GTI Resources : Recommencement of Field Program at Thor ISR Uranium Project

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27th January 2022	ASX: GTR

RECOMMENCEMENT OF FIELD PROGRAM AT THOR ISR URANIUM PROJECT

Highlights:

• Program to complete the remaining ~60 holes of the planned 100‐hole maiden drill program at the Thor Project in Wyoming has commenced with field preparation underway
• Results to date confirm discovery of a significant uranium mineralised system with strong economic potential
• Mineralisation demonstrates characteristics conducive to ISR recovery and compares favourably with the neighbouring 18 Mlbs Lost Creek production deposit
• Remaining 60% of drilling program will further test the newly discovered mineralised uranium system at Thor.

GTI Resources Ltd (GTI or Company) is pleased to advise that the 2022 work program is scheduled to commence the week of January 31 with field reconnaissance and drilling preparation now underway at the Thor ISR uranium project in Wyoming's Great Divide basin (Figure 1). Two mud rotary drill rigs will be re‐mobilised in the coming weeks subject to conditions, to complete the remaining ~60 holes of a planned 50,000‐foot (~15,000m) ~100‐hole maiden drill program at Thor1.

Executive Director Bruce Lane commented "drill results so far show that there is a strongly mineralised uranium system at Thor with potential for development. The mineralisation grade and thickness encountered in 19 of the first 39 holes appears to be comparable to that of our neighbour UR Energy's (TSX: URE, NYSEMKT: URG) 18 Mlbs production deposit at Lost Creek. We're looking forward to recommencing drilling in the coming weeks with the outlook for 2022 remaining very positive for uranium"

Figure 1. Thor Project Uranium Drilling Location Map, Great Divide Basin, Wyoming USA.

• 2022 work can proceed until 15/03/2022, at which time it must pause due to conditions of the drilling permit and can resume 01/07/2022.

Level 1/89 St Georges Terrace, Perth, WA 6000. Phone: [phone], email: [e-mail] web: www.gtiresources.com.au

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Discussion of Previous Results & Comparison

Results from the first 39 drill holes at Thor (previously reported to ASX on 7th, 15th & 21st of December 2021) have encountered a consistent and well mineralised sand unit at ~200 feet that is 110 ‐ 120' thick within which there are three or more sandstone fronts. The grade and thickness of the mineralisation appears to be somewhat comparable to UR Energy's (URE) Lost Creek deposit2 located, in the same geological setting, within 5kms of the Thor project's western boundary & meets typical US cutoff criteria for grade & grade thickness (GT) as follows,

• Grade greater than 0.02% (200 ppm) U3O8
• GT greater than 0.2 (10 ft @ 0.02 ‐ 3 metres @ 200ppm U3O8)
• Width of mineralisation above cutoff nominal 50 feet (15 metres) and nominal GT of 0.4 or greater

UR Energy's global mineral resource estimate for the Lost Creek Property is 18.3 million pounds (Mlbs) at average grade from 0.044 to 0.48% eU3O82. The Lost Creek production facility is idled awaiting improved uranium pricing to restart and URE states that life of mine is 12 - 15 years, with existing mineral resources.

Table 1. Lost Creek ISR Deposit Comparison

GTI 2021 Thor Drilling Results vs. Lost Creek

	Thor 2021 Drilling	Lost Creek 2016*	Lost Creek 2011*
Grade Cutoff (%eU3O8)	0.02	0.02	0.02
GT Cutoff	0.2	0.2	0.3
Avg. Grade (%eU3O8)	0.059	0.044	0.055
Avg. Thickness (Feet)	10.2 ft	range 5‐25 ft	range 10‐15 ft
Avg. GT	0.6	not stated	not stated

*Note: Published Technical Reports from Lost Creek do not clearly state average thickness or GT.

Drill results from 39 holes completed by GTI in 2021 at Thor (previously reported to ASX on 7th, 15th & 21st of December 2021) compare favourably to other Wyoming ISR projects which do report average GT, such as Peninsula Energy Ltd's (ASX: PEN) Lance project which reports an average GT of 0.46.3

Figure 2 shows the location of the 2021 drilling and initial planned 2022 drilling. Drilling in 2021 focused on the eastern portion of the project. 2022 Drilling will start in the western portion of the project & move eastward. Additional drilling may be completed in the eastern portion of the project depending on results. Figure 2a is a detailed view of the eastern portion of the project showing locations of cross sections.

Cross sections E‐E' and F‐F' (Figure 3a) and cross section H‐H' (Figure 3b) are provided as examples.

Mineralisation represented in Section E‐E' occurs in multiple zones vertically within a 100 ‐ 120 foot thick host sandstone. Section E‐E' is taken across the projected trend and has a width of mineralisation, above GT cutoff, in excess of 300 feet. Cross section F‐F' (perpendicular to E‐E') shows mineralisation, above GT cutoff, extending along the projected trend.

Cross Section H‐H (Figure 3b) shows mineralization in multiple zones vertically, within a sandstone, which appear to correlate to that observed in cross section E‐E'. Here too the width of mineralization across the projected trend, above GT cutoff, is in excess of 300 feet.

Final results, conclusions and recommendations for next steps will be developed at the end of the drill program.

• https://www.ur‐energy.com/projects/lost‐creek

• https://stratawyo.com/projects/%20ross‐isr‐project/lance‐isr‐projects

Level 1/89 St Georges Terrace, Perth, WA 6000. Phone: [phone], email: [e-mail], web: www.gtiresources.com.au

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Figure 2. Thor Project Uranium Drilling Location Map, Great Divide Basin, Wyoming USA.

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Figure 2a. Thor Project Detail & Cross Section Uranium Drilling Location Map, GDB, Wyoming.

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Level 1/89 St Georges Terrace, Perth, WA 6000. Phone: [phone], email: [e-mail] web: www.gtiresources.com.au

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Figure 3a. Thor Project Cross Sections E‐E' and F‐F', Great Divide Basin, Wyoming USA.

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