92 Energy : Quarterly Activities/App 5B Cash Flow Rep-Amended-March Qrtr

28 April 2022

Quarterly Activities Report - March Quarter

92 Energy Limited (ASX: 92E) (92E or the Company)(ASX: 92E) presents its Quarterly Activities Report for the quarter ended to 31 March 2022.

Athabasca Basin Uranium Projects

•  Completed 5,379m of drilling at the Gemini Project during the winter 2022 drill program. The Project hosts the Gemini Mineralised Zone (GMZ) uranium discovery in the world-class Athabasca Basin uranium district, Canada.

•  Elevated radioactivity was intersected in 11 out of 12 drillholes drilled during the winter 2022 program at the GMZ. The GMZ remains open in all directions (Figures 1 and 2).

•  The strongest radioactivity recorded during the winter 2022 drill program was encountered in the final four drillholes completed at the GMZ:

  • o GEM22-019: 22.0m of continuous elevated radioactivity with max 15,780 CPS

  • o GEM22-017: 22.0m of continuous elevated radioactivity with max 3,030 CPS

  • o GEM22-022: 25.5m (composite) of elevated radioactivity with max 7,860 CPS

  • o GEM22-023: 12.0m of continuous elevated radioactivity with a max 5,760 CPS

  Note: All drill hole intervals are core lengths. True thickness has yet to be determined.

•  Elevated radioactivity at the GMZ has now been defined over a length of 230m in the northwest-southeast direction and 80m in the northeast-southwest direction.

•  The final four winter 2022 drillholes at the GMZ have the thickest zones of elevated radioactivity seen to-date along with maximum radioactivity readings multiple times higher than GMZ discovery drillhole GEM-004. This provides an exciting vector south-southwest of the GMZ, which will be the primary focus of the Company's summer 2022 follow-up drill program.

•  Currently awaiting chemical assays from the winter 2022 drill program, which are expected to be received within the next several weeks.

•  The follow-up summer 2022 drill program is set to commence in early June 2022 (details to follow).

•  Gemini is located 27km southeast of the McArthur River uranium mine, the largest high-grade uranium deposit in the world.

•  During the quarter planning was undertaken to carry out exploration activities on the Company's other projects including Tower, Clover, Powerline and Cypress, all located within or near the Athabasca Basin. Further details to follow in separate announcement.

Corporate



Strong cash position of $6.58m at end of quarter.

Gemini Project

Overview

The Gemini Project (Gemini or the Project) is an early-stage unconformity-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 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 is completely absent. The unconformity is interpreted to dip gently to the northwest and may reach depths of up to 170m in the western part of the Gemini Project. In the eastern and north-eastern areas, where the unconformity is shallow or absent, there is potential for the discovery of uranium deposits that are amenable to open-pit mining methods.

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.

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 a uranium discovery at the Gemini Mineralised Zone "the GMZ".

The aim of the main summer 2021 drill program was to carry out greenfield regional exploration, targeting high-grade unconformity-associated uranium. The drillholes targeted VTEM conductors up-ice of bog and lake sediment uranium anomalies, proximal to a radioactive boulder field to the south. This is 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 2021 drill program consisted of four (4) completed drillholes and one abandoned drillhole totalling 1,011m. 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.

The follow-up drill program subsequent to the GMZ discovery was undertaken during winter 2022. The winter 2022 program was commenced and completed during the March 2022 quarter (further details above and below).

Activity

A total of 19 drillholes were completed at Gemini during the winter 2022 drill program, completed in the March quarter, totalling 5,379m. Twelve drillholes were completed at the GMZ uranium discovery, with 11 intersecting elevated radioactivity as measured with ahandheld scintillometer1 (Figure 1). The remaining seven drillholes were exploration drillholes at the Camp West and the Gemini Extension Zone (reported below).

Importantly, the final four drillholes completed at the GMZ during the winter 2022 drill program returned strong radioactivity readings over wide intervals, as the Company increased its geological understanding at the GMZ (Figure 2). The Company believes it now has a vector toward higher levels of radioactivity and wider intercepts at the GMZ. These four drillholes include:

• - GEM22-019: 22.0m of elevated radioactivity with max 15,780 CPS

• - GEM22-017: 22.0m of elevated radioactivity with max 3,030 CPS

• - GEM22-022: 25.5m (composite) of elevated radioactivity with max 7,860 CPS

• - GEM22-023: 12.0m of elevated radioactivity with a max 5,760 CPS

  Note: All drill hole intervals are core lengths. True thickness has yet to be determined

With the widths and radioactivity levels apparently improving to the southwest, the Company has immediately commenced planning for its summer 2022 drill program, scheduled to begin in early June 2022. The primary objective of the summer 2022 program is to continue step-out drilling southwest of the strong radioactivity identified during the winter drill campaign.

Please refer to ASX announcements on 6 April 2022 and 7 March 2022 for further details on the exploration and drilling results achieved during the quarter.

1 Radioactivity is considered >300 CPS on Handheld RS-121 Scintillometer

Figure 1: Plan view of GMZ showing maximum handheld scintillometer results (RS-121) (background colour shaded image showing calculated vertical gradient magnetics (CVG))

Figure 2: Section slice looking northwest showing thick zones of radioactivity in GMZ drillholes GEM22-017, 019 and 022. Refer to ASX Announcement 6 April 2022

Assay results for the winter 2022 drilling program are expected to be received within the coming weeks.

Exploration Drilling

In addition to the GMZ drilling outlined above, a total of seven reconnaissance exploration drillholes were completed at Camp West and the GMZ Extension on the Gemini Project.

GEM22-007, 009 and 011 were drilled at the Camp West target area, located approximately 6km southwest of the GMZ. No radioactivity was intersected in any of the drillholes, however, the geology is extremely encouraging as intense alteration was intersected in two of the three drillholes. Due to the volume and intensity of alteration encountered at Camp West, this target will be further assessed during the summer 2022 drill program.

GEM22-016, 018, 020 and 021 were drilled at the Gemini Extension Area (GMX). All drillholes returned intensely altered basement rocks and GEM22-20 intersected weakly elevated radioactivity in a hematite and clay altered fracture. Due to the extremely encouraging alteration and weakly elevated radioactivity at GMX, this target will also be further assessed during the summer 2022 drill program.