“A critical metallurgical assessment is an important step forward at the KM98 project,” said Scott Sheldon, CEO of Go Metals. “Determining the types and quality of magnetite and ilmenite concentrates that the system can produce is essential information for potential end-users. Starting with metallurgy provides the company with a clearer picture of the project’s potential value.”

The company collected ten large samples, each weighing 10 to 15 kilograms, from outcrop and subcrop along a 240-metre section of the Roadside Occurrence. The samples include both massive and semi-massive oxide mineralization from a central portion of a 12-km magnetic anomaly.

Metallurgical testing will be carried out by IOS Géosciences in Chicoutimi, Québec. Initial work on a small set of samples will define processing parameters, which will then be applied to the full suite. The program will evaluate recovery and concentrate quality for magnetite, ilmenite, and vanadium, with additional data collected on nickel, cobalt, copper, and scandium. These results will provide the first reconciliation of mineralogy and chemistry at KM98 and establish baseline recovery data to support future economic studies. Preliminary results are expected in December 2025, followed by a comprehensive metallurgical report.

Geological Context and Deposit Model: Stateline is hosted within the Salt Wash Member of the Morrison Formation, a classic environment for roll-front or paleo-drainage U-V mineralization. The project covers 2.75 mi┬▓ (7.12 km) and includes over 19 historic mines, with grades such as the Maud Mine with 3.01% VΓééOΓéà and 0.43% UΓéâOΓéê and the Morning Glory Mine with 2.56% VΓééOΓéà and 0.26% UΓéâOΓéê.

The favorable channel sands in this area were deposited in a meandering, dendritic system. Reducing environments-created when organic material settled in low-energy pools-led to the precipitation of uranium from oxidized fluids. This mechanism mirrors Athabasca-style deposits, where carbonaceous or graphitic host rocks act as chemical traps.

According to technical reviewers, these deposits are likely sourced from mafic volcanics, which explain the unusually high vanadium content and potential for associated metals. The presence of evaporites in the surrounding basin adds to the metal-leaching potential of circulating brines.

Targeting Next-Gen Discovery: Past exploration relied heavily on intercept trend mapping. However, Uranium American Resources is now advancing a more modern, technology-driven exploration program that includes Airborne EM (AEM) to detect conductivity contrasts associated with alteration halos and carbon-rich lenses; Passive Seismic to model paleo-topography and channel systems in 3D, revealing likely trap zones and AI Drainage Modelling for use of genetic algorithms and fuzzy logic to predict sedimentary trends using historic drill data.

These efforts aim to identify tight meander bends, downstream fault-controlled basins, and organic-rich trap sites, all of which are prime depositional environments for high-grade U-V mineralization.

William Hunter, CEO, said, “The challenge is targeting these channel-hosted reductant zones beneath clay-rich cover, but the upside is immense. Combining AEM, seismic, and AI modelling gives us a real edge.”

The company is in discussions with geophysical contractors including SkyTEM and Expert Geophysics, and is preparing for fieldwork including core sampling for conductivity modelling, forward-modelling of AEM responses through overlying units and prioritizing seismic imaging and inversion modelling.

Davidson River Highlights:

• First Multiphysics in SW Athabasca: Standard Uranium in partnership with Fleet Space Technologies Canada Corp. (“Fleet Space“) recently executed the first Exosphere Multiphysics survey in the prolific southwest Athabasca Uranium District on the Davidson River project.
• Poised for Discovery: New and refined target areas across the Warrior, Bronco, and Thunderbird conductor corridors are significantly derisked with new high-resolution 3D imaging of basement structures and alteration zones, providing key targeting information for upcoming summer drilling.
• Drill Ready: The Company has secured all drill permits, has signed Exploration Agreements with our Clearwater River Dene Nation (“CRDN“) partners, has secured all crucial vendors and drilling is now planned for a 4 to 6-week drill program, scheduled to begin in early September 2025.

Jon Bey, CEO of Standard Uranium commented, “Standard Uranium has been working towards this drill program for over three years, and we couldn’t be more excited to see the drills turning once again. I would like to thank our technical team, all the vendors we are working with, our CRDN partners, and our shareholders that have supported this drill program and our company since inception. It is now time to make a discovery and add significant value for our shareholders and I have full confidence that our team is up for the task.”

Private Placement

The Offering will consist of units of the Company (each, a “Unit“) at a price of C$0.08 per Unit, and flow-through units of the Company (each, a “FT Unit“, and collectively with the Units, the “Offered Securities“) at a price of C$0.10 per FT Unit. Each Unit will consist of one common share of the Company (each a “Unit Share“) and one-half of one common share purchase warrant (each whole warrant, a “Warrant“). Each FT Unit will consist of one common share of the Company to be issued as a “flow-through share” within the meaning of the Income Tax Act (Canada) (each, a “FT Share“) and one-half of one Warrant. Each whole Warrant shall entitle the holder to purchase one common share of the Company (each, a “Warrant Share“) at a price of C$0.15 at any time on or before that date which is twenty-four months after the closing date of the Offering.

