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Standard Uranium Ltd. — Interim / Quarterly Report 2026
Dec 19, 2025
47838_rns_2025-12-18_818e194c-db67-4688-9777-87a6f9e18a1b.pdf
Interim / Quarterly Report
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STANDARD URANIUM LTD.
Condensed Consolidated Interim Financial Statements
October 31, 2025 and 2024
(Expressed in Canadian Dollars – unaudited)
NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS
Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the interim financial statements, they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor.
The accompanying unaudited interim consolidated financial statements of the Company have been prepared by and are the responsibility of the Company's management. The Company's independent auditor has not performed a review of these financial statements in accordance with standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by the entity's auditor.
STANDARD URANIUM LTD.
Condensed Consolidated Interim Statements of Financial Position
(Expressed in Canadian dollars - unaudited)
| | As at
October 31 2025 | As at
April 30, 2025 |
| --- | --- | --- |
| | $ | $ |
| Assets | | |
| Current assets | | |
| Cash | 4,182,332 | 34,389 |
| Amounts receivable (Note 3) | 147,373 | 64,755 |
| Prepaid expenses (Note 4) | 228,979 | 121,228 |
| Marketable securities (Note 5) | 275,088 | 41,050 |
| Total current assets | 4,833,772 | 261,422 |
| Non-current assets | | |
| Marketable securities – long term (Note 5) | 232,497 | - |
| Deposits (Note 6) | 37,968 | 37,968 |
| Exploration and evaluation assets (Note 7 and 10) | 16,612,725 | 16,109,634 |
| Total assets | 21,716,962 | 16,409,024 |
| Liabilities and shareholders’ equity | | |
| Current liabilities | | |
| Accounts payable and accrued liabilities | 504,122 | 1,284,919 |
| Advances from JV partners (Note 7) | 107,039 | 32,102 |
| Flow-through share premium liability (Note 8) | 956,458 | 92,535 |
| Total current liabilities | 1,567,619 | 1,409,556 |
| Deferred tax liability | 140,000 | 140,000 |
| Total liabilities | 1,707,619 | 1,549,556 |
| Shareholders’ equity | | |
| Share capital (Note 9) | 29,722,310 | 23,585,659 |
| Contributed surplus (Note 9) | 1,449,346 | 996,518 |
| Deficit | (11,162,313) | (9,722,709) |
| Total shareholders’ equity | 20,009,343 | 14,859,468 |
| Total liabilities and shareholders’ equity | 21,716,962 | 16,409,024 |
Nature and continuance of operations and going concern (Note 1)
Commitments (Note 13)
Subsequent events (Note 14)
Approved on behalf of the Board on December [18], 2025:
"Jon Bey"
"Blair Jordan"
Jon Bey
Blair Jordan
The accompanying notes are an integral part of these condensed consolidated interim financial statements
STANDARD URANIUM LTD.
Condensed Consolidated Interim Statements of Loss and Comprehensive Loss
(Expressed in Canadian dollars - unaudited)
| Three months ended October 31, 2025 | Three months ended October 31, 2024 | Six months ended October 31, 2025 | Six months ended October 31, 2024 | |
|---|---|---|---|---|
| $ | $ | $ | $ | |
| Expenses | ||||
| Consulting fees (Note 10) | 176,664 | 140,460 | 350,461 | 296,513 |
| Filing fees | 16,397 | 9,413 | 28,546 | 37,904 |
| General and administrative | 189,243 | 116,708 | 365,601 | 271,326 |
| Insurance | - | 10,779 | 25,029 | 21,749 |
| Investor relations | 141,158 | 19,917 | 220,076 | 52,366 |
| Professional fees | 59,269 | 8,710 | 143,674 | 34,736 |
| Rent (Note 10) | 16,031 | 16,030 | 32,061 | 32,185 |
| Share-based compensation (Notes 9 and 10) | 59,323 | 77,080 | 133,200 | 158,453 |
| Loss before other items | (658,085) | (399,097) | (1,298,648) | (905,232) |
| Other income | ||||
| Interest income | - | 3,206 | 1,118 | 9,335 |
| Gain on sale of exploration and evaluation asset (Note 7) | - | 16,622 | - | 16,622 |
| Change in fair value of marketable securities (Note 5) | (92,265) | (119,125) | 144,368 | (283,603) |
| Loss on debt settlement | - | - | (525,000) | - |
| Operator fee income | 12,946 | 67,153 | 21,637 | 217,921 |
| Settlement of flow-through share premium liability (Note 8) | 128,093 | 2,950 | 161,692 | 20,187 |
| Net loss and comprehensive loss | (609,311) | (428,291) | (1,494,833) | (924,770) |
| Basic and diluted loss per share | $(0.01) | $(0.01) | $(0.02) | $(0.00) |
| Weighted average number of shares outstanding | ||||
| – basic and diluted | 92,850,536 | 46,257,664 | 81,057,545 | 46,193,751 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements
STANDARD URANIUM LTD.
