68 million.
The transaction is contingent upon several conditions: (a) FIRB approval must be obtained on the Business Day immediately prior to the Second Court Date, with the Treasurer of the Commonwealth of Australia providing a written notice of no objection, which must be unconditional or reasonably acceptable to Snow Lake. (b) The Court must approve the Scheme in accordance with section 411(4)(b) of the Corporations Act, satisfying Section 3(a)(10) of the U.S. Securities Act for all New Snow Lake Shares. (c) GUE Shareholders, excluding Excluded Shareholders, must approve the Scheme at the Scheme Meeting by the requisite majorities under section 411(4)(a)(ii) of the Corporations Act. (d) An Independent Expert must issue a report concluding that the Scheme is in the best interests of GUE Shareholders, and this conclusion must remain unchanged before the Scheme Booklet is registered by ASIC. (e) All necessary regulatory conditions, including those from ASIC, ASX, and Canadian securities laws, must be fulfilled on the Second Court Date. (f) The New Snow Lake Shares must be approved for listing on Nasdaq. (g) The Convertible Notes Completion must occur by the tenth Business Day after the date of this deed. (h) No Government Agency should take action to prevent or prohibit the Scheme, and no material adverse changes or prescribed events should occur for either GUE or Snow Lake. (i) All warranties and undertakings must remain unbreached, and (j) GUE must ensure all performance rights are addressed as per the Scheme Implementation Deed. The transaction is also subject to the cancellation of Private Treaty Options as outlined in the deed. The Independent GUE Board has unanimously recommended that GUE securityholders vote in favour of the Schemes. The expected completion of the transaction is in the first quarter of 2026. As of December 8, 2025 Snow Lake Resources Ltd has received its Australian Foreign Investment Review Board ("FIRB") approval for the acquisition. As of 19 December 2025, the Scheme Meetings will take place 27 January 2026. The transaction is expected to be effective on 4 February 2026. As per the announcement dated January 27, 2026 the transaction has been approved by the shareholders of Global Uranium and Enrichment Limited. As of February 3, 2026 the deal has been approved by the Federal Court of Australia.
Canaccord Genuity Group Inc. acted as financial advisor for Global Uranium and Enrichment Limited. Sternship Advisers Pty Ltd. acted as financial advisor for Snow Lake Resources Ltd. Scott Gibson and Michael Ng, Cameron Bill of Thomson Geer acted as legal advisor for Global Uranium and Enrichment Limited. James Nicholls, Emily Eardley, Alexis Brensell and Emily Wang of Hamilton Locke Pty Ltd acted as legal advisor for Snow Lake Resources Ltd. Garfinkle, Biderman LLP acted as legal advisor for Snow Lake Resources Ltd. Nauth LPC acted as legal advisor for Snow Lake Resources Ltd. Automic Pty Ltd. acted as registrar for Global Uranium and Enrichment Limited.
Snow Lake Resources Ltd. (NasdaqCM:LITM) completed the acquisition of remaining 80.30% stake in Global Uranium and Enrichment Limited (ASX:GUE) on February 13, 2026.. Announcement • Nov 11
Global Uranium and Enrichment Limited announced that it expects to receive AUD 2.666 million in funding Global Uranium and Enrichment Limited announces convertible note subscription agreement with Summit Strategies LLC to issue Unsecured Convertible Notes for gross proceeds of AUD 2,666,000 on November 10, 2025. Announcement • Oct 06
Snow Lake Resources Ltd. (NasdaqCM:LITM) entered into a binding Scheme Implementation Deed to acquire remaining 80.30% stake in Global Uranium and Enrichment Limited (ASX:GUE) for approximately AUD 35.5 million. Snow Lake Resources Ltd. (NasdaqCM:LITM) entered into a binding Scheme Implementation Deed to acquire remaining 80.30% stake in Global Uranium and Enrichment Limited (ASX:GUE) for approximately AUD 35.5 million on October 6, 2025. Global Uranium shareholders will receive AUD 0.0968 in Snow Lake shares for each GUE Share held. The number of new Snow Lake shares will be based on a formula and adjusted for the USD/AUD exchange rate, subject to a maximum of 0.083878 new Snow Lake shares for each GUE Share held. Upon completion, Snow Lake Resources Ltd. will own 100% stake in Global Uranium and Enrichment Limited. GUE shareholders (excluding Snow Lake, which has an existing 19.7% shareholding in Global Uranium) to own ~33% of pro-forma shares outstanding of the enlarged Snow Lake (Combined Group) if the Scheme is implemented. Upon implementation of the Schemes, the Snow Lake Board remains unchanged, while Tim Brown and Jim Viellenave from Global Uranium's executive team join as U.S. Country Manager and Technical Adviser, respectively. In case of termination of transaction, Snow Lake Resources Ltd. and Global Uranium and Enrichment Limited will pay a termination fee of AUD 0.68 million.
