Azarga Uranium Corp. announced the positive results of an independent Preliminary Economic Assessment ("PEA") on its Gas Hills In-situ Recovery Uranium Project in Wyoming, USA (the "Gas Hills Project") following an increased mineral resource estimate announced by the company on 30 March 2021. The PEA has been prepared in accordance with the requirements of National Instrument 43-101 ("NI 43-101"). The results of the Gas Hills Project PEA are preliminary in nature and include inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. The Gas Hills Project PEA is based on the Company's mineral resource estimate announced on 30 March 2021. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The estimated mineral recovery (80%) used in the Gas Hills Project PEA is based on site-specific laboratory recovery data and industry experience at similar facilities. There can be no assurance that recovery at this level will be achieved. There is no certainty that the Gas Hills Project PEA will be realized.