Condensed Consolidated Interim Statements of Changes in Shareholders' Equity
(Expressed in Canadian dollars – unaudited)
| Share capital | |||||
|---|---|---|---|---|---|
| Number | Amount | Contributed surplus | Deficit | Total | |
| $ | $ | $ | $ | ||
| Balance, April 30, 2024 | 46,129,838 | 22,678,156 | 2,389,418 | (9,958,818) | 15,108,756 |
| Fair value of restricted share units exercised (Note 9) | 220,000 | 110,000 | (110,000) | - | - |
| Fair value of expired warrants (Note 9) | - | - | (1,081,010) | 1,081,010 | - |
| Fair value of expired options (Note 9) | - | - | (442,564) | 442,564 | - |
| Share-based compensation (Note 9 and 10) | - | - | 158,453 | - | 158,453 |
| Net loss and comprehensive loss | - | - | - | (924,770) | (924,770) |
| Balance, October 31, 2024 | 46,349,838 | 22,788,156 | 914,297 | (9,360,014) | 14,342,439 |
| Balance, April 30, 2025 | 56,132,190 | 23,585,659 | 996,518 | (9,722,709) | 14,859,468 |
| Proceeds from private placements (Note 9) | 76,476,417 | 6,844,075 | - | - | 6,844,075 |
| Share issuance costs (Note 9) | - | (724,441) | 307,318 | - | (417,123) |
| Flow-through premium liability (Note 8) | - | (1,025,615) | - | - | (1,025,615) |
| Shares issued as part of debt settlement (Note 9) | 7,000,000 | 1,050,000 | - | - | 1,050,000 |
| Fair value of restricted share units exercised (Note 9) | 250,000 | 37,250 | (37,250) | - | - |
| Fair value of expired options (Note 9) | - | - | (55,229) | 55,229 | - |
| Warrants issued for option payment (Note 7) | - | - | 60,171 | 60,171 | |
| Share-based compensation (Note 9 and 10) | - | - | 133,200 | - | 133,200 |
| Net loss and comprehensive loss | - | - | - | (1,494,833) | (1,494,833) |
| Balance, October 31, 2025 | 139,858,607 | 29,766,928 | 1,404,728 | (11,162,313) | 20,009,343 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements
Notes to the Condensed Consolidated Interim Financial Statements
(Expressed in Canadian dollars – unaudited)
STANDARD URANIUM LTD.
| Six months ended October 31, 2025 | Six months ended October 31, 2024 | |
|---|---|---|
| $ | $ | |
| Cash provided by (used in): | ||
| Operating activities | ||
| Net loss | (1,494,833) | (924,770) |
| Items not effecting cash: | ||
| Share-based compensation | 133,200 | 158,453 |
| Settlement of flow-through share premium liability | (161,692) | (20,187) |
| Gain on sale of exploration and evaluation asset | - | (16,622) |
| Change in fair value of marketable securities | (144,368) | 283,603 |
| Loss on debt settlement | 525,000 | - |
| Changes in non-cash working capital items: | ||
| Amounts receivable | 10,313 | (102,518) |
| Prepaid expenses | (107,751) | 97,218 |
| Advances from JV partners | (17,994) | (10,463) |
| Accounts payable and accrued liabilities | (534,767) | (3,522) |
| Net cash used in operating activities | (1,792,892) | (538,808) |
| Investing activities | ||
| Exploration and evaluation assets | (580,002) | (313,169) |
| Cash option payments received | 50,000 | 200,000 |
| Proceeds from sale of marketable securities | 43,885 | 228,585 |
| Deposit | - | 71,059 |
| Net cash (used in) provided by investing activities | (486,117) | 186,475 |
| Financing activities | ||
| Proceeds from private placements, net of issuance costs | 6,426,952 | - |
| Net cash provided by financing activities | 6,426,952 | - |
| Change in cash | 4,147,943 | (352,333) |
| Cash, beginning | 34,389 | 555,912 |
| Cash, ending | 4,182,332 | 203,579 |
| Supplemental Disclosures: | ||
| Interest paid | - | - |
| Income taxes paid | - | - |
The accompanying notes are an integral part of these condensed consolidated interim financial statements
STANDARD URANIUM LTD.
Notes to the Condensed Consolidated Interim Financial Statements
(Expressed in Canadian dollars – unaudited)
- Nature and continuance of operations and going concern
Standard Uranium Ltd. (the "Company") was incorporated in the province of British Columbia on November 20, 2017. The Company is engaged in the exploration and evaluation of resource properties. The Company's registered office is #3123 – 595 Burrard Street, Vancouver, British Columbia, V7X 1J1.
These condensed consolidated interim financial statements have been prepared on the assumption that the Company will continue as a going concern, meaning it will continue in operation for the foreseeable future and will be able to realize assets and discharge liabilities in the ordinary course of operations. Different bases of measurement may be appropriate if the Company is not expected to continue operations for the foreseeable future. As at October 31, 2025, the Company has not generated any revenue and has incurred losses since inception. The Company's continuation as a going concern is dependent on its ability to generate future cash flows and/or obtain additional financing. Management intends to finance operating costs over the next twelve months with cash on hand and private placements of common stock. There is a risk that additional financing will not be available on a timely basis or on terms acceptable to the Company. These factors indicate the existence of a material uncertainty that may cast significant doubt about the Company's ability to continue as a going concern. These condensed consolidated interim financial statements do not reflect any adjustments that may be necessary if the Company is unable to continue as a going concern.
- Material accounting policies
These unaudited condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard ("IAS") 34, Interim Financial Reporting, as issued by the International Accounting Standards Board ("IASB"). Accordingly, certain information and footnote disclosure normally included in annual financial statements prepared in accordance with International Financial Reporting Standards ("IFRS") have been omitted or condensed, and therefore these unaudited condensed consolidated interim financial statements should be read in conjunction with the Company's April 30, 2025, audited annual consolidated financial statements and the notes to such financial statements.
These unaudited condensed consolidated interim financial statements include the accounts of the Company and its wholly-owned subsidiaries. Control exists when the Company has the power, directly or indirectly, to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Inter-company balances and transactions, and any unrealized income and expenses arising from inter-company transactions, are eliminated in preparing the condensed consolidated interim financial statements.
| Name of subsidiary | Place of incorporation | Ownership interest |
|---|---|---|
| Standard Uranium (Saskatchewan) Ltd. | Saskatchewan | 100% |
| Standard Uranium Holdings (Saskatchewan) Ltd. | Canada | 100% |
These unaudited condensed consolidated interim financial statements are based on the IFRS issued and effective as of December [18], 2025 the date these unaudited condensed consolidated interim financial statements were authorized for issuance by the Company's Board of Directors and follow the same accounting policies and methods of computation as the most recent annual consolidated financial statements.
- Amounts receivable
Amounts receivable consists of GST receivable in the amount of $54,442 (April 30, 2025: $64,755) and receivables from joint venture partners of $92,931 (April 30, 2025: $Nil).
