Mr. Jon Bey reports

STANDARD URANIUM BEGINS DRILLING AT ATLANTIC PROJECT, EASTERN ATHABASCA BASIN

Standard Uranium Ltd. has commenced drilling activities at the company's 3,061-hectare Atlantic project. Atlantic is situated in the prolific eastern Athabasca basin, Northern Saskatchewan.

The project is currently under option to Atco Mining Inc. (the optionee) an arm's-length company listed on the Canadian Securities Exchange. Pursuant to the option, the optionee can earn a 75-per-cent interest in Atlantic over three years. The optionee-financed winter, 2024, drill program is planned to satisfy the first year of minimum exploration expenditures required by the option.

Highlights:

• Standard Uranium's geological team arrived at site on Feb. 26, and drilling has started on the first hole of the inaugural Atlantic program.
• One diamond drill testing high-priority target area A on the project, investigating a significant density anomaly coincident with modelled electromagnetic (EM) conductors and interpreted faults.
• Additional drill holes will follow up on highly anomalous uranium results and major structure intersected in drill hole BL-16-32.
• Approximately 2,000 metres to 3,000 metres planned across four to six drill holes, targeting high-grade unconformity-related uranium mineralization.

Note: The company considers uranium mineralization with concentrations greater than 1.0 weight per cent U3O8 (triuranium octoxide) to be high grade.

"The team and I are thrilled to announce that the drill is spinning ahead of schedule, kicking off our ambitious 2024 exploration season," said Sean Hillacre, president and vice-president of exploration for the company. "There will be rocks in the box just in time for me and Jon Bey to continue sharing our story at the 2024 PDAC [Prospectors and Developers Association of Canada] convention, and we look forward to keeping the market updated as we progress our first eastern Athabasca drill program."

Two thousand twenty-four winter drill program

The Standard Uranium team arrived on site on Feb. 26, 2024, and diamond drilling on the first hole is currently under way. The winter program is the first drill campaign undertaken by the company on the project following successful identification of high-priority targets in 2022 to 2023.

The project covers 6.5 kilometres of an 18 km long, east-west-trending conductive exploration trend which hosts numerous uranium occurrences. The company completed a high-resolution ground gravity survey on the western claim block in 2022, revealing multiple subsurface density anomalies, potentially representing significant hydrothermal alteration zones in the sandstone rooted to basement conductors.

The drill program is designed to follow up on highly anomalous uranium results returned from drill hole BL-16-32, in addition to testing the newly outlined gravity lows defined by the 2022 ground survey. On the western Atlantic claim block, drilling by Denison Mines in 2016 (hole BL-16-32) identified 342 parts per million (ppm) uranium over 0.5 metre at the base of the sandstone, just north of target area A. Winter drilling will be focused in target area A, which is defined by a 1,400 m by 850 m density anomaly at the unconformity, coinciding with stacked EM conductors and an interpreted regional fault.

The scientific and technical information contained in this news release has been reviewed, verified and approved by Mr. Hillacre, PGeo, president and vice-president of exploration of the company, and a qualified person as defined in National Instrument 43-101.

About Standard Uranium Ltd.

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 209,867 acres (84,930 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 has successfully completed four joint venture earn-in partnerships on its Sun Dog, Canary, Atlantic and Ascent projects totalling over $31-million in work commitments over the next three years from 2024 to 2027.

Standard Uranium's Davidson River project, in the southwest part of the Athabasca basin, Saskatchewan, comprises 10 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 undertested 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.

Standard Uranium's eight eastern Athabasca projects comprise 30 mineral claims over 32,838 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 composed 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.

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