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Standard Uranium Announces Letter of Intent for the Sale of the Sun Dog Project in Athabasca Basin

Press Release

Vancouver, British Columbia, September 19, 2023 — Standard Uranium Ltd. (“Standard Uranium” or the “Company”) (TSX-V: STND) (OTCQB: STTDF) (Frankfurt: FWB:9SU) is pleased to announce that it has entered into a letter of intent (“LOI”), dated September 18, 2023, with International Sustainable Energy Mining Corp. (the “Optionee”), an arms-length private company. Pursuant to the LOI, the Optionee will be granted the option to acquire a 100% interest in the 19,603 hectare Sun Dog Project located along the northwestern edge of the Athabasca Basin, by completing three years of exploration programs and a series of cash and equity payments. The Standard Uranium technical team will be the operator of the Sun Dog exploration programs for the entirety of the three-year program.

Pursuant to the terms of the LOI, the Optionee can acquire the Sun Dog Project by making certain cash and equity payments and incurring exploration expenditures over the next three years as follows:

Cash Shares Exploration Expenditures
Year 1 $200,000 $200,000 $2,000,000
Year 2 $250,000 $250,000 $4,000,000
Year 3 $300,000 $300,000 $3,500,000
TOTAL $750,000 $750,000 $9,500,000

In addition to completion of the above cash payments, share issuances and exploration expenditures, the Optionee is required to complete a going public transaction within sixty days in order to complete the exercise of the Option.  Following exercise of the Option, the Company will retain a two percent net smelter returns royalty on the Sun Dog Project, half of which may be purchased back at any time prior to commercial production for a one-time cash payment of $1,000,000.

Jon Bey, CEO and Chairman commented, “The Company is pleased to announce our first property transaction since switching to a project generator business model in July. We are excited to confirm the Sun Dog project will have three additional years of exploration by our technical team, while being funded by our Optionee. The Sun Dog project has exceptional potential for a high-grade uranium discovery, and we are looking forward to a 2024 drill program.”

Figure 1. Overview map of the Athabasca Basin highlighting Standard Uranium’s seven exploration projects.

Completion of the transaction contemplated by the LOI remains subject to the satisfactory completion of due diligence and the negotiation of a definitive agreement. The Company anticipates completing a definitive agreement by September 28, 2023. The Company and the Optionee are at arms-length, and no finders’ fees or commissions are payable in connection with completion of the transaction contemplated by the LOI.

The scientific and technical information contained in this news release, including the sampling, analytical and test data underlying the 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.

About Standard Uranium (TSX-V: 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 187,542 acres (75,895 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 Atlantic, Canary, Ascent, Corvo, and Rocas Projects, in the eastern Athabasca Basin, comprise twenty-three mineral claims over 25,242 hectares. 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.

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.

For further information contact:

Jon Bey, Chief Executive Officer, and Chairman

1030 West Georgia Street, Suite 907

Vancouver, BC V6E 2Y3

Tel:1 (306) 850-6699

E-Mail: info@standarduranium.ca

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