7
STANDARD URANIUM LTD.
Notes to the Condensed Consolidated Interim Financial Statements
(Expressed in Canadian dollars – unaudited)
4. Prepaid expenses
Prepaid expenses consist of prepayments for services to be rendered within the next 12 months of operations.
| As at October 31, 2025 | As at April 30, 2025 | |
|---|---|---|
| $ | $ | |
| Consulting services | 33,333 | - |
| Conferences | 20,625 | 60,875 |
| Investor relations | 134,580 | - |
| Insurance | - | 10,145 |
| Others | 40,441 | 50,209 |
| Balance, ending | 228,979 | 121,228 |
5. Marketable securities
On October 10, 2024, the Company received 60,000 shares of Mustang Energy Corp. pursuant to the sale of the Brown Lake project (Note 7). The fair value of the common shares on the date they were received was determined to be $26,400.
On October 18, 2024, the Company received 1,333,333 shares of Aero Energy Limited pursuant to the definitive option agreement on the Sun Dog project (Note 7). The deemed value of the common shares on the date they were received was determined to be $200,000.
On May 23, 2025, the Company received 961,538 shares of Aventis Energy Inc. ("Aventis") pursuant to the definitive option agreement on the Corvo project (Note 7). The fair value of the common shares on the date they were received was determined to be $230,769. The common shares of Aventis are subject to certain resale restrictions whereby one-quarter of the common shares will be released every six months for a twenty-four-month period. The common shares which will be released in over one year from October 31, 2025, were classified as long-term marketable securities as of October 31, 2025.
On October 8, 2025, the Company received 1,111,111 shares of Collective Metals Inc. ("Collective") pursuant to the definitive option agreement on the Rocas project (Note 7). The fair value of the common shares on the date they were received was determined to be $133,333. The common shares of Collective are subject to certain resale restrictions whereby one-third of the common shares will be released every six months for an eighteen-month period. The common shares which will be released in over one year from October 31, 2025, were classified as long-term marketable securities as of October 31, 2025.
During the six months ended October 31, 2025, the Company sold 1,133,333 shares in Aero for gross proceeds of $39,255 and 45,000 shares in MEC for gross proceeds of $6,720. The Company incurred commissions on these sales of $2,090 resulting in aggregate net proceeds of $43,885.
At October 31, 2025, the fair value of the common shares was determined by reference to their respective share prices. A breakdown of the Company's marketable securities as of October 31, 2025 is as follows:
| As at October 31, 2025 | As at April 30, 2025 | |
|---|---|---|
| $ | $ | |
| Marketable securities | 275,088 | 41,050 |
| Marketable securities – long term | 232,497 | - |
| Balance, ending | 507,585 | 41,050 |
STANDARD URANIUM LTD.
Notes to the Condensed Consolidated Interim Financial Statements
(Expressed in Canadian dollars – unaudited)
5. Marketable securities (continued)
A summary of the movement in the carrying value of marketable securities is as follows:
| Balance as at April 30, 2024 | $ 385,288 |
|---|---|
| Additions | 226,400 |
| Disposals | (240,585) |
| Change in fair value of marketable securities | (330,053) |
| Balance as at April 30, 2025 | 41,050 |
| Additions | 366,052 |
| Disposals | (43,885) |
| Change in fair value of marketable securities | 144,368 |
| Balance as at October 31, 2025 | $ 507,585 |
6. Deposits
The Company's deposits as at October 31, 2025 and April 30, 2025 relate to long term exploration deposits for services to be rendered in connection with its exploration and evaluation assets.
7. Exploration and evaluation assets
| Davidson River project | Sun Dog project | Canary project | Atlantic project | Other projects | Total | |
|---|---|---|---|---|---|---|
| Acquisition Costs | ||||||
| Balance, April 30, 2024 | $ 720,000 | $ 10,395 | $ 4,382 | $ - | $ 93,450 | $ 828,227 |
| Cash payments | - | - | - | - | 5,479 | 5,479 |
| Balance, April 30, 2025 | 720,000 | 10,395 | 4,382 | - | 98,929 | 833,706 |
| Cash payments | 100,000 | - | - | - | - | 100,000 |
| Warrant issuance | 60,171 | - | - | - | - | 60,171 |
| Balance, October 31, 2025 | $ 880,171 | $ 10,395 | $ 4,382 | $ - | $ 98,929 | $ 993,877 |
| Deferred Exploration Costs | ||||||
| Balance, April 30, 2024 | $ 12,464,864 | $ 699,373 | $ 335,856 | $ - | $ 424,907 | $ 13,925,000 |
| Consulting | 84,503 | 156,063 | 92,693 | 58,239 | 155,866 | 547,364 |
| Camp and fuel | 4,053 | - | - | - | 39,155 | 43,208 |
| Geophysics | 684,900 | - | - | 87,074 | 448,160 | 1,220,134 |
| TMEI rebate | - | (50,000) | - | - | - | (50,000) |
| Disposal of Brown Lake | - | - | - | - | (9,778) | (9,778) |
| Option payments received | - | (400,000) | - | - | - | (400,000) |
| Balance, April 30, 2025 | 13,238,320 | 405,436 | 428,549 | 145,313 | 1,058,310 | 15,275,928 |
| Bond payment | - | - | - | - | 50,703 | 50,703 |
| Consulting | 181,637 | 6,272 | 910 | 910 | 84,340 | 274,069 |
| Camp and fuel | 15,683 | - | - | - | - | 15,683 |
| Geophysics | 481,114 | - | - | - | - | 481,114 |
| Recharged to joint venture partner | - | - | - | - | (64,547) | (64,547) |
| Option payments received | - | - | - | - | (414,102) | (414,102) |
| Balance, October 31, 2025 | $ 13,916,754 | $ 411,708 | $ 429,459 | $ 146,223 | $ 714,704 | $ 15,618,848 |
| Total | ||||||
| Balance, April 30, 2025 | $ 13,958,320 | $ 415,831 | $ 432,931 | $ 145,313 | $ 1,157,239 | $ 16,109,634 |
| Balance, October 31, 2025 | $ 14,796,925 | $ 422,103 | $ 433,841 | $ 146,223 | $ 813,633 | $ 16,612,725 |
STANDARD URANIUM LTD.
