ENRG Elements Limited announced that diamond drill core assay results have confirmed the previously announced downhole gamma logging from the 2022 drill program, undertaken at the Company's Agadez Uranium Project in Niger. Takardeit Centre: The first phase of shallow drilling at the Takardeit Centre was conducted with the intention of confirming and extending the mineralisation previously delineated within the Jurassic formation (Tchirezrine I and Mousseden). A total of 58 mud rotary holes were drilled for 3,244m, with spacing varying from 150 to 400m, at an average depth of 56m and a maximum depth of 200m.

Four diamond core holes were also drilled for a total of 120.55m and an average depth of 30.1m. The majority of the drilling was positioned across the Takardeit Deposit to fill gaps in the current drill pattern (100 to 150 m spacing) while a number of holes were drilled on the periphery to identify extensions of mineralisation. Forty-two (42) holes (67%) drilled at the Takardeit Centre show uranium mineralisation above 100ppm eU3O8, at a thickness over 1m for a total of 75 intersects.

The average grade, utilising a 100ppm eU3O8 andgreater than 1m cut-off, is 385ppm with an average thickness of 2.1m. The mineralisation at Takardeit Centre is distributed in two main stratigraphic horizons, mainly hosted within felspathic sandstone, locally more clayey and carbonaceous, attributed to the Tchirezrine I (Wagadi Serie) and Mousseden (Goufat Series) Jurassic Formations. The mineralisation is associated with multistorey channel systems, ranging from 100 to 500m in width, generally northeast to southwest trending, dipping gently a few degrees (2 to 5 degrees maximum) to the southwest.

The initial depth of the mineralised horizons ranges from the surface in the north to about 40m to the south, stretching over 3km in a southerly direction. The motley shaly sandstone of Teloua 3 formation (Goufat Series) generally constitutes the footwall of the mineralisation. These sandstones can locally host mineralisation.

Twenty two (22) rotary mud holes and 1 diamond hole were drilled for a total of 1,009m at an average depth of 44m and a maximum depth of 180m. The diamond core hole was drilled for a maximum depth of 29.38m. The completed holes were spaced from 300 to 400m apart, infilling the historic NGM drilling pattern.

Drilling intersected uranium mineralisation in 19 out of 21 holes drilled. The average grade of the 31 mineralised intersects is 157 ppm at a 100ppm eU3O8 and greater than 1m cut-off with an average thickness of 2.4m. The highest-grade intersection, 1m at 254 ppm eU3O8 from 30 m depth, was recorded in KPM0102 on the southern edge of the main prospect.

Analysis: Plans and cross sections of the Takardeit area deposits and prospects are available in the previous drilling announcement, dated the 1 September 2022. The primary reason for completing the 5 diamond drill holes was to provide samples for geochemical assaying to confirm the factors applied to the downhole gamma logging. Initial assaying of the diamond core samples was undertaken by Intertek in Perth, Western Australia.

To confirm Intertek's assay results, samples returning values over 80ppm U were re-assayed by ALS in Perth, Western Australia. Comparison between the two sets of laboratory results indicated a high correlation, confirming the original assay values. Analysis of the assay results and downhole logging data suggests there is a minor positive bias in favour of the chemical assays.

There are a number of approaches to comparing assay samples and downhole gamma equivalent values, either as direct interval by interval values or as populations of data points. In this instance, in both cases there appears to be a bias towards assay values suggesting that the downhole gamma may be under reporting uranium values. The metre-by-metre comparison between downhole gamma and assays from the diamond core samples with the outcome as expected, namely a moderate scatter to the data points but an overall reasonable correlation.

Next Steps: Following the confirmation that assay results from the 5 diamond holes completed as part of the 2022 drilling campaign validate previous downhole gamming logging at Agadez, the Company looks to update the Takardeit MRE during first quarter 2023. The Company aims to undertake a further exploration program which is expected to include: Detailed geological and structural mapping; An extensive mud rotary drilling program across the three exploration licences, with the following targets: Takardeit Mineral Resource area in TER1, shallow and deep drilling targeting the Upper Carboniferous and the Jurassic Formations; Takardeit East and North prospects in TER1, shallow drilling targeting the Jurassic Formation only; Tagait (Takardeit South) prospect in TER1, deep drilling targeting the Upper Carboniferous and the Jurassic Formations; Toulouk South prospect area in TOU1, drilling to the Upper Carboniferous Formation; Toulouk North prospect area (Tchighozerine - Aouligen) in TOU1, deep drilling to the Upper Carboniferous Formation; Edikel (Edikel - Edikel NW) prospect in TAGT 4, deep drilling targeting the Jurassic and Upper Carboniferous Formations; and Additional diamond drilling within the Takardeit Mineral Resource area in order to continue to validate the downhole gamma derived values.