Australia

Pancon's Australian uranium project portfolio includes four projects:

Chilling located in the Northern Territory

Charley Creek located in the Northern Territory

Kalabity located in South Australia

Crossland Creek located in Western Australia

Pancon's Australian uranium properties are held in joint venture with Crossland Uranium Mines Limited, an Australian company. Pancon is earning a 50% interest in Crossland's significant uranium project portfolio in Australia through the expenditure of Australian $8 million over four years, with a minimum commitment of Australian $4 million over two years. To earn any interest in the joint venture, Pancon is required to expend the full Australian $8 million.