Mr. Jon Bey reports

STANDARD URANIUM ANNOUNCES AGREEMENT TO EXPAND NEWLY STAKED CORVO PROJECT IN THE EASTERN ATHABASCA BASIN

Standard Uranium Ltd.'s wholly owned subsidiary, Standard Uranium (Saskatchewan) Ltd., has entered into a mineral property purchase and sale agreement, dated effective Aug. 24, 2023, with Eagle Plains Resources Ltd., pursuant to which the company will acquire eight additional mineral claims totalling 4,278 hectares contiguous with the recently staked Corvo project in the eastern Athabasca basin region. Upon completion of the acquisition, the Corvo project will comprise 7,989 hectares within 10 claims and contain 14.5 kilometres of prospective exploration corridors across two trends. Standard Uranium continues to implement its project generator growth strategy, further adding to the already-considerable land package in the Athabasca basin through expansion and acquisition opportunities.

Summary of purchase agreement

Pursuant the terms of the definitive agreement, the aggregate purchase price payable by Standard Uranium to the Eagle Plains consists of: (a) 1.25 million common shares of the company; and (b) the granting of a net smelter return royalty of 2.5 per cent to Eagle Plains on all Corvo claims effective as of the commencement of commercial production. The NSR royalty is subject to a buydown right in favour of Standard Uranium, pursuant to which Standard Uranium may purchase 1 per cent of the NSR royalty in exchange for payment of $1-million, thereby reducing the NSR royalty to 1.5 per cent. The consideration shares will be subject to a four-month hold period as prescribed by applicable securities laws.

"Completing this deal with Eagle Plains will add significant value to the Corvo project, delivering more than five kilometres of additional prospective exploration corridors in addition to several more historical uranium showings," said Sean Hillacre, president and vice-president, exploration, for the company. "The fact that the project is road accessible year-round complements the strong geoscience attributes of the project, drawing on the analogy of the nearby Gemini mineralized zone. With this addition to the claims staked by our team, Corvo is now a highly optionable project with size and strong geological characteristics prospective for uranium mineralization."

With the expansion of the Corvo project, the company will have ownership interests in seven projects totalling over 187,542 acres across the uranium-rich Athabasca basin. Standard Uranium continues to expand its set of high-potential assets across the Athabasca basin to drive value and minimize dilution to shareholders through focused exploration and transactional success. The company is seeking strategic partners to advance all projects through earn-in agreements that provide upside to shareholders through continuing exploration and future discovery.

Tim Termuende, president and chief executive officer of Eagle Plains, commented: "We are pleased to have concluded a mutually beneficial deal with Standard on their Corvo Project. Standard brings to the table a solid management team while Eagle Plains will maintain significant upside exposure to the project through its sizeable shareholdings in Standard and the retention of an NSR."

Key focus points:

• Expansion of the Corvo project will add an additional 4,278 hectares and five kilometres of two strong northeast-southwest magnetic low trends coincident with EM (electromagnetic) conductors and crosscutting faults. Parallel magnetic low trends to the north and south are also added.
• Uranium mineralization is present along a strike length of 800 metres in drill holes TL-79-3 (0.57 per cent U3O8 (triuranium octoxide) over 3.5 metres) to TL-79-5 (0.65 per cent U3O8 over 0.1 metre) within the new east-central claim.
• Historical surveys highlight geochemical anomalies along conductive trends and lithologic contacts observed in outcrop. The expanded claims add multiple new data points of uranium anomalism to the project, including surface sample JBWLR011, returning 1,420 parts per million uranium.
• Elevated radioactivity measured in boulders, outcrop and drilled rock, coupled with the geochemical anomalies present on the Corvo project, indicates high potential for discovery of additional uranium mineralization.

The Corvo project is situated 1.5 kilometres outside the current margin of the Athabasca basin, approximately 50 kilometres southwest of Rabbit Lake mill facilities and 45 kilometres northeast of the Gemini mineralized zone.

The expanded Corvo project will cover approximately 14.5 kilometres of two northeast-trending magnetic-low/electromagnetic conductor corridors. The new claims acquired contain numerous historical samples and drill holes, providing an abundance of supplementary data to the project compilation. Additional uranium anomalies in both surface samples and drill holes will bolster the exploration strategy on the project and provide the basis for advancing Corvo to discovery. Data compilation by the company is currently under way to identify target areas for high-grade uranium mineralization within metasedimentary and orthogneissic basement rocks. The project will benefit from additional surface sampling and geophysical surveys to aid in drill target vectoring.

The company believes the Corvo project is highly prospective for the discovery of shallow, high-grade, basement-hosted uranium mineralization akin to that recently discovered at the Gemini mineralized zone. The expansion of the Corvo project is part of the company's strategy to increase its landholdings in the infrastructure-rich eastern Athabasca basin of Saskatchewan, Canada, providing strong opportunities for earn-in transactions. The project is extremely well positioned logistically, being road accessible by Highway 905 and proximal to other key infrastructure such as the Rabbit Lake mill.

Completion of the acquisition remains subject to the approval of the TSX Venture Exchange. The company and Eagle Plains are at arm's length, and no finders' fees or commissions are payable by the company in connection with the acquisition. Upon issuance, the consideration shares will be subject to a four-month hold period as prescribed by applicable securities laws.

The scientific and technical information contained in this news release, including the sampling, analytical and test data underlying the technical information contained in this news release, has been reviewed, verified and approved by Sean Hillacre, PGeo, president and vice-president, 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 187,542 acres (75,895 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's Atlantic, Canary, Ascent, Corvo and Rocas projects in the eastern Athabasca basin comprise 23 mineral claims over 25,242 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 in Saskatchewan comprises nine mineral claims over 19,603 hectares. The Sun Dog project is highly prospective for basement-hosted and unconformity-hosted uranium deposits yet remains largely untested by sufficient drilling despite its location proximal to uranium discoveries in the area.

Standard Uranium's Davidson River project in the southwest part of the Athabasca basin in 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.

We seek Safe Harbor.