The transaction is contingent upon several conditions: (a) FIRB approval must be obtained on the Business Day immediately prior to the Second Court Date, with the Treasurer of the Commonwealth of Australia providing a written notice of no objection, which must be unconditional or reasonably acceptable to Snow Lake. (b) The Court must approve the Scheme in accordance with section 411(4)(b) of the Corporations Act, satisfying Section 3(a)(10) of the U.S. Securities Act for all New Snow Lake Shares. (c) GUE Shareholders, excluding Excluded Shareholders, must approve the Scheme at the Scheme Meeting by the requisite majorities under section 411(4)(a)(ii) of the Corporations Act. (d) An Independent Expert must issue a report concluding that the Scheme is in the best interests of GUE Shareholders, and this conclusion must remain unchanged before the Scheme Booklet is registered by ASIC. (e) All necessary regulatory conditions, including those from ASIC, ASX, and Canadian securities laws, must be fulfilled on the Second Court Date. (f) The New Snow Lake Shares must be approved for listing on Nasdaq. (g) The Convertible Notes Completion must occur by the tenth Business Day after the date of this deed. (h) No Government Agency should take action to prevent or prohibit the Scheme, and no material adverse changes or prescribed events should occur for either GUE or Snow Lake. (i) All warranties and undertakings must remain unbreached, and (j) GUE must ensure all performance rights are addressed as per the Scheme Implementation Deed. The transaction is also subject to the cancellation of Private Treaty Options as outlined in the deed. The Independent GUE Board has unanimously recommended that GUE securityholders vote in favour of the Schemes. The expected completion of the transaction is in the first quarter of 2026.
Canaccord Genuity Group Inc. acted as financial advisor for Global Uranium and Enrichment Limited. Sternship Advisers Pty Ltd. acted as financial advisor for Snow Lake Resources Ltd. Thomson Geer acted as legal advisor for Global Uranium and Enrichment Limited. Hamilton Locke Pty Ltd acted as legal advisor for Snow Lake Resources Ltd. Garfinkle, Biderman LLP acted as legal advisor for Snow Lake Resources Ltd. Nauth LPC acted as legal advisor for Snow Lake Resources Ltd. Automic Pty Ltd. acted as registrar for Global Uranium and Enrichment Limited. Announcement • Oct 03
Global Uranium and Enrichment Limited, Annual General Meeting, Nov 26, 2025 Global Uranium and Enrichment Limited, Annual General Meeting, Nov 26, 2025. Board Change • Aug 18
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Non-Executive Chairman Fabrizio Perilli was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • May 15
Global Uranium and Enrichment Limited has completed a Follow-on Equity Offering in the amount of AUD 10.1107 million. Global Uranium and Enrichment Limited has completed a Follow-on Equity Offering in the amount of AUD 10.1107 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 154,626,154
Price\Range: AUD 0.065
Discount Per Security: AUD 0.0039
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 923,077
Price\Range: AUD 0.065
Discount Per Security: AUD 0.0039
Transaction Features: Subsequent Direct Listing Announcement • Mar 20
Global Uranium and Enrichment Limited announced that it has received AUD 10 million in funding from Snow Lake Resources Ltd. Global Uranium and Enrichment Limited announced a private placement of common shares for the gross proceeds of AUD 10 million on March 20, 2025. The transaction included participation from Snow Lake Resources Ltd. Announcement • Mar 13
Global Uranium and Enrichment Limited has filed a Follow-on Equity Offering in the amount of AUD 4.245863 million. Global Uranium and Enrichment Limited has filed a Follow-on Equity Offering in the amount of AUD 4.245863 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 64,397,898
Price\Range: AUD 0.065
Discount Per Security: AUD 0.0039
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 923,077
