Mr. David Greenway reports

URANIUM ONE ANNOUNCES INAUGURAL EXPLORATION PROGRAM AT ITS YUTY PROMOTEO URANIUM PROJECT, PARAGUAY

Uranium One Mining Corp.'s inaugural exploration program is now under way at the company's approximately 90,000-hectare Yuty Prometeo-San Jose uranium project, located in the Parana basin of southeastern Paraguay.

The company has received its prospection permit from Paraguay's vice-ministry of mining and energy (VMME), marking a significant regulatory milestone in advancing exploration activities at its approximately 90,000-hectare Yuty Prometeo-San Jose uranium project (Yuty uranium project), located in Paraguay's Parana basin.

Following receipt of the permit, Uranium One has commenced its inaugural exploration program, focused on verifying historical exploration data, assessing previously identified uranium geochemical anomalies and evaluating prospective areas to support the identification and prioritization of future drill targets.

The exploration program is designed to conduct geological reconnaissance across priority areas, assess access routes and field logistics, and verify the locations and current conditions of historical exploration drill holes attributed to Anschutz Co. Particular attention will be directed toward areas identified in historical records as exhibiting uranium geochemical anomalies.

David Greenway, chief executive officer of Uranium One Mining, commented: "Receiving the prospection permit represents a significant milestone for Uranium One, paving the way for our inaugural exploration program, which is now under way across our approximately 90,000-hectare Yuty Prometeo-San Jose uranium project in Paraguay. We are encouraged by the historical exploration data, previously identified uranium geochemical anomalies and the project's strategic location within the Parana basin. Of particular significance is the Prometeo concession's direct proximity to Uranium Energy Corp.'s Yuty project, which hosts an established uranium resource. While mineralization on adjacent properties is not necessarily indicative of mineralization on our property, this regional geological setting provides an important foundation for our exploration strategy.

"With growing global interest in secure and reliable nuclear fuel supplies, we believe this is an opportune time to advance our uranium assets in Paraguay. Our immediate priority is to verify historical exploration results, conduct field radiometric measurements, evaluate prospective uranium-bearing geological environments and systematically advance priority areas toward future drill targeting. We look forward to building on the historical work and unlocking the exploration potential of this expansive project," added Mr. Greenway.

Field activities will also include radiometric measurements, photographic documentation, GPS georeferencing, inspections of accessible quarries and natural outcrops, and the collection of up to 100 representative rock or soil samples to support geological interpretation and future exploration planning.

The inaugural exploration program is expected to include the following key activities:

• Block reconnaissance and access assessment: Conduct field reconnaissance across priority exploration blocks to identify access points, assess terrain conditions and establish logistical requirements for subsequent exploration activities.
• Historical drill hole verification: Locate and inspect historical exploration drill holes attributed to Anschutz Co., documenting their geographical positions, present conditions and surrounding geological characteristics through field observations, photographs and GPS co-ordinates.
• Field radiometric measurements: Conduct field radiometric measurements using a portable scintillometer to record natural gamma radiation from rocks, soils and exposed outcrops, with particular emphasis on areas associated with historical uranium geochemical anomalies.
• Quarry and outcrop inspection: Identify and examine accessible active and inactive quarries, natural outcrops, and other exposed geological formations that may provide opportunities to observe fresher or better-preserved bedrock and assess geological characteristics relevant to uranium exploration.
• Geological sampling and documentation: Collect up to 100 representative rock or soil samples from selected priority areas, supported by geological observations, photographic records and GPS georeferencing, to assist in evaluating uranium anomalies and refining future exploration targets.

The Prometeo concession is contiguous with Uranium Energy Corp.'s (UEC) Yuty project, placing Uranium One within an established uranium exploration district in southeastern Paraguay. However, mineralization identified on adjacent or nearby properties is not necessarily indicative of mineralization on the company's properties.

U.S.-Paraguay co-operation and uranium investment

On Oct. 21, 2026, the U.S. Department of State announced initiatives to deepen U.S.-Paraguay co-operation, including the start of negotiations toward an agreement for co-operation in the peaceful uses of nuclear energy. The department also reported that Uranium Energy Corp. (UEC) announced a $12-million (U.S.) investment to develop one of its uranium concessions in Paraguay. The department did not identify the concession in its announcement.

The company believes these developments demonstrate growing international attention to Paraguay's uranium sector and the potential for expanded civil nuclear cooperation. A nuclear co-operation agreement remains subject to negotiation and entry into force. UEC's announced investment relates to its own concession and does not involve Uranium One or its Yuty Prometeo-San Jose uranium project.

The company announces that it received its prospection permit from Paraguay's vice-ministry of mining and energy (VMME), a critical step in commencing uranium exploration authorization across the project area.

