Standard Uranium Ltd. provided updates on the ongoing summer 2022 drill program at its Davidson River Project (“Davidson River”) in Canada's premier uranium district, the Athabasca Basin. Key Focus Points: Davidson River drilling commenced on May 16th, with 2,672 metres completed to date Redox fronts and metasomatic alteration zones associated with shallow graphitic structures intersected in first Thunderbird drill hole Focus of drill program shifting to Thunderbird based on results from initial two holes Brokered private placement first tranche closed for $3.15M Davidson River – Summer 2022 Drill Program Update On May 16th, the Company began the fourth drill campaign on its 25,886 hectare Davidson River Project. The drill program is expected to comprise approximately 5,000 metres in 13 drill holes, following-up on the most prospective basement structures and alteration zones intersected to date and testing new target areas along the four major exploration trends on the Project (Figure 1).

Several kilometres of graphitic conductors remain to be tested at Davidson River. All completed drill holes have confirmed the existence of the conductor targets, intersecting stacked graphitic-sulphidic high-strain zones within basement rocks on the Thunderbird and Bronco trends. Notably, the first drill hole completed on the Thunderbird trend – DR-22-033A – intersected structurally controlled redox alteration fronts and graphite within semi-brittle structures from 162.1 to 167.5 m, both important ‘pathfinder' features to uranium mineralisation in the Basin.

Drilling will continue through July and drill core samples will be sent to the Saskatchewan Research Council (“SRC”) Geoanalytical Laboratory in Saskatoon periodically as they are collected throughout the season.