Climate Change Data

Environmental Metrics

ESG Focus Areas

• Climate Change
• Clean Energy

Environmental Achievements

• Reduced wastewater generation by 18 percent through implementation of a Class V treatment system.

Social Achievements

• Rehired several prior employees, including three who were subject to earlier reductions in force.
• Extensive cross-training completed at Lost Creek, improving safety and mitigating impacts from COVID-related absences.

Governance Achievements

• Not disclosed

Climate Goals & Targets

Environmental Challenges

• Persistent low uranium prices limiting production operations.
• Competition from larger, more established companies, including state-owned entities.
• Uncertainty regarding the establishment and parameters of the national uranium reserve program.
• Expired term sales contracts and lack of new contracts at favorable prices.
• Volatility in the uranium market.
• Competition for qualified personnel and contractors.
• Extensive environmental and other regulations.
• Depletion of mineral resources at Lost Creek.
• Uncertainty in mineral resource estimates.
• Potential challenges to property title and rights.
• Supply chain issues and inflationary pressures.
• Impacts of the COVID-19 pandemic.
• Impacts of the Russian invasion of Ukraine.

Mitigation Strategies

• Maintained reduced production operations at Lost Creek to control costs and conduct preventative maintenance.
• Optimized processes in preparation for a ramp-up to full production.
• Cross-training of experienced staff to mitigate workforce challenges.
• Initiated a drilling and development program at Lost Creek to enhance readiness for production.
• Secured all major authorizations for the Shirley Basin Project.
• Implemented a Class V water recycling system to reduce water consumption.
• Contemplating a pre-IX filtration and wastewater treatment facility to further reduce water consumption.
• Closely monitoring the uranium market and developments in the national uranium reserve program.
• Raising capital through equity financings and an At Market facility.
• Maintaining a strong cash position and inventory of finished U3O8.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• Severe weather conditions impacting operations.

Transition Risks

• Changes in environmental regulations and stricter standards.

Opportunities

• Increased demand for uranium due to global focus on clean energy.

Reporting Standards

Frameworks Used: SEC, S-K 1300, NI 43-101

Certifications: Null

Third-party Assurance: PricewaterhouseCoopers LLP

UN Sustainable Development Goals

• Goal 7 (Affordable and Clean Energy)
• Goal 13 (Climate Action)

Uranium production for carbon-free nuclear power contributes to addressing climate change.

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed

Environmental Metrics

Climate Goals & Targets

Environmental Challenges

• supply-chain disruption
• challenges within the uranium market, including supply and demand projections
• impacts of the Russian invasion of Ukraine on the global economy and more specifically on the nuclear fuel industry including U.S. uranium producers
• challenges presented by current inventories and largely unrestricted imports of uranium products into the U.S.

Mitigation Strategies

• cost-savings measures
• advance development program at Lost Creek to improve ability to quickly return to production
• new multi-year sales agreement with a leading U.S. nuclear utility

Supply Chain Management

Climate-Related Risks & Opportunities

Environmental Metrics

Social Achievements

• Accelerated ongoing recruitment efforts for all operational and support positions for Lost Creek and Casper construction facility; hiring of personnel progressed to the point where all necessary operations staff are onboard to support required regulatory, safety, drilling, construction, wellfield, and plant activities; new hires completed safety training and are at various stages of training with respect to their operating positions; total number of employees assigned to Lost Creek now exceeds 50, with additional management, professional and support staff based in Casper and Littleton, Colorado.

Climate Goals & Targets

Environmental Challenges

• Supply-chain disruption
• Winter weather conditions impacting drilling program at Shirley Basin
• Continuing challenges within the uranium market, including supply and demand projections

Mitigation Strategies

• Developed alternative sourcing strategies (implied by mention of using lower-cost, readily available materials in R&D)
• Deferred Shirley Basin drilling due to weather and prioritized Lost Creek activities
• Secured multi-year sales agreements

Supply Chain Management

Climate-Related Risks & Opportunities

Environmental Metrics

Climate Goals & Targets

Environmental Challenges

• continuing supply-chain and labor market challenges
• continuing challenges of ramp-up at Lost Creek to reach budgeted production

Mitigation Strategies

• increased drill rig count at Lost Creek to 15 (later 17, anticipating at least 3 more before year end)
• focus on retention as well as recruitment in efforts to stabilize our workforce
• brought Header Houses (HHs) 2-9 and 2-10 online, bringing the number of new header houses in the first three quarters of 2024 to five. HH 2-11 came online in early October. HH 2-12 is on the ground at Lost Creek, and HHs 2-13 through 2-15 are being constructed

Supply Chain Management

Climate-Related Risks & Opportunities