Standard Uranium Ltd. — Interim / Quarterly Report 2026

Apr 1, 2026

STANDARD URANIUM LTD.

Condensed Consolidated Interim Financial Statements

January 31, 2026 and 2025

(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	As at
	January 31 2026	April 30, 2025
	$	$
Assets
Current assets
Cash	2,743,787	34,389
Amounts receivable (Note 3)	381,868	64,755
Prepaid expenses (Note 4)	252,965	121,228
Marketable securities(Note 5)	293,161	41,050
Total current assets	3,671,781	261,422
Non-current assets
Marketable securities – long term (Note 5)	204,274	-
Deposits (Note 6)	37,968	37,968
Exploration and evaluation assets(Note 7 and 10)	17,006,564	16,109,634
Total assets	20,920,587	16,409,024
Liabilities and shareholders’ equity
Current liabilities
Accounts payable and accrued liabilities	186,699	1,284,919
Advances from JV partners (Note 7)	-	32,102
Flow-through sharepremium liability (Note 8)	956,458	92,535
Total current liabilities	1,143,157	1,409,556
Deferred tax liability	140,000	140,000
Total liabilities	1,283,157	1,549,556
Shareholders’ equity
Share capital (Note 9)	29,954,255	23,585,659
Contributed surplus (Note 9)	1,250,404	996,518
Deficit	(11,567,229)	(9,722,709)
Total shareholders’ equity	19,637,430	14,859,468
Total liabilities and shareholders’ equity	20,920,587	16,409,024

Nature and continuance of operations and going concern (Note 1) Commitments (Note 13) Subsequent event (Note 14)

Approved on behalf of the Board on March 31, 2026:

“Jon Bey” Jon Bey	“Blair Jordan”
	Blair Jordan

The accompanying notes are an integral part of these condensed consolidated interim financial statements

3

STANDARD URANIUM LTD.

Condensed Consolidated Interim Statements of Loss and Comprehensive Loss (Expressed in Canadian dollars - unaudited)

	Three months	Three months	Nine months	Nine months
	ended	ended	ended	ended
January 31, 2026		January 31, 2025	January 31, 2026	January 31, 2025
	$	$	$	$
Expenses
Consulting fees (Note 10)	151,359	110,285	501,820	406,798
Filing fees	18,004	10,599	46,550	48,503
General and administrative	145,466	174,945	511,067	446,271
Insurance	-	10,779	25,029	32,528
Investor relations	17,765	16,485	237,841	68,851
Professional fees	21,699	13,909	165,373	48,645
Rent (Note 10)	23,820	16,031	55,881	48,216
Share-based compensation (Notes 9 and 10)	144,837	99,176	278,037	257,629
Loss before other items	(522,950)	(452,209)	(1,821,598)	(1,357,441)
Other income
Interest income	3,080	293	4,198	9,628
Gain on sale of exploration and evaluation asset (Note 7)	-	-	-	16,622
Change in fair value of marketable securities (Note 5)	(10,149)	(33,567)	134,219	(317,170)
Loss on debt settlement (Note 9)	-	-	(525,000)	-
Operator fee income	33,442	5,417	55,079	223,338
Settlement of flow-through share premium liability (Note 8)	-	226,494	161,692	246,681
Net loss and comprehensive loss	(496,577)	(253,572)	(1,991,410)	(1,178,342)
Basic and diluted lossper share	$(0.00)	$(0.01)	$(0.02)	$(0.03)
Weighted average number of shares outstanding
– basic and diluted	140,740,890	46,257,664	100,952,717	46,193,751

The accompanying notes are an integral part of these condensed consolidated interim financial statements

4

STANDARD URANIUM LTD.

Condensed Consolidated Interim Statements of Changes in Shareholders’ Equity

(Expressed in Canadian dollars – unaudited)

	Share capital	Share capital
			Contributed
	Number	Amount	surplus	Deficit	Total
		$	$	$	$
Balance, April 30, 2024	46,129,838	22,678,156	2,389,418	(9,958,818)	15,108,756
Proceeds from private placement (Note 9)	8,000,000	755,000	45,000	-	800,000
Share issuance costs (Note 9)	-	(68,155)	19,155	-	(49,000)
Flow-through premium liability (Note 8)	-	(120,000)	-	-	(120,000)
Fair value of restricted share units exercised (Note 9)	620,000	240,000	(240,000)	-	-
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)	-	-	257,629	-	257,629
Net loss and comprehensive loss	-	-	-	(1,178,342)	(1,178,342)
Balance,January31,2025	54,749,838	23,485,001	947,628	(9,613,586)	14,819,043
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)	-	(744,614)	307,318	-	(437,296)
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)	1,320,000	244,750	(244,750)	-	-
Fair value of expired options and warrants (Note 9)	-	-	(146,890)	146,890	-
Warrants issued for option payment (Note 7)	-	-	60,171		60,171
Share-based compensation (Note 9 and 10)	-	-	278,037	-	278,037
Net loss and comprehensive loss	-	-	-	(1,991,410)	(1,991,410)
Balance, January 31, 2026	140,928,607	29,954,255	1,250,404	(11,567,229)	19,637,430

The accompanying notes are an integral part of these condensed consolidated interim financial statements

5

STANDARD URANIUM LTD.