The net proceeds raised from the Offering will be used for the exploration of the Company’s Projects and for working capital purposes.

Figure 1. Overview of Standard Uranium’s Flagship Davidson River Project in the southwest Athabasca Basin uranium district along trend from significant uranium discoveries and resources^1,2.

Figure 2. Summary map showing major EM conductor trends on Davidson River and completed ExoSphere Multiphysics grid locations, with first vertical derivative magnetics in the background.

Davidson River 2025 Exploration

Davidson River covers 30,737 hectares of prime exploration real estate in the Southwest Athabasca Uranium District, highly prospective for basement-hosted uranium deposits along trend from high-grade^* uranium deposits under development (Figure 1).

From May 26 to July 8, 2025, the Company and Fleet Space completed the first-ever ExoSphere Multiphysics survey grids in the uranium-rich southwest Athabasca Basin region. Multiphysics surveys collected three types of geophysical data (Ambient Noise Tomography (“ANT“), Horizontal-to-Vertical Spectral Ratio (“HVSR“), and Gravity) over three (Warrior, Bronco, and Thunderbird) of the four major conductive corridors on the Project. The surveys will provide critical targeting layers in the form of 3D ANT-HVSR shear velocity models and custom inversion models for subsurface density, leveraging both passive seismic and ground gravity datasets as inputs.

“This drill program is the culmination of years of hard work and represents a pivotal point for the Company,” said Sean Hillacre, President & VP Exploration of Standard Uranium, “Utilizing the best geoscience tools and techniques available to generate our targets for this year, we are beyond excited to get the drill bit back in the ground at Davidson River. The newly acquired data from the Multiphysics survey has outlined density anomalies in the basement rock coinciding with known graphitic conductors, which are often indicative of potential zones of hydrothermal alteration of host rocks associated with uranium mineralization events. Drill targeting with this strategy has been proven through the discovery of world-class uranium deposits in the SW Athabasca Basin and upgrades our targets across the Project.”

Following post-survey data analysis and integration, the Company plans to execute a diamond drill program to begin testing the highest priority targets across all three surveyed conductor corridors. Drilling is planned to be completed this summer, marking the first drill program on the Project since 2022. Positive results from previous drill campaigns will be integrated into drill targeting with the newly acquired Multiphysics data. High confidence datasets from all three survey grids have now been received and are in the process of joint inversion and modeling to refine drill targets for a summer drill program planned for September 2025.

About Davidson River

Davidson River is Standard Uranium’s flagship property, located in the southwest Athabasca Uranium District of the Athabasca Basin, Saskatchewan, and encapsulates the inferred extension of the structural trend that hosts the Triple R and Arrow uranium deposits (Figure 1). The Project consists of 10 contiguous mineral dispositions and lies approximately 25 to 30 km west of Arrow and Triple R and 75 km south of the past-producing Cluff Lake uranium mines. The Company has completed 16,561 metres of diamond drilling in 39 drill holes on the Davidson River property since 2020, which has further refined the exploration strategy for high-grade basement hosted uranium mineralization on the property³.

Davidson River hosts four main conductive corridors – the Warrior, Bronco, Thunderbird, and Saint trends (Figure 2). These conductive trends are associated with graphitic-sulphidic structures in basement rocks, which are commonly associated with high-grade^* uranium systems, providing the conduits for mineralizing fluids. This concept has been proven for all four corridors, with several instances of graphitic-sulphidic fault rocks and reactivated structures intersected along the tested strike length.

Favorable basement rock types and alteration phases have been observed across the strike length of the main trends, resembling those which host other uranium deposits in the southwestern Athabasca Basin region. Key indicators include clay-dravite alteration and stacked lenses of variably strained graphite and sulphide-bearing garnetiferous gneisses and altered feldspar-rich rocks. Structural zones in the basement are locally associated with elevated uranium and/or boron values (over 1,000 ppm B), such as in DR-20-009 and -011³.

The results from diamond drilling programs to date highlight the potential for the Davidson River Project to host significant basement hosted unconformity-related uranium mineralization, and the property contains several priority targets along all four trends that warrant further exploration.

*The Company considers uranium mineralization with concentrations greater than 1.0 wt% U₃O₈ to be “high-grade”.

Qualified Person Statement

The scientific and technical information contained in this news release has been reviewed, verified, and approved by Sean Hillacre, P.Geo., President and VP Exploration of the Company and a “qualified person” as defined in NI 43-101.

Historical data disclosed in this news release relating to sampling results from previous operators are historical in nature. Neither the Company nor a qualified person has yet verified this data and therefore investors should not place undue reliance on such data. The Company’s future exploration work may include verification of the data. The Company considers historical results to be relevant as an exploration guide and to assess the mineralization as well as economic potential of exploration projects. Any historical grab samples disclosed are selected samples and may not represent true underlying mineralization.

