Mr. Drew Zimmerman reports

STALLION URANIUM SIGNS BINDING LOI FOR UP TO $2.2M FOR HORSE HEAVEN GOLD AND ANTIMONY PROJECT

Stallion Uranium Corp. has entered into a binding letter of intent (LOI) with an arm's-length party (the optionor), under which the company has granted the optionor the option to acquire an 80-per-cent interest in its Horse Heaven gold and antimony project consisting of 699 mineral claims covering over 5,817 hectares located in Idaho, United States.

"The signing of this option agreement creates the opportunity for Stallion to maximize the value of its Horse Heaven project. Antimony, a critical mineral, has become even more vital as China restricts exports, highlighting the pressing need for the U.S. to secure a domestic supply. Horse Heaven's high-grade antimony target with historical production presents an invaluable asset for advancing domestic supply," said Drew Zimmerman, chief executive officer. "The LOI will drive the advancement of the Horse Heaven project, creating substantial value for all stakeholders involved."

Pursuant to the LOI, the optionor may acquire 80 per cent of the issued and outstanding common shares (the Horse Heaven Parent shares) of 1262446 B.C. Ltd. (Horse Heaven Parent), a wholly owned subsidiary of the company, which holds an undivided 100-per-cent legal, beneficial and registerable interest in the property, in consideration of the following to the company:

1. $200,000 in cash on the date that the LOI is executed;
2. $200,000 in cash on the date in which a definitive agreement is entered into;
3. $300,000 in common shares of Privco at a deemed price per Privco share equal to 18 cents per Privco share on the effective date of the definitive agreement;
4. $50,000 in cash and $200,000 in Privco shares at a deemed price per Privco share equal to the price of the underlying securities sold in Privco's most recently completed equity financing at the date of issuance on the first anniversary of the effective date of the definitive agreement;
5. $50,000 in cash and $200,000 in optionor shares at the financing price on the second anniversary of the effective date of the definitive agreement;
6. $50,000 in cash and $200,000 in optionor shares at the financing price on the third anniversary of the effective date of the definitive agreement;
7. $50,000 in cash and $200,000 in optionor shares at the financing price on the fourth anniversary of the effective date of the definitive agreement.

In addition, the optionor must complete an aggregate of $1-million in exploration expenditures to advance the property prior to the first anniversary of the effective date of the definitive agreement and completing an additional $4-million in exploration expenditures within the next three years from the expiry date to advance the property.

The company shall also be eligible to receive the following milestone payments:

1. If Horse Heaven Parent receives a drill permit for Antimony Ridge from the United States Forest Service, the optionor shall pay the company $250,000, which shall be payable in cash or in optionor shares (at the financing price), at the optionor's sole discretion.
2. If Horse Heaven Parent receives funding from the U.S. government in excess of $5-million, the optionor shall pay the company $250,000, which shall be payable in cash or in optionor shares (at the financing price), at the optionor's sole discretion.

The LOI shall terminate if the parties have not entered into a definitive agreement by Oct. 30, 2024. The definitive agreement is subject to the receipt of any third party consents or regulatory approvals, including, but not limited to, any necessary stock exchange approvals required by the company or the optionor, respectively.

Horse Heaven overview

The Horse Heaven project is located 212 kilometres northeast of Boise, Idaho, in Valley county. The Horse Heaven project comprises 699 unpatented federal mining claims, covering 5,817 hectares, and shares its eastern boundary with Perpetua Resources' Stibnite gold project, a project expected to be the only near-term domestic supply of antimony in the United States. At Horse Heaven, the focus of historical mining and recent exploration programs has been on the Golden Gate fault zone and Antimony Ridge.

Golden Gate fault zone

The Golden Gate mine historically produced approximately 8,000 tonnes of tungsten between the 1960s and 1980s. Mapping of the Golden Gate shear zone has identified a three-kilometre strike length with structurally controlled gold, antimony and tungsten mineralization. Stallion's soil sampling along the shear zone returned strong results of 1.99 parts per million gold, 5.5 parts per million silver, 137 parts per million antimony and 230 parts per million tungsten. Rock sampling also showed strong results of 4.3 parts per million gold, 132 parts per million silver, 724 parts per million antimony and 180 parts per million tungsten.

In 2022, a ground geophysical controlled-source audio-frequency magnetotelluric (CSAMT) survey was conducted over the Golden Gate shear zone, confirming the presence of the shear zone at depth. Stallion has a pending categorical exclusions drill permit from the Boise National Forest, with the aim of testing mineralization at depth along the Golden Gate shear zone.

Antimony Ridge

Historically, Antimony Ridge was a significant source of antimony, having produced 60 railcars of antimony during the First World War and the Second World War and up until its last recorded production in 1952. Mineralization at Antimony Ridge is distributed across approximately 700 metres by 50 metres of open cuts. Recent rock sampling conducted by Stallion returned notable assay results of 5.9 grams per tonne gold, 19.5 per cent antimony and 367 parts per million silver.

Structural mapping has delineated over 0.7 kilometre of high-grade antimony veins, many of which were historically mined during wartime. Follow-up work is planned to better define the high-grade antimony and precious metal mineralization in this zone.

Qualifying statement

William Breen (registered member No. 04203997 of SME (Society for Mining, Metallurgy & Exploration)) is the qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects, who has reviewed and approved the scientific and technical content of this press release. Mr. Breen is an officer of the company.

About Stallion Uranium Corp.

Stallion Uranium is working to fuel the future with uranium through the exploration of roughly 3,000 square kilometres 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 comprise uranium and precious metal exploration experts with capital market experience and technical talent for acquiring and exploring early-stage properties.

Stallion offers optionality with the Horse Heaven gold project in Idaho which neighbours the world-class Stibnite gold deposit held by Perpetua Resources, offering exposure to upside potential from district advancement with limited capital expenditures.

We seek Safe Harbor.