Standard Uranium Announces Signing of Definitive Agreement to Option Corvo Project in Eastern Athabasca Basin
Vancouver, British Columbia, May 9, 2025 — Standard Uranium Ltd. (“Standard Uranium” or the “Company”) (TSX-V: STND) (OTCQB: STTDF) (Frankfurt: FWB:9SU) is pleased to announce that it has signed a definitive property option agreement (the “Option Agreement”), dated May 8, 2025, with Vital Battery Metals Inc. (CSE: VBAM) (OTCQB: VBAMF) (FSE:C0O) (the “Optionee”), an arms-length party. Pursuant to the Option Agreement, the Optionee has been granted the option (the “Option”) to acquire a seventy-five percent interest in the 12,265-hectare Corvo Project (“Corvo” or the “Project”) located in the eastern Athabasca Basin region (Figure 1).
Corvo Highlights:
- More than 29 km of exploration strike length alongthree strong NE-SW magnetic low trends coincident with EM conductors and cross-cutting faults, providing highly prospective shallow drill targets.
- Uranium mineralization is present along a strike length of 800 metres between historical drill holes TL-79-3 (0.057% U3O8 over 3.5 m) and TL-79-5 (0.065% U3O8 over 0.1 m) on the Project, in addition to the Manhattan Showing with historical results of 59,800 ppm U at surface1.
- High-resolution geophysical survey – A modern time domain electromagnetic (“TDEM”) survey was recently completed, upgrading drill targets through definition of the three main conductor trends.
Jon Bey, CEO & Chairman of the Company stated, “We are happy to welcome the Vital Battery Metals team to the Athabasca Basin. We look forward to getting started on extensive work programs on the project together, driving meaningful exploration towards uranium discovery in the eastern Basin.”
The Company believes the Project is highly prospective for the discovery of shallow, high-grade basement-hosted uranium mineralization akin to the Rabbit Lake deposit and the recently discovered Gemini Mineralized Zone. Located just outside the current margin of the Athabasca Basin, Corvo boasts shallow drill targets with bedrock under minimal cover of glacial till. Several outcrop showings of mineralized veins and fractures are present on the Project, notably the Manhattan Showing that returned historical sample results up to 59,800 ppm U at surface and has never been drill tested.
Figure 1. Regional map of Standard Uranium’s Corvo Project. The Project is located 45 km northeast of Atha Energy’s Gemini Mineralized Zone (“GMZ”) and 60 km due east of Cameco’s McArthur River mine.
The Option is exercisable by the Optionee completing cash payments and share issuances (“Consideration Shares”), and incurring the following exploration expenditures on the Project:
| Consideration Payments | Consideration Shares | Exploration Expenditures | Operator Fees | |
| Year 1 | $50,000 | $125,000 | $750,000 | $75,000 |
| Year 2 | $75,000 | $275,000 | $1,750,000 | $192,500 |
| Year 3 | $100,000 | $325,000 | $2,000,000 | $240,000 |
| Total: | $225,000 | $725,000 | $4,500,000 | $507,500 |
The Consideration Shares issuable in the first year will issued at a deemed price of $0.13 per Consideration Share and will be subject to resale restrictions from which one-quarter of the Consideration Shares will be released every six months for a twenty-four-month period. The remaining Consideration Shares will be issuable at a deemed price equivalent to the volume-weighted average closing price of the common shares of the Optionee on the Canadian Securities Exchange in the thirty trading days immediately prior to issuance. Consideration Shares issuable in the second year will be subject to resale restrictions from which one-third will be released every six months for an eighteen-month period. Consideration Shares issuable in the third year will be subject to resale restrictions from which one-half will be released every six months for a twelve-month period.
Following exercise of the Option, the parties intend to form a joint venture for the further development of the Project. Prior to exercise of the Option, the Company will act as the operator of the Project and will be entitled to charge a 10% fee on expenditures in Year 1, increasing to 11% in Year 2, and 12% in Year 3. Following exercise of the Option, Eagle Plains Resources Ltd. will retain a 2.5% net smelter returns royalty on the Project, of which 1.0% may be purchased back at any time for a one-time cash payment of $1,000,0002.
The Company is at arms-length from the Optionee, and no finders’ fee are payable by the Company in connection with the Option.
*The Company considers uranium mineralization with concentrations greater than 1.0 wt% U3O8 to be “high-grade”.
**The Company considers radioactivity readings greater than 300 counts per second (cps) to be “anomalous”.
Qualified Person Statement
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 from previous operators are 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 may 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 exploration projects. Any historical grab samples disclosed are selected samples and may not represent true underlying mineralization.
References
1SMDI# 2022: https://mineraldeposits.saskatchewan.ca/Home/Viewdetails/2052; Mineral Assessment Reports: MAW00047: Eagle Plains Resources Inc., 2011-2012 & 64E13-0054: Norbaska Mines Ltd., 1979-1980
2 Standard Uranium Announces Agreement to Expand Newly Staked Corvo Project in the Eastern Athabasca Basin News Release, August 24, 2023. https://standarduranium.ca/news-releases/standard-uranium-announces-agreement-to-expand-newly-staked-corvo-project-in-the-eastern-athabasca-basin/
About Standard Uranium (TSX-V: STND)
We find the fuel to power a clean energy future
Standard Uranium is a uranium exploration company and emerging project generator poised for discovery in the world’s richest uranium district. The Company holds interest in over 233,455 acres (94,476 hectares) in the world-class Athabasca Basin in Saskatchewan, Canada. Since its establishment, Standard Uranium has focused on the identification, acquisition, and exploration of Athabasca-style uranium targets with a view to discovery and future development.
Standard Uranium’s Davidson River Project, in the southwest part of the Athabasca Basin, Saskatchewan, comprises ten mineral claims over 30,737 hectares. Davidson River is highly prospective for basement-hosted uranium deposits due to its location along trend from recent high-grade uranium discoveries. However, owing to the large project size with multiple targets, it remains broadly under-tested by drilling. Recent intersections of wide, structurally deformed and strongly altered shear zones provide significant confidence in the exploration model and future success is expected.
Standard Uranium’s eastern Athabasca projects comprise over 42,384 hectares of prospective land holdings. The eastern basin projects are highly prospective for unconformity related and/or basement hosted uranium deposits based on historical uranium occurrences, recently identified geophysical anomalies, and location along trend from several high-grade uranium discoveries.
Standard Uranium’s Sun Dog project, in the northwest part of the Athabasca Basin, Saskatchewan, is comprised of nine mineral claims over 19,603 hectares. The Sun Dog project is highly prospective for basement and unconformity hosted uranium deposits yet remains largely untested by sufficient drilling despite its location proximal to uranium discoveries in the area.
For further information contact:
Jon Bey, Chief Executive Officer, and Chairman
Suite 3123, 595 Burrard Street
Vancouver, British Columbia, V7X 1J1
Tel: 1 (306) 850-6699
E-mail: info@standarduranium.ca
NT4
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