Standard Uranium Ltd. announced the final analytical results of the Phase III summer 2022 diamond drilling program at the Company's flagship 20,006-hectare Davidson River Project (“Davidson River”). Davidson River is situated in the Southwest Athabasca Uranium District of Saskatchewan, approximately 25 km to 30 km, respectively, to the west of Fission Uranium Corp.'s Triple R deposit and NexGen Energy Ltd.'s Arrow deposit. The Davidson River Phase III program comprised ten (10) drill holes totalling 4,107.7 metres of diamond drilling along the Thunderbird and Bronco conductive trends.

Significant structure and favorable alteration zones were intersected, defining high priority follow up target areas for the planned 2023 summer/fall drill program. Deep seated and strongly graphitic basement structures along the Bronco and previously untested Thunderbird trend were successfully intersected in all drill holes completed during the 2022 exploration program. DR-22-033A and DR-22-037 host anomalous uranium as well as significant sulphide mineralization and elevated pathfinder elements.

Additionally, and in conjunction with hydrothermal quartz, metasomatism, and remobilized graphite, a highly prospective limonite-hematite redox alteration zone was intersected 37 metres below the unconformity in Thunderbird drill hole DR-22-033A. The southeast portion of the Bronco trend hosts some of the most prospective basement structures intersected to date at Davidson River. DR-22-036 contains multiple stacked and reactivated graphitic shears with significant evidence of hydrothermal fluid flow, while the follow up hole, DR-22-038, contains anomalous uranium as well as clay-altered graphitic shearing, indicating that the along-strike continuity of the trend opens to the south along the conductor.

Drill hole intersections of prospective structure, alteration, and anomalous geochemical results have continued to improve with each drill program at Davidson River, setting the stage for the planned 2023 drill program to be the most exciting to date. Several high-priority drill targets have been outlined through integration of targeting vectors, which will be further supplemented by work completed by GoldSpot prior to the drill program slated to begin in June 2023. Schematic cross-sections through the Thunderbird and Bronco trends, highlighting selected drill holes from the summer 2022 drill program.

Highlighted drill hole traces are projected to section and displayed with partial digestion uranium assays in parts per million (“ppm”) >5.0 ppm and gamma probe peaks annotated. DR-22-032; Bronco conductor: Drilled 370 m SE of DR-21-028, designed to test the strike extent of strongly graphitic reactivated basement faults at depth in DR-21-028 and DR-21-031, Multiple intersections of >100 ppm boron (B) in the basement lithologies, including 132 ppm B at the unconformity 5.18 ppm uranium (U) returned from a semi-pelitic gneiss below the unconformity, Intensely graphitic fault zone through mylonitic pelitic gneiss from 210.3 to 212.1 m DR-22-033A;Thunderbird conductor: Northernmost drillhole on the Thunderbird trend, designed to test the convergence of several geophysical anomalies, 9.01 ppm uranium returned from a moderately graphitic quartz-clay breccia at 227.5 m Graphitic fault zone from 159.7 to 164.3 m, characterized by brittle-reactivation and strong hematite-limonite redox alteration 16.7 ppm uranium and a highly anomalous lead (Pb) ratios associated with a brecciated and metasomatized mylonite zone from 311.7 to 319.8 m. DR-22-034A; Thunderbird conductor: Drilled 470 m SSE of DR-21-027; designed to test the strike continuity of wide graphitic shears and elevated radioactivity intersected in DR-21-027, Up to 5 ppm uranium and 136 ppm boron in the sandstone, including 145 ppm boron at the unconformity. 230 ppm boron associated with clay and carbonate veins at 210 m. Seven-metre fault zone at 384 m, hosting up to 12.7 ppm molybdenum, 379 ppm copper, and 44.7 ppm cobalt.

DR-22-035; Thunderbird conductor: Drilled 280 m NW along strike from DR-21-029A. rittle fault zone from 105 to 144.5 m, hosting 6.74 ppm uranium and 16.8 wt% Fe2O3, characterized by strong clay, chlorite, and carbonate alteration. 20.1 ppm molybdenum and 1.87 wt% sulphur within a graphitic mylonite zone from 253.8 to 254.3 m. DR-22-036; Bronco conductor: Drilled 610 m S of DR-22-034A; designed to test the strike continuity of wide graphitic structures at depth intersected in DR-21-027.

4.86 ppm uranium in the sandstone from 173.15 to 174.7 m, as well as 11.3 ppm arsenic and 58.8 ppm nickel 125 ppm boron in a rubble zone at the unconformity (175.8 m), associated with intense clay alteration. Stacked strongly graphitic fault zones between 411 and 443 m: Graphitic fault zone from 411.7 to 415 m, hosting 7.6 ppm uranium, 146 ppm copper, and 130 ppm boron. 437 ppm copper, 52.1 ppm cobalt, 139 ppm nickel, 3.96 wt% sulphur from 433.3 to 433.8 m, associated with graphitic shearing DR-22-037;Thunderbird conductor: Drilled 470 m SE of DR-22-033A Mylonitic semi-pelitic gneiss intersected from 265 to 390 m, hosting local moderate graphite, reactivated shear zones, and fault breccia: 5.2 ppm uranium returned from a 2.5 m chlorite-rich reactivated shear zone at 306 m. 20.9 ppm uranium returned from a 1.5 m mylonitic graphitic shear zone at 388.5 m. 30.3 ppm molybdenum, 182 ppm copper, and 2.9 wt% sulphur also returned.

Strongly graphitic cataclastic zone intersected from 402.3 to 402.6 m. DR-22-038; Bronco conductor: Drilled 65 m E of DR-22-036; designed to test the up-dip extension of significant graphitic shearing intersected at depth in DR-22-036. 6.12 ppm uranium and 177 ppm boron from 173.3 to 180 m, associated with an illite- kaolinite altered fracture zone proximal to the unconformity. 42 ppm uranium, 168 ppm thorium, 64.9 ppm lead, and 65.7 ppm molybdenum from 228.1 to 228.2 m within quartz-feldspar pegmatite.