Condensed Consolidated Interim Statements of Changes in Shareholders' Equity
(Expressed in Canadian dollars – unaudited)
7. Exploration and evaluation assets (continued)
Davidson River project:
The Company holds an option to acquire a 90% interest in the Davidson River project, located in the southwest Athabasca region of northern Saskatchewan, for an aggregate sum of $1,000,000 and the issuance of 1,000,000 common shares of the Company. As of April 30, 2025, the Company has made cash payments totaling $450,000. During the six months ended October 31, 2025, the Company made an additional payment of $100,000 (Note 13). On April 9, 2025, the Company signed a fourth amending agreement to revise the timeline for completion of certain payments under the Option Agreement (Note 13).
In addition, the Company has the right to acquire the remaining 10% interest in the Davidson River project for the sum of $10,000,000 if exercised within one year of March 1, 2018, and increased thereafter by inflation, expiring February 28, 2028. The Davidson River project is subject to a 2.5% gross overriding royalty with respect to all mineral production from the project.
Sun Dog project:
The Company holds a 100% interest in the Sun Dog project located along the northwestern edge of the Athabasca Basin.
On October 20, 2023, the Company signed a definitive option agreement ("Sun Dog Option Agreement") with 1443904 B.C. Ltd., which was subsequently acquired by Aero Energy Ltd. ("Aero"), pursuant to which, Aero was granted the option to acquire 100% of the Sun Dog project by completing three years of exploration programs and a series of cash and equity payments as follows:
- Year 1: Cash payment of $200,000 (received), equity payment equal to $200,000 (received 1,333,333 common shares of Aero with a fair value of $200,000) and incur exploration expenditures of $1,500,000.
- Year 2: Cash payment of $200,000 (received), equity payment equal to $200,000 (received 1,333,333 common shares of Aero with a fair value of $200,000 (Note 5)) and incur expenditures of $2,000,000 (no completed).
- Year 3: Cash payment of $250,000, equity payment equal to $250,000 and incur exploration expenditures of $3,000,000.
The Company will act as the operator of the project and is entitled to charge a 10% fee on expenditures. During the six months ended October 31, 2025 the Company earned an operator fee on the Sun Dog project of $Nil (2024 - $122,693). As of October 31, 2025, the Company had $97,849 advanced from Aero to be incurred at the Sun Dog project (April 30, 2025 – $32,102). Subsequent to October 31, 2025, Aero notified the Company that it will not be proceeding with Sun Dog Option Agreement. Accordingly, the Company repaid $70,883 of advances received from Aero and has retained 100% of the Sun Dog project.
During the six months ended October 31, 2025, the Company received a $50,000 rebate from the Government of Saskatchewan under the Targeted Mineral Exploration Incentive ("TMEI").
10
STANDARD URANIUM LTD.
Condensed Consolidated Interim Statements of Changes in Shareholders' Equity
(Expressed in Canadian dollars – unaudited)
7. Exploration and evaluation assets (continued)
Canary project:
On December 27, 2023, the Company signed a definitive option agreement with Mamba Exploration Limited ("Mamba"), pursuant to which, Mamba was granted the option to earn a 75% interest over three years in the 7,302-hectare Canary project located in the eastern Athabasca Basin.
The Option is exercisable by Mamba in two stages. During the first stage, Mamba can earn a 50% interest by completing the following:
- Year 1: Cash payment of $100,000 (received), equity payment equal to $100,000 (received 3,098,938 with a fair value of $153,005 representing $100,000 under the agreement) and incur exploration expenditures of $1,000,000.
- Year 2: Cash payment of $100,000, equity payment equal to $100,000 and incur exploration expenditures of $2,000,000.
After earning a 50% interest in the Canary project, the second stage will commence. During the second stage, Mamba can increase its interest in the Canary project to 75% by completing a further cash payment of $100,000, arranging for the issuance of a further $100,000 worth of shares to the Company and incurring an additional $3,000,000 of expenditures, all within the third year.
The Company will act as the operator of the project and is entitled to charge a 10% fee on expenditures during the first two stages. During the six months ended October 31, 2025 the Company earned an operator fee on the Canary project of $Nil (2024 - $90,713). As of October 31, 2025, the Company had $Nil advanced from Mamba to be incurred at the Canary project (April 30, 2025 – $Nil).
In December 2024, the Company was advised that Mamba would not be proceeding with the Canary Option Agreement on the Canary project. Accordingly, the Company has retained 100% of the Canary project.
Atlantic project:
On February 20, 2024, the Company signed a definitive option agreement ("Atlantic Option Agreement") with ATCO Mining Inc. ("ATCO"), pursuant to which, ATCO was granted the option to earn a 75% interest in the Atlantic project, located in the Athabasca Basin of Saskatchewan, by completing three years of exploration programs and a series of cash and equity payments as follows:
- Year 1: Cash payment of $110,000 (received), equity payment of 3,000,000 common shares (received with a fair value of $285,000) and incur exploration expenditures of $1,300,000.
- Year 2: Cash payment of $120,000, equity payment of 6,000,000 common shares and incur exploration expenditures of $2,000,000.
- Year 3: Cash payment of $200,000, equity payment of 6,000,000 common shares and incur exploration expenditures of $3,000,000.
The Company will act as the operator of the project and is entitled to charge a 10% fee on expenditures in Year 1, increasing to 12% in Year 2 and Year 3. The Company earned an operator fee of $Nil during the six months ended October 31, 2025 (2024 - $4,515).
During the year ended April 30, 2025, the Company was advised that ATCO would not be proceeding with the Atlantic Option Agreement on the Atlantic project. Accordingly, the Company has retained 100% of the Atlantic project.
