Highlights

• Next phase of metallurgical program commenced

• Testwork by Perth-based mineral processing specialists, Nagrom, and supervised by Globe Uranium's consulting metallurgist, John W MacIntyre & Associates

• Separate high grade pyrochlore (Nb-Ta-U) and zircon concentrates to be produced

• Planned FeNb (ferro-niobium) trial production, for market evaluation

• Completion report on first phase leaching testwork due soon from SGS Lakefield, Canada

Summary

Globe Uranium is pleased to announce that it has embarked on the second phase of metallurgical testwork on material from its 56 million tonne Kanyika Nb-U-Ta-Zr inferred resource in Malawi. This program is designed to optimise gravity separation and flotation stages, and maximise both recovery rate and grades of the Nb-Ta-U concentrate. Pyrochlore is the dominant ore mineral at Kanyika and contains most of the niobium (Nb), tantalum (Ta) and uranium (U).

Preliminary testwork by SGS Lakefield has already achieved recovery of approximately 72% of the major economic elements to a concentrate, and the Company is confident that this figure will be improved in the current program.

A separate zircon concentrate will also be produced, which is anticipated to provide an additional revenue stream.

Once the process route has been optimised to produce best possible grades and recovery, samples of the resultant pyrochlore concentrate will be sent for pyrometallurgical tests and conversion to ferro-niobium alloy (FeNb).

This current phase of metallurgical testwork will culminate in pilot-scale testing of approximately 100 tonnes of run-of-mine grade material from Kanyika, to demonstrate that the optimised process route can potentially treat ore on a mine-scale throughput. This will result in a significant amount of ferro-niobium alloy product for despatch to potential buyers, mainly steel producers, for market evaluation.

A final report on preliminary leaching testwork carried out by SGS Lakefield, Canada, is expected soon.

Highlights

• Next phase of metallurgical program commenced

• Testwork by Perth-based mineral processing specialists, Nagrom, and supervised by Globe Uranium's consulting metallurgist, John W MacIntyre & Associates

• Separate high grade pyrochlore (Nb-Ta-U) and zircon concentrates to be produced

• Planned FeNb (ferro-niobium) trial production, for market evaluation

• Completion report on first phase leaching testwork due soon from SGS Lakefield, Canada

Scoping Study

The Scoping Study being managed by Coffey Mining is well advanced. The Study is addressing mining, metallurgy, marketing, costs, transport and logistics and NPV calculations for the various final product options. It is anticipated that this study will highlight the best and shortest route towards a feasibility study and ultimate production from Kanyika.

The product options being considered as part of the Scoping Study include:

• Ferro-alloys, to be produced via pyrometallurgy; and

• Higy-purity oxides, to be produced via acid leaching (preliminary testwork carried out by SGS Lakefield) – Press Release