Standard Uranium Reaches Terms to Option Canary Project in Eastern Athabasca Basin

Press Release

Vancouver, British Columbia, October 31, 2023 — Standard Uranium Ltd. (“Standard Uranium” or the “Company”) (TSX-V: STND) (OTCQB: STTDF) (Frankfurt: FWB:9SU) is pleased to announce that it has signed a term sheet (the “Term Sheet”), dated October 30, 2023, with Allora Resources Pty. Ltd. (the “Optionee”), an arms-length private company. Pursuant to the Term Sheet, the Optionee will be granted the option (the “Option”) to acquire up to a one-hundred percent interest in the 7,302-hectare Canary Project located in the Athabasca Basin (Figure 1).

Jon Bey, CEO and Chairman, commented, “Quickly reaching terms on our Canary project demonstrates the continued strong interest in our portfolio of projects fitting into our project generator model. We are currently in advanced discussions on 6 of our 7 projects and have the goal of completing up to 5 project deals in 2024, which could total more than $40M and commit $10M towards exploration programs next year.”

Figure 1. Overview of the eastern Athabasca Basin, highlighting Standard Uranium’s Canary project.

The Option is exercisable by the Optionee in three stages and is contingent on the Optionee completing a going public transaction on the Australian Securities Exchange (ASX). During the first stage, the Optionee can earn a fifty-percent interest in the Canary Project by completing cash payments totaling $200,000, arranging for the issuance of $200,000 worth of shares to the Company, and incurring $3,000,000 of expenditures, all within the first two years of the Option.

After earning a fifty-percent interest in the Canary Project, the second stage will commence. During the second stage, the Optionee can increase their interest in the Canary Project to seventy-five percent by completing a further cash payment of $100,000, arranging for the issuance of a further $100,000 worth of shares, and incurring an additional $3,000,000 of expenditures, all within the third year of the Option. Following completion of the second stage, the Optionee can acquire the remaining interest in the Canary Project by completing a bankable feasibility study and completing a payment to the Company equivalent to the value of the remaining interest as determined by an independent third-party.

In the event the Optionee acquires less than a one-hundred percent interest in the Canary Project, the parties intend to form a joint venture for the further development of the Project. During the first two stages of the Option, the Company will act as the operator of the Canary Project and will be entitled to charge a ten percent operator fee on expenditures. Following exercise of the Option, the Company will retain a one-and-one-half percent net smelter returns royalty on the Canary Project, of which one-half percent may be purchased back at any time for a one-time cash payment to the Company of $500,000.

The Term Sheet is non-binding at this time and the grant of the Option remains subject to the satisfactory completion of due diligence by the Optionee along with the negotiation of definitive documentation. No finders’ fee is payable by the Company in connection with the Option.

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.

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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