Alligator Energy - Uranium Project Funded for Immediate Growth

• Alligator Energy is advancing its sapphire uranium project, which includes uranium exploration in the Northern Territory and South Australia.
• The company has grown its team to over 25 senior members, enhancing its operations, especially at the Sanford project.
• In the past year, they initiated drilling in February, focusing on improving the resource quality and preparing for their field recovery trial, which is set to begin in the upcoming quarter.
• The retention lease application for the fuel recovery trial is under assessment by the government. The company has also started their third round of discussions with utilities regarding future uranium sources.
• Financially, Alligator Energy is secure with around A$20 million in cash, ensuring funding for their main projects and corporate support without an immediate need for additional capital.

Alligator Energy Well-Positioned for Uranium Growth

Australian uranium explorer Alligator Energy (AGE) has a clear strategy to advance its primary uranium project in South Australia towards production within 5 years. With a strong cash position, experienced management team, and strategic partners, Alligator Energy offers investors leverage to an improving uranium market.

Interview with Chief Executuve Officer, Gregory Hall

Advancing the Flagship Samphire Uranium Project

Alligator Energy's main focus is on its 100% owned Samphire Uranium Project in South Australia, which hosts a resource of 33Mlb U3O8 and scoping study results showing potential low-cost ISR mining.

• Since February 2022, Alligator Energy has had 2 rigs continuously drilling at Samphire to upgrade and expand the resource. Recent results have been positive, and aim to increase the indicated portion to support feasibility studies.
• Alligator Energy is now at the critical stage of permitting and preparing for field recovery trials at Samphire, starting in Q4 2022. These field tests will demonstrate the amenability of the deposit to ISR mining, a low-cost and proven method in South Australia.
• The field trials are a key step in the approvals process and building project confidence.
• Alligator Energy is funded for completion with its current A$20M cash balance.
• Based on realistic timeframes, AGE is targeting Samphire development in a 5-year window, with the first production potentially from 2025. An updated scoping study is planned for Q4 2022 reflecting an enhanced resource.

Strong Team to Deliver the Strategy

A key part of the investment case for Alligator Energy is the experienced team assembled to permit, finance and operate a new ISR uranium mine.

• CEO Greg Hall and COO Andrea Betti have decades of experience developing and operating uranium mines in Australia. They provide critical knowledge of the local permitting process.
• Additional key appointments in 2022 have expanded the team to over 25 professionals, including ex-Rio personnel, strengthening project development capabilities.
• Marketing agent Traxis Energy provides expertise in engaging with major utilities and organizing potential off-take agreements. Alligator Energy has held multiple rounds of discussions with utilities in Europe and North America.

Funding Path Clear to Production

With A$20M in cash, Alligator Energy has sufficient funds to progress Samphire through permitting, field trials and feasibility study phases. Additional funding required for project development appears achievable:

• Alligator Energy can tap strategic partner Traxys for conditional off-take-based funding at the feasibility stage to minimize dilution.
• Jurisdiction risk is low in the stable mining regime of South Australia, which hosts existing uranium mines. Alligator Energy expects to source development capital from Australian institutions.
• Alligator Energy is also evaluating royalty-based funding and has interest from 3 potential parties. This avoids equity dilution.
• The company will remain patient, targeting development when contract prices reflect the tightening uranium market. Utilities are seeking long-term supply certainty.

Portfolio Offers Additional Upside

While Samphire is the flagship focus, Alligator Energy maintains additional upside potential through its portfolio:

• A package of exploration projects in South Australia and the Northern Territory provides Resources growth potential. Alligator Energy has resumed drilling at the high-grade Ardmore project.
• Early-stage Piedmont nickel-cobalt project in northern Italy offers leverage to battery metals demand in a mining-friendly jurisdiction. Alligator Energy is seeking farm-in partners.

Strong Investment Case in Rising Uranium Market

With improving uranium market fundamentals, Alligator Energy offers a compelling opportunity for investors seeking leverage to higher uranium prices. Key advantages include:

• Clear path to production at its advanced flagship project, led by an experienced team
• Funding strategy minimizes dilution risk
• Additional upside potential from portfolio projects
• Leverage to rising uranium price as utilities seek long-term contracts

Alligator Energy is positioned to create value for shareholders as it transitions to producer status and realizes advantages from its strategic partnerships and portfolio. As uranium markets tighten, Alligator Energy warrants consideration by investors seeking exposure to the next phase of the uranium bull market.

The Investment Thesis for Alligator Energy

Advanced Asset with Clear Path to Production

• Samphire is an advanced-stage project with a defined resource and scoping study already completed. This derisks the project substantially compared to early exploration plays.
• The company has a straightforward path to production in a stable mining jurisdiction. Permitting hurdles are known and achievable.
• With field trials starting soon, there are clear upcoming catalysts to demonstrate project viability using proven ISR mining.

Attractive Uranium Market Fundamentals

• Global uranium supply/demand fundamentals are improving in a sustainable way, with demand growth outpacing new mine supply. This should drive higher uranium prices.
• Major utilities are seeking to lock in long-term supply contracts to secure new production. This provides price visibility.
• Geopolitics are restricting Western access to some uranium sources, emphasizing the need for a stable supply like Australia.

Lean Capital Structure with Funding Path

• Balance sheet is strong with A$20M cash and no debt.
• Strategic partners and off-take agreements can provide funding for development, minimizing equity needs.
• Royalty financing remains an option, avoiding dilution.

Proven Management Team

• Executive team has a track record of successfully permitting and building mines in Australia. Reduces execution risk.
• Marketing partner Traxx adds expertise to engage with utilities for project funding.

Portfolio Upside Beyond Flagship

• Exploration upside in Australia and early-stage nickel projects in Europe provide additional value potential beyond the flagship.

In summary, Alligator Energy offers investors an attractive risk/reward proposition to gain leveraged exposure to an improving uranium market, led by a proven team.