Mr. Drew Zimmerman reports

STALLION URANIUM CLOSES SALE OF NON-CORE URANIUM PROJECTS IN EASTERN ATHABASCA BASIN

Stallion Uranium Corp., further to its news release dated Feb. 13, 2024, the company has closed the purchase and sale agreement dated Feb. 12, 2024, under which the company has sold Glorious Creation Ltd. a 100-per-cent interest in its three Eastern basin projects, comprising seven mineral claims totalling approximately 10,874 hectares (26,870 acres) located in the province of Saskatchewan.

"All three projects are located in the heart of the world-renowned Eastern Athabasca basin and hold potential for a high-grade discovery. The closing of this sale will bring exploration programs to these projects, and Stallion is aligned to benefit from that exploration success," stated Drew Zimmerman, chief executive officer. "Our technical and geological team will be working with Glorious to manage the exploration efforts, but the sale allows for Stallion to remain focused on our targets in the southwestern Athabasca basin, including our Appaloosa target that saw great success on our maiden drill program, moving the company towards a discovery."

Pursuant to the agreement, Glorious shall acquire a 100-per-cent interest in the property for the following consideration to the company:

• Concurrently with the signing of the agreement, a cash payment of $100,000, which one-half of the deposit ($50,000) will be refundable by the company to Glorious should Glorious not obtain approval from the Canadian Securities Exchange (CSE);
• On the date of the closing, a cash payment of $300,000;
• An aggregate of 2.5 million common shares of Glorious to be issued to the company as follows:
  • 500,000 shares on the date which is six months following the closing date;
  • 500,000 shares on the date which is 12 months following the closing date;
  • 500,000 shares on the date which is 18 months following the closing date; and
  • One million shares on the date which is 24 months following the closing date.

The company shall retain a royalty of 3 per cent of net smelter returns from minerals mined and removed from the property, of which Glorious may purchase up to 1.5 per cent at any time prior to commercial production on the property as follows: $500,000 for 0.5 per cent; $750,000 for an additional 0.5 per cent; and $1-million for an additional 0.5 per cent.

The company and Glorious have also entered into an operating agreement pursuant to which Stallion will conduct an agreed upon exploration program on one or more of the properties for an operating fee.

The projects are located in the Eastern Athabasca basin with the Wollaston and Mudjatik supergroups. The region has been the focus of uranium exploration over the last 50 years and is host to the world-class Cigar Lake and McArthur River uranium deposits, which together host over 550 million pounds of uranium. Uranium mineralization in the Eastern Athabasca basin occurs in three deposit types: 1) unconformity-hosted uranium which occur at the contact between the overlying Athabasca basin and the crystalline basement rocks; 2) basement-hosted uranium which occur within the basement rocks; 3) sandstone-hosted uranium which occur perched in the Athabasca sandstone. The projects have the potential to host all three uranium deposit types. Given that uranium mineralization is structurally controlled, the company will be utilizing the recently completed magnetic and electromagnetic survey data to identify structural areas for advanced exploration.

Additionally, the company has engaged Knox Communications Inc. to provide investor relations services for a period of six months commencing June 1, 2024, for a consideration of $4,000 per month and renewing for additional one-month terms unless terminated by either party, pursuant to an agreement dated May 31, 2024. The company has granted 200,000 stock options, exercisable at 10 cents expiring on May 31, 2029, to Knox pursuant to the agreement. The stock options are issued pursuant to the company's share option plan and are subject to vesting conditions. Knox does not currently own any interest, directly or indirectly, in the company or its securities.

Qualifying statement

The foregoing scientific and technical disclosures for Stallion Uranium have been reviewed by Darren Slugoski, PGeo, vice-president of exploration, a registered member of the Professional Engineers and Geoscientists of Saskatchewan. Mr. Slugoski is a qualified person as defined by National Instrument 43-101.

About Stallion Uranium Corp.

Stallion Uranium is working to fuel the future with uranium through the exploration of over 3,000 square km in the Athabasca basin, home to the largest high-grade uranium deposits in the world. The company, with joint venture partner Atha Energy, holds the largest contiguous project in the Western Athabasca basin, adjacent to multiple high-grade discovery zones.

Stallion's leadership and advisory teams are composed of uranium and precious metals exploration experts with the capital markets experience and the technical talent for acquiring and exploring early-stage properties.

Stallion offers optionality, with two gold projects in Idaho and Nevada that neighbour world-class gold deposits, offering exposure to upside potential from district advancement with limited capital expenditures.

We seek Safe Harbor.