Standard Uranium Ltd. provide an update on 2024 exploration developments and plans at its Sun Dog Uranium Project (Sun Dog, or the Project), currently under a three-year earn-in option agreement (the Option) with Aero Energy Ltd. (Aero) that was executed on October 20, 2023. A diamond drilling program funded by Aero targeting high-grade uranium is planned for summer 2024 to test several land-based targets across the Project, which will be operated by the Company. Highlights: Drill targets are being finalized following interpretation of the results from a VTEMTM Plus survey, which have been integrated with recently modeled resistivity and gravity datasets.

Targets are being prioritized for the upcoming summer drill program following completion of drilling at the neighboring Murmac Project, operated by Fortune Bay Corporation (Fortune Bay). The recent VTEMTM Plus survey (April 2024) improves upon historical surveys which have identified at least 40 km of combined conductor strike length across the Project. Targets are focused on deformed graphitic rocks (conductors) favourable for hosting significant concentrations of uranium, akin to those hosting the recent discovery at Murmac along strike from Sun Dog, returning 8.7 metres of anomalous radioactivity with a maximum of 33,600 counts-per-second (cps) announced June 25, 2024.

The Company has recently received a three-year exploration permit for the Project covering the entire Option term with Aero, in addition to holding an Exploration Agreement with the Ya' Thi Néné Lands and Resources on the Project. All key vendors have been secured for the program, including Team Drilling LP, whose crews currently working on Murmac will transition to drilling the Sun Dog Project. Numerous historical high-grade* uranium showings ranging between 0.10% and 17.4% U3O8 have been documented at surface3,4 on the Project.

These showings occur in both basement rocks and perched within Athabasca sandstones above the Unconformity. Targets will focus on both basement-hosted and unconformity-related uranium mineralization. The project hosts the historical Gunnar Mine which produced 18M pounds of U3O8 between 1953 and 1981 and was formerly the world's largest uranium producer.

Sun Dog covers an area of 48,443 acres in nine mining claims, located 15 km from Uranium City on the northern margin of the Athabasca Basin. It hosts the historical Gunnar Uranium Mine, discovered in 1952, which doubled Canada's uranium production and became the largest uranium producer globally in 1956. The Gunnar Mine produced approximately 18M lbs of U3O8 between 1953 and 19811,2. During this time exploration efforts in the area primarily focused on Beaverlodge-style deposits, typically lower-grade, fault-hosted mineralization visible at the surface.

This approach did not target, and would not have been effective for, the high-grade Unconformity-related basement-hosted deposits associated with graphitic rocks more recently discovered near the Athabasca Basin's edge (e.g. Arrow, Triple R). These deposits are associated with graphite-rich rocks, evident as electromagnetic (EM) conductors in geophysical surveys. These graphite-rich rocks, softer than surrounding quartzite and granitoid lithologies, are not exposed at the surface.

Instead, they are found in deeply weathered valleys, concealed by glacial till, soil and small lakes. The historical exploration methods applied included airborne radiometric and surface prospecting, identifying radioactive anomalies and drill testing their extents. This approach is not effective for this type of basement-hosted mineralization.

Several gravity-low and resistivity-low anomalies have been identified and coincide with breaks or flexures in electromagnetic conductors, interpreted to potentially represent zones of strong alteration in bedrock, specifically clay alteration, commonly associated with the footprint of high-grade uranium deposits. With only limited previous drilling, the extensive (>40 km strike length) conductors targeted at Sun Dog remain largely unexplored, offering significant potential for future discovery. The scientific and technical information contained in this news release has been reviewed, verified, and approved by Sean Hillacre, P.Geo., President and VP Exploration of the Company and a qualified person as defined in NI 43-101.

Historical data disclosed in this news release relating to sampling results on the Sun Dog Project is historical in nature. Neither the Company nor a qualified person has yet verified this data and therefore investors should not place undue reliance on such data. The Company's future exploration work will include verification of the data.

The Company considers historical results to be relevant as an exploration guide and to assess the mineralization as well as economic potential of the Project.