Terra Uranium Limited announced the completion of the 2023 winter RC drilling program at its 100% owned Pasfield and Parker Projects as of 19th March 2023. The Company holds a 100% interest in 22 Claims covering a total of 1,008 km forming the HawkRock Project, the Parker Lake Project and the Pasfield Lake Project (together, the Projects), located in the Cable Bay Shear Zone (CBSZ) on the eastern side of the Athabasca Basin, north- eastern Saskatchewan, Canada. The Projects are approximately 80 km to the west of multiple operating large uranium mills, mines and known deposits.

The CBSZ is a major reactivated structural zone with known uranium mineralisation, but limited exploration as the basin sediment cover is thicker than for the known deposits immediately to the east. Methods used to explore include airborne and ground geophysics, including airborne electromagnetics (VTEM, ZTEM), the recently demonstrated ambient noise tomography (ANT) that can penetrate far beyond unconformity depth, and reverse circulation drilling (RC) for geochemical profiling, to provide the best targets before undertaking costly cored diamond drilling right into the target zones at depth. Exploration Framework and March Activities Update: The Company has developed an exploration framework to expedite discovery using proximal pathfinders, which includes a mix of geochemistry and geophysics to de-risk core drilling target selection.

The framework includes: Refining ZTEM interpretation for basement conductors. Completing the collection VTEM for sandstone alteration and fracturing. Initiation of RC drilling along prospective corridors for uranium pathfinder geochemical halos.

Ground geophysics for final drill target definition. ANT surveys where/when possible. Final design of the diamond drill programs. This will follow completion and interpretation of the RC Drilling and both airborne and ground geophysics programs. Exploration results and plans are reviewed monthly by the board of directors, who will refine the novel framework under which exploration will be conducted, noting that Terra Uranium is the operator of all 100% owned projects and is unencumbered by joint venture mandates.

Diamond drilling of the best responding geophysical and geochemical targets will proceed when technically acceptable. A major milestone for Terra Uranium has already been reached, with the granting of exploration permits for the next 3 years over all of the Company's 100% owned Athabasca Basin projects. In the 6.5 months since listing on the ASX on 8 September 2022, the Company has now completed airborne geophysics, geochemistry, a highly successful trial of ANT passive seismic to map the basement, data analysis, permitting for ground operations and the winter phase of the RC drilling program.

The 2023 exploration program continues to de-risk current diamond drill targets and provide positive results for future target areas. Planned works including ground geophysics, equipment and supply mobilization for the spring diamond drilling program are now underway. Winter RC Drilling: T92 has completed the Winter phase of the RC Drilling program stage of its maiden exploration program, which is focused on the discovery of major uranium deposits under cover at the 100%- owned Pasfield and Parker Projects.

A total of 29 RC holes completed at the Parker and Pasfield Projects for a total meterage of 1,271 and average depth of 41m. All completed holes drilled approximately 24 metres of sandstone. The drilling was designed to test for alteration and geochemical signatures in the subsurface sandstones above the gravity, magnetics, and ANT passive seismic anomalies coincident with very strong ZTEM and VTEM conductors in the basement, and overlying sandstones indicative of potential mineralisation at the target basal unconformity at depth.

Winter Geophysics Program: Discovery Int'l Geophysics has been contracted to complete Step-Wise Moving-Loop Transient Electromagnetic (SWMLTEM) surveying over two extremely responsive uranium target areas at Parker and Pasfield to isolate diamond drill targets for optimal diamond drill discovery success. Discovery Int'l Geophysics is mobilizing and Terra Uranium anticipates receiving survey results in late April. Terra Uranium has designed the SWMLTEM survey to consist of 2 survey grids of different azimuths, one at Pasfield Lake and one at Parker Lake, to be surveyed from 1 line and 7 TEM loops each, with loops measuring 800m x 800m.

There is an estimated total of 8km of line-cutting, and 40km of SWMLTEM coverage. Discovery estimates that the entirety of the work covered in this proposal should be completed within 2-3 weeks and data delivery following quality control. Discussions are progressing on the design, deployment, and processing of an ANT (Ambient Noise Tomography) passive seismic over the northern 15km of the Parker Lake ZTEM anomaly.

ANT was an extremely valuable and cost-effective tool in identifying and corroborating the high priority of the Pasfield West anomaly. Spring Diamond Drill Program: ITL Diamond Drilling has been contracted in a very tight exploration market to diamond drill 5,000m consisting of HQ and NQ sized holes to average depths of 1,200m. Mobilization has commenced for spring execution and drilling is expected to commence in May or June.

Geochemical and Helium Sampling: The SRC Geoanalytical Laboratory has received all RC sandstone samples and analysis processing is proceeding using their Sandstone Exploration Package ICP-MS1. Within the current Terra Uranium RC program, 6 shallow RC holes overlying areas of anomalous conductivity within both the Athabasca sandstone and underlying basement rocks have been designated for shallow groundwater helium sampling. Following sampler extraction and seal-off, samples have been couriered for analysis of Helium and Neon compositions and isotope values at the University of Ottawa.

Data will be analysed and compared to other collected helium data in the basin and assessed as a proximal pathfinder for deep-seated high-grade uranium mineralization. Airborne Geophysics - VTEM: 1,351 line-km of VTEM Surveying was completed on February 19th, 2023. Multiple strong conductors confirmed at Hawkrock, Parker and Pasfield.

Terra anticipates receiving levelled VTEM data and waveform within the next week and will then immediately proceed with 3D inversion of the geophysics which will be incorporated into holistic earth models.