About the Yuty Prometeo project

Uranium One's four concessions, including the three San Jose and one Yuty Uno concession, collectively span approximately 90,000 hectares (222,395 acres) within the prolific Parana basin, one of South America's most promising uranium regions. The project area is located adjacent to Uranium Energy Corp.'s (UEC) established Yuty deposit, which hosts an indicated resource of 8.96 million pounds of U3O8 (triuranium octoxide).

The Yuty Prometeo consists of four concessions -- three San Jose concessions and one Prometeo concession -- covering a combined area of approximately 90,000 hectares (222,395 acres) within the uranium-rich Parana basin in southeastern Paraguay.

The Prometeo concession spans approximately 27,666 hectares (68,368 acres) and is directly contiguous to UEC's Yuty project. Historical records reference 27 drill holes on the Prometeo property, averaging 165 metres in depth. Spectral Gamma Downhole Logging of all these boreholes indicated the presence of uranium in seven of the holes -which averaged 175 m deep. Six of these seven holes reported anomalous uranium values of 0.01 to 0.02 per cent U3O8, and the seventh hole reported strongly mineralized rock of 0.05 per cent to 0.10 per cent U3O8 throughout its 107-metre length.

Data from previous work by the Anschutz Corp. suggest that the Prometeo block lies along geologic trend with UEC's contiguous Transandes block.

The San Jose concessions encompass approximately 62,210 hectares (153,754 acres) across three adjacent claims situated along the Upper Permian-Carboniferous contact, approximately 100 kilometres northwest of UEC's Yuty project and 40 km west of its Coronel Oviedo project. A radiometric car survey conducted over a 40 km by 10 km area delineated significant uranium anomalies across the properties. Collectively, these concessions represent a strategically positioned and highly prospective uranium exploration asset within one of South America's most promising uranium districts.

The drill results referenced in this release are historical in nature. Uranium One has not yet completed the work necessary to independently verify these results in accordance with NI 43-101 and therefore they should not be relied upon. The company plans to complete confirmatory drilling to verify the historical information.

About UEC's Yuty ISR project

UEC's adjacent Yuty ISR project in southeastern Paraguay spans approximately 117,359 hectares (290,000 acres) and hosts an indicated resource of 8,962,000 pounds U3O8 (9,074,000 tons grading 0.049 per cent U3O8), and an inferred resource of 2,203,000 lbs U3O8 (2,733,000 tons grading 0.040 per cent U3O8), as disclosed in its July 1, 2022, technical report titled "Yuty Uranium Project Initial Assessment US SEC Subpart 1300 Regulation SK Report, Paraguay SA." UEC's Yuty project is considered amenable to low-cost, lower-impact in-situ recovery (ISR) mining method extraction UEC employs at its Texas operations.

UEC secured a 100-per-cent undivided interest in the Yuty project through its March 30, 2012, acquisition of CUE Resources Ltd.

Uranium One's management cautions that past results or discoveries on properties in proximity to Uranium One may not necessarily be indicative of the presence of mineralization on the company's properties.

About Paraguay

The Republic of Paraguay is an emerging mining jurisdiction in the heart of South America, bordered by Brazil, Argentina and Bolivia. Known for its political stability, low sovereign risk and investor-friendly regulatory environment, Paraguay offers a supportive framework for mineral exploration and development. The country has a democratic government, strong legal protections for foreign investment and a growing interest in unlocking its untapped mineral potential, particularly in uranium, rare-earth elements and base metals. With abundant land, a relatively low population density and improving infrastructure, Paraguay is increasingly recognized as a geopolitically stable and strategically attractive destination for mining companies seeking long-term growth opportunities.

Qualified person

The scientific and technical information contained in this news release has been reviewed and approved by Lawrence Segerstrom, a consulting geologist who is a qualified person as such term is defined under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

The QP reviewed the technical content, including the figures, historical data summaries and adjacent property information, and confirms that the data have been accurately summarized where used.

About Uranium One Mining Corp.

Uranium One Mining is a Canadian mineral exploration company focused on the acquisition, exploration, and development of uranium projects and select battery metals assets. The company is advancing a diversified portfolio of high-potential projects in Canada, Paraguay and Argentina, with a strategic focus on assets positioned to benefit from the increasing global demand for nuclear energy and secure energy supply chains.

The company's projects include the Quark uranium project, the Yuty Prometeo uranium project and the Nucleon uranium project, each of which offers significant exploration upside and potential for resource expansion.

Uranium One Mining is committed to responsible exploration practices, disciplined capital allocation and the creation of long-term shareholder value through the systematic advancement of its project portfolio.

We seek Safe Harbor.