Drill Rigs Set to Commence Major Exploration Program at Pine Ridge Uranium Project July 02, 2025 7:30 AM EDT | Source: Snow Lake Resources Ltd Winnipeg, Manitoba--(Newsfile Corp. - July 2, 2025) - Snow Lake Resources Ltd., d/b/a Snow Lake Energy (NASDAQ: LITM) ("Snow Lake"), a uranium exploration and development company, announces that its 50/50 joint venture (the "Joint Venture") with Global Uranium and Enrichment Limited ("GUE"), has selected Single Water Services LLC ("Single Drilling") to execute its in ...

Snow Lake Secures Strategic Stake in Uranium Development Project in Wyoming's Powder River BasinJuly 01, 2025 7:30 AM EDT | Source: Snow Lake Resources LtdWinnipeg, Manitoba--(Newsfile Corp. - July 1, 2025) - Snow Lake Resources Ltd., d/b/a Snow Lake Energy (NASDAQ: LITM) ("Snow Lake"), a uranium exploration and development company, announces a cornerstone investment in GTi Energy Ltd. ("GTi Energy"), to advance its Lo Herma uranium project ("Lo Herma") through the next phase of drilling and f ...

Core Viewpoint - Snow Lake Resources Ltd. has announced positive preliminary results from its Phase 2 drill program at the Engo Valley Uranium Project, indicating good intercepts of uranium mineralization and progress towards a maiden resource estimate by the end of 2025 [1][3]. Company Updates - The Phase 2 drill program has completed a total of 31 reverse circulation (RC) drill holes, totaling 2,719 meters, with 8 holes returning mineralized intersections greater than 100 ppm eU3O8 [6][8]. - The diamond drilling segment of the Phase 2 program is set to begin during the week of June 15, 2025, with plans for 19 diamond drill holes in the MUO area and 8 in the D1 area [8]. - A maiden mineral resource estimate for Engo Valley is targeted for completion before the end of 2025, contingent on timely assay results [9]. Industry Context - The global supply deficit of uranium is expanding, necessitating the development of new uranium mines to meet increasing demand [3]. - Namibia is highlighted as the world's third-largest uranium producer, making the exploration and development of projects like Engo Valley crucial for identifying new economic sources of uranium [3].

Core Viewpoint - Snow Lake Resources Ltd. and Exodys Energy are collaborating to establish a new nuclear reactor development and deployment company, aiming to provide clean energy solutions for AI-powered infrastructure and hyperscale data centers [1][2][4]. Group 1: Company Strategy - This collaboration signifies a crucial advancement in Snow Lake's diversification into the nuclear sector, following its acquisitions of uranium projects in Wyoming and investment in Global Uranium and Enrichment Limited [2][3]. - The new Reactor Company will focus on a small modular reactor (SMR) design based on existing pressurized water reactor (PWR) technology, leveraging established expertise and infrastructure [7][8]. - Snow Lake's vertical integration strategy aims to generate revenue throughout the entire value chain of nuclear energy, from uranium supply to reactor operations [8][11]. Group 2: Industry Context - The announcement aligns with a resurgence in U.S. nuclear energy, supported by recent Executive Orders from President Trump that streamline regulatory processes and enhance domestic nuclear fuel security [4][5]. - The collaboration is positioned to address the urgent need for scaling and deploying nuclear power reactors domestically, creating a resilient nuclear ecosystem [5][6]. Group 3: Leadership and Execution - Key leadership roles in the new Reactor Company will be filled by experienced technology leaders with extensive backgrounds in both current and advanced reactor technologies [11]. - Exodys Energy will provide technical guidance on fuel cycle considerations and reactor engineering, while Snow Lake will focus on commercial execution and integration of its uranium assets [11].

Core Viewpoint - The U.S. Administration's recent Nuclear Executive Orders aim to accelerate nuclear energy deployment, which will significantly impact the uranium market and expedite the development timelines for Snow Lake's Pine Ridge uranium project [1][3][6]. Industry Summary - The Nuclear Executive Orders are designed to: - Accelerate the deployment of nuclear energy in the U.S. - Deploy advanced nuclear reactor technologies, including Small Modular Reactors (SMRs) - Quadruple nuclear energy production in the U.S. by 2050 - Reinvigorate the nuclear industrial base, including uranium mining and enrichment [6][8]. - The orders are expected to dramatically increase global demand for uranium and accelerate domestic uranium mining in the U.S. [6][9]. Company Summary - Snow Lake Resources Ltd. is positioned to benefit from the Nuclear Executive Orders, which could fast-track the Pine Ridge uranium project into production sooner than previously anticipated [4][7]. - The Pine Ridge uranium project is located in the Powder River Basin, Wyoming, and is considered a potential Tier-1 uranium asset [5][12]. - An aggressive drilling program of 125,000 feet is set to begin, aiming to generate a maiden mineral resource estimate by the end of 2025 [5][16]. - The project is a joint venture with Global Uranium and Enrichment Limited, and it has a significant exploration target based on historical drilling data [13][14]. Strategic Context - The ongoing AI arms race between the U.S. and China is driving increased demand for nuclear energy, which in turn raises the need for uranium to power nuclear reactors [10][11]. - The U.S. Administration's focus on energy independence and security prioritizes nuclear energy and the domestic supply chain, particularly for critical minerals like uranium [8][9].