References

¹ Arrow deposit, Rook I Project, Saskatchewan, NI 43-101 Technical Report on Feasibility Study, Prepared for NexGen Energy Ltd., Effective date: February 22, 2021
² Feasibility Study, NI 43-101 Technical Report, for PLS Property, Prepared for Fission Uranium Corp., Effective date: January 17, 2023
³ Davidson River Project Overview, https://standarduranium.ca/projects/davidson-river-project

About Standard Uranium (TSXV: STND)

We find the fuel to power a clean energy future

Standard Uranium is a uranium exploration company and emerging project generator poised for discovery in the world’s richest uranium district. The Company holds interest in over 233,254 acres (94,394 hectares) in the world-class Athabasca Basin in Saskatchewan, Canada. Since its establishment, Standard Uranium has focused on the identification, acquisition, and exploration of Athabasca-style uranium targets with a view to discovery and future development.

Standard Uranium’s Davidson River Project, in the southwest part of the Athabasca Basin, Saskatchewan, comprises ten mineral claims over 30,737 hectares. Davidson River is highly prospective for basement-hosted uranium deposits due to its location along trend from recent high-grade uranium discoveries. However, owing to the large project size with multiple targets, it remains broadly under-tested by drilling. Recent intersections of wide, structurally deformed and strongly altered shear zones provide significant confidence in the exploration model and future success is expected.

Standard Uranium’s eastern Athabasca projects comprise over 42,303 hectares of prospective land holdings. The eastern basin projects are highly prospective for unconformity related and/or basement hosted uranium deposits based on historical uranium occurrences, recently identified geophysical anomalies, and location along trend from several high-grade uranium discoveries.

Standard Uranium’s Sun Dog project, in the northwest part of the Athabasca Basin, Saskatchewan, is comprised of nine mineral claims over 19,603 hectares. The Sun Dog project is highly prospective for basement and unconformity hosted uranium deposits yet remains largely untested by sufficient drilling despite its location proximal to uranium discoveries in the area.

Cautionary Statement Regarding Forward-Looking Statements

This news release contains “forward-looking statements” or “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as of the date of this news release. Forward-looking statements include, but are not limited to, statements regarding: the timing and content of upcoming work programs; geological interpretations; timing of the Company’s exploration programs; and estimates of market conditions.

Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by forward-looking statements contained herein. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Certain important factors that could cause actual results, performance or achievements to differ materially from those in the forward-looking statements are highlighted in the “Risks and Uncertainties” in the Company’s management discussion and analysis for the fiscal year ended April 30, 2024.

Forward-looking statements are based upon a number of estimates and assumptions that, while considered reasonable by the Company at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies that may cause the Company’s actual financial results, performance, or achievements to be materially different from those expressed or implied herein. Some of the material factors or assumptions used to develop forward-looking statements include, without limitation: the future price of uranium; anticipated costs and the Company’s ability to raise additional capital if and when necessary; volatility in the market price of the Company’s securities; future sales of the Company’s securities; the Company’s ability to carry on exploration and development activities; the success of exploration, development and operations activities; the timing and results of drilling programs; the discovery of mineral resources on the Company’s mineral properties; the costs of operating and exploration expenditures; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); uncertainties related to title to mineral properties; assessments by taxation authorities; fluctuations in general macroeconomic conditions.

The forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Any forward-looking statements and the assumptions made with respect thereto are made as of the date of this news release and, accordingly, are subject to change after such date. The Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

The recent Nova Discovery results further define the mineralized trend at the Q48 target as a steeply dipping, uranium-bearing structure hosted within the basement rocks, underscoring the potential scale and strength of the system emerging at Dorado. All assays from the current program, including holes PG25-04 and PG25-05, are pending on a rush basis and will be disclosed once available.

Highlights: PG25-07A intersected a continuation of the Nova Discovery uranium basement hosted mineralization approximately 70 metres northeast of PG25-05 and 60 metres below the unconformity, averaging 11,100 CPS over 14.0 metres with a peak of 110,100 CPS.

The Nova Discovery mineralization at Q48 remains open to the northeast, the direction of increasing radioactivity, but wet marsh ground conditions currently prevent further drilling in that direction. Follow-up drilling is expected to resume this winter, when frozen ground allows for more efficient land-based access.

The drill rig has now been mobilized to the Turaco target, located approximately 8 km northeast of the Q48 target within the Dorado project. Up to four holes are planned at Turaco as part of the 5,400-metre drill program approved by the joint venture partners for 2025.

“The recent Nova Discovery results underscore just how much potential remains at Dorado,” said Chris Frostad, President and CEO of Purepoint Uranium. “PG25-07A has successfully extended the Nova Discovery zone by 70 metres and delivered our strongest intercept to date, both in intensity and thickness based on radioactivity. The systematic way we’ve approached Q48 is paying off, and we expect the next phase of drilling will push this discovery even further.”

“The results from PG25-07A mark a significant leap forward for our new Nova discovery,” added Philip Williams, CEO and Director of IsoEnergy. “This step-out hole shows that the mineralized structure continues northeast and that the grades and thickness are improving as we move along the trend. While we have had to pause advancement in this direction due to ground conditions, we are eager to return this winter to continue following what we believe is shaping up to be an exciting discovery.”

