Combined Annual and Final Report EL 33440 for the period 23 June 2023 to 22 June 2025

Abstract

This is the combined annual and final report for Exploration Licence (EL) 33440, which is located approximately 30km North-West of Alice Springs. EL 33440, lies entirely within pastoral land and benefits from Alice Springs' infrastructure, including its airport and road connections via the Tanami Road and Stuart Highway. The tenement covers a geologically significant area within the Arunta Region, at the southern margin of the North Australian Craton, primarily within the Aileron and Warumpi Provinces. This region is characterized by complex geological features, including the drainage plains of the MacDonnell Ranges and the Strangways Metamorphic Complex, which are prospective for rare earth elements (REEs), uranium, and base metals. The exploration area is largely covered by Quaternary aeolian and alluvial deposits, with underlying Tertiary sediments that can reach up to 500 meters in thickness. These deposits are considered highly prospective for alluvial REE mineralisation and potential sediment-hosted uranium, particularly within the alluvial fans draining from the MacDonnell Ranges and the Strangways Metamorphic Complex. The surface geology is dominated by Quaternary sands, silts, clays, and outcrops of Cenozoic limestone, with sporadic exposures of basement rocks such as migmatitic gneiss and amphibolite from the Early Proterozoic Strangways Metamorphic Complex. Over the life of the tenement URO Corporation undertook several key exploration activities, including desktop studies, land access negotiations, surface geological reconnaissance and sampling. Initial field activities focused on geological reconnaissance, targeting outcrops and subcrops within the predominantly Quaternary-covered tenement. A total of 36 samples were collected, comprising 35 soil samples and 1 rock chip, which were analysed using a SciApps X 555 portable XRF for 55 elements. QA/QC protocols ensured the accuracy of these analyses, which indicated anomalous regolith-hosted REE values exceeding 1,300 ppm TREO, along with minor anomalies in base metals and uranium. The findings from Year 1 have provided a solid foundation for further exploration, plans for Year 2 focused on acquiring additional geophysical data to complement existing EM surveys, conducting an extensive surface sampling and potential for an air core drill campaign. These activities aimed to delineate the thickness of sediment cover, identify bedrock strata, and potentially define an inferred resource, setting the stage for more targeted exploration in subsequent years, however no significant field exploration was undertaken across the project area during the reporting period. Following a comprehensive review of EL 33440 and in the context of broader company priorities, URO Corporation voluntarily surrendered the licences in June 2025.