92 Energy Gears Up for Exciting 2023 After Impressive 2022 Exploration Success

• 92 Energy made a significant new uranium discovery called Gemini in the Athabasca Basin in 2022, with high grade intercepts including 42m at 0.69% U3O8.
• They systematically drilled and expanded the Gemini zone in 2022 with excellent results, proving scale and continuity.
• 92E has a clear exploration model to find additional zones along a 2.8km corridor near Gemini in 2023.
• They are well funded with $7.2M cash, allowing methodical programs in 2023 to prove up resource scale.
• Management is confident in strong uranium fundamentals driving price gains in 2023, which will rerate 92E with its new discovery and exploration upside.

About 92 Energy

92 Energy is a uranium exploration company focused on the high-grade Athabasca Basin in Canada, the highest grade uranium district in the world. The company is led by CEO and Managing Director Siobhan Lancaster and has a current market capitalization of around $40 million. 92 Energy made waves in 2022 by achieving the 7th best uranium intercept globally at its new Gemini discovery, proving the zone has significant high-grade mineralization.

Interview with Siobhan Lancaster, MD & CEO of 92 Energy

Successful 2022 Exploration Sets Stage for Further Expansion in 2023

In an interview, Siobhan Lancaster outlined that 92 Energy had great exploration success in 2022, despite uranium market volatility. The company completed two drill programs at Gemini, steadily stepping out drilling to show continuity of mineralization. This included excellent intercepts like 42 meters at 0.69% U308, which compares very favorably globally.

The results prove Gemini is a proper mineralized zone with similarities to famous deposits like Rabbit Lake. Gemini starts near surface, has high grades, and a similar footprint to Rabbit Lake's early days. 2022's drilling showed strong continuity in a tight area, but also opened up a 2.8 km corridor with potential for additional discoveries.

Though the market didn't reward 92 Energy's success in 2022, Lancaster believes the systematic exploration will pay off as uranium sentiment improves. She wouldn't change the approach, which focuses on doing good geology to build a company with real value.

Set Up for Success in 2023

92 Energy enters 2023 with a strong position - a new discovery proven to have high grades, open for expansion, and well-funded. The company has over C$7 million to support ongoing exploration.

This includes a 4000 meter winter drill program underway right now. The focus is two-fold: aggressive step-outs at the existing Gemini zone to expand it, and wider spaced reconnaissance drilling along the 2.8 km corridor to find additional zones. Costs are kept low with helicopter-supported drilling.

Results from this program will direct next steps, but the company has funding to do follow-up drilling in summer 2023 without needing to raise capital. The plan is measured, but flexible - Lancaster says they've pulled back slightly to preserve cash amidst market uncertainty, but remain positioned to show substantial growth this year.

Riding the Wave of a New Uranium Cycle

Lancaster sees uranium demand fundamentals inexorably driving higher prices, which 92 Energy can capitalize on. Mine supply cannot satisfy growing reactor demand, meaning more production and much higher prices are inevitable to rebalance the market.

Contracting already reflects this - mid/long-term deals are now being written at over $40/lb after years far below that. As higher-priced contracts ramp up to replace cheap legacy deals, it will pull up spot prices too. Financial speculation may drive short-term gyrations, but the undeniable supply/demand gap makes a bullish urnaium cycle a question of when, not if.

92 Energy with a new discovery, proven mineralization, and exploration upside is superbly positioned to ride the coming wave in uranium. As Stafford says, the company could look very different by the end of 2023 after systematic exploration has significantly expanded Gemini and potentially uncovered new zones. The company has both genuine geological potential and positioning in the right commodity cycle.

Conclusion

For investors, 92 Energy offers a compelling case of strong technical merits meeting fortuitous market timing. Management has proven exploration skills, zeroing in on a quality discovery and diligently confirming it. Their disciplined but aggressive 2023 program should significantly increase scale, allowing the market to revalue 92 Energy higher. It comes just as falling uranium supply and rising demand creates the perfect backdrop for capitalizing on exploration success. 92 Energy in 2023 has breakout potential.