Condensed Consolidated Interim Statement of Cash Flows (Expressed in Canadian dollars – unaudited)

	Nine months	Nine months
	ended	ended
	January 31,	January 31,
	2026	2025
	$	$
Cash provided by (used in):
Operating activities
Net loss	(1,991,410)	(1,178,342)
Items not effecting cash:
Share-based compensation	278,037	257,629
Settlement of flow-through share premium liability	(161,692)	(246,681)
Gain on sale of exploration and evaluation asset	-	(16,622)
Change in fair value of marketable securities	(134,219)	317,170
Loss on debt settlement	525,000	-
Changes in non-cash working capital items:
Amounts receivable	1,295	(129,131)
Prepaid expenses	(131,737)	110,631
Advances from JV partners	(350,510)	(232,188)
Accountspayable and accrued liabilities	(921,205)	308,441
Net cash used in operatingactivities	(2,886,441)	(809,093)
Investing activities
Exploration and evaluation assets	(904,825)	(831,753)
Cash option payments received	50,000	200,000
Proceeds from sale of marketable securities	43,885	228,585
Deposit	-	86,059
Net cash used in investingactivities	(810,940)	(317,109)
Financing activities
Proceeds fromprivateplacements,net of issuance costs	6,406,779	751,000
Net cashprovided byfinancingactivities	6,406,779	751,000
Change in cash	2,709,398	(375,202)
Cash,beginning	34,389	555,912
Cash,ending	2,743,787	180,710
Supplemental Disclosures:
Interest paid	-	-
Income taxespaid	-	-

The accompanying notes are an integral part of these condensed consolidated interim financial statements

6

STANDARD URANIUM LTD. Notes to the Condensed Consolidated Interim Financial Statements (Expressed in Canadian dollars – unaudited)

1. 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 #918 - 1030 West Georgia Street, Vancouver, British Columbia, V6E 2Y3.

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 January 31, 2026, 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.

2. 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.

financial statements.
Name of subsidiary	Place of incorporation	Ownershipinterest
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 March 31, 2026 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.

3. Amounts receivable

Amounts receivable consists of GST receivable in the amount of $63,460 (April 30, 2025: $64,755) and receivables from joint venture partners of $318,408 (April 30, 2025: $Nil).

7

Notes to the Condensed Consolidated Interim Financial Statements (Expressed in Canadian dollars – unaudited)

STANDARD URANIUM LTD.

4. Prepaid expenses

Prepaid expenses consist of prepayments for services to be rendered within the next 12 months of operations.

	As at	As at
	January 31, 2026	April 30, 2025
	$	$
Consulting services	33,333	-
Conferences	20,000	60,875
Investor relations	125,807	-
Insurance	16,800	10,145
Others	57,025	50,208
Balance, ending	252,965	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 nine months ended January 31, 2026, 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 January 31, 2026, 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 January 31, 2026 is as follows:

	As at	As at
	January 31, 2026	April 30, 2025
	$	$
Marketable securities	293,161	41,050
Marketable securities–long term	204,274	-
Balance, ending	497,435	41,050

8

Notes to the Condensed Consolidated Interim Financial Statements (Expressed in Canadian dollars – unaudited)

STANDARD URANIUM LTD.

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		366,051
Disposals		(43,885)
Change in fair value of marketable securities		134,219
Balance as at January 31, 2026	$	497,435

6. Deposits

The Company’s deposits as at January 31, 2026 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		Sun Dog		Canary		Atlantic		Other
		Riverproject		project		project		project		projects	Total
Acquisition Costs
Balance, April 30, 2024	$	720,000	$	10,395	$	4,382	$	-	$	93,450 $	828,227
Cashpayments		-		-		-		-		5,479	5,479
Balance, April 30, 2025		720,000		10,395		4,382		-		98,929	833,706
Cash payments		100,000		-		-		-		1,500	101,500
Warrant issuance		60,171		-		-		-		-	60,171
Balance, January 31, 2026	$	880,171	$	10,395	$	4,382	$	-	$	100,429 $	995,377
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)
Optionpayments received		-		(400,000)		-		-		-	(400,000)
Balance, April 30, 2025	$	13,238,320	$	405,436	$	428,549	$	145,313	$	1,058,310 $	15,275,928
Consulting		211,846		7,826		910		910		405,703	627,195
Camp and fuel		15,683		-		-		-		64,213	79,896
Geophysics		481,114		-		-		-		-	481,114
Bond payment		-		-		-		-		50,703	50,703
TMEI Refund		-		(25,000)		-		-		-	(25,000)
Recharged to joint venture
partner		-		-		-		-		(64,547)	(64,547)
Optionpayments received		-		-		-		-		(414,102)	(414,102)
Balance, January 31, 2026	**$ **	13,946,963	$	388,262	$	429,459	$	146,223	$	1,100,280 $	16,011,187
Total
Balance, April 30, 2025	$	13,958,320	$	415,831	$	432,931	$	145,313	$	1,157,239 $	16,109,634
Balance, January 31, 2026	**$ **	14,827,134	$	398,657	$	433,841	$	146,223	$	**1,200,709$ **	17,006,564

9

STANDARD URANIUM LTD. Notes to the Condensed Consolidated Interim Financial Statements (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 nine months ended January 31, 2026, 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.

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	Consideration	Exploration	Operator
		Payments	Shares	Expenditures	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 $44,902 during the nine months ended January 31, 2026 (2025 - $Nil). As of January 31, 2026, the Company had a receivable of $286,901 from Aventis relating to expenditures incurred at the Corvo project (April 30, 2025 - $Nil).

10

STANDARD URANIUM LTD.

Notes to the Condensed Consolidated Interim Financial Statements (Expressed in Canadian dollars – unaudited)

7. Exploration and evaluation assets (continued)

Rocas project:

On September 26, 2025, the Company 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	Consideration	Exploration	Operator
		Payments	Shares