Uvre Limited report results from the remaining batch of geochemical assays received from recently drilled holes at the None Such and Bonanza prospect, at the East Canyon Uranium-Vanadium Project, located in south-eastern Utah, USA (East Canyon Project). Anomalous readings for uranium, vanadium and rare earths were also noted within several zones of recovered core via a hand-held portable XRF (pXRF) (Thermo Fisher Scientific Niton XL5). Selective samples of core were prepared and dispatched to a certified laboratory for geochemical analysis, with all results reported.

All drill holes are vertical, with intercepts interpreted to represent true thickness. Laboratory assays for rare earths are less than 300ppm but show some elevations associated with clays. UVRE will continue to monitor the REE potential while focusing on uranium and vanadium targets.

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 which due to the geological processes, naturally pinches and swells with variable thickness and grade. Assays received thus far confirms that the mineralised Uranium and Vanadium system continues beyond historical workings at None Such and Bonanza at a shallow depth of less than 60m. UVRE will use the winter hiatus in field operations to collate and interpret all new data and integrate it with regional geological interpretation to define new target areas for the 2023 field season.

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. The district hosts several significant uranium-vanadium operations including TSX listed Energy Fuels Inc.'s La Sal Complex mines and development projects, International Consolidated Uranium's Rim/Columbus and Sage Plains project which was subject to a recent acquisition and strategic alliance with Energy Fuels, and Velvet-Wood, owned by TSX-V-listed company Anfield Resources.

Energy Fuels' White Mesa Mill, the only fully licensed and operating conventional uranium-vanadium mill in the US, is located 50km from the East Canyon Project along major highway 191. The Company advises that the 1,400,000 Class A Performance Rights have vested as a result of the drilling results in this announcement, specifically the achievement of (B) at least two metres of an ore grade of greater than or equal to 0.1% U3O8 on any of the East Canyon Project claims.