Price\Range: AUD 0.065
Discount Per Security: AUD 0.0039
Transaction Features: Subsequent Direct Listing Announcement • Feb 10
Global Uranium and Enrichment Limited Announces Appointment of Hugo Schumann as Non-Executive Director Global Uranium and Enrichment Limited announced the appointment of experienced executive Mr. Hugo Schumann as Non-Executive Director. Mr. Schumann's appointment further strengthens the Board's capability and supports the Company's rapid growth strategy to build a globally significant, high-grade 100Mlbs+ uranium resource through project development and targeted M&A. Mr. Schumann is a US-based, highly-credentialled executive who brings a wealth of experience across mining operations, uranium project development, capital markets, project financing and sustainability. Mr. Schumann has been recognised with accolades over his career, including the S&P Rising Star Individual Award at the 2022 Platts Global Metals Awards. Currently, Mr. Schumann is CEO of EverMetal Capital Partners, a US based private equity business, focused on acquiring and operating critical metals recycling companies in the US and EU. Prior to that, Mr. Schumann was CEO of the Silver division for Hindustan Zinc, a global leader in base and precious metals, ranking third globally in silver production with underground mines, smelting and refining complexes in India. Prior to this, he was Chief Financial Officer for US-based copper technology company Jetti Resources from 2019-2024 and Executive and Founder of the London Office for Apollo Group, where he worked from 2010-2019. Mr. Schumann also served as Chief Commercial Officer of Berkeley Energia Limited from 2015-2018. During his time at Berkely, Mr. Schumann, developed a strong understanding of global energy market fundamentals and oversaw all mine financing, forward uranium sales, contract negotiations, commercial planning, and investor relations activities for the Salamanca Project, which is located in Western Spain. Mr. Schumann is also a CFA Charterholder, has an MBA from INSEAD and completed the SEP program at Stanford. Mr. Schumann joins the Board at a time, as Global Uranium and Enrichment Limited embarks on a busy work program for 2025 across its North American portfolio which includes the completion of a Scoping Study at the Tallahassee Uranium Project, completion of the maiden Mineral Resource Estimate at the high-grade Maybell Uranium Project and progressing targeted merger and acquisition opportunities. Announcement • Jan 17
Global Uranium and Enrichment Limited has completed a Follow-on Equity Offering in the amount of AUD 1.8 million. Global Uranium and Enrichment Limited has completed a Follow-on Equity Offering in the amount of AUD 1.8 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 29,032,260
Price\Range: AUD 0.062
Discount Per Security: AUD 0.00372
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Board Change • Dec 24
High number of new directors Independent Non Executive Director Matt Keane was the last director to join the board, commencing their role in 2024. New Risk • Nov 14
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$15.4m (US$9.97m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$4.5m free cash flow). Earnings have declined by 9.6% per year over the past 5 years. Revenue is less than US$1m (AU$400k revenue, or US$259k). Market cap is less than US$10m (AU$15.4m market cap, or US$9.97m). Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Shareholders have been diluted in the past year (26% increase in shares outstanding). Announcement • Oct 17
Koonenberry Gold Limited (ASX:KNB) agreed to acquire Enmore Gold Project from Global Uranium and Enrichment Limited (ASX:GUE) for AUD 0.42 million. Koonenberry Gold Limited (ASX:KNB) agreed to acquire Enmore Gold Project from Global Uranium and Enrichment Limited (ASX:GUE) for AUD 0.42 million on October 17, 2024. The consideration consists of 35 million common equity of Koonenberry Gold Limited to be issued for assets of Enmore Gold Project.
