Matoush

Notes:
1. CIM definitions were followed for the Historic Estimate.
2. The Historic Estimate was estimated at a cut-off grade of 0.1% U3O8.
3. The Historic Estimate was estimated using an average long-term uranium price of US$75 per pound.
4. A minimum mining width of 1.5 m was used.
5. The MT34A lens is within both the MT-34 and AM-15 zones.
6. Numbers may not add due to rounding

For additional information regarding the Matoush Project, please refer to the Technical Report entitled “Technical Report on the Mineral Resource Update for the Matoush Project, Central Québec, Canada” dated February 12, 2012, prepared by Roscoe Postle Associates Inc. (“RPA”). The Mineral Resource estimate was further updated by RPA in December 2012, as disclosed in a press release of Strateco dated December 7, 2012.

This resource is a historical estimate under National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and a qualified person has not done sufficient work to classify the historical estimate as current mineral resources.  As a result, the historical estimate is not being treated as a current mineral resource.

Geology

Mineralization at Matoush is similar to Athabasca unconformity type uranium deposits with regard to its occurrence in Proterozoic sedimentary rocks exhibiting similar alteration styles and structural controls.  A notable divergence in the nature deposit at Matoush from the typical Athabasca style deposit is the lack of uranium mineralization at the actual unconformity.  Uranium mineralization at Matoush occurs primarily in relatively flat lying accumulations between 150m and 600m above the basement unconformity within Indicator Formation Sandstones where they are breeched by structures.  The penetrating structures have acted as conduits for the flow of mineralizing fluids and are often themselves associated with more steeply dipping zones of mineralization. It should be noted that mineralization is consistent with and roughly the same age as the Westmoreland Uranium project located in Queensland Australia.

The Matoush uranium mineralization occurs within a much broader alteration envelope and is characterized by replacement style disseminations and clots of fine-grained uraninite plus, in the higher-grade areas, semi-massive veins of uraninite.

Exploration Potential

Planned 2026 Work
A non-impact-causing exploration work program is scheduled for June 2026. This will include 1) ground-based magnetic and VLF-EM (very low frequency electromagnetic) geophysical surveys, and 2) a biogeochemical survey on black spruce trees, collecting approximately 500-1000 samples. A helicopter will be used for less than 10 days to reach selected remote locations. The project work will take place in discrete areas within a 100 km2 area as shown on Figure 1. The work crew will vary between 10-12 workers. More information is provided in the Exploration Work Annual Planning 2026 and the Information Session Summary.