The PG25-07A Nova zone mineralization starts within granitic gneiss at 382.3 metres and extends into pelitic gneiss to a depth of 396.3 metres returning an average of 11,100 cps over 14.0 metres. A primary mineralized structure of the Nova zone is hosted in sheared, reddish-brown altered granitic gneiss with pitchblende that returned an average of 82,300 cps over 0.6 metres with a peak of 110,800 cps. A second strongly mineralized interval occurs within lost pelitic gneiss core and returned an average of 46,000 cps over 0.4 metres.

The Q48 zone lies within the southern portion of the Project and is characterized by a steeply dipping, north-south trending conductive package identified through geophysical surveys.

Drilling by IsoEnergy in 2022 confirmed that the conductive trend at Q48 hosts brittle faults, shears, and alteration, characteristics of uranium-bearing hydrothermal systems in the Athabasca Basin. The current program is designed to systematically follow-up and fully test the Q48 conductive corridor.

The Turaco zone lies within the central portion of the Project and is characterized by a broad area with high conductivity. Although numerous geophysical surveys have been conducted, including airborne electromagnetics (VTEM), ground EM, induced polarization and gravity, previous drilling has failed to properly explain the interpreted EM conductors. A recent review of the geophysical results by Condor Consulting North of Vancouver, BC has selected alternative EM conductor picks that better explain the conductive responses and used Maxwell Modeling to accurately locate the position of discreet conductors. Drilling will commence at one of the high priority target areas identified by Condor.

Dorado is the flagship project of the IsoEnergy-Purepoint 50/50 joint venture, a partnership encompassing more than 98,000 hectares of prime uranium exploration ground. The project includes the former Turnor Lake, Geiger, Edge, and Full Moon properties, all underlain by graphite-bearing lithologies and fault structures favorable for uranium deposition.

Recent drilling by IsoEnergy east of the Hurricane Deposit has intersected strongly elevated radioactivity in multiple holes. The anomalous radioactivity confirms the continuity of fertile graphitic rock package and further highlights the opportunity for additional high-grade discoveries across the region.

The shallow unconformity depths across the Dorado property-typically between 30 and 300 metres-allow for highly efficient drilling and rapid follow-up on results.

A Mount Sopris 2PGA-1000 downhole total gamma probe was utilized for radiometric surveying.

IsoEnergy is a leading, globally diversified uranium company with substantial current and historical mineral resources in top uranium mining jurisdictions of Canada, the U.S. and Australia at varying stages of development, providing near-, medium- and long-term leverage to rising uranium prices. IsoEnergy is currently advancing its Larocque East project in Canada’s Athabasca basin, which is home to the Hurricane deposit, boasting the world’s highest-grade indicated uranium mineral resource. IsoEnergy also holds a portfolio of permitted past-producing, conventional uranium and vanadium mines in Utah with a toll milling arrangement in place with Energy Fuels. These mines are currently on standby, ready for rapid restart as market conditions permit, positioning IsoEnergy as a near-term uranium producer.

Purepoint Uranium Group uranium projects are actively operated on behalf of partnerships with industry leaders including Cameco Corporation, Orano Canada Inc. and IsoEnergy Ltd.

“We are excited to return to Havre-Saint-Pierre to advance the KM98 Project through a critical metallurgical assessment,” said Scott Sheldon, CEO of Go Metals. “Last season, we confirmed the prospect’s size potential. Now our objective is to determine whether mineralized material can be processed into a marketable concentrate, which will be a key step in evaluating the viability of the project.”

The sampling program will target the central portion of a 12-km-long magnetic anomaly located near road-accessible terrain. Should the results from the metallurgical study be favourable, the company plans to expand testing to include the large southwestern portion of the anomaly.

The company has also partnered with l’Institut national de la recherche scientifique (INRS) and Universit├⌐ du Québec ├á Chicoutimi (UQAC) to support a collaborative academic research initiative in the HSP anorthosite complex. The study will be supervised by Dr. Sarah Dare and Dr. Renaud Soucy-La Roche and submitted for grant funding through the Fonds de recherche du Québec – Nature et technologies (FRQNT). If the grant application is successful, the three-year research study will operate with a proposed budget of up to $300,000.

The company flagship Monster Project in Yukon is a district-scale Iron Oxide Copper-Gold (IOCG) system – one of the few of its kind in Canada – showing high-grade copper and cobalt mineralization at surface with three large-scale magnetic and gravity anomalies suggesting major depth potential. The project is fully permitted for advanced exploration activities through 2032.

As announced on May 14, 2025, JVCO has doubled its original exploration program budget to US$6.0 million, beyond the minimum annual commitment of US$3 million for the first year stipulated in the joint venture agreement. The new estimate includes US$4.4 million for costs associated with the feasibility program, including the infill drilling, other studies and surveys, and the NI 43-101 technical report preparation.

