Standard Uranium Ltd. announced that drilling has begun at the inaugural drill program on the 7,302-hectare Canary Project (Canary or the Project). 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.

Drilling and helicopter crews arrived at the Project on May 3, 2024 followed by the Standard Uranium team on May 8, 2024 and drilling has commenced ahead of schedule. Highlights: Drilling Underway: Drilling began on May 8, 2024. Approximately 1,000-1,500 metres are planned across 3-4 drill holes, targeting shallow high-grade1 unconformity-related uranium mineralization.

Robust & Shallow Drill Targets: Drill plans comprise helicopter-supported diamond drilling focused on high-priority unconformity-related uranium targets refined by geophysical work completed by the Company in 2022. Ideal unconformity and basement target zones on the Project lie within approximately 200-350 metres below surface. Untapped Uranium Potential: One diamond drill will focus on the highest-priority target area along the northern electromagnetic (?EM?) corridor, investigating a significant resistivity anomaly coincident with modeled VTEM conductors for the first time.

Fully Funded: Mamba Exploration will be funding 100% of the program to meet the year-one expenditure requirements under the Option Agreement. Inaugural 2024 Drill Program: The spring/summer program will be the first drill campaign completed by the Company on the Project with partner company Mamba Exploration, following successful identification of high-priority targets in 2022-2023. 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. Significant resistivity-low anomalies are present along the northern conductor on the project, potentially representing substantial hydrothermal alteration zones in the sandstone and coincident with basement conductors. 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. Drill targets have been prioritized on the northern Canary EM corridor, providing robust and untested drill targets for the Phase I drilling program.

Geophysical map highlighting basement-linked resistivity anomalies identified through the 2022 DC/IP survey on the Canary Project. The 2024 drill target area is circled in red. Three main exploration trends and historical drill holes are displayed with first vertical derivative (1VD) magnetics in the background.

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.