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Standard Uranium Provides Davidson River Drill Program Update and Announces Closing of First Tranche of Brokered Private Placement For C$3.15 Million

Press Release

June 27, 2022

Vancouver, British Columbia, June 27, 2022 — Standard Uranium Ltd. (“Standard Uranium” or the “Company”) (TSX-V: STND) (OTCQB: STTDF) (Frankfurt: FWB:9SU) is pleased to provide updates on the ongoing summer 2022 drill program at its flagship Davidson River Project (“Davidson River”) in Canada’s premier uranium district, the Athabasca Basin. The Company is also pleased to announce the closing of the first tranche of its ongoing brokered private placement for gross proceeds of $3.15 million.

Key Focus Points:

  • Davidson River drilling commenced on May 16th, with 2,672 metres completed to date
  • Redox fronts and metasomatic alteration zones associated with shallow graphitic structures intersected in first Thunderbird drill hole
  • Focus of drill program shifting to Thunderbird based on results from initial two holes
  • Brokered private placement first tranche closed for $3.15M

Davidson River – Summer 2022 Drill Program Update

On May 16th, the Company began the fourth drill campaign on its flagship 25,886 hectare Davidson River Project. The drill program is expected to comprise approximately 5,000 metres in 13 drill holes, following-up on the most prospective basement structures and alteration zones intersected to date and testing new target areas along the four major exploration trends on the Project (Figure 1). Several kilometres of graphitic conductors remain to be tested at Davidson River.

Jon Bey, CEO and Chair of the Company commented: “The Davidson River drill program had a very successful start and our drill team from Base Drilling are meeting the expected drilling objectives. The first two dill holes on the Thunderbird trend have excited our geologists and we have decided to focus the majority of remaining holes on this trend.”

Figure 1. Plan map highlighting current Phase III Summer 2022 drill holes at Davidson River.

All completed drill holes have confirmed the existence of the conductor targets, intersecting stacked graphitic-sulphidic high-strain zones within basement rocks on the Thunderbird (Figure 2) and Bronco trends. Notably, the first drill hole completed on the Thunderbird trend – DR-22-033A – intersected structurally controlled redox alteration fronts and graphite within semi-brittle structures from 162.1 to 167.5 m (Figure 2A & B), both important ‘pathfinder’ features to uranium mineralisation in the Basin.

Figure 2. A) The first Thunderbird drill hole on the Davidson River project, DR-22-033A, showing strong structurally controlled hematite-limonite alteration (redox fronts); 163.5m. B) Strong “worm-rock” textured hematite-limonite alteration overprinting graphitic shear planes; DR-22-033A; 163.6m.

Sean Hillacre, Vice President of Exploration, commented: “The technical team and I are extremely pleased with how well drilling is going at Davidson River, and we are encouraged by the alteration and structure we’re seeing in our first couple of holes on the Thunderbird trend. The strong redox fronts associated with graphitic structures are a common geological ‘pathfinder’ assemblages observed proximal to uranium mineralization in the Athasbasca Basin. We are excited to follow up drill down-dip and along strike of these altered structures. We look forward to continuing the program and incorporating our new observations into our drill targeting strategy as we continue to progress the summer program.”

Drilling will continue through July and drill core samples will be sent to the Saskatchewan Research Council (“SRC”) Geoanalytical Laboratory in Saskatoon periodically as they are collected throughout the season.

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., VP Exploration of the Company and a “qualified person” as defined in NI 43-101.

Update on Brokered Private Placement

The Company is pleased to announce that it has closed the first tranche of the brokered private placement announced by the Company on June 6, 2022 (the “Offering”). Under the first tranche, the Company sold 7,306,900 units (each, a “Unit”) at a price of C$0.11 per Unit and 18,065,846 flow-through units (each, a “FT Unit”, and collectively with the Units, the “Offered Securities”) at a price of C$0.13 per FT Unit for aggregate gross proceeds of C$3,152,318.98. The Offering is being led by Red Cloud Securities Inc. on behalf of a syndicate of agents that includes Canaccord Genuity Corp. (collectively, the “Agents”).

Each Unit consists 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 consists of one common share of the Company 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 entitles the holder to purchase one common share of the Company (each, a “Warrant Share”) at a price of C$0.17 at any time on or before June 27, 2024.

The net proceeds raised from the Offering will be used for the exploration of the Company’s Davidson River Project and for working capital purposes. Proceeds from the sale of FT Units will be used to incur “Canadian exploration expenses” as defined in subsection 66.1(6) of the Income Tax Act and “flow through mining expenditures” as defined in subsection 127(9) of the Income Tax Act (“Qualifying Expenditures”). Such proceeds will be renounced to the subscribers with an effective date not later than December 31, 2022, in the aggregate amount of not less than the total amount of gross proceeds raised from the issue of FT Units.

The second and final tranche of the Offering is scheduled to close in mid-July. Closing of the second tranche of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange. All securities issued in the first tranche of the Offering are subject to a statutory hold period until October 28, 2022.

Pursuant to the closing of the first tranche of the Offering, the Agents received total cash commissions of C$189,139.14 and were issued 1,522,364 broker warrants, with each broker warrant entitling the Agent to purchase one Unit at a price of C$0.11 until June 27, 2024.

About Standard Uranium (TSX-V: STND)

We find the fuel to power a clean energy future

Standard Uranium is a mineral resource exploration company based in Vancouver, British Columbia. Since its establishment, Standard Uranium has focused on the identification and development of prospective exploration stage uranium projects in the world-class Athabasca Basin in Saskatchewan, Canada.

Standard Uranium’s Davidson River Project, in the southwest part of the Athabasca Basin, Saskatchewan, comprises 21 mineral claims over 25,886 hectares. Davidson River is highly prospective for basement hosted uranium deposits yet remains relatively untested by drilling despite its location along trend from recent high-grade uranium discoveries. A copy of the NI 43-101 technical report titled “Updated Technical Report on the Davidson River Property, Northwest Saskatchewan, Canada” with an effective date of March 16, 2020, that summarizes the exploration on Davidson River is available for review under Standard Uranium’s SEDAR profile (www.sedar.com).

Standard Uranium’s Sun Dog project, in the northwest part of the Athabasca Basin, Saskatchewan, comprises 6 mineral claims over 15,770 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.

For further information contact:

Jon Bey, Chief Executive Officer, and Chairman

550 Denman Street, Suite 200

Vancouver, BC V6G 3H1

Tel: 1 (306) 850-6699
E-mail: [email protected]

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