Standard Uranium Ltd. announced that inaugural drilling activities are now complete at the Company?s 7,302-hectare Canary Project (?Canary? or ?the Project?) highlighting localized anomalous radioactivity and prospective rock types typical of basement-hosted uranium deposits. Canary is situated in the prolific eastern Athabasca Basin, northern Saskatchewan.

The Project is currently under a three-year earn-in option agreement (the ?Option Agreement?) with Mamba Exploration Limited. (?Mamba?). Pursuant to the Option Agreement, Mamba has been granted an option (the ?Option?) to earn a 75% interest in the Project by funding CAD 6 million in exploration expenditures over three years, with the inaugural drill program satisfying the year one exploration spend.

Inaugural Success: Anomalous radioactivity (>300 cps) was intersected in one of the four inaugural drill holes at the Canary Project, in addition to multiple zones of favorable alteration including hydrothermal silicification, clay, chlorite, and hematite. Hydrothermal U Input: Fracture-hosted elevated radioactivity was intersected in drill hole CAN-24-004 with Uranium:Thorium (?U:Th?) ratios >4:1 measured with a handheld RS-125 Super-Spec, suggesting hydrothermal uranium input. Shallow Targets: Drilling focused on high-priority targets refined by geophysical work completed by the Company in 2022.

The unconformity on the Project was intersected 220-250 metres below surface. Ahead of Schedule & Under Budget: Completion of 1,863 metres within 4 drill holes, surpassing meterage expectations more than a week ahead of schedule and under budget. Follow Up Targets & Next Steps: Canary holds significant upside for discovery along three different and significantly underexplored conductor systems. Supplementary geophysical surveys over all three corridors will provide further target areas for phase II and III drilling.

The Project is situated in the Mudjatik geological domain where several recent discoveries have been made, including IsoEnergy?s Hurricane Deposit located 11 km directly to the south, and is significantly underexplored relative to adjacent magnetic low/EM conductor corridors. Follow up targets are being planned as geological data from the spring 2024 program is processed and interpreted. Core samples from the program have been submitted to Saskatchewan Research Council Geoanalytical Laboratory (?SRC?) in Saskatoon, for geochemical assay and results will be reported once received and examined by the technical team in accordance with the Company?s internal quality control processes.

The spring 2024 drill program comprised 1,863 metres of diamond drilling across 4 drill holes. The drill program began on May 3rd and was completed ahead of schedule on May 31st, 2024. Local fracture-hosted anomalous radioactivity was intersected in the basement rocks of drill hole CAN-24-004.

A handheld RS-125 scintillometer returned readings up to 410 counts per second (cps) from 449.0 to 449.5 m. The Project covers more than 16 km of conductive corridors across three prospective exploration trends which locally host anomalous historical uranium occurrences. The Company completed a high-resolution ground DC/IP survey on the project in 2022, providing valuable structural and lithological information in the area to identify conductive bodies and potential fault systems. The drill program was designed to test the newly outlined resistivity-low anomalies along the northern conductor trend, defined by the 2022 ground DCIP survey. Spring 2024 drilling focused on testing the 3D resistivity anomaly both at the unconformity and in the basement, coinciding with modeled EM conductors.

Inaugural drilling intersected multiple key characteristics of a uranium-bearing mineralized system along the previously untested northern conductive trend on the Project. Key alteration features in the Athabasca sandstone include widespread silicification, extensive limonite alteration, and local moderate bleaching. Basement intersections confirmed the presence of highly deformed and mylonitic metasedimentary and metasomatized rock packages across the northern corridor and defined a potential ?quartzite ridge?

in the corridor footwall. The rheology contrast between the softer metasedimentary rocks and resistant quartzite is interpreted as an important structural control on uranium mineralization and is a common feature of other well-known high-grade uranium deposits such as McArthur River and Pheonix. Multiple zones of significant silicification were intersected in the basement over intervals up to 15 metres thick associated with white clay alteration.

Significant silicification zones are also known to be associated with several uranium deposits across the Basin. Additionally, legacy GeoTEM data defining the southeastern EM corridor on the project is directly comparable to the response and scale of the GeoTEM conductor which hosts the Roughrider/J-zone uranium deposits further to the south. Highly anomalous geochemistry and favorable alteration was returned from historical drill hole CRK-137 along the southeastern conductor, providing an exceptional follow-up target for Phase II drilling.

Samples collected for analysis have been sent to SRC Geoanalytical Laboratories in Saskatoon, Saskatchewan for preparation, processing, and ICP-MS multi-element analysis using total and partial digestion, gold by fire assay and boron by fusion. Sandstone samples were tested using the ICP-MS1 uranium multi-element exploration package plus boron. Basement samples were tested with ICP-MS2 uranium multi-element exploration package plus boron.

All sandstone samples, and basement samples marked as radioactive upon arrival to the lab were also analyzed using the U3O8 assay (reported in wt %). Basement rock split interval samples range from 0.1 to 0.5 m and sandstone composite samples are comprised of multiple equal sized full core ?pucks? spaced over the sample interval.

SRC is an ISO/IEC 17025/2005 and Standards Council of Canada certified analytical laboratory. Blanks, standard reference materials, and repeats were inserted into the sample stream at regular intervals in accordance with Standard Uranium?s quality assurance/quality control (QA/QC) protocols. Samples containing clay alteration have been sent to Rekasa Rocks Inc. in Saskatoon, Saskatchewan to be analyzed by Short Wavelength Infrared Reflectance (?SWIR?) via a Portable Infrared Mineral Analyzer (?PIMA?) to verify clay species.

Geochemical assay results will be released as they are received and examined by the technical team in accordance with the Company?s internal quality control process.