The transaction is subject to approval by regulatory board / committee, approval of offer by acquirer shareholders and subject to statutory approval. The transaction is expected to complete in December 2024. Announcement • Sep 27
Global Uranium and Enrichment Limited, Annual General Meeting, Nov 22, 2024 Global Uranium and Enrichment Limited, Annual General Meeting, Nov 22, 2024. New Risk • Sep 16
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$5.5m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$5.5m free cash flow). Earnings have declined by 22% per year over the past 5 years. Revenue is less than US$1m (AU$25k revenue, or US$17k). Minor Risks Shareholders have been diluted in the past year (26% increase in shares outstanding). Market cap is less than US$100m (AU$16.2m market cap, or US$10.9m). New Risk • Aug 06
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$15.1m (US$9.82m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 22% per year over the past 5 years. Revenue is less than US$1m (AU$25k revenue, or US$16k). Market cap is less than US$10m (AU$15.1m market cap, or US$9.82m). Minor Risk Shareholders have been diluted in the past year (44% increase in shares outstanding). Board Change • Apr 03
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. Independent Non-Executive Technical Director Ben Vallerine is the most experienced director on the board, commencing their role in 2021. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. New Risk • Mar 04
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 60% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings have declined by 32% per year over the past 5 years. Shareholders have been substantially diluted in the past year (60% increase in shares outstanding). Revenue is less than US$1m (AU$50k revenue, or US$33k). Minor Risk Market cap is less than US$100m (AU$29.0m market cap, or US$18.9m). Announcement • Feb 23
Intra Energy Corporation Limited (ASX:IEC) completed the acquisition of 80% stake in Maggie Hays Hill lithium project from Global Uranium and Enrichment Limited (ASX:GUE). Intra Energy Corporation Limited (ASX:IEC) agreed to acquire 80% stake in Maggie Hays Hill lithium project from Global Uranium and Enrichment Limited (ASX:GUE) for AUD 2.1 million on January 15, 2024. Under the terms of agreement, he total consideration is up to AUD 2,125,000, which includes a cash consideration of AUD 175,000 and the issue of 30 million Intra Energy shares at completion of the sale. The remaining deferred consideration will be issued in shares or paid in cash subject to certain milestones being achieved. Global Uranium will retain a 20% interest in the Lake Johnston Project and will also be granted a 1.0% gross revenue royalty by Intra Energy. Completion of the sale is conditional upon the satisfaction of due diligence by Intra Energy, the parties obtaining all necessary third-party approvals, consents and waivers.
Intra Energy Corporation Limited (ASX:IEC) completed the acquisition of 80% stake in Maggie Hays Hill lithium project from Global Uranium and Enrichment Limited (ASX:GUE) on February 21, 2024. Board Change • Jan 25
High number of new and inexperienced directors There are 3 new directors who have joined the board in the last 3 years. The company's board is composed of: 3 new directors. No experienced directors. No highly experienced directors. Independent Non-Executive Technical Director Ben Vallerine is the most experienced director on the board, commencing their role in 2021. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Announcement • Sep 21
Okapi Resources Limited, Annual General Meeting, Oct 31, 2023 Okapi Resources Limited, Annual General Meeting, Oct 31, 2023. Location: London House, Suite 2, Level 11, 216 St Georges Tce, Perth WA 6000 WA Australia New Risk • Sep 14
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 55% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$6.3m free cash flow). Earnings have declined by 41% per year over the past 5 years. Shareholders have been substantially diluted in the past year (55% increase in shares outstanding). Revenue is less than US$1m (AU$170k revenue, or US$109k). Minor Risk Market cap is less than US$100m (AU$18.3m market cap, or US$11.7m). Announcement • Jan 06
Okapi Resources Limited (ASX:OKR) agreed to acquire 45 unpatented mining claims from Uranium Recovery Corporation for AUD 0.12 million. Okapi Resources Limited (ASX:OKR) agreed to acquire 45 unpatented mining claims from Uranium Recovery Corporation for AUD 0.12 million on January 5, 2023. Okapi to pay the Vendors (or their nominees) a refundable cash deposit of $50,000 upon execution of the Acquisition Agreement. Okapi will pay the Vendors (or their nominees) cash in the amount of $25,000 (AUD 36,500); issue to the Vendors (or their nominees) AUD 80,000 worth of fully paid ordinary shares in the capital of Okapi (Shares) based on the deemed issue price per Share equal to the volume weighted average trading price of the Shares (VWAP) over the 20 trading days immediately preceding Completion (Consideration Shares); grant to the Vendors a royalty of 0.5% of the gross smelter return (GSR) on all materials produced from the Properties (Royalty). Okapi may at any time acquire 50% of the royalty (0.25%) from the Vendors by payment of USD$100,000 in cash (Royalty Buy Back). Contingent Consideration Shares, as additional consideration Okapi has agreed to issue the Vendor certain Contingent Consideration Shares based upon a JORC Code compliant inferred mineral resource (Inferred Resource) utilizing a minimum cut-off grade of 250ppm U308 (Minimum Cut-Off Grade). The amount of Contingent Consideration Shares issued is to be calculated as $0.10 per pounds of U3O8 in the Inferred Resource to be satisfied by the issue to the Vendors of that number of Shares based on the 20-day VWAP