Uvre Limited provided an update on drilling activities at the Bonanza Prospect, at the East Canyon Uranium-Vanadium Project, located in south-eastern Utah, USA (East Canyon Project). East Canyon Drilling Update Five (5) drill holes have been completed to date at Bonanza Prospect, EC2201, EC2212, EC2218, EC2221 and EC2219. EC2201, EC2212, EC2218 were diamond cored from surface to end of hole.

EC2221 and EC2219 were drilled via rotary drill to the top of the Salt Wash Member and diamond cored through the Salt Wash Member to end of hole. A 6th hole EC2213 was drilled via rotary to the top of Salt Wash however the remainder of the hole wasn't completed due to weather conditions. Total depth of each hole drilled at Bonanza are less than 60m from surface.

Inspection of the recovered core from the five holes drilled at Bonanza has been undertaken by the onsite geologist at the core storage shed and all holes have now been logged. Certain zones within all five holes indicated levels of elevated radioactivity to background count as measured by a hand-held scintillometer (Radiation Solutions Inc. model # RS-230). Anomalous readings for uranium, vanadium and rare earths have also been noted within several zones of the recovered core via a hand-held portable XRF (pXRF) (Thermo Fisher Scientific Niton XL5).

Selective samples of core have now been prepared and dispatched to a certified laboratory for geochemical analysis. Uranium and vanadium bearing ore deposits in the East Canyon district are generally confined to the Salt Wash Member of the Jurassic-age Morrison Formation thus the diamond core collected to date from Bonanza will provide important data on the stratigraphy and the geology, including structures and controls of the uranium and vanadium mineralisation. Indications of Rare Earth Elements readings via pXRF on core recovered from the drilling at None Such prospect weren't necessarily hosted within the Salt Wash member zones.

Therefore, it was important to gather samples of core from surface to end of hole to better understand the rare earth potential at Bonanza. Drilling from surface via diamond core in holes EC2201, EC2212 and EC2218 proved slow going through the sticky clay, mud like, overlaying Brushy Basin which also resulted in a slower advancement of the drill program than expected. Due to consistent, unfavourable weather systems, the early onset of winter conditions and earlier than expected snowfall, planned drilling activities have been severely hampered at East Canyon project.

Access to site and ground conditions for the exploration crew became difficult and consequently after consultation with the exploration team, the drilling equipment was demobilised. The current drill program has now been paused for the northern hemisphere winter months. Next Steps: Assays for Rare Earth Elements (REE) from previous holes drilled at None Such that showed elevated zones of Rare Earth Elements as recorded via a pXRF are still outstanding and are expected shortly (refer ASX announcement 13th October 2022 titled "pXRF/Probe Data supports visual uranium vanadium mineralisation and identifies rare earth potential").

Samples for Uranium, Vanadium and Rare Earths selected from the core drilling completed to date at the Bonanza Prospect have been prepared and sent to a certified laboratory for assays. Once all assay data has been received, collated and interpreted, the stratigraphic and geochemical information obtained from this initial drill program will be combined with regional mapping and surveys to identify structural controls of fluvial systems in order to vector towards potentially larger uranium and vanadium mineralised traps sites within the system and identify other priority targets at East Canyon. East Canyon Project Summary: The East Canyon uranium-vanadium project comprises 231 contiguous claims (~4,620 acres/18.7km2) prospective for uranium and vanadium in the Dry Valley/East Canyon mining district of south-eastern Utah, USA (the Claims).

The Uravan Mineral Belt and surrounding Salt Wash ore producing districts of the Colorado Plateau, which hosts the Claims, has been an important source of uranium and vanadium in the US for more than 100 years, with historic production of more than 85 million pounds of uranium at an average grade of more than 0.13% UO and more than 440 million pounds of vanadium at an average grade of 1.25% VO.