Vimy Resources Limited – Notice of Substantial Commencement of the Mulga Rock Uranium Project

Vimy Resources Limited (ASX: VMY, OTCQB: VMRSF) (Vimy or company) is pleased to announce that it has officially submitted a “substantial start” notification of the Mulga Rock Uranium Project (Mulga Rock) at Western Australia Department of Water and Environment regulations (DWER).

The implementation of Mulga Rock was approved under Ministerial Declaration No. 1046 (MS 1046) on December 16, 2016. Under MS 1046 Conditions 3-1 and 3-2, Vimy is required to substantially begin implementation of the proposal within five years and provide notification and supporting evidence

Since receiving ministerial approval in 2016, Vimy has moved forward with the project diligently and has undertaken significant work at Mulga Rock. The main milestones include: the completion of the Final Feasibility Study (DFS) 2018 and the DFS 2020 update; Approval of eight state environmental management plans – the last one approved in April 2021; Mulga Rock Est project management plan approval – granted on August 26, 2021; Approval of the mining proposal for the Mulga Rock East project on September 29, 2021 and Early work program begins – now largely complete.

From the start of the preliminary work program to the end September 2021, Vimy cleared approximately 143 hectares and stored the corresponding soil and growing medium. The cleared area covers the first open pit mine shaft under the approved mining proposal, the first ‘overload relief’, the village accommodation area and communication tower, borrow pits and borrow pits. improvements to existing site access roads

Interim CEO of Vimy, Steven Michel said: “The notification of a substantial debut at Mulga Rock is a proud moment and a milestone in the development of Western Australia first uranium mine. Vimy’s board of directors, management and consultants have diligently moved the project forward over the past five years and what our on-site team and contractors have achieved since the approval of the mining proposal to barely two months is amazing. The foundations are now in place to build a long-term strategic resource project for Western Australia, and the Vimy’s tip focuses on Mulga Rock’s rapid progression to its next stage of development. Vimy will continue to work with various state and federal government departments to obtain the approvals required to ensure that Mulga Rock delivers its first uranium production in 2025. Once developed, Mulga Rock will produce 3.5 Mlb of oxide of uranium per year and will power eight nuclear power plants, equivalent to 70% of Western Australia greenhouse gas emissions or 12% of australia total emissions.

Substantial start of Mulga Rock Vimy has determined that the cumulative clearing of approximately 162 hectares and the displacement of approximately 800,000 bcm of soil and growing medium constitute a substantial start to the implementation of the proposal, as required by the MS 1046. The cleared area covers the first open pit mine. pit to be cleared under the approved mining proposal, the first “form of overload” associated with this pit (classified as “associated infrastructure”), the area of ​​the village accommodation and communication tower, the pits of borrowing and improvements to access roads to the site, in accordance with the project schedule. Topsoil and growing media removal took place at both “elements” in accordance with the approved MS 1046 standard, the conditional environmental management plans, the project management plan and the mining proposal and the mine plan. mine closure.

Vimy and its predecessors have invested more than $ 100 million (in 2021 dollars) to advance Mulga Rock to the current stage of development. Since MS 1046 was released in december 2016, Vimy spent more than $ 20 million on the development of Mulga Rock, with another $ 8 million approved expenditure for the completion of the preliminary works program which is currently underway and is expected to be completed by the end of January 2021.

The development of Mulga Rock will have significant benefits for the economy of Western Australia, including more than 550 people directly employed on the project during construction and the creation of approximately 350 permanent employees on the site and 25 employees of Perth-based support during operations. Mulga Rock is expected to generate more than $ 200 million in state royalties over the mine life of 15 years

Radiation management plan

A radiation management plan (RMP) and radioactive waste management plans have been submitted to the Ministry of Mines, Industry regulation and Safety (DMIRS) and Radiological Council of Western Australia. They are currently being finalized after extensive consultation with the regulator. The granting of the RMP under section 16.7 (1) (b) of the Mine Safety and Inspection Regulations 1995 will allow Vimy to undertake mining activities and overburden removal in accordance with mining proposal no.92188.

Approval of Works

Western Australia Department of Water and Environmental Regulation (DWER) regulates industrial emissions and discharges through a work approval and authorization process, under Part V of the Environmental Protection Act 1986 (EP Act). The EP law requires obtaining a work approval before building prescribed industrial premises. Vimy is working in collaboration with DWER on the Mulga Rock Project work approval filing.

Sandhill Dunnart Conservation Plan

The Sandhill Dunnart Conservation Plan (SDCP) is designed to reduce the threat posed by wildlife to the sandhill dunnart, a small marsupial that inhabit isolated arid and semi-arid sandy areas. In accordance with Vimy’s approval process under the Commonwealth Environment Protection and Biodiversity Conservation Act 1999 (EPBC), Vimy engaged highly experienced consultants GHD Group to prepare the required SDCP. As part of the dunnart monitoring program, cameras have been deployed in the defined area to monitor the presence of dunnart and wildlife – the data obtained through this monitoring will be used in conjunction with the SDCP to manage predators or wildlife. threats to the dunnart in the defined area. Vimy expects the SDCP to be submitted to the Commonwealth for approval in the first quarter of 2022. Once the SDCP is approved, Vimy will be authorized to begin construction of the Mulga Rock airstrip. In the meantime, Vimy has refurbished the Basin Officer aerodrome to support the company’s preliminary works program.

Contact:

Steven Michel

Phone. : +61 8 9389 2700


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