Investor Insight

With a clear, discovery-focused strategy, Terra Clean Energy is advancing one of the most unique near-surface uranium opportunities in the Athabasca Basin while expanding its portfolio through the acquisition of past-producing uranium assets in the United States. The company is targeting rapid resource growth and meaningful re-rating potential through continuous exploration, aggressive drilling, and disciplined capital deployment across both its Canadian and US projects.

Overview

Terra Clean Energy (CSE:TCEC,OTCQB:TCEFF,FSE:C9O0) is unlocking value from its wholly owned South Falcon East project in the southeastern Athabasca Basin while expanding its North American footprint through the acquisition of past-producing uranium mines in Utah. The company is now positioned as a unique shallow-uranium developer with assets in two historic uranium districts.

With a historical uranium resource of nearly 7 million lbs U₃O₈ at Fraser Lakes Zone B and strong results from the 2025 winter drill program confirming wider and higher-grade mineralized zones, Terra is advancing toward an updated NI 43-101 resource estimate. The project’s position along the Way Lake Conductor – a folded, fertile structural corridor – continues to offer exceptional discovery potential, with new targets emerging from recent drilling and geological modeling.

In addition, Terra’s newly acquired assets in Utah include nine past-producing mines within the San Rafael Swell, where historical outputs and recent radiometric readings indicate strong potential for remaining uranium resources. These assets offer near-surface mineralization in a highly supportive US jurisdiction and represent an important second growth pillar for the company.

As global nuclear buildout accelerates and supply deficits widen, Terra offers investors a compelling combination of shallow resource potential, multi-jurisdiction exposure, and a robust pipeline of exploration catalysts.

Company Highlights

• Unique, Shallow Uranium Systems (Canada + US): Terra is advancing shallow uranium assets across both the Athabasca Basin and the San Rafael Swell in Utah, each offering reduced exploration and potential development costs.
• Pounds-in-the-ground Upside: South Falcon East hosts a historical inferred resource of 6.96 Mlbs U₃O₈ and 5.34 Mlbs ThO₂, with expansion potential from recent drilling, while the Utah assets include nine past-producing mines with recorded grades up to 1 percent U₃O₈.
• Prime Locations: South Falcon East lies 55 km east of the Key Lake Mill, within reach of world-class Athabasca infrastructure, while the Utah projects benefit from established roads, utilities and regional uranium processing infrastructure.
• Strong Technical Leadership: Terra’s leadership includes uranium exploration veterans, capital markets professionals, and newly added board members with deep nuclear industry and operational experience.
• Resource Update Underway: Results from the 2025 winter and fall programs will support Terra’s path toward an NI 43-101 compliant resource update.

Key Project

South Falcon East – Fraser Lakes B Deposit

South Falcon East is Terra Clean Energy’s flagship project in the southeastern Athabasca Basin, covering 12,234 hectares and hosting the Fraser Lakes B deposit, which contains a historical inferred resource of 6.96 Mlbs U₃O₈ and 5.34 Mlbs ThO₂. Located 55 km east of the Key Lake mill, the project benefits from shallow mineralization, strong infrastructure and a geological setting consistent with basement-hosted unconformity uranium systems.

The deposit sits along the central limb of the 25 km Way Lake Conductor, a folded and fertile structural corridor that remains largely underexplored. Recent geological modeling highlights the convergence of clay alteration, graphitic metasediments, pegmatites and key structural trends – features that collectively support significant expansion potential beyond the historical resource footprint.

Terra’s 2025 winter drill program materially advanced the project, returning the widest and highest-grade intervals ever recorded on the property and confirming an open northwest-trending mineralized corridor. A follow-up program is planned to further evaluate these newly defined zones and continue advancing the project toward a future NI 43-101 compliant resource estimate.

2025 Winter Drill Program Highlights:

• Seven holes, 1,927 m drilled
• Six of seven holes intersected uranium mineralization
• Four holes returned the project’s widest and highest-grade intervals to date
• Minerized trend confirmed open to the northwest, defining a new expansion corridor

San Rafael Swell – Utah Uranium Projects

In 2025, Terra Clean Energy expanded its portfolio with the acquisition of two shallow, past-producing uranium claim groups – Wheal Anne and the Green Vein Mesa – within the San Rafael Swell of Emery County, Utah. The district is one of the most historically productive uranium regions in the United States and offers excellent year-round access, supportive infrastructure and a clear permitting pathway. Together, the claim groups host nine past-producing mines, providing Terra with a complementary US platform to advance shallow uranium targets alongside its Athabasca Basin flagship.

These results demonstrate multiple stacked mineralized horizons over widths up to 65 m, open to depth and laterally.

In early 2024, Terra’s Phase 1 drill program confirmed the presence of uranium-bearing pegmatites in close proximity to historical intercepts. Hole SF-0059 intersected 13.5 m of mineralization, including 0.07 percent eU₃O₈ over 1.1 m, while SF-0060 returned intervals such as 0.02 percent eU₃O₈ over 1.3 m at 142.15 m. These intercepts confirm the extension of mineralization along strike and at depth from FP-15-05 and support the hypothesis of lateral continuity and stacked mineralized bodies.

Planning for an extensive summer 2025 drill program is underway, which consists of approximately 2,500 meters. The program will test areas identified during the winter 2024 program, where it is interpreted that a north-northwest trending brittle structure, a north dipping structure with strong clay alteration, and mineralized pegmatites with hydrothermal hematite alteration hosted in graphitic pelitic gneiss all intersect.

Management Team

Greg Cameron – President, CEO and Director

A seasoned capital markets professional, Greg Cameron has two decades of experience in business development, strategy and M&A. He is a former senior banker at Canaccord Genuity and Macquarie, and managing director at Colby Capital. He brings transactional and restructuring expertise critical to junior exploration growth.

C. Trevor Perkins – VP, Exploration

A professional geologist, C. Trevor Perkins has a track record in uranium exploration, including major results in the Athabasca Basin. He also serves as VP exploration for Azincourt Energy and has led exploration strategy and drill execution across multiple high-impact programs.

Jon Li – CFO

Jon Li brings more than 20 years of financial leadership experience, with a specialty in the mining, technology, and financial services sectors. As vice-president of WD Numeric, a full-service accounting firm providing financial and operational support to public and private companies, Jon leads process improvement initiatives, conducts quality control reviews, and delivers outsourced CFO services across a diverse client portfolio. Previously, Li served as

financial controller at Strategic Pricing Management Group (SPMG), where he oversaw all financial operations, including general ledger systems, budgeting, forecasting, cash management, and financial reporting.

Alex Klenman – Director

Alex Klenman is a veteran junior mining executive with 30+ years’ experience, including uranium-specific roles. He is the CEO and director of Azincourt Energy, and has raised more than $18 million for Athabasca exploration. Klenman brings deep investor relations and financing expertise.

Tony Wonnacott – Director

Tony Wonnacott is a Toronto-based securities lawyer with more than 25 years of experience in capital markets. Instrumental in multiple successful listings and over $1 billion in financings and M&A transactions.

Michael Gabbani – Director

Michael Gabbani is an accomplished engineer with decades of experience in the nuclear industry. He possesses a high level of understanding of where the industry is going and the contacts to allow the Company to position itself to benefit.

Brian Polla – Director

Brian Polla is a serial entrepreneur and seasoned veteran of the capital markets. As a significant shareholder of Terra, he brings extensive expertise to help steer the company forward.

Jordan Trimble – Technical Advisor

Jordan Trimble is the CEO of Skyharbour Resources and a leading voice in the uranium investment community. He brings global capital markets insight and technical expertise, enhancing Terra’s industry reach and credibility.