Nikolaos Cacos, president and CEO, stated: “With COAM’s support, JVCO plans to rapidly advance Ivana with this drill program while continuing other work such as metallurgy and process engineering in order to achieve feasibility and potential production as swiftly as possible.”

The infill drill program is expected to include up to 6,000 metres of reverse circulation drilling in approximately 330 drill holes with an estimated average depth of 18 metres. The program aims to achieve better definition of the known mineralized bodies to support the reclassification of some inferred mineral resources to indicated mineral resources and to improve the geological modelling to allow the design of the Ivana deposit to be adjusted for mining. It will also assess the potential extension of zones where mineralization remains open to expansion, as outlined in the most recent preliminary economic assessment.

Following the infill drilling program, a second-phase drill program of up to 2,500 metres is planned to start immediately to test at least two new high-potential exploration targets near the Ivana deposit. The campaign will employ both reverse circulation and diamond drilling methods to further delineate mineralization previously identified in satellite areas surrounding the Ivana project, many of which have returned encouraging results from earlier drilling and require more detailed definition. The budget for the brownfield exploration program is UIS$1.6 million, including the drilling-related costs, geophysics and permitting.

Blue Sky’s flagship Amarillo Grande project was an in-house discovery of a new district that has the potential to be both a leading domestic supplier of uranium to the growing Argentine market and a new international market supplier.

The company’s recently optioned Corcovo project has potential to host an in situ recovery uranium deposit. The company is a member of the Grosso group, a resource management group that has pioneered exploration in Argentina since 1993.

The company said it has arranged a non-brokered private placement financing under the listed issuer financing exemption (LIFE), whereby the company intends to raise up to $5 million via an offering of 18.5 million common shares priced at 27 cents per share. The shares offered under the LIFE offering will not be subject to a hold period in accordance with applicable Canadian securities laws.

Concurrent with the LIFE offering, the company has announced details of a non-brokered private placement (NBPP) financing whereby the company intends to raise up to $1 million through an offering of 3.7 million shares priced at 27 cents each. The shares offered under the NBPP will be subject to a four-month and one day hold period in accordance with applicable Canadian securities laws.

Subject to various approvals, including approval by the TSX Venture Exchange, the offering is scheduled to close by May 21, 2025.

District shares advanced on the news, rising 1.6% or $0.005 to 29 cents on Thursday. The shares trade in a 52-week range of 50 cents and $0.25.

District is a polymetallic exploration and development company with a focus on the Viken and Tomtebo projects in Sweden. The Viken property covers 100% of the uranium-vanadium Viken Deposit. Viken is amongst the largest deposits of total historic mineral resources of uranium and vanadium in world. In an April 29, 2025 news release, District announced an inferred mineral resource estimate of 4.3 billion tonnes at a grade of 161 ppm U308, containing 1.5 billion pounds of U308 at the Viken Deposit. Subject to the Swedish government’s proposal to lift a ban on uranium mining the company may launch a preliminary economic assessment for the Viken Deposit later this year.

The high-grade polymetallic Tomtebo Property is located in the Bergslagen Mining District in south-central Sweden.

The Tomtebo Property is located within a 2.5-hour drive northwest of Stockholm, Sweden’s capital city. The advanced stage exploration property encompasses an area of 5,144 hectares, and is situated 25 kilometres northwest of Boliden’s polymetallic Garpenberg Mine, and 25 kilometres southeast of the historic Falun Mine.

The company says Tomtebo contains similar host rocks, structure, alteration, and VMS/SedEx style mineralization as the nearby Garpenberg and Falun mines. The size and scale of these mines has only been revealed within the last two decades through a better understanding of the associated polymetallic-VMS/SedEX mineralizing systems, and through advances in drilling and mining technology.

Mining at Tomtebo can be traced back to the mid-seventeenth century. Two historic mines, and numerous mineralized prospects are situated on a 17-kilometre trend on the property. Historic production consisted of 120,000 tonnes of 4.4% copper at the Tomtebo Mine, and 330,000 tonnes at 3.5% zinc, 2.5% lead, and 30 g/t silver at Lovas.

Anfield shares advanced on the news, rising 12.5% or $0.01 to $0.09. The shares trade in a 52-week range of 13.5 cents and $0.055.

The acquisition was completed on January 15, 2025, pursuant to a subscription agreement between Uranium Energy and Anfield, whereby the company subscribed for Anfield shares at a price of 14 cents each. Immediately after the acquisition, Uranium Energy had beneficial ownership, and control and direction of 203.4 million Anfield shares, representing 17.8% of the shares outstanding on a non-diluted basis and 24.2% oon a partially diluted basis after assuming the exercise of all warrants held by the company.

Anfield is a uranium and vanadium development company. Its asset portfolio includes the Shootaring Canyon Mill in Garfield County, Utah. Shootaring ranks as one of only three licensed, permitted and constructed conventional uranium mills in the U.S. The asset is integral to Anfield’s pursuit of strategically acquired conventional uranium and vanadium projects in Utah, Colorado, Arizona and New Mexico, areas with a history of production. Anfield has announced its intention to pursue a listing of its shares on a senior U.S. stock exchange.