STANDARD URANIUM LTD.
Condensed Consolidated Interim Statements of Changes in Shareholders' Equity
(Expressed in Canadian dollars – unaudited)
7. Exploration and evaluation assets (continued)
Corvo project:
On May 8, 2025, the Company announced it signed a definitive option agreement (the “Option Agreement”) with Aventis Energy Inc. (formerly Vital Battery Metals Inc.) (“Aventis”). Pursuant to the Option Agreement, the Company granted Aventis the option to acquire a 75% interest in the Corvo project, located in the eastern Athabasca Basin. The option is exercisable by completing cash payments and shares issuances, as well as incurring exploration expenditures as follows:
| Consideration Payments | Consideration Shares | Exploration Expenditures | Operator Fees | |
|---|---|---|---|---|
| Year 1 | $50,000 (received) | $125,000 (paid) | $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 were issued on May 23, 2025 at a deemed price of $0.13 per share, resulting in the issuance of 961,538 common shares (Note 5). The fair value on the date of issuance was determined to be $230,769. For the second and third year tranches, the number of Consideration Shares will be determined based on the volume-weighted average closing price of the Company's shares on the exchange during the thirty trading days immediately preceding issuance, which will occur on or before the first and second anniversaries of the Effective Date, respectively.
The Company will act as the operator of the project and is entitled to charge a 10% fee on expenditures in Year 1, increasing to 12% in Year 2 and Year 3. The Company earned an operator fee of $11,460 during the six months ended October 31, 2025 (2024 - $Nil). As of October 31, 2025, the Company had a receivable of $92,931 from Aventis relating to expenditures incurred at the Corvo project (April 30, 2025 - $Nil).
Rocas project:
On September 29, 2025, the Company announced it signed a definitive option agreement (the “Rocas Option Agreement”) with Collective Metals Inc. (“Collective”). Pursuant to the Rocas Option Agreement, the Company granted Collective the option to acquire a 75% interest in the Rocas project, located in the eastern Athabasca Basin. The option is exercisable by completing cash payments and shares issuances, as well as incurring exploration expenditures as follows:
| Consideration Payments | Consideration Shares | Exploration Expenditures | Operator Fees | |
|---|---|---|---|---|
| Year 1 | $75,000 | $100,000 (paid) | $1,500,000 | $150,000 |
| Year 2 | $50,000 | $275,000 | $1,500,000 | $180,000 |
| Year 3 | $125,000 | $325,000 | $1,500,000 | $180,000 |
| Total | $250,000 | $700,000 | $4,500,000 | $510,000 |
The Consideration Shares were issued on October 8, 2025 at a deemed price of $0.09 per share, resulting in the issuance of 1,111,111 common shares (Note 5). The fair value on the date of issuance was determined to be $133,333. For the second and third year tranches, the number of Consideration Shares will be determined based on the volume-weighted average closing price of the Company's shares on the exchange during the thirty trading days immediately preceding issuance, which will occur on or before the first and second anniversaries of the Effective Date, respectively.
The Company will act as the operator of the project and is entitled to charge a 10% fee on expenditures in Year 1, increasing to 12% in Year 2 and Year 3. The Company earned an operator fee of $10,177 during the six months ended October 31, 2025 (2024 - $Nil). As of October 31, 2025, the Company had cash advances of $9,190 from Collective to be incurred at the Rocas project (April 30, 2025 - $Nil).
12
STANDARD URANIUM LTD.
Condensed Consolidated Interim Statements of Changes in Shareholders' Equity
(Expressed in Canadian dollars – unaudited)
7. Exploration and evaluation assets (continued)
Other projects:
The Company's portfolio includes four additional projects in the Athabasca uranium district. The Ascent project is located in the northern portion of the eastern Athabasca Basin. Additionally, the Ox Lake and Cable Bay SW projects are positioned marginal to the present-day eastern boundary of the Athabasca Basin. The newly staked Harrison project is situated in the southwest Athabasca Basin, proximal to the flagship Davidson River project.
The Brown Lake project was sold to Mustang Energy Corp. ("Mustang") on October 10, 2024 for consideration of 60,000 common shares of Mustang, recorded at their fair value of $26,400. The carrying value of the Brown Lake property at the date of sale was $9,778, resulting in a gain on sale of $16,622.
8. Flow-through share premium liability
Expenditures related to the use of flow-through unit proceeds are included in exploration and evaluation assets but are not available as a tax deduction to the Company as the tax benefits of these expenditures are renounced to the investors.
As of October 31, 2025, the Company has $Nil of eligible expenditures remaining to incur by December 31, 2025 and $5,065,011 to incur by December 31, 2026. A continuity schedule of the Company's outstanding balance for the six months ended October 31, 2025, and the year ended April 30, 2025 are as follows:
| Balance as at April 30, 2024 | $ 243,736 |
|---|---|
| Flow-through premium – December 10 and 31, 2024 financings (Note 9) | 120,000 |
| Settlement of flow-through premium | (271,201) |
| Balance as at April 30, 2025 | 92,535 |
| Flow-through premium – 2025 financings (Note 9) | 1,025,615 |
| Settlement of flow-through premium | (161,692) |
| Balance as at October 31, 2025 | $ 956,458 |
9. Share capital
Authorized share capital:
Unlimited common shares without par value.
Issued and outstanding:
At October 31, 2025, there were 139,858,607 (April 30, 2025: 56,132,190) common shares issued and fully paid common shares outstanding.
STANDARD URANIUM LTD.
Condensed Consolidated Interim Statements of Changes in Shareholders' Equity
(Expressed in Canadian dollars – unaudited)
9. Share capital (continued)
During the six months ended October 31, 2025:
On June 3, 2025, the Company completed a non-brokered private placement for gross proceeds of $1,006,675 consisting of 7,181,000 flow-through units ("June FT Units") and 7,801,667 non-flow-through units ("June NFT Units") at a unit price of $0.075 and $0.06 respectively. Each June FT Unit consists of one common share and one half of one warrant (each whole warrant, a "June Warrant"). Each June NFT Unit consists of one common share and one half of one warrant. Each June Warrant is exercisable at $0.15 for a period of 24 months from date of issuance. The Company allocated $Nil to the warrants using the residual value method.
