92 Energy : Quarterly Report

17 January 2022

Quarterly Activities Report - December Quarter

92 Energy Limited (ASX: 92E) (92E or the Company) (ASX: 92E) presents its Quarterly Activities Report for the quarter ended 31 December 2021.

Athabasca Basin Uranium Projects

• Completed project planning for 92 Energy's winter drill program at the Gemini Project, to follow up the GMZ discovery, where drillhole GEM-004 intercepted 5.5m of 0.12% U3O8 (1,200 ppm), including 1.0m of 0.28% U3O8 (2,800 ppm). The highest-grade assay within this interval is 0.5m of 0.36% U3O8 (3,600 ppm) (refer to ASX announcement dated 20th September 2021).
• The Gemini winter drill program will include an initial 6,600m of diamond drilling at the GMZ, the GMZ Extension Zone ("GMX") as well as regional drilling to follow up on previous historical drillholes which displayed structural deformation, alteration and anomalous uranium concentrations (refer to ASX announcement dated 23rd November 2021).
• Access road upgrades are underway, with drilling at Gemini due to commence late January to early February 2022.
• Two drill rigs will be on site at Gemini, with staged mobilisation of the drill rigs expected to commence next week.

Corporate

• Strong cash position of $9.7m at end of quarter.
• Appointed Mr Kanan Sarioglu as Vice President (VP) of Exploration, based in Canada, and Mr Steve Blower as a Director of the Company. Mr Blower will also continue to consult to the Company in a technical capacity.

Gemini Project

Overview

The Gemini Project (Gemini) is an early-stageunconformity-associated uranium exploration project located on the eastern margin of the Athabasca Basin, 27km southeast of the McArthur River Mine, one of the largest and highest-grade uranium mines in the world, 60km northeast of the Key Lake uranium mill and 780km northeast of the regional centre of Saskatoon. Gemini consists of 13 granted mineral claims with a total area of 445.3km2.

The Gemini Project straddles the eastern margin of the Athabasca Basin. In the eastern and north-eastern parts of the project area the unconformity is shallow and typically buried beneath glacial sediments or completely absent where removed by erosion. The unconformity is interpreted to dip gently to the northwest and reach depths of up to 170m in the western part of the Gemini Project.

The Gemini Project is considered by the Company to be underexplored, despite hosting over 50 historical drillholes, mostly completed during the 1970's. The majority of the historical drillholes targeted air photo lineaments rather than EM conductors, which are the focus of most contemporary uranium exploration in the Athabasca Basin. Historical prospecting and surface mapping identified numerous radioactive boulders in the southern part of the Gemini Project area indicating a radioactive source up-ice direction to the northeast, coincident with elevated uranium values (ranging between <1 to 663 ppm uranium) encountered in muskeg (bog) and lake sediment samples. Despite encouraging results, the area up-ice direction of the radioactive boulders, uranium bearing lake sediments and muskeg samples was never drill tested.

Since the Company listed in April 2021, the Gemini Project has been the focus of significant work with the completion of our inaugural summer drilling program, as well as an emerging uranium discovery at the Gemini Mineralised Zone "the GMZ".

The aim of the summer drill program was to carry out greenfield regional exploration, targeting high-gradeunconformity-associated uranium. The drillholes targeted VTEM conductors up-ice direction from bog and lake sediment uranium anomalies, proximal to a radioactive boulder field to the south. A scenario similar to that which led to the discovery of the world class Key Lake uranium mine 60km to the south of Gemini.

The summer drill program consisted of four (4) completed drillholes and one abandoned drillhole totalling 1,011m (Figure 1). Drillhole GEM-004 intercepted 5.5m of 0.12% U3O8 (1,200 ppm) including 1.0m of 0.28% U3O8 (2,800 ppm). The highest-grade assay within this interval is 0.5m of 0.36% U3O8 (3,600 ppm).

The uranium mineralisation at the GMZ is basement hosted, starting at approximately 190m vertically below surface, and is associated with a broad and strong zone of bleaching, clay and hematite alteration controlled by fault breccias and other structures.

Following the positive drilling at the GMZ, the Company staked an additional 7 claims increasing the project area from 264.86km2 to 445.3km2.

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Figure 1: Location of the Gemini Project and 2021 drillholes.

Activity

During the quarter, the 92 Energy technical team completed the project and logistics planning for the Gemini winter drilling program, which is due to commence late January to early February 2022.

Contractors are currently on site upgrading the winter access road for the Gemini Project. The road upgrades are expected to be completed at the end of the next fortnight. Drill rigs are scheduled to commence mobilisation next week.

The Gemini winter drill program will consist of an initial 6,600m of diamond drilling. The majority of the drill program will follow up the GMZ discovery drillhole GEM-004 to determine the extent of the uranium mineralization. GEM-004 intersected 5.5m of 0.12% U3O8 (1,200 ppm U3O8), including 1.0m of 0.28% U3O8 (2,800 ppm U3O8), with the highest-grade assay within this sub-interval being 0.5m of 0.36% U3O8 (3,600 ppm U3O8) from 234.5 to 235.0m (refer to ASX Announcement dated 20 September 2021).

Subsequent to the Company's announcement of the GMZ discovery, Baselode Energy Corp. completed four drillholes along trend 290m south of GEM-004 and intersected uranium mineralisation up to 15.5m of 0.13% U3O8. This uranium mineralisation has been named the "Ackio Zone" by Baselode Energy.

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The Company has also identified a 1.8km long trend to the north of GEM-004 (Figure 2, and previous ASX announcement 9 June 2021) which is considered highly prospective exploration ground due to the intersection of an interpreted north-south VTEM structural trend with northeast trending calculated vertical gradient (CVG) magnetic low corridors (blue colours in shaded background image, grey dashed lines). Collectively, this is referred to as the Gemini Extension Zone (GMX).

GMX

GMZ

Baselode Energy's

Ackio Zone

Figure 2: Proposed area of winter 2022 drilling at the GMZ and GMX with CVG magnetic background image and interpreted

structural trend from 2021 VTEM.

In addition to the GMZ and the GMX, drilling is also planned at Camp West (CW), and Wilfried (WF) (Figure 3) to follow up historical drillholes which displayed hydrothermal alteration and significant brittle-ductile structures. One historical drillhole at Wilfried also returned low levels of uranium mineralisation (refer IPO prospectus dated 26 February 2021 for further detail).

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Figure 3:Map of the Gemini Project and planned winter 2022 exploration drilling areas with 2021 CVG background image

and EM conductors.

The Company's program is planned and permitted, and 92E's local exploration team has appointed Bryson Drilling of Archerwill, Saskatchewan, as drill contractor.

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