Prior its lates share acquisition, Uranium Energy owned and had control of 96.3 million Anfield shares and 96.7 million share purchase warrants, each of which is exercisable into an Anfield share at a price of 18 cents until May 12, 2027, representing 9.3% of the shares on a non-diluted basis and 17% partially diluted.

Uranium Energy is a supplier of uranium needed to produce safe, clean and reliable nuclear energy. It is advancing the next generation of low cost in situ recovery mining uranium projects in the United States and high-grade conventional projects in Canada. The company has three hub and spoke platforms in south Texas and Wyoming with a combined licensed production capacity of 12.1 million pounds of uranium octoxide per year. In August, 2024, in situ recovery operations began at the Christensen Ranch project in Wyoming, sending uranium loaded resin to the Irigaray CPP in Wyoming.

In-situ recovery involves processing the uranium while it is still in the ground through the injection of catalyzing agents into the ore. The process is only possible in porous geological formations (like sandstone) which are amenable to such a technique. On average, the capital spend needed to put an ISR uranium project into production is less than 15% of the cost to build a conventional hard-rock uranium mine.

Uranium Energy has a major equity stake in Uranium Royalty Corp. [URC-TSX, UROY-NASDAQ], the world’s only uranium-focused royalty and streaming company and the only pure play uranium-listed company on the NASDAQ. The company provides investors with uranium commodity price exposure through strategic acquisitions in uranium interests, including royalties, streams, debt and equity in uranium companies as well as through trading of physical uranium.

Michael Garagan, chief geological officer and a director of Saga Metals, commented: “The decision to run back-to-back drill programs and include the Radar titanium-vanadium project is strategic and efficient as we are always looking to maximize our cost-effectiveness and shareholder value. We’ve engaged Gladiator Drilling out of Newfoundland; mobilization to the Double Mer Uranium project brings the contractors through southeastern Labrador and past the Radar project off Route 516. Both the drilling and geological teams will be able to drive right into Radar’s Hawkeye zone for an estimated three-week drill program prior to initiating the Double Mer uranium drill program. Saga will be able to enter Q2 with drill results from two projects, setting the stage for a very active 2025 field season.”

Gladiator Drilling will utilize one helicopter-portable diamond drill rig with the necessary NQ coring and survey tools to complete Saga’s maiden drill programs. Drill teams will execute back-to-back day and night shifts with only a short drive from the town of Cartwright, Labrador, to the drilling site.

Mobilization efforts have already commenced with the procurement of equipment and fuel and the finalization of personnel. Workers will begin the construction of drill pads and other necessary preparations prior to the full drill crew’s arrival on site.

The company has received drill permits from the Newfoundland and Labrador government to commence drilling at the Double Mer uranium project and Radar titanium-vanadium project.

Highlights heading into the drilling programs include maiden drill programs: Drilling is scheduled to commence in Q1 2025 with a minimum 1,500-metre program at both the Double Mer uranium project and the Radar titanium-vanadium project.

Double Mer uranium drilling location: This drill program will systematically grid and evaluate the anomalies of the Luivik zone, providing comprehensive data on its uranium potential.

Double Mer’s Luivik zone potential: The westernmost area of the 18-km radiometric trend showcases potential for secondary fluid enrichment that can be conducive to uranium mineralization with 300-metre width and potentially a one-km strike containing samples up to 0.3692% U₃O₈ (triuranium octoxide).

Radar titanium-vanadium drilling location: The Hawkeye zone is the most advanced zone with both surface samples and detailed geophysics creating clear drill targets.

Radar’s Hawkeye zone potential: Assays have returned consistent values between 2.5% and 11.1% TiO₂ (titanium dioxide) and 0.2% to 0.66% V₂O₅ (vanadium pentoxide), confirming the presence of high-grade titanium and vanadium across a potential one-kilometre-wide and four-km-long trend further confirmed with geophysics.

The Double Mer uranium project is Saga Metals’ flagship project, covering 1,024 claims across 25,600 hectares in eastern-central Labrador, approximately 90 km northeast of Happy Valley-Goose Bay. Leveraging significant historical exploration data, Saga’s exploration team validated and built upon the company’s understanding of the project’s potential. Work in 2024 has refined the understanding of the targets within key zones, specifically supporting the decision to initiate a 1,500-to-2,500-metre drill program at the Luivik zone.

Saga sees the Double Mer uranium project as a promising addition to the significant uranium projects already established in Labrador’s Central Mineral Belt (CMB), including Paladin Energy’s Michelin and Atha Energy’s CMB discovery. With encouraging surface samples and geophysical data, Saga believes Double Mer could offer comparable large-tonnage uranium potential.

