Standard Uranium Intersects Anomalous Radioactivity, Prospective Structure and Alteration in Multiple Drill Holes at Atlantic Project; Concludes Inaugural Drill Program

Press Release

Vancouver, British Columbia, April 11, 2024 — Standard Uranium Ltd. (“Standard Uranium” or the “Company”) (TSX-V: STND) (OTCQB: STTDF) (Frankfurt: FWB:9SU) is pleased to announce that inaugural drilling activities are now complete at the Company’s 3,061-hectare Atlantic Project (“Atlantic” or “the Project”) highlighting anomalous radioactivity¹ in all completed drill holes. Atlantic is situated in the prolific eastern Athabasca Basin, northern Saskatchewan (Figure 1).

Highlights:

• Inaugural Success: Anomalous radioactivity (>300 cps) was intersected in all five of the Company’s inaugural drill holes at the Atlantic Project, coinciding with prospective structural zones and favorable alteration including dravite-rich clays.
• Sandstone & Basement-Hosted Radioactivity: Multiple zones of elevated radioactivity linked to the sub-Athabasca unconformity and basement structural zones were intersected, indicating a uranium-fertile system.
• Verified Targets: Massive structural disruption confirmed in the sandstone column and multiple wide (>10 metres) brittle-reactivated graphitic shear zones confirm the main interpreted electromagnetic (“EM”) corridor on the western claim block which was not reached by previous operators. The inaugural program results have confirmed the Company’s exploration thesis on the Project, highlighting a uranium-fertile system with several kilometres of still untested strike length across the Project.
• Hydrothermal U Input: Uranium: Thorium (“U:Th”) ratios >3:1 measured with the handheld RS-125 Super-Spec suggest hydrothermal uranium input focused along structures.
• On Time & Under Budget: Completion of 3,316 metres within 5 drill holes, surpassing meterage expectations both on time and under budget.
• Follow Up Targets & Next Steps: Atlantic holds significant upside for discovery along the untested portions of the E-W conductor system. Supplementary geophysical surveys over the central claim blocks will provide further target areas for phase II and III drilling, along with the additional untested gravity low anomalies on the western block identified in 2022.

“Intersecting anomalous radioactivity across all five drill holes targeting a completely untested area on the Atlantic project is extremely encouraging. The results from this program have confirmed the presence of a significant structural framework on the property providing the ideal conditions for high-grade unconformity-related uranium mineralization,” said Sean Hillacre, Standard Uranium’s VP of Exploration. “The scale and intensity of deformation in the basement rocks we drilled this season is highly prospective and paired with the radioactivity and hydrothermal alteration intersected in the overlying sandstone, we are just in the beginning of uncovering the compelling story on the first of many target areas on Atlantic.”

The Atlantic project boasts all the key characteristics to host a high-grade unconformity-related uranium deposit, and the results of the inaugural drill program on the project have strengthened the validity of the exploration model. Follow up targets are being planned as geological data from the winter 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.

“I am very encouraged with the magnitude of the structure and alteration that has been encountered thus far. Combined with the anomalous radioactivity, we’re setting the stage for more success on the project” said Neil McCallum, director of Standard Uranium and Atco Mining. “We are already planning the next steps, so having this information will be an incredible addition to our exploration model.”

The Project is currently under option (the “Option”) to ATCO Mining Inc. (the “Optionee”) an arms-length company listed on the Canadian Securities Exchange (CSE: ATCM). Pursuant to the Option, the Optionee can earn a 75% interest in Atlantic over three years. The Optionee-funded winter 2024 drill program will contribute to satisfying the first year of minimum exploration expenditures required by the Option.

Figure 1. Regional summary map of the Atlantic Project highlighting uranium occurrences, historical and 2024 drill holes, geophysical anomalies, and EM conductors.

Technical Highlights:

The winter 2024 drill program comprised 3,316 metres of diamond drilling across 5 drill holes (Table 1). Two drill holes were restarted due to difficult ground conditions resulting from highly broken and desilicified sandstone intervals. Inaugural drilling intersected the key characteristics of a uranium-bearing mineralized system in previously untested “Target Area A” (Figure 2), confirming the presence of a significant graphitic fault system in the basement rock linked to anomalous radioactivity and prospective hydrothermal alteration at the unconformity. Handheld scintillometer and downhole gamma probe radioactivity results are summarized in Table 2.

Figure 2. Map of the western Atlantic claim block, highlighting winter 2024 drill holes and historical drill hole BL-16-32. The geophysical target area is defined by a significant residual gravity-low anomaly coinciding with EM conductors dipping to the south.

Table 1. Atlantic winter 2024 drill hole collar summary. Easting and Northing coordinates are reported in UTM Zone 13N, NAD83 datum; EOH = end of hole; m.a.s.l. = metres above sea level.

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