Partial Relinquishment Report ELR 45 Walbiri Joint Venture Project 18 July 2014 to 29 May 2020

Abstract

ELR 45 (Walbiri Joint Venture) is a joint venture project operated by Energy Metals Ltd in partnership with Northern Territory Uranium Pty Ltd (NTU; a wholly-owned subsidiary of Marenica Energy Ltd, MEY). Energy Metals holds a 77.12% beneficial interest in the joint venture. The licence is situated approximately 300km northwest of Alice Springs and 55km southeast of the Bigrlyi uranium project. ELR 45 was granted on 18th July 2014 for a period of five years and was subsequently renewed for a further five-year period. ELR45 covers part of the Walbiri uranium deposit. A JORC (2012) mineral resource estimate was announced for the deposit in 2015 confirming Walbiri as the second largest sandstone-hosted deposit in the Ngalia Basin after Bigrlyi. Following a project review in late 2019, 203 hectares of the 800 hectare licence, located outside resource areas, was deemed non-prospective for future discoveries and was surrendered on 29 May 2020. Exploration work on the relinquished blocks during Energy Metals' period of tenure was limited by sacred site access restrictions and no on-ground field visits were conducted to the surrender area. The main activity was an aerial geophysical radiometric and magnetic survey undertaken in 2007. The survey data is open-file and publicly available.