The flow-through shares were issued at a premium of $0.015 per flow-through share, calculated as the difference in the price per flow-through unit and the price of a standard unit sold as part of the same offering. The total flow-through share premium liability between both offerings was calculated as $107,715 (Note 8).
In connection with the private placement, the Company incurred a cash finders fee of $45,921, and issued 682,523 brokers warrants, under the same terms as the Warrants, which had a fair value of $93,982. Additionally, the Company incurred other share issuance costs of $19,406.
On June 16, 2025, the Company settled certain indebtedness of $525,000 through the issuance of 7,000,000 common shares. On the date of issuance, the common shares had a fair value of $1,050,000, resulting in a loss on debt settlement of $525,000.
During the period from September 16, 2025 to October 28, 2025, the Company completed five tranches of non-brokered private placements as follows:
- On September 16, 2025, the Company raised gross proceeds of $836,100 consisting of 7,751,250 non-flow-through units ("NFT Units") and 2,160,000 flow-through units ("FT Units") at a unit price of $0.08 and $0.10, respectively.
- On September 24, 2025, the Company raised gross proceeds of $484,000 consisting of 1,550,000 NFT Units and 3,600,000 NFT Units.
- On October 2, 2025, the Company raised gross proceeds of $503,800 consisting of 6,297,500 NFT Units.
- On October 14, 2025, the Company raised gross proceeds of $2,500,000 consisting of 25,000,000 FT Units.
- On October 28, 2025, the Company raised gross proceeds of $1,513,500 consisting of 15,135,000 FT Units.
Each FT Unit consists of one common share and one half of one warrant (each whole warrant, a "Warrant"). Each NFT Unit consists of one common share and one half of one warrant. Each Warrant is exercisable at $0.15 for a period of 24 months from date of issuance. The Company allocated $Nil to the warrants using the residual value method across the offerings.
The flow-through shares were issued at a premium of $0.02 per flow-through share, calculated as the difference in the price per flow-through unit and the price of a standard unit sold as part of the same offering. The total flow-through share premium liability between the above offerings was calculated as $917,900 (Note 8).
In connection with the above private placements, the Company incurred a cash finders fee of $289,474, and issued 2,994,900 brokers warrants, under the same terms as the Warrants, which had a fair value of $213,336. Additionally, the Company incurred other share issuance costs of $62,322.
14
STANDARD URANIUM LTD.
Condensed Consolidated Interim Statements of Changes in Shareholders' Equity
(Expressed in Canadian dollars – unaudited)
9. Share capital (continued)
During the six months ended October 31, 2025, 250,000 RSU's were exercised by certain officers and previous officers of the Company which had an aggregate fair value of $37,250.
During the six months ended October 31, 2024
On August 30, 2024, 120,000 RSU's were exercised by an officer of the Company which had a fair value of $60,000.
On September 17, 2024, 100,000 RSU's were exercised by an officer of the Company which had a fair value of $50,000.
Reserves:
The share-based payment reserve records items recognized as stock-based compensation expense and other share-based payments until such time that the stock options or warrants are exercised, at which time the corresponding amount will be transferred to share capital.
Options:
The Company has a stock option plan whereby a maximum of 10% of the issued and outstanding common shares of the Company may be reserved for issuance pursuant to the exercise of stock options. The terms of the granted options are fixed by the Board of Directors and are not to exceed ten years. The exercise price of options are determined by the Board of Directors, but shall not be less than the closing price of the Company's common shares on the day preceding the option grant date, less any discount permitted by the Exchange. Options granted under the plan may vest immediately on grant, or over a period as determined by the Board of Directors or, in respect of options granted for investor relations services, as prescribed by Exchange policy.
A continuity schedule of the Company's outstanding stock options for the six months ended October 31, 2025 and 2024 is as follows:
| October 31, 2025 | October 31, 2024 | |||
|---|---|---|---|---|
| Options outstanding | Weighted average exercise price | Options outstanding | Weighted average exercise price | |
| Outstanding, beginning of period | 1,720,500 | $ 0.56 | 2,189,500 | $ 0.79 |
| Granted | 890,000 | 0.07 | 367,500 | 0.10 |
| Expired | (126,000) | 1.00 | (830,000) | 0.97 |
| Outstanding, end of period | 2,484,500 | $ 0.36 | 1,727,000 | $ 0.71 |
| Exercisable, end of period | 1,877,500 | $ 0.50 | 1,254,600 | $ 0.75 |
STANDARD URANIUM LTD.
Condensed Consolidated Interim Statements of Changes in Shareholders' Equity
(Expressed in Canadian dollars – unaudited)
9. Share capital (continued)
Options (continued):
At October 31, 2025, the Company had outstanding stock options exercisable to acquire common shares of the Company as follows:
| Expiry date | Options outstanding | Options exercisable | Exercise price | Remaining contractual life (years) |
|---|---|---|---|---|
| January 5, 2026 | 60,000 | 60,000 | $ 1.00 | 0.18 |
| June 1, 2026 | 88,500 | 88,500 | $ 1.25 | 0.58 |
| February 7, 2027 | 305,000 | 305,000 | $ 1.00 | 1.27 |
| January 18, 2028 | 232,000 | 232,000 | $ 0.50 | 2.22 |
| January 12, 2029 | 444,000 | 444,000 | $ 0.30 | 3.20 |
| October 31, 2029 | 365,000 | 292,000 | $ 0.10 | 4.00 |
| May 2, 2030 | 890,000 | 356,000 | $ 0.07 | 4.50 |
| May 4, 2030 | 100,000 | 100,000 | $ 0.75 | 4.51 |
| Total | 2,484,500 | 1,877,500 |
The Company calculates the fair value of the stock options granted using the Black-Scholes Option Pricing Model. The Black-Scholes Option Pricing Model inputs for options granted and vested during the six months ended October 31, 2025 are as follows:
| Grant Date | Expiry Date | Exercise Price | Risk-Free Interest Rate | Expected Life | Volatility Factor | Dividend Yield | Fair Value |
|---|---|---|---|---|---|---|---|
| May 2, 2025 | May 2, 2030 | $0.07 | 2.56% | 3 years | 126% | 0% | $0.038 |
The risk-free interest rate is based on the Canadian government bond rate for a similar term as the expected life of the stock options. The annualized volatility is based on the Company's historical share prices. The options granted on May 2, 2025 vest in fifths, one-fifth immediately, and one-fifth vest every 3 months from the grant date.
