ENRG Elements Limited provided an update on the status of the Company's Agadez Uranium Project, with the drill program for the next phase of exploration having been designed. A review of the historical drilling data related to the tenement package, which covers drilling completed by the previous owners, has indicated the potential for Agadez to host significant mineralisation across the 3 tenements held by the Company, in areas not covered by ENRG Elements' recent drilling at the Takardeit Deposit. As a result, while planning for further regional exploration, the Company defined an exploration target based on a combination of the historical drilling, likely locations of mineralisation within the tenements and analysis of the geological setting of the adjacent projects, in particular, Imouraren, Madouela and Dasa.

Based on the current interpretation of the underlying geology and mineralisation at Agadez, ENRG Elements has defined an exploration target of between 90 and 130Mlb U3O8 at a grade of between 300 and 400ppm U3O8, based on an average mineralisation thickness varying between 2m and 5m ("Exploration Target"). The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate Mineral Resources on the prospects located on ENRG Elements tenements (outside of the Takardeit Deposit) and it is uncertain if further exploration will result in the estimation of additional Mineral Resources on these prospects.

The Exploration Target outlined within this announcement is based on the existing historical drilling information for each of the identified prospect areas and represents a regional total. The drilling program currently defined to identify mineralisation within these prospects consists of 379 drill holes for a total of 20,165m with an average hole depth of 53m. An example of the geological and mineralisation interpretation within the tenement area is shown in Figure 2 and covers a structural interpretation of the airborne magnetics with overlayed areas showing uranium anomalism and existing drilling.

Some of the historical drilling used within this announcement was reported to the ASX on 7 April 2022 titled `Review of historic data confirms prospectivity of Agadez Project in the Uranium Rich Tim Mersoi Basin'. Additional results were announced to the ASX by NGM (the original tenement holder) on 5 June 2008, 23 July 2009, 4 August 2009, 25 September 2009, 6 November 2009, 15 December 2009, 5 May 2010, 27 May 2010 and 15 July 2010. Documentation by Cogema in 1977 also included some very historical information on 139 drill holes drilled within the larger license area, this information was announced by NGM on the 5 June 2008 titled `Exploration data confirms uranium potential of NGM's Niger project'.