URA Holdings plc announced an independent maiden JORC Mineral Resource estimate for its 74% owned Gravelotte Emerald Mine ("GEM" or Gravelotte"). The maiden Resource estimate, reported in compliance with JORC (2012), was substantially larger than indicated when Gravelotte was purchased by the Company in March 2022. Historical exploration work suggested a significant exploitable emerald resource still remains at Gravelotte; however, the maiden formal Mineral Resource established by ACA Howe's JORC compliant Report is more than three times that previously suggested, including by Magnum Mining.

Furthermore, while the JORC Report took an overview of the licence area as a whole, it focussed on two of the most promising areas. As stated above, taking into account the whole licence area the potential emerald content is much more substantial, as indicated by the JORC Exploration Target stated above. The maiden JORC Resource at this historically major mine area is of major international significance.

As previously explained, the resources so far explored or reviewed are generally close to surface and exploitable through open pit operations, although historical drill hole data suggests that further exploration is warranted at depth. Much of the historic mining infrastructure remains in place and can be upgraded for reuse. While the Company will need to acquire a modest amount of new mining and processing equipment, company expect to be able to bring Gravelotte back into initial production relatively quickly.

The most recent emerald auction carried out in September 2022 by Gemfields Group Limited achieved an average price for low to mid quality emeralds of $9.01 per carat, one of the highest ever. URA would expect a significant proportion of its emeralds would be of higher quality; however, even at the quite conservative price achieved in the Gemfields auction, the current JORC Resource estimate of 29 million carats alone would have an estimated value of some $261m. ACA Howe was commissioned in April 2022 to undertake a Mineral Resource Estimate in respect of the Gravelotte Emerald Mine, South Africa.

The Mineral Resources have been reported in accordance with the guidelines of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (2012 Edition)" ("JORC Code"). Cobra Main Zone is defined as that area below the Inferred Resource from 10.5 to 14 Levels (510 - 485 RL). The majority of the drilling by previous owners did not test these depths, however the deepest hole intersected emerald-bearing schist down to 490 RL.

The Cobra Far North area extends from approximately 1010N to 1300N, from the north-eastern limit of the Cobra Inferred Resource. Little exploration has been undertaken further north than 1300N. However, preliminary pitting by Magnum in this area has identified MF reaction-type zones between 1300N and the airstrip.

Limited sub-surface data is available on the Cobra South area, however geological mapping and past mining provides evidence of geological continuity and continuity of emerald-bearing schist from 570N to approximately 320N. The Exploration Target has been extended to the deepest drill intersection of emerald-bearing schist at 10 Level (approximately 45 metres ("m") below surface). Discovery Main, in part, is the focus of the Micro Fracture Related ("MFR") style of mineralisation.

A number of angled holes were drilled by previous owners on the north facing benches of the pit, where the +/- 60° core holes drilled northwards by Golden Dumps contain significant MRF mineralisation for long distances down-hole and along the section lines. The deepest emerald intersection at Discovery is approximately 200 m below surface or approximately 155 m below the Inferred Resource, though this was a single emerald grain. The deepest zone with more consistent emerald grain counts is approximately 115 m below surface or 70 m below the Inferred Resource.

Therefore, the extension of the Exploration Target to only 30 m below the Inferred Resource is conservative. Discovery South is located opposite Discovery North covering the southern face and adjacent to the Discovery Hill mineralisation. A fence of drilling extends southwest from the Discovery pit for 150 m. Significant consecutive emerald grain counts were recorded in schist in three drill holes, up to 30 or 40 m from the southern edge of the pit.

Discovery Hill comprised an 14-18ha area of the north facing hill slope below the quartz deposit at the crest of the Discovery hill and is possibly the most important of the Discovery Exploration Targets, offering significant emerald recoveries from both trenches and drill holes and exposing MF metavolcanics over its entire surface area. The MF metavolcanics may extend as much as 100 m below surface here.