Exploration Licence for Minerals (EL 32976) 'Behr Project' 6 June 2023 - 1 August 2023 Surrender Report

Abstract

Core Uranium Pty Ltd (Core Uranium) is a mineral exploration company established for the purpose of exploring for uranium within the Northern Territory. Core Uranium believes strongly that uranium is set to play an increasingly significant role in the global energy supply. There is currently a resurgence of interest in nuclear energy with many new reactors and life extensions being announced across the world. Many countries are announcing 'zero-carbon' goals and it is becoming apparent that this is unlikely to be achieved without the assistance of nuclear energy. This, together with several years of uranium prices below the average cost of production, has led to a structural supply deficit in the uranium fuel market. Global inventories are currently being consumed to meet this deficit and the spot price of yellowcake is trending upwards. It is now apparent that new sources of supply will need to be brought online in the coming decades to meet not only the current demand shortfall, but also the forecast increase in demand. Following a review of various publicly available data-sets, Core Uranium believes that the application area has significant potential to host an economic uranium deposit. Core Uranium is growing a strong technical team with vast experience and expertise in mineral exploration and is focused on making a discovery.