Core Viewpoint - Snow Lake Resources Ltd. has announced an exploration program for the Pine Ridge Uranium Project in Wyoming, with a focus on identifying priority targets and initiating a drill program of approximately 38,000 meters starting in July 2025 [1][3]. Group 1: Project Overview - The Pine Ridge Uranium Project is a joint venture between Snow Lake and Global Uranium and Enrichment Limited, with both companies holding a 50/50 stake [1]. - The project area has been expanded to approximately 15,130 hectares (37,387 acres) through the staking of an additional 937 claims [4]. - The exploration program will utilize existing historical data and public information to develop a comprehensive 3D geological model of the mineralization [4][6]. Group 2: Exploration Program Details - The initial drill program will focus on priority target areas, with approximately 38,000 meters (125,000 feet) of drilling planned [5][6]. - The drill program is expected to commence shortly after permit approvals, anticipated in late June 2025 [9]. - The project is located in the Powder River Basin, a leading uranium-producing region in the U.S., known for its favorable regulatory environment [6][10]. Group 3: Historical Context and Support - Historical drilling campaigns in the project area have included 765 holes by Conoco and 449 holes by Stakeholder Energy, contributing to the geological understanding of the site [7]. - The project is supported by significant geological studies, including the measurement of 350 sandstone outcrops to understand the geological characteristics of the area [8]. - SOLA Project Services will provide technical and project support, leveraging over 25 years of experience in the Powder River Basin [9].

Core Points - Snow Lake Resources Ltd. will implement a 1-for-13 reverse stock split effective on May 2, 2025, to comply with Nasdaq's minimum bid price requirement of $1.00 [1][2] - The reverse stock split will reduce the number of issued and outstanding common shares from approximately 101,704,516 to about 7,823,360 [4] - The reverse stock split will not change the par value of the common shares or the authorized number of shares, and it will affect all shareholders uniformly [3][4] Company Information - Snow Lake Resources Ltd., operating as Snow Lake Energy, is a Canadian mineral exploration company listed on Nasdaq under the symbol LITM, focusing on critical mineral and clean energy projects [8] - The company has exploration stage projects including the Pine Ridge Uranium project in Wyoming, USA, and the Engo Valley Uranium Project in Namibia, along with additional projects in Manitoba [8]

Core Viewpoint - Snow Lake Resources Ltd. has significantly expanded its landholding at the Pine Ridge Uranium Project through a joint venture with Global Uranium and Enrichment Limited, enhancing its strategic position in the Powder River Basin, a key area for uranium production in the U.S. [1][2] Company Overview - Snow Lake Resources Ltd., operating as Snow Lake Energy, is a Canadian mineral exploration company listed on NASDAQ under the ticker LITM, focusing on critical minerals and clean energy projects [7]. Pine Ridge Uranium Project - The Pine Ridge Uranium Project is an advanced In-Situ Recovery (ISR) uranium project located in the southwestern Powder River Basin of Wyoming, which is recognized as the premier U.S. uranium basin [2]. - The project is strategically located near existing uranium projects held by UEC and Cameco, and approximately 15 km from Cameco's Smith Ranch Mill, which has a licensed capacity of 5.5 million pounds of U3O8 per annum [2]. Landholding Expansion - The Pine Ridge landholding has been expanded by approximately 85%, adding 937 new claims that cover around 7,045 hectares (17,408 acres) of previously unclaimed Federal mineral parcels [5]. - The total landholding for Pine Ridge now amounts to approximately 15,130 hectares (37,387 acres) [5]. Geological Potential - Historical drilling and recent geological modeling indicate strong potential for further uranium mineralization in the area, with updated modeling suggesting an increase in prospective strike length from approximately 225 km to nearly 435 km [3].

Core Viewpoint - Snow Lake Resources Ltd. has initiated its Phase 2 drill program at the Engo Valley Uranium Project, aiming to establish a maiden resource estimate by the second half of 2025, in response to the increasing global demand for uranium due to the expansion of nuclear energy production [1][3][6]. Company Overview - Snow Lake Resources Ltd., operating as Snow Lake Energy, is a Canadian mineral exploration company listed on Nasdaq under the ticker LITM, with a portfolio that includes two uranium projects and two hard rock lithium projects [8]. Phase 2 Drill Program - The Phase 2 drill program is designed to encompass up to 7,500 meters of drilling, utilizing both reverse circulation and diamond drilling techniques, to facilitate the calculation of a maiden mineral resource estimate [4][6]. - The focus of Phase 2 will be on the Main Uranium Occurrence (MUO) and the D1 target area, with additional targets planned for exploration in the northern and southern parts of the project [6][7]. - Initial drill holes have been completed, and the program is expected to provide a sufficient database for resource estimation in accordance with SK-1300 standards [6][7]. Market Context - The global supply deficit of uranium is projected to grow as nuclear energy production capacity expands, necessitating new uranium mines to meet this demand [3].

