MetalNRG plc announced that the Parliament of Kyrgyzstan has approved a bill lifting the ban on prospecting, exploration, development and mining uranium and thorium in the Kyrgyz Republic. MetalNRGhas a significant interest in the Kamushanovskoye Uranium Deposit, a uranium clean up project in the Kyrgyz Republic, with low CAPEX requirements (the "Project"). The Project is currently owned by International Mining Company Invest Inc. ("IMC).

MetalNRG holds a 9.9% stake in IMC, with an option to increase that interest. The valueof MetalNRG's stake in IMC was fully impaired in 2022, and is held at zero value, due to the prohibition on uranium mining in the Kyrgyz Republic. This valuation will be reviewed in due course.

Project Highlights: The Project is in the Kamushanov community, Sokuluksky District, Chuy Province, 48km from Bishkek the capital city of the Kyrgyz Republic; The State Reserve Committee of Kyrgyzstan had previously granted an application for a mining licence in January 2019 (the "Mining Licence") for 3,371.1 tonnes uranium reserves (8.731 million lbs uranium 308) which had an in-situ value of approximately US$253.1 million at uranium spot prices on that date. The uranium price has since increased fourfold from approximately $22/lb to approximately $86/lb; The Project offers a potential exploration upside of an additional 2.58 million lb of uranium from a partially explored zone (subject to being brought into a compliant resource), plus as yet untested prospective ground; The Project was intended to be developed on an In-Situ Recovery ("ISR") basis providing for lower initial capital outlay and operating cost of production. The pilot using this technique was completed and reported on in the Competent Persons Report ("CPR") carried out during the Company's due diligence of the Project in 2019.

Infrastructure around the Project includes road access, together with electricity and water supplies; There were three uranium refineries within 550km of the Project before the ban was imposed, the closest being at Kara Balta, 60km away, demonstrating that the region was familiar with development of uranium production opportunities. There will be a need to establish the current state of these refineries before decisions can be made on how and if to progress the Project; MetalNRG's internally estimated NPV of the Project is approximately $250 million (based on current prices of $91/lb for U3O8). The figure is subject to revision after the reversal of the uranium ban comes into force; Based on the previously completed CPR and internal assessment, the estimated initial costs to complete the build-up of the operations, CAPEX/OPEX, is around $11 million.

Further validation of this figure will be required to determine the best way forward; MetalNRG's Board will be reviewing the Project to determine the most appropriate way to progress this opportunity.