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]

Core Viewpoint - The acquisition of the Pine Ridge Uranium Project by Snow Lake Resources and Global Uranium and Enrichment Limited supports U.S. national and energy security objectives by advancing domestic uranium production capabilities [1][4]. U.S. National & Energy Security Objectives - The U.S. currently produces only 0.02% of global uranium production, making it heavily reliant on foreign suppliers [4][11]. - The U.S. has only one commercially operating uranium enrichment plant, which has limited capacity, further increasing dependence on foreign sources [4][10]. - The acquisition of Pine Ridge is positioned to enhance U.S. domestic uranium production, particularly in the Powder River Basin, a leading uranium-producing region [4][6]. Pine Ridge Uranium Project - Pine Ridge is an advanced In-Situ Recovery (ISR) uranium project located in Wyoming's Powder River Basin, ready for rapid development [4][6]. - The project has a large JORC 2012 exploration target and is surrounded by significant uranium projects, including Cameco's Smith Ranch Uranium Mill, which is only 15 km away [4][6]. Ubaryon Next-Generation Enrichment Technology - Global Uranium and Enrichment Limited holds a cornerstone position in Ubaryon Pty Ltd, which is developing innovative uranium enrichment technology [4][12]. - This technology focuses on the chemical separation of naturally occurring uranium isotopes and aims to address the lack of uranium enrichment capacity in the U.S. [4][14]. - The strategic investment in Ubaryon is intended to secure funding for ongoing development and commercialization of the technology [4][13]. Industry Context - The uranium supply chain is complex and vulnerable, with the U.S. importing 90% of its mined uranium ore and 95% of its yellow cake (U3O8) requirements from foreign suppliers [8][9]. - Four non-U.S. companies control 62.7% of the global commercial uranium enrichment capacity, highlighting the need for increased domestic capabilities [10][12]. - The U.S. must ramp up domestic uranium production to meet energy security and defense needs, as emphasized by the Trump Administration's Executive Order aimed at increasing American mineral production [11][12].

Core Viewpoint - Snow Lake Resources Ltd. is making a strategic investment in Global Uranium and Enrichment Limited, which will provide access to next-generation uranium enrichment technology, tapping into a market projected to exceed $6 billion [1][2]. Group 1: Investment Details - Snow Lake will acquire a 19.99% stake in GUE, which in turn holds a cornerstone position in Ubaryon Pty Ltd, an Australian company developing innovative uranium enrichment technology [2][6]. - The investment aims to address the lack of uranium enrichment capacity in the U.S., which currently relies heavily on foreign suppliers for enriched uranium [4][12]. Group 2: Technology and Market Potential - Ubaryon's technology is based on the chemical separation of naturally occurring uranium isotopes, promising lower costs, environmental benefits, and improved safety compared to existing methods [6][16]. - The U.S. has only one commercially operating uranium enrichment plant, leading to a significant reliance on foreign sources, with nearly 67% of its enriched uranium needs met by imports [9][12]. Group 3: Strategic Alignment - The investment aligns with U.S. national security and energy independence objectives, particularly as next-generation nuclear reactors will require higher concentrations of enriched uranium [13][12]. - Snow Lake's CEO emphasized the strategic nature of this investment, positioning the company at the forefront of a potential nuclear energy renaissance [7][4].

Snow Lake's Pine Ridge Uranium Project to Benefit from the Trump Administrations Executive Order Increasing Domestic Mineral ProductionMarch 21, 2025 7:00 AM EDT | Source: Snow Lake Resources LtdWinnipeg, Manitoba--(Newsfile Corp. - March 21, 2025) - Snow Lake Resources Ltd., d/b/a Snow Lake Energy (NASDAQ: LITM) ("Snow Lake"), a North American uranium exploration and development company, today welcomed the Trump Administration's March 20, 2025 Executive Order (the "Executive Order") aimed at ...

Winnipeg, Manitoba--(Newsfile Corp. - March 20, 2025) - Snow Lake Resources Ltd., d/b/a Snow Lake Energy (NASDAQ: LITM) ("Snow Lake"), a uranium exploration and development company, announces that the 50/50 joint venture (the "Joint Venture") with Global Uranium and Enrichment Limited ("GUE") (ASX:GUE), to acquire 100% of the Pine Ridge Uranium Project ("Pine Ridge") in the Powder River Basin in Wyoming, United States, together with Snow Lake's cornerstone 19.99% investment in GUE's A$10 million equity pla ...

Winnipeg, Manitoba--(Newsfile Corp. - March 19, 2025) - Snow Lake Resources Ltd., d/b/a Snow Lake Energy (NASDAQ: LITM) ("Snow Lake"), a uranium exploration and development company, announces that mobilization has begun for the Phase 2 drill program at its Engo Valley Uranium Project ("Engo Valley").HighlightsMobilization of the Phase 2 drill program is now underwayPhase 2 drill program is planned to consist of up to 7,500 meters of a combination of reverse circulation and diamond drilling, and is designed ...

Winnipeg, Manitoba--(Newsfile Corp. - March 18, 2025) - Snow Lake Resources Ltd., d/b/a Snow Lake Energy (NASDAQ: LITM) (the "Company"), a uranium exploration and development company, announces that the Company's board of directors (the "Board of Directors") has authorized a share repurchase program (the "Buy Back") for up to US$10 million, aimed at enhancing shareholder value and market presence.The Company's Board of Directors believes that the market price of the common shares in the capital of the Comp ...

Winnipeg, Manitoba--(Newsfile Corp. - February 26, 2025) - Snow Lake Resources Ltd., d/b/a Snow Lake Energy (NASDAQ: LITM) ("Snow Lake"), a uranium exploration and development company, announces the initiation of the Phase 2 drill program at the Engo Valley Uranium Project ("Engo Valley") in Namibia.HighlightsPhase 2 drill program is planned to consist of up to 7,500 meters of a combination of reverse circulation and diamond drilling, and is designed to provide a drill database sufficient to calculate a ma ...

Snow Lake Accelerates Uranium Strategy with Successful Phase 1 Results and Upcoming Phase 2 Drill ProgramFebruary 13, 2025 9:25 AM EST | Source: Snow Lake Resources LtdWinnipeg, Manitoba--(Newsfile Corp. - February 13, 2025) - Snow Lake Resources Ltd., d/b/a Snow Lake Energy (NASDAQ: LITM) ("Snow Lake"), a leading uranium exploration company, is pleased to announce the successful completion of the Phase 1 drill program at its Engo Valley Uranium Project ("Engo Valley"), confirming significant ...