Alligator Energy : Quarterly Activities Report and App 5B Cashflow - June 2022

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QUARTERLY REPORT

FOR THE PERIOD ENDING

30 June 2022

ASX: AGE

Quarter Highlights

Alligator Energy Limited ("Alligator", "AGE" or the "Company") is pleased to release the 30 June 2022 Quarterly Activities Report.

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Uranium

• Receipt of final assay results from the Blackbush Deposit Phase 1 sonic core drilling program continue to confirm high-grade uranium over anticipated intervals and authenticate uranium grades obtained from the downhole PFN tool in AGE's rotary-mud holes (drilled in March 2022) in addition to grades reported from historical drilling.
• AMC Consultants (Perth) commenced resource re-estimation of the Blackbush Deposit based on the additional infill drilling results and review of historical results. This has the objective of confirming a JORC-compliant indicated portion (plus a revised inferred potion) of the previous global 32.7mlb1 inferred resource, targeting areas amenable to In-Situ Recovery (ISR) at a higher cut-off grade.
• Wallbridge Gilbert Aztec (Adelaide) has commenced a Scoping Study now that the resource estimation and the ANSTO leach/ion exchange recovery test work is well underway. Timing of completion is towards the end of Q3 due to delays in initiating the above.
• Re-examinationof the available historical gravity data over the Samphire Project, along with information provided by historical and AGE's recent drilling is providing additional clarity on the potential for extensions of the Samphire palaeochannel in the immediate area around Blackbush, between Blackbush and Plumbush and district-scale extensions within AGE's tenements.
• AGE has applied for 2 additional exploration licenses surrounding the Samphire Project and 11 new further exploration licenses at Big Lake. Once granted this will take the strategic land holding for Samphire to 550 km2 (from 370 km2) and for Big Lake to 10,787km2 (from 818 km2). The expanded Big Lake footprint has significantly enlarged the uranium exploration search space in the Cooper Basin.
• Nabarlek North (Alligator Rivers) work program approved by Traditional Owners which paves the way for execution of a large airborne gravity survey and regional auger and RAB follow-up drilling.

Energy Minerals

• Contractor selected to undertake ground-based Electromagnetic (EM) geophysics Q3/Q4 at Alpe Laghetto (Piedmont Project).

Corporate

• AGE formalised a twelve-month option, which can be exercised at any time during the 12-month period, to acquire 100% interest in the three Exploration Licences that form part of the Piedmont Farm-in and JV in northern Italy with Chris Reindler and Partners. On approval by Piedmont regulatory authorities an agreed purchase consideration of $350,000 (in a mix of cash and shares) becomes payable and a 1% Net Smelter Royalty (NSR) is granted based on future production from the Alpe Laghetto Exploration Licence area.

1. See ASX:USA release 27 Sept 2013 for which the Competent Persons were Mr Russell Bluck and Mr Marco Scardigno. Blackbush Inferred Mineral Resource Estimate (JORC 2012) comprising 64.5 million tonnes at a grade of 230ppm eU3O8 containing 14,850 t (32.7 mill lbs) U3O8 at a 100ppm cut-off grade.

[e-mail] | www.alligatorenergy.com.au | [phone] ABN 79 140 575 604 | Suite 2, 128 Bowen St, Spring Hill, QLD 4000 | Page 2 of 26

• Holders of AGEOB options continued to exercise these to fully paid shares. At the expiry date of 24 June 2022 only 2.3M options remained unexercised, raising a further $979k in funds.
• Cash balance at quarter end of $27M.

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Plans for the forthcoming quarter

• Completion of resource estimation, ANSTO testwork & Scoping Study for the Blackbush deposit.
• Execution of ground gravity surveys to extend coverage within EL 6350 and 5926, to assist in the delineation of the Samphire palaeochannel system for future exploration drill targeting.
• Complete planning and regulatory approvals for a follow-uprotary-mud drilling/downhole geophysical logging program to explore for extension of the Blackbush deposit and commence exploration in the wider palaeochannel system.
• Ongoing recruitment to develop the Samphire Project technical team.
• Continuation of State/Federal Government approvals for a Retention Lease to allow for a future Field Recovery Trial at Blackbush.
• Continued engagement with Traditional Owners and landholders to secure access to areas outside of the current Blackbush resource area for further geophysical surveys and drilling.
• Acquisition of airborne gravity over a large portion of Nabarlek North tenements (Alligator Rivers)
• Finalisation of NT Department of Industry, Tourism & Trade (DITT) approvals for the auger and RAB drilling programs as a precursor for a deeper RC drill testing program.
• Continued interpretation of the large historical seismic and petroleum drillhole dataset over Big Lake towards a 3D basin model and identify target areas for AGE's inaugural drilling program once approved by Traditional Owners and regulators.
• Implementation of ground EM survey at Alpe Laghetto and drone magnetic surveys over additional prospects to target continuation of Ni sulphide occurrences at the Piedmont Project.
• Continue to pursue future uranium and related opportunities and projects in AGE target regions.

