92 Energy : Elevated Radioactivity Intersected at GMZ Uranium Discovery

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ASX Announcement

7 March 2022

92 Energy Intersects 14m of Composite Elevated Radioactivity

at GMZ Uranium Discovery

Highlights

• Elevated radioactivity intersected in the first three drillholes at the Gemini Mineralised Zone "GMZ" from the winter 2022 drill program.
• GEM22-005,GEM22-006 and GEM22-008 are the first three drillholes completed at the GMZ since the initial discovery drillhole, GEM-004, drilled in September 2021, which returned 5.5m of 0.12% U3O8.
• GEM22-006intersected a total of 14m of composite elevated radioactivity that ranges from <300 to 2,230 counts per second (cps) on a handheld RS-121 scintillometer.
• Elevated radioactivity at the GMZ has now been defined over a width of 84m across strike.
• All four winter 2022 drillholes, drilled on the same section (incl. GEM-004), are associated with a strong and broad zone of clay, hematite and quartz alteration, with common fault breccias and other structures.
• Drilling continues both up and down dip on the section, as well as along strike to the north and south, with a total of 6,600m to be completed this drill program.
• Gemini is located 27km southeast of the McArthur River uranium mine, one of the largest and highest-grade uranium deposits in the world.
  Note: All drill hole intervals are core lengths. True thickness has yet to be determined.

92 Energy Limited (ASX: 92E) ("92 Energy" or "the Company") is pleased to provide an exploration update on the current drilling activity at the GMZ Uranium Discovery at its 100% owned Gemini Project. To date, the Company has completed four drillholes at the GMZ, with all four drillholes (incl. initial discovery hole GEM-004) intersecting elevated radioactivity.

GEM22-005,GEM22-006 and GEM22-008 (Figures 1 and 2, Table 1) are the first three winter 2022 drill holes completed at the GMZ since the initial discovery hole, GEM-004, which returned 5.5m at 0.12% U3O8 (refer to ASX Announcement dated 20 September 2021).

GEM22-005,GEM22-006 and GEM22-008 all intersected elevated radioactivity, which has now been defined over a length of 84m across strike (Figure 2 and Table 2). The most intense radioactivity encountered thus far in the winter 2022 program was intersected in drillhole GEM22-006, which cut a total of 14m of composite elevated radioactivity ranging from <300 to 2,230 cps. All drill holes at the GMZ are hosted in intensely altered and structurally deformed basement hosted rocks.

The GMZ is open in all directions and follow-up drilling is ongoing.

One drillhole, GEM22-007, was completed at the Camp West target area approximately 7km southwest of the GMZ.

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GMZ Drill Program and Results

GEM22-005 was collared 30m grid north of GEM-004 and tested for radioactivity 25m up-dip of GEM-004. Bedrock was intersected at a depth of 38.0m downhole and consisted of intensely bleached, chlorite, clay and hematite altered basement rocks. A composite one metre of intermittent elevated radioactivity was identified between 212.0 and 215.5m downhole with a maximum reading of 680 cps measured on handheld scintillometer. The drillhole was terminated at a final depth of 308.0m in fresh granite.

GEM22-006 was collared from the same drill pad as GEM22-005 and tested for radioactivity 25m down-dip of GEM-004. Bedrock was intersected at a depth of 32.5m downhole and consisted of intensely bleached, chlorite, clay and hematite altered basement rocks. A composite 14.0m wide zone of elevated radioactivity was identified between 229.0 and 245.5m downhole with a maximum of 2,230 cps measured on a handheld scintillometer. The drillhole was terminated at a final depth of 317.0m in fresh granite.

GEM22-008 was collared from the same drill pad as GEM22-005 and GEM22-006 and tested for radioactivity 25m down-dip of GEM-006. Bedrock was intersected at a depth of 27.3m downhole and consisted of intensely bleached, chlorite, clay and hematite altered basement rocks. A 2.0m wide zone of elevated radioactivity was identified between 245.0 and 247.0m downhole with a maximum of 650 cps measured on a handheld scintillometer. The drillhole was terminated at a final depth of 330.0m in fresh granite.

