Standard Uranium Ltd. announced that the spring/summer drill program on the Company's Davidson River Project (“Davidson River” or the “Project”) has been successfully completed ahead of schedule, under budget, and with intersections of elevated radioactivity. The 25,886-hectare Project is situated within the Southwest Athabasca Uranium District of Saskatchewan. The focused drill program followed up on prospective structures and alteration intersected during previous programs and tested brand new target areas.

The Company is also pleased to announce the engagement of GoldSpot Discoveries Corp. (“GoldSpot”) (TSX-V: SPOT) (OTCQX: SPOFF) in a partnership to develop new and advanced drill targets on all five of the Company's projects. Standard Uranium is pleased to be the first uranium company to collaborate with GoldSpot's expert team of geoscientists and data scientists and utilize cutting-edge exploration techniques through a variety of traditional and machine learning applications.

The fourth drill program at Davidson River focused on testing the Thunderbird conductor for the first time as well as following up on prospective graphitic structural zones intersected along the Bronco conductor in 2021. Summer 2022 drilling on the Project has confirmed the presence of broad, graphitic shear zones overprinted by zones of strong brittle faulting and intense alteration, normally associated with basement-hosted uranium mineralization, along the Bronco and Thunderbird conductors. Davidson River – Spring/Summer 2022 Drill Program Geology Highlights, DR-22-032; Bronco Conductor 370 m step-out along strike southeast of DR-21-028.

Rubbly chloritic fault zone from 165.8 to 182.0 m, hosting mosaic and crackle breccias with local fault gouge. Intensely graphitic fault zone in mylonitic pelitic gneiss intersected from 210.3 to 212.1 m. A 60 m lithological offset between DR-22-032 and DR-21-028/DR-21-031, indicates significant reverse faulting along the Bronco conductor. DR-22-033A; Thunderbird Conductor: Collared on the northern extension of the Thunderbird conductor designed to test an electromagnetic (“EM”) bright spot and inferred conductor break.

Intersection of hydrothermal alteration zone associated with graphitic shear and strong hematite-limonite oxidation fronts from 162.4 to 166.5 m – Commonly associated with high-grade uranium mineralization (Figure 2). Intersection of multiple stacked graphitic shear and fault zones between 307.9 to 370.8 m. No significant radioactivity. DR-22-034A; Bronco Conductor: 470 m step-out along strike southeast of DR-21-027.

Brittle-ductile graphitic fault zone intersected from 384.5 to 392.0 m with massive quartz veining indicating significant dilation and fluid flow within the structure. Elevated radioactivity intersected from 390.4 to 391.4 m within the structure, reaching 250 cps (Figure 3). Strongly graphitic fault zone within semi-pelitic gneiss from 442.0 to 444.4 m. DR-22-035; Thunderbird Conductor: 280 m step-out along strike northwest of abandoned hole DR-21-029A.

Moderate to locally strong graphitic-sulphidic mylonite zones throughout (259.0 to 263.0 m, sporadically between 430.0 and 487.0 m). Carbonatite intrusions intersected from 349.95 m to end of hole with metasomatic alteration halos. Local radioactive peak of 233 cps at 425.05 m; no significant radioactivity.

DR-22-036; Bronco Conductor: 610 m step-out along strike southeast of DR-22-034A. Intersection of weakly bleached clay-, chlorite-, and hematite-replaced zone below unconformity contact from 175.8 to 182.0 m. Elevated radioactivity was observed within a biotite-pegmatite from 344.5 to 345.0 m; reaching 380 cps. Intersection of significant graphitic structure zone with sericitic alteration and local cataclastic fault gouge from 412.0 to 442.5 m (Figure 4).

Elevated radioactivity intersected from 445.25 to 445.75 m; reaching 250 cps. DR-22-037; Thunderbird Conductor: 470 m step-out along strike southwest of DR-22-033A. Clay altered fault zone observed from 109.9 to 110.5 m; proximal to unconformity contact.

Intersection of multiple deformed graphitic metapelite structures ranging from 1.0 to > 5.0 m in drill hole thickness. No significant radioactivity. DR-22-038; Bronco Conductor: 65 m up-dip target east of DR-22-036.

Intersection of highly deformed graphitic metapelite structures ranging from 1.0 to >5.0 m in drill hole thickness – from 366.0 to 395.0 m. Elevated radioactivity (maximum 300cps) and smoky quartz veins observed within sheared graphitic metapelite from 375.0 to 375.5 m (Figure 5). Elevated radioactivity was intersected within a pegmatite from 355.5 to 356.0 m; with a maximum of 380 cps. DR-22-039; Thunderbird Conductor: 75 m down-dip target south-west of DR-22-033A.

Intersection of hydrothermal hematite-limoniteoxidation fronts within relatively shallow structure (Figure 6). Intersection of highly deformed graphitic metapelite with reactivated fault gouge and cataclasite structures. No significant radioactivity.