Alligator Energy Limited ("Alligator", "AGE" or the "Company") is pleased to release the 30 June 2022 Quarterly Activities Report.

1. See ASX:USA release 27 Sept 2013 for which the Competent Persons were Mr Russell Bluck and Mr Marco Scardigno. Blackbush Inferred Mineral Resource Estimate (JORC 2012) comprising 64.5 million tonnes at a grade of 230ppm eU3O8 containing 14,850 t (32.7 mill lbs) U3O8 at a 100ppm cut-off grade.

info@alligatorenergy.com.au | www.alligatorenergy.com.au | +61 (0) 7 3839 3904 ABN 79 140 575 604 | Suite 2, 128 Bowen St, Spring Hill, QLD 4000 | Page 2 of 26

Plans for the forthcoming quarter

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Complete Assay Results (Sonic Core Drilling) & Resource Re-estimation

Final assays were received from the 14 sonic core holes drilled during Q4'2021-Q1'2022 in the western portion of the Blackbush Deposit (Blackbush West), Samphire Uranium Project, 20kms south of Whyalla in SA (Figure 1). These assay results continue to confirm the robustness of uranium grades obtained from the downhole PFN tool in AGE's sonic and rotary-mud drilling campaigns. They also correlate well with the PFN (pU3O8) and gamma-derived uranium grade data (eU3O8) from historical drilling (Figure 2). It has been critical to undertake this QA/QC work, before commencing resource re-estimation to assess what portion of the 32.7mlb1 global Blackbush inferred resource (in the ISR amenable portion only) can be upgraded to an indicated category. AMC Consultants (Perth) were in progress with this work as at 30 June 2022.

Australian Nuclear Science and Technology Organisation (ANSTO) commenced uranium leach and ion exchange (IX) extraction test work on the ISR-amenable uranium mineralisation sampled from Blackbush West. At completion, this work will broadly estimate expected extraction recovery, reagent consumption and ion-exchange resin loading rates.

Wallbridge Gilbert Aztec (Adelaide) were engaged to commence a Scoping Study on the Backbush deposit. Results from the AMC resource estimation and the completion of ANSTO test work will be driving the delivery date of the study as they are critical inputs. It is anticipated this will be towards the end of Q3, 2022.

Application for a Retention Lease (RL) and operational Program for Environment Protection and Rehabilitation (PEPR) for a uranium Field Recovery Trial at Blackbush commenced during the quarter.

Re-examination of the Samphire Project's historical regional geophysics commenced during the reporting period in conjunction with AGE's more recent ground magnetics and trial passive seismic work. The aim of this work is to select the optimal geophysical method for mapping in detail the entire Samphire palaeochannel system beyond its current known limits at Blackbush which is reasonably well defined by drilling.

The Samphire palaeochannel is incised into the Hiltaba Suite uraniferous Samphire Granite basement. The high-density contrast between the granite and the overlying palaeochannel sediments is an advantage for using geophysics for mapping the channel system as opposed to extensive regional drilling. To date, AGE's re-processing of historical regional ground gravity data, although collected at wide- spacing (100m x 200m), shows excellent correlation of channel features mapped by gravity compared with known areas that have been extensively drilled at Blackbush (Figure 3).

This highlights the potential for extensions of the Samphire palaeochannel in the immediate area around Blackbush, between Blackbush and Plumbush and district-scale extensions within AGE's tenements. Further ground gravity surveys are planned to extend this coverage within EL 6350 and 5926, to investigate the high probability of further expansion of the palaeochannel system, an area of more than 200km2 .

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Figure 1: Significant uranium intersections in sonic corehole (red) in the Blackbush resource area.

NOTE: Only results from current Alligator sonic program are shown on this diagram. Many historic holes (black dots) and AGE's rotary mud drillholes (blue dots) have adjacent mineralisation.

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