Camp West Exploration Target Drill Program and Results

GEM22-007 targeted a broad apparent resistivity low along an airborne electromagnetic conductor approximately 7km southwest of the GMZ (Figure 1). Bedrock was intersected at a depth of 17.0m downhole and consisted of an upper sequence of moderately bleached, chlorite, clay and hematite altered basement rocks underlain by orthogneiss and pegmatite. No anomalous radioactivity was detected and the drillhole was terminated at a final depth of 296.0m in orthogneiss.

Table 1: Gemini winter 2022 drillhole information

								Easting		Northing		Elevation		Total		Azimuth		Dip
	Drillhole ID			Area				(UTM		(UTM			Depth
								(masl)			(deg)		(deg)
								NAD83)		NAD83)			(m)
	GEM22-005		GMZ	526042	6373258	461	308	303	-49
	GEM22-006		GMZ	526042	6373258	461	296	301	-62
	GEM22-008		GMZ	526042	6373258	461	330	302	-70
	GEM22-007		Camp	520317	6369208	469	296	314	-59
		West

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Table 2: Gemini winter 2022 handheld scintillometer results

Drillhole ID		RS-121 Handheld Scintillometer Results1
	From (m)	To (m)	Interval (m)2	Minimum cps	Max cps
GEM22-005	212.0	212.5	0.5	<300	420
	215.0	215.5	0.5	<300	680
GEM22-006	229.0	237.0	8.0	<300	2,040
	239.5	245.5	6.0	<300	2,230
GEM22-008	245.0	247.0	2.0	<300	650

1All radioactivity reported is measured using a Radiation Solutions RS-121 handheld gamma scintillometer

2Radioactive intervals are defined by scintillometer readings ≥300 cps and may include up to 2.0m of continuous non- radioactive rock

Next Steps

Drilling is ongoing at the Gemini Project, both at the GMZ and at prospective exploration areas, with 5,500m of drilling remaining in the winter program.

GEM-004

GEM22-005

GEM22-006

GEM22-008

GEM22-007

Figure 1: Plan map at the Gemini Project showing winter 2022 drillholes completed to date.

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Figure 2: Cross section looking northeast (030) showing L 000N drilling at the GMZ.

This announcement is authorised for release by the Managing Director of 92 Energy Limited.

ENDS
For further information contact:
Siobhan Lancaster	Jonathan van Hazel
Managing Director/CEO	Citadel-MAGNUS
+ 61 8 9322 7600	[phone]

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ABOUT 92 Energy Limited

92 Energy Limited is an Australian, ASX listed, uranium exploration company targeting high- grade unconformity associated uranium in the Athabasca Basin, Saskatchewan, Canada. On the fourth hole of its inaugural exploration drilling program, 92 Energy made a uranium discovery at its Gemini Project, known as the Gemini Mineralization Zone or 'GMZ'.

The Company owns a 100% interest in its 30 mineral claims in the world-class Athabasca

Basin. These 30 claims make up the Company's five projects, being Gemini, Tower, Clover,

Powerline Creek and Cypress River.

www.92energy.com

Competent Person's Statement

The information in this document as it relates to exploration results was provided by Kanan Sarioglu, a Competent Person who is a registered Professional Geoscientist (P.Geo) with the Engineers and Geoscientists of British Columbia (EGBC), the Association of Professional Geoscientists and Engineers of Alberta (APEGA) and the Association of Professional Geoscientists and Engineers of Saskatchewan (APEGS) . Kanan Sarioglu is the VP Exploration for 92 Energy Ltd and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Sarioglu consents to the inclusion in this document of the matters based on the information in the form and context in which it appears.

Additionally, the information in this report that relates to Exploration Results is extracted from the Company's prospectus dated 26 February 2021 and released to the ASX Market Announcements Platform on 13 April 2021 and other ASX announcements on 9 June 2021 and 20 September 2021 (Announcements). The Company confirms that it is not aware of any new information or data that materially affects the Exploration Results information included in the Announcements. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the Announcements.