Uranium Market

• Spot uranium price was US$50.50 per lb at quarter end, with long term price reported at US$50 per lb.
• A spot price of US$63 per lb was reached during the quarter, when discussion peaked around the threat of US sanctions on Russian uranium and enriched uranium product (EUP). This threat lessened somewhat as US utilities began voluntarily reducing their EUP deliveries from Russia where possible.
• As a result of the above, enrichment capacity is at a premium, potentially resulting in overfeeding of plants which could increase uranium demand.
• The EU has agreed in its latest taxonomy report to consider nuclear power as sustainable, opening pathways for reduced financing costs and access to capital.
• Germany is considering operational extensions for its three remaining nuclear plants.
• Belgium to extend the operating life of 2 nuclear plants by 10 years.
• The UK has given Development Consent for two new nuclear plants.

[e-mail] |	www.alligatorenergy.com.au | [phone]
ABN 79 140 575 604 | Suite 2,	128 Bowen St, Spring Hill, QLD 4000 | Page 3 of 26

Exploration

Samphire Project, South Australia

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Complete Assay Results (Sonic Core Drilling) & Resource Re-estimation

Final assays were received from the 14 sonic core holes drilled during Q4'2021-Q1'2022 in the western portion of the Blackbush Deposit (Blackbush West), Samphire Uranium Project, 20kms south of Whyalla in SA (Figure 1). These assay results continue to confirm the robustness of uranium grades obtained from the downhole PFN tool in AGE's sonic and rotary-mud drilling campaigns. They also correlate well with the PFN (pU3O8) and gamma-derived uranium grade data (eU3O8) from historical drilling (Figure 2). It has been critical to undertake this QA/QC work, before commencing resource re-estimation to assess what portion of the 32.7mlb1 global Blackbush inferred resource (in the ISR amenable portion only) can be upgraded to an indicated category. AMC Consultants (Perth) were in progress with this work as at 30 June 2022.

Pre-development work

Australian Nuclear Science and Technology Organisation (ANSTO) commenced uranium leach and ion exchange (IX) extraction test work on the ISR-amenable uranium mineralisation sampled from Blackbush West. At completion, this work will broadly estimate expected extraction recovery, reagent consumption and ion-exchange resin loading rates.

Wallbridge Gilbert Aztec (Adelaide) were engaged to commence a Scoping Study on the Backbush deposit. Results from the AMC resource estimation and the completion of ANSTO test work will be driving the delivery date of the study as they are critical inputs. It is anticipated this will be towards the end of Q3, 2022.

Application for a Retention Lease (RL) and operational Program for Environment Protection and Rehabilitation (PEPR) for a uranium Field Recovery Trial at Blackbush commenced during the quarter.

Regional Exploration

Re-examination of the Samphire Project's historical regional geophysics commenced during the reporting period in conjunction with AGE's more recent ground magnetics and trial passive seismic work. The aim of this work is to select the optimal geophysical method for mapping in detail the entire Samphire palaeochannel system beyond its current known limits at Blackbush which is reasonably well defined by drilling.

The Samphire palaeochannel is incised into the Hiltaba Suite uraniferous Samphire Granite basement. The high-density contrast between the granite and the overlying palaeochannel sediments is an advantage for using geophysics for mapping the channel system as opposed to extensive regional drilling. To date, AGE's re-processing of historical regional ground gravity data, although collected at wide- spacing (100m x 200m), shows excellent correlation of channel features mapped by gravity compared with known areas that have been extensively drilled at Blackbush (Figure 3).

This highlights the potential for extensions of the Samphire palaeochannel in the immediate area around Blackbush, between Blackbush and Plumbush and district-scale extensions within AGE's tenements. Further ground gravity surveys are planned to extend this coverage within EL 6350 and 5926, to investigate the high probability of further expansion of the palaeochannel system, an area of more than 200km2.

[e-mail] |	www.alligatorenergy.com.au | [phone]
ABN 79 140 575 604 | Suite 2,	128 Bowen St, Spring Hill, QLD 4000 | Page 4 of 26

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Figure 1: Significant uranium intersections in sonic corehole (red) in the Blackbush resource area.

NOTE: Only results from current Alligator sonic program are shown on this diagram. Many historic holes (black dots) and AGE's rotary mud drillholes (blue dots) have adjacent mineralisation.

[e-mail] |	www.alligatorenergy.com.au | [phone]
ABN 79 140 575 604 | Suite 2,	128 Bowen St, Spring Hill, QLD 4000 | Page 5 of 26