Based on estimated Indicated Resources, mineral reserves (including dilution tonnage of 5% at a grade of 0.03% U) were estimated at 2.5 million tonnes at an average grade of 0.346%U which was determined to provide an underground mining rate of about 210,000 ore tonnes per year at an economic cutoff of 0.13% U 3O 8 for approximately 13 years. No Inferred resources were used in reserve calculation or mine plan.

Resource Expansion Potential

Tournigan is planning an exploration program to continue testing multiple uranium exploration targets within the Kuriskova license area. Exploration success would likely add resources that could be accessed from the planned Kuriskova infrastructure. Tournigan will conduct further step-out exploration drilling where the high-grade mineralization is open along strike and at depth.

Mining and production

The PFS states that the project would be best developed as an underground mine using conventional mining and processing methods. The mine plan is based on underhand drift and fill mining utilizing a roadheader as the primary production method and assuming an external dilution (over break) of 5% at a grade of 0.03% U.

The project would be designed with an underground processing facility. As a result of the mining and processing facilities being underground, the project can be developed with a very small surface footprint. The uranium can be extracted using conventional alkaline (non-acid) processing. Kuriskova would utilize Best Available Technologies in the mining and processing operations.

Metallurgical test results completed at Hazen Research in Golden, Colorado indicate that uranium and molybdenum recoveries can be achieved using conventional alkaline leaching and precipitation circuits producing separate uranium (yellowcake) and molybdenum concentrates.

The average annual production of uranium as a U 3O 8 concentrate would be approximately 786 tonnes and 84 tonnes of molybdenum in molybdenite with a life-of-mine U 3O 8 production of 20.9 million pounds (9,500 tonnes). Project economics in the base case analysis are based on these figures.

Metallurgy and Processing

Metallurgical test results completed at Hazen Research in Golden, Colorado indicate that uranium and molybdenum recoveries of 92.0% and 86.8%, respectively, can be achieved using conventional alkaline leaching and precipitation circuits producing separate uranium (yellowcake) and molybdenum concentrates.

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