During the six months ended October 31, 2025, the Company recognized share-based compensation of $33,179 (2024 - $36,279) related to the vesting of options. During the six months ended October 31, 2025, 126,000 stock options expired unexercised and the fair value of $55,229 (2024 - $Nil) was reclassified to deficit.
Restricted Share Units:
On October 22, 2022, the Company established a Restricted Share Units ("RSU") plan which provides for the issuance of RSUs in such amounts as approved by the Board of Directors. The RSUs are awarded in the nature of a bonus for services rendered that, upon settlement, entitles the recipient to acquire shares, to receive the cash equivalent, or a combination thereof, at the discretion of the Board. RSUs settled in common shares are equity-settled and the related share-based compensation expense is measured at the fair value based on the Company's share price on grant date, subject to vesting criteria.
STANDARD URANIUM LTD.
Condensed Consolidated Interim Statements of Changes in Shareholders' Equity
(Expressed in Canadian dollars – unaudited)
9. Share capital (continued)
Restricted Share Units (continued):
A continuity schedule of the Company's outstanding restricted stock units for the six months ended October 31, 2025 and 2024 are as follows:
| October 31, 2025 | October 31, 2024 | |||
|---|---|---|---|---|
| RSUs outstanding | Weighted average fair value | RSUs outstanding | Weighted average fair value | |
| Outstanding, beginning of period | 1,870,000 | $ 0.18 | 1,165,000 | $ 0.50 |
| Granted | 1,100,000 | 0.06 | 1,325,000 | 0.10 |
| Exercised | (250,000) | 0.15 | (220,000) | 0.50 |
| Outstanding, end of period | 2,720,000 | $ 0.11 | 2,270,000 | $ 0.50 |
During the six months ended October 31, 2025, the Company recognized share-based compensation expense of $100,021 (2024 - $121,724) related to the vesting of previously granted RSU's.
Warrants:
A continuity schedule of the Company's outstanding common share purchase warrants for the six months ended October 31, 2025 and 2024 is as follows:
| October 31, 2025 | October 31, 2024 | |||
|---|---|---|---|---|
| Warrants outstanding | Weighted average exercise price | Warrants outstanding | Weighted average exercise price | |
| Outstanding, beginning of period | 10,283,300 | $ 0.29 | 15,302,015 | $ 0.85 |
| Granted | 42,915,634 | 0.15 | - | - |
| Expired | - | - | (10,199,891) | 1.06 |
| Outstanding, end of period | 53,198,934 | $ 0.18 | 5,102,124 | $ 0.43 |
During the six months ended October 31, 2025, no warrants expired unexercised and the fair value of $Nil (2024 - $1,081,010) was reclassified to deficit.
STANDARD URANIUM LTD.
Condensed Consolidated Interim Statements of Changes in Shareholders' Equity
(Expressed in Canadian dollars – unaudited)
9. Share capital (continued)
Warrants (continued):
At October 31, 2025, the Company had outstanding common share purchase warrants exercisable to acquire common shares of the Company as follows:
| Grant Date | Number | Exercise Price | Expiry Date |
|---|---|---|---|
| December 13, 2023 | 4,001,095 | 0.45 | December 13, 2025 |
| December 13, 2023 | 4,900 | 0.45 | December 13, 2025 |
| December 13, 2023 | 353,626 | 0.25 | December 13, 2025 |
| December 13, 2023 | 58,333 | 0.30 | December 13, 2025 |
| December 21, 2023 | 684,170 | 0.45 | December 21, 2025 |
| December 10, 2024 | 3,500,000 | 0.15 | December 10, 2026 |
| December 10, 2024 | 490,000 | 0.15 | December 10, 2026 |
| December 31, 2024 | 500,000 | 0.15 | December 31, 2026 |
| February 28, 2025 | 691,176 | 0.15 | February 28, 2027 |
| June 3, 2025 | 3,900,834 | 0.15 | June 3, 2027 |
| June 3, 2025 | 3,590,502 | 0.15 | June 3, 2027 |
| June 3, 2025 | 682,523 | 0.15 | June 3, 2027 |
| August 22,2025 | 1,000,000 | 0.15 | July 19,2029 |
| September 16,2025 | 5,349,075 | 0.15 | September 16,2027 |
| September 24,2025 | 2,785,000 | 0.15 | September 24,2027 |
| October 2,2025 | 3,346,600 | 0.15 | October 2,2027 |
| October 14,2025 | 14,000,000 | 0.15 | October 14,2027 |
| October 28,2025 | 8,261,100 | 0.15 | October 28,2027 |
| Total | 53,198,934 |
The Company allocates the fair value to share purchase warrants issued as part of units with common shares using the residual method. The fair value of share purchase warrants granted as compensation to brokers and consultants is calculated using the Black-Scholes Option Pricing Model. The fair value of the common share purchase warrants issued during the six months ended October 31, 2025 were estimated at the date of issuance using Black-Scholes option pricing model using the following inputs:
| Grant Date | Expiry Date | Exercise Price | Risk-Free Interest Rate | Expected Life | Volatility Factor | Dividend Yield | Fair Value |
|---|---|---|---|---|---|---|---|
| August 22, 2025 | July 19, 2029 | $0.15 | 2.94% | 4 years | 130% | 0% | $0.0602 |
| Sept 16, 2025 | Sept 16, 2027 | $0.15 | 2.46% | 2 years | 130% | 0% | $0.0732 |
| Sept 24, 2025 | Sept 24, 2027 | $0.15 | 2.46% | 2 years | 129% | 0% | $0.0848 |
| October 2, 2025 | October 2, 2027 | $0.15 | 2.45% | 2 years | 128% | 0% | $0.0685 |
| October 14, 2025 | October 14, 2027 | $0.15 | 2.42% | 2 years | 128% | 0% | $0.0724 |
| October 28, 2024 | October 28, 2027 | $0.15 | 2.36% | 2 years | 128% | 0% | $0.0643 |
STANDARD URANIUM LTD.