of Shares prior to Okapi announcing the Inferred Resource (Contingent Consideration Shares). The Milestone must be achieved by the date which is five (5) years from Completion and is capped at a maximum of 25 million pounds. Completion of the acquisition is conditional on satisfaction or waiver of the following conditions precedent: Okapi completing legal due diligence investigations on the Maybell Properties to the sole and absolute satisfaction of Okapi; and the Vendors, Okapi, the Purchaser and, if necessary, under the Third-Party Agreements, the relevant third party, executing a deed of assignment and assumption in relation to each Third Party Agreement. The conditions precedent above must be satisfied or waived within 30 days of the date of the Acquisition Agreement. Closing of the acquisition will take place 2 business days after the satisfaction or waiver of the last of the Conditions Precedent (Completion Date). Announcement • Jan 05
Okapi Resources Limited Consolidates Maybell Uranium Project Okapi Resources Limited has continued to consolidate its position at the Maybell Uranium Project in Colorado, USA after acquiring full ownership of 45 new mining claims and one State Mineral lease. The acquisition greatly improves Okapi's coverage of a recognised uranium trend at Maybell which previously produced over 5.3 million pounds (Mlbs) at an average grade of 1,300 ppm U3O8. Okapi has also secured access to an extensive historical data base which includes exploration and geologic reports and maps, more than 400 electric logs, and detailed maps and mineralisation tabulations. The database also includes design, construction and operational data from Union Carbide's mining and uranium production operations. Meanwhile, 21 rock samples taken at Maybell Uranium Project from outcrops of exposed and mineralised Upper Brown's Park Formation tuffaceous sandstone, have returned five assay values greater than 1,000 ppm U3O8 including up to 45,100ppm U3O8 and 687ppm Molybdenum, a metal reported to occur with uranium mineralisation in the district. Okapi is presently in the process of developing its databases from historical information and has engaged an engineering firm to commence work in First Quarter 2023 to undertake a high-level study to identify the significant potential and next steps around the Project moving forward. Okapi anticipates lodging drilling permits in the first half of 2023 and anticipate drilling on the property in 2023. The Maybell Uranium Project covers a large area, generally following the outcrop of the uranium bearing tuffaceous sandstones of the Browns Park Formation. Uranium deposition has been widespread in the Upper Browns Park Formation however, to date the most important ore deposits are in the upper sandstone. These sandstone units vary from 65m to 300m of total thickness and can host zones of uranium mineralisation, in excess of 30m thick. The Lower Browns Park Formation hosts uranium mineralisation in a conglomerate horizon at depths of 100 to 300m below surface; historic reports indicate potentially economic low grade uranium deposits grading from 200-300 ppm U3O8 in this formation. The underlying Wasatch formation, a host rock for roll-front uranium-style deposits in Wyoming, is also present in the area and is known to contain uranium mineralisation with grades reported to be approximately 300ppm U3O8. The physical characteristics of these permeable sandstones and conglomerates make them amenable for the conventional heap leach process, as well as a potential candidate for ISR production. Union Carbide operated a series of shallow open pits in the Maybell district along a 2km strike for an 11-year period between 1954 and 1964 where records show the mines produced approximately 4.7Mlb U3O8 at an average grade of 1,300ppm U3O8. Annual production increased sharply in 1958 with the construction of an on- site mill, where between 1958-1964 when the mine closed, the Maybell area produced between 500,000 and 720,000 lbs per year. When the price of uranium rose sharply in the mid-1970's, Union Carbide resumed mining operations in 1976 through heap leaching of lower grade material. A portable ion exchange unit was installed at site and the eluate was trucked to Union Carbide's mill in Gas Hills, Wyoming. Leaching continued through to 1981, when mining ceased due to falling uranium prices; approximately 0.8Mlb U3O8 was produced over this period. The material terms of the acquisition between Okapi and Arden Larson and Uranium Recovery Corp. Board Change • Nov 17
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. CFO, Company Secretary & Executive Director Leonard Vun Math is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Apr 27
Less than half of directors are independent There are 3 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 3 new directors. No experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). Company Secretary & Executive Director Leonard Vun Math is the most experienced director on the board, commencing their role in 2021. Independent Non-Executive Technical Director Ben Vallerine was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Executive Departure • Dec 03
Executive Director David Nour has left the company On the 30th of November, David Nour's tenure as Executive Director ended after 2.0 years in the role. As of September 2021, David still personally held 4.50m shares (AU$2.3m worth at the time). A total of 4 executives have left over the last 12 months. Executive Departure • May 21
Independent Non-Executive Chairman Rhoderick John Grivas has left the company On the 10th of May, Rhoderick John Grivas' tenure as Independent Non-Executive Chairman ended after less than a year in the role. We don't have any record of a personal shareholding under Rhoderick's name. A total of 2 executives have left over the last 12 months.