Charter Hall Social Infrastructure (CQE) Investor Update summary

Uranium market outlook and strategic positioning

• Global uranium demand is rising due to new reactor builds in China, India, the Middle East, and the UK, while supply remains stagnant or in decline, creating a significant deficit and upward price pressure.

• Africa is uniquely positioned as a uranium supplier accessible to all major global players, making resource control in the region highly strategic.

• The company is leveraging a district-scale opportunity in Zambia's Karoo Basin, with a focus on resource growth and exploration.

Project and resource development

• The Zambian project has an existing 47 million lbs uranium resource, with completed technical studies and feasibility work indicating low technical risk and low-cost production potential.

• The company holds over 1,100 sq km of tenements in a highly prospective, underexplored basin, with four granted mining licenses and two exploration licenses.

• A major exploration campaign, the largest in 17 years, is underway, aiming to double or triple the resource over the next 12-24 months.

• The project benefits from strong infrastructure, including road, power, water, and established export routes via Namibia.

Financial position and milestones

• Market capitalization is approximately AUD 120 million, with over AUD 20 million in cash, providing at least 24 months of operational runway.

• The company is fully funded for an extensive exploration program, including over 50,000 meters of drilling and around 500 shallow holes in the next year.

• Upcoming milestones include the release of a JORC exploration target, drill results, ESIA approval, and progressive mineral resource upgrades.