The Luivik zone has been prioritized for drilling due to its anomalous uranium (U₃O₈ per cent) geochemistry, along with clear signs of alteration and fluid enrichment. This zone exhibits iron-phase IOCG (iron oxide copper/gold) fluid characteristics, such as high concentrations of smoky quartz and iron carbonate staining, which are indicators of late fluid flow. These characteristics will be carefully monitored as it can have the potential to enrich uraniferous units and mark the highest-grade intercepts. Consistent count-per-second readings further highlight the Luivik zone’s uranium potential, making it a top target for exploration.

The Luivik zone boasts a width of 300 metres between samples with a cut-off of 0.015% U₃O₈ and anomalous grades over 0.11% U₃O₈ to a high of 0.3692% U₃O₈ in a single sample. The uranium count radiometrics suggest that the anomalous pegmatites, which predominantly hosts the Luivik zone, may extend upward of one kilometre or greater.

The zone’s favourable mineralogy is complemented by logistical advantages. Located just one kim from Double Mer’s main camp, the Luivik zone offers easy access for drilling teams, with snowmobile trails in place to support active drilling operations, ensuring both practical and cost-effective program execution.

Garagan discussed the company’s drilling strategy: “Drilling the Luivik zone, which contains some of the most encouraging results, combined with less complicated logistics, is the best starting point for Saga at the Double Mer uranium project. We will be immediately looking to build off this winter program by getting permits ready to continue to test zones further east such as the Nanuk and Katjuk zones in Q2 and Q3 of 2025. We are aiming to confirm uranium concentrations and take initial steps in delineating this zone’s potential as a critical step in positioning Double Mer as a quality project in Labrador’s large-tonnage uranium landscape.”

The Radar titanium-vanadium property is located 10 km south of Cartwright in Labrador, Canada. The project spans 17,250 hectares and benefits from road access, supporting efficient exploration and development.

The Hawkeye zone is the most prospective target on the property. Detailed geophysics and surface samples are suggestive of a complex and phased layered mafic intrusion that may be upward of one kilometre wide and four km long. Recent geophysics completed on the property show very detailed correlation to the rock samples and observed phase changes in the system.

Increased immiscibility in the east creates pronounced silica-rich (magnetite-depleted) banding mixed interstitially with high-grade massive magnetite layers above 5-11.1% TiO₂ and 0.3-0.66% V₂O₅. This first phase can be identified by the contact of low magnetics bands and highly magnetic bands. After the high-grade banding, the rocks transition into a gabbro-norite rock moving westward, which contains a disseminated magnetite groundmass. These rocks are lower grade averaging (3-5% TiO₂) and (0.1-0.2% V₂O₅) but are consistent and extensive in width. The entirety of these cross-system phases is almost one km wide with a near-vertical dip of each layer.

Saga aims to complete a 1,500-metre drill program at the Hawkeye zone over the area encompassing the anomalous TiO₂ and V₂O₅ surface samples and targeted geophysics segment.

The company’s flagship asset, the Double Mer uranium project covers 25,600 hectares. This project features uranium radiometrics that highlight an 18-km east-west trend, with a confirmed 14-km section producing samples as high as 4,281 parts per million U₃O₈ and spectrometer readings of 22,000 counts per second.

In addition to its uranium focus, Saga owns the Legacy lithium property in Quebec’s Eeyou Istchee James Bay region. This project, developed in partnership with Rio Tinto, has been expanded through the acquisition of the Amirault lithium project. Together, these properties cover 65,849 hectares and share significant geological continuity with other major players in the area, including Rio Tinto, Winsome Resources, Azimut Exploration and Loyal Lithium.

Saga also holds secondary exploration assets in Labrador, where the company is focused on the discovery of titanium, vanadium and iron ore.

Largo is a rare pure-play vanadium producer and is currently one of the world’s lowest-cost producers of the metal.

The announcement comes after Largo recently increased quarterly vanadium pentoxide equivalent (V205) production by 42% with 3,072 tonnes produced in the third quarter of 2024. Ilmenite production was up 90% over Q2 to 16,383 tonnes.

Highlights of the life of mine plan and prefeasibility study include a total operating mine life for the project of 31 years, representing an increase of 13 years in mine life when compared to the parameters set forth in the company’s 2021 technical report.

The life of mine plan is supported by a significant increase in total proven and probable reserves of 101.03 million tonnes grading 0.56% V205, yielding 2.16% V205 in magnetic concentrate for 435,31 kt of contained V205 in magnetic concentrate and head grade of 7.52% TiO2 for 6,890.99 kt of contained Ti02 in non-magnetic concentrate, representing a 67% increase in total mineral reserves.

The new plan is highlights strong economics over the project life, including additional Ti02 (titanium dioxide) pigment production upside opportunity.

“The results of our 2024 technical report clearly showcase the long-term potential of the Maracas Menchen vanadium and titanium operation and reaffirm Largo’s position as a secure and reliable supplier of critical minerals for the future in Americas,” said Largo interim CEO Daniel Tellechea.

“Additionally, the economic scenarios presented in the 2024 technical report, including a post-tax NPV 7.0% of $1.1 billion and undiscounted accumulated cash flows of $3.8 billion over the life of the project, demonstrate the project’s ability to generate sustainable value subject to the outlined capex and cost scenarios.”