Financial Performance - Net loss for the six months ended December 31, 2024, was CAD 2,357,257, compared to CAD 2,317,843 for the same period in 2023, indicating a slight increase in losses of 2%[4] - Total expenses for the six months ended December 31, 2024, were CAD 3,836,124, down 3% from CAD 3,945,774 in the prior year[4] - The company reported a net loss per share of CAD 0.08 for the six months ended December 31, 2024, compared to CAD 0.12 for the same period in 2023[4] - For the six months ended December 31, 2024, the Company incurred a net loss of $2,357,257, compared to a net loss of $2,317,843 in 2023, representing an increase in loss of approximately 1.7%[10] - The Company reported negative cash flow from operations of $2,554,578 for the six months ended December 31, 2024, compared to $2,299,013 in 2023, indicating a decline of about 11.1%[10] - Total stock-based compensation for the six months ended December 31, 2024, was $169,066, a decrease of 73% from $630,689 in 2023[96] Assets and Liabilities - Total assets increased to CAD 62,165,990 as of December 31, 2024, compared to CAD 29,916,083 as of June 30, 2024, representing a growth of 107%[2] - Total liabilities increased to CAD 11,136,912 from CAD 4,418,628, reflecting a rise of 152%[2] - As of December 31, 2024, the Company had an accumulated deficit of $28,905,495, up from $26,548,238 as of June 30, 2024, reflecting an increase of approximately 8.9%[10] - As of December 31, 2024, trade payables amounted to $2,475,840 and accrued liabilities totaled $7,257,994, leading to total accounts payable of $9,733,834[45] - Current liabilities as of December 31, 2024, totaled $11,136,912, compared to $1,941,111 as of June 30, 2024[105] Cash Flow and Financing Activities - Cash balance rose significantly to CAD 28,396,150 from CAD 2,526,957, marking an increase of 1,025%[2] - Cash flows from financing activities totaled CAD 32,178,836 for the six months ended December 31, 2024, compared to CAD 6,927,526 in 2023, an increase of 365%[6] - The company raised gross proceeds of $9,276,199 from the issuance of 15,750,000 common shares at a price of USD $0.41 per share in a public offering on December 20, 2024[77] - The company issued 2,133,979 common shares at a price of $3.6117 per share, raising gross proceeds of $7,707,292 on September 21, 2023[68] - The total share issue costs incurred during the equity financings amounted to $8,931,771[78] Share Capital and Equity - The weighted average number of outstanding shares increased to 30,612,210 for the six months ended December 31, 2024, from 19,384,510 in the prior year[4] - As of December 31, 2024, the total number of common shares outstanding increased to 76,419,516, up from 25,766,065 as of June 30, 2024, reflecting significant equity issuances[67] - The company has 440,000 restricted share units (RSUs) outstanding as of December 31, 2024, unchanged from June 30, 2024[82] - The company had 807,771 stock options outstanding as of December 31, 2024, with a weighted average exercise price of $4.14[84] Exploration and Acquisition Activities - Exploration and evaluation assets increased to CAD 32,189,196 from CAD 26,612,758, a growth of 21%[2] - The Company entered into an option agreement with ACME Lithium Inc. to earn up to a 90% interest in the Shatford Lake Lithium Project, requiring total payments of $800,000 and E&D expenditures of $1,800,000 over two years[33][34] - The Company acquired an initial 80% interest in the Engo Valley Uranium Project, with plans to incur an additional $800,000 in exploration expenditures by June 30, 2025, to secure a total of 85% interest[36][37] - The acquisition of Global Uranium included a cash payment of $250,000 and a minimum of $200,000 in exploration expenditures, along with the issuance of 2,024,496 common shares[38][39] - Snow Lake has entered into a binding letter of intent to acquire 100% of Bazooka Resources Ltd for an initial cash payment of $50,000 and a closing cash payment of $200,000[125][126] Management and Operational Considerations - Management believes there is sufficient capital to meet the Company's business obligations for at least the next 12 months, considering expected cash flows and financing activities[18] - The Company has not yet placed any of its mineral properties into production, which raises uncertainties regarding its ability to continue as a going concern[10] - The Company is managing liquidity risk by maintaining adequate cash reserves and monitoring cash flows for a rolling period of 12 months[106] Tax and Derivative Liabilities - The Company recorded a provision of $800,000 for estimated Part XII.6 tax payable and potential investor compensation related to unspent amounts from flow-through shares[65] - The total balance of derivative liabilities increased from $305,025 at the beginning of the period to $352,437 by December 31, 2024[59] - The fair value of the derivative liability related to the Incentive Warrants decreased to $841 as of December 31, 2024, with a fair value decrease of $10,913 recorded during the six months[51]