Standard Uranium Reaches Terms to Option Atlantic Project in Athabasca Basin

VANCOUVER, British Columbia, Feb. 12, 2024 (GLOBE NEWSWIRE) -- 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 term sheet (the “Term Sheet”), dated February 9, 2024, with ATCO Mining Inc. (CSE: ATCM) (the “Optionee”), an arms-length party. Pursuant to the Term Sheet, the Optionee will be granted the option (the “Option”) to acquire a seventy-five percent interest in the 3,061-hectare Atlantic Project (the “Project”) located in the eastern Athabasca Basin (Figure 1).

The Option is exercisable by the Optionee completing cash payments and share issuances, and incurring the following exploration expenditures on the Project:

	Consideration Payments		Consideration Shares*		Exploration Expenditures		Operator Fees
Year 1	$110,000		$150,000		$1,300,000		$130,000
Year 2	$120,000		$300,000		$2,000,000		$240,000
Year 3	$200,000		$300,000		$3,000,000		$360,000
Total	$430,000		$750,000		$6,300,000		$730,000

*Issuable at a deemed price equivalent to the last closing price of the common shares of the Optionee on the Canadian Securities Exchange immediately prior to announcement of this term sheet.

Jon Bey, CEO and Chairman, commented, “We are pleased to announce our fourth option agreement since transitioning to a project generator in July 2023. The Company now has over thirty million dollars committed to our exploration programs over the next three years and nine million dollars committed to exploration in 2024. Heading into the 2024 exploration season, we now have 11 projects across the prolific Athabasca Basin, with a minimum of seven exploration programs planned with five of those being drill programs at the Atlantic, Sun Dog, Canary, Ascent, and Davidson River projects.”