The company’s 2024 technical report outlines a comprehensive plan for the proposed development of its project, highlighting key milestones across the 31-year project life cycle. The outlined and mining development phases are as follows:

• 2023 to 2032: Continued mining at Campbell pit: Mining operations will focus on the Campbell pit, extracting vanadium-rich ore to meet the production target of 2.6 million tonnes per annum for the next mine years.
• 2032 to 2054: Sequential mining from NAN, SJO, NAO, and Gan pits: Following the Campbell pit, mining would transition sequentially to the NAN, SJO, NAO and GAN pits, ensuring a continuous feed of 3.4 million tonnes per annum to the vanadium and titanium processing plants.

The proposed production timeline features the introduction of a second kiln in 2027, designed for a 20-tonne-per-hour feed rate to increase the capacity of the vanadium operations.

The Uravan mining district of Utah and Colorado hosts the Uravan mineral belt, a 70-mile (110-km) zone of uranium-vanadium deposits in Colorado and Utah with a history of 80 million pounds of uranium production and over 400 million pounds of vanadium production since 1945. The properties were selected based on historical information from previous exploration indicating that specific targets hosted either drill-defined historical estimated uranium and vanadium mineral resources or areas specifically targeted for drilling by historical operators.

The vendors were paid US$66,760, $90,000 in C2C shares based on a 10-day VWAP (volume-weighted average price) and a 1% net smelter return production royalty.

Eula Belle: 31 claims in the western portion of Montrose County, covering much of the historical Eula Belle mine: Union Carbide’s (UCC) 1989 reserve records for Eula Belle indicate historical estimated minable reserves of 43,900 tons containing 219,900 pounds U₃O₈ (triuranium octoxide) at an average grade of 0.25% and 790,200 pounds V₂O₅ (vanadium pentoxide) at 0.90%.

UCC estimated an additional potential resource for the Eula Belle of 37,000 tons, including 135,000 pounds U₃O₈ at 0.25% and 666,000 pounds V₂O₅ at 0.90%. UCC records indicate the Eula Belle was the leading uranium producer of the hundreds of Uravan mines with 1,598,000 pounds U₃O₈ at 0.248% recovered from 1962 to 1978.

Mum-Whitney extension: five claims in Montrose County adjoining to or in the vicinity of Department of Energy (DOE) tracts (U.S. Department of Energy uranium reserve blocks not held by C2C) C-SR-21 and C-SR-23 as well as the past-producing Mum-Whitney mine and other historical mines: The claims are located within areas identified as having high potential for additional discovery as shown by historical UCC favourability maps and are an expansion of the existing Mum-Whitney project held by C2C.

Norther: 10 claims in San Miguel County adjoining DOE tract C-SR-15-A, including adjacent areas of favourability defined by UCC: The east-west trend of estimated minable uranium-vanadium mineral resources, identified by DOE tracts C-SR-15 and C-SR-15A and held by C2C’s competitors, extends westward across the Norther property.

Spud Patch: 80 claims in San Miguel County that are distributed within four discrete areas located over UCC’s 1984 planned (but never drilled) targets and other zones of UCC-defined favourability: C2C’s claims are in part contiguous with DOE tract C-SR-12. When first leased, the DOE tract initially hosted uranium resources of 180,000 pounds U₃O₈.

Dulaney extension: 73 claims in San Miguel County and a prospective project adjacent to C2C’s Dulaney project: The Dulaney extension is strategically located: (a) contiguous with DOE tract C-SR-11; (b) in an area of past-producing mines; and (c) in part, overlying and surrounded areas of favourability as reported by the U.S. Geological Survey (Bell, 1953).

C2C is continuing the exploration for and evaluation of other historic projects on both the Colorado plateau and in Utah.

In connection with the transaction, the company filed a material change report under its profile on SEDAR+ and a Form 8-K on SEC EDGAR and has paid a creditor holding a security interest against the Subsidiary a total of approximately US$1.15 million to pay off the outstanding promissory note.

Notably, the PRC Site is the location of the prospective Pinon Ridge Mill. In May 2007 the original acquirer paid US$1.32 million for the acreage. During the following four years, over CAD$11.86 million in permitting and development expenditures were incurred. While the mill was never constructed, it was fully licensed and thus provides leverage from past expenditures unique to this specific site supporting the permitting process.

As further detailed in the October 1, 2024 news release, the acquisition is the second property package Western has acquired in addition to the Maverick Minerals Processing Plant site in Utah and is part of Western’s plans for developing and licensing one or more uranium and vanadium processing facilities to process production from its resource properties in Colorado and Utah.

Western Uranium & Vanadium is ramping-up high-grade uranium and vanadium production at its Sunday Mine Complex. In addition to the flagship property located in the prolific Uravan Mineral Belt, the production pipeline also includes conventional projects in Colorado and Utah. The Maverick Minerals Processing Plant and Pinon Ridge Corporation processing plant will be licensed to include the kinetic separation process.