Condensed Consolidated Interim Statements of Changes in Shareholders' Equity
(Expressed in Canadian dollars – unaudited)
10. Related party transactions and balances
The Company's related parties consist of its key management personnel. Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company, directly or indirectly, and consist of its directors, the Chief Executive Officer, the Chief Financial Officer and the VP Exploration. During the six months ended October 31, 2025 and 2024, compensation of key management personnel, including directors, was as follows:
| Six months ended October 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Salaries and consulting fees | $ 324,619 | $ 298,333 |
| Share-based compensation | 91,292 | 140,997 |
| Total | $ 415,911 | $ 439,330 |
As of October 31, 2025, there was $107,261 (April 30, 2025: $93,785) owing to certain directors and officers of the Company. The amounts owing are included in accounts payable, are unsecured, non-interest bearing, have no fixed terms of repayment and are due on demand. The Company also has prepaid $18,333 (April 30, 2025: $Nil) to certain officers of the Company in connection with expenses to be incurred on behalf of the Company.
11. Financial instruments and risks
(a) Fair values
The fair value of cash, accounts receivable and accounts payable approximate their carrying values due to the short-term to maturities of the financial instruments.
(b) Interest rate risk
Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is not exposed to interest rate risk.
(c) Credit risk
Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Company's primary exposure to credit risk is in its cash. The risk in cash is managed through the use of a major financial institution which has a high credit quality as determined by rating agencies. Credit risk is assessed as low.
(d) Foreign exchange rate risk
Foreign exchange risk is the risk that the Company's financial instruments will fluctuate in value as a result of movements in foreign exchange rates. The Company has no assets or liabilities denominated in foreign currencies; therefore, is not exposed to foreign exchange risk.
(e) Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company requires funds to finance its business development activities. In addition, the Company needs to raise equity financing to carry out its exploration programs. There is no assurance that financing will be available or, if available, that such financings will be on terms acceptable to the Company. Liquidity risk is assessed as high.
19
STANDARD URANIUM LTD.
Condensed Consolidated Interim Statements of Changes in Shareholders' Equity
(Expressed in Canadian dollars – unaudited)
11. Financial instruments and risks (continued)
(f) Price risk
The Company is exposed to price risk with respect to commodity prices. The Company's ability to raise capital to fund exploration and development activities is subject to risks associated with fluctuations in the market price of commodities.
12. Capital management
The Company's capital structure consists of cash and share capital. The Company manages its capital structure and makes adjustments to it, based on the funds available to the Company, in order to support acquisition and exploration of resource properties. The Board of Directors does not establish quantitative return on capital criteria for management, but rather relies on the expertise of the Company's management to sustain future development of the business. The Company is dependent on external financing to fund its activities. In order to carry out exploration and pay for administrative costs, the Company will spend its existing working capital and raise additional amounts as needed. The Company will continue to assess new exploration and evaluation assets and seek to acquire interests in properties if it feels there is sufficient geologic or economic potential and if it has adequate financial resources to do so. Management reviews its capital management approach on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable. There were no changes in the Company's approach to capital management since inception. The Company is not subject to externally imposed capital requirements.
13. Commitments
Pursuant to the option agreement entered into between the Company and the counterparty (Note 7) in connection with the Davidson River project, and as amended on April 9, 2025, the Company has the following commitments:
a. on or before July 15, 2025, pay the sum of $100,000 (paid)
b. on or before July 15, 2026, pay the sum of $150,000
c. on or before July 15, 2027, pay the sum of $150,000
d. on or before July 15, 2028, pay the sum of $150,000
Additionally, upon the Company completing an equity financing for aggregate gross proceeds exceeding $5,000,000, the Company will be required to complete an accelerated payment to 877384 Alberta Ltd., to be credited towards the above payments, in the amount equivalent to the lesser of $200,000 and the balance of all payments still owing, on or before the date which is thirty days following the financing threshold having been met. The Company will also be required to pay the balance of any amounts still owing upon the earlier of twelve months following the financing threshold having been met, or the date on which the Company completes an equity financing for aggregate gross proceeds exceeding $10,000,000. In connection with the amendment, the Company agreed to issue 1,000,000 share purchase warrants to the counterparty. Each warrant will be exercisable at a price of $0.15 per common share until July 19, 2029. The warrants were issued on August 22, 2025 and had a fair value of $60,171.
20
STANDARD URANIUM LTD.
Condensed Consolidated Interim Statements of Changes in Shareholders' Equity
(Expressed in Canadian dollars – unaudited)
14. Subsequent events
Subsequent to October 31, 2025, 1,070,000 RSU’s were exercised by certain officers and directors of the Company.
On November 6, 2025, the Company granted 1,475,000 stock options to various officers, directors and consultants of the Company, at an exercise price of $0.11 per share for a period of 5 years.
On November 6, 2025, the Company granted 3,350,000 RSU’s to various officers, and directors of the Company, which fully vests on November 6, 2026 and expires on November 6, 2028.
On December 17, 2025, the Company granted 250,000 RSU’s to a director of the Company, which fully vests on December 17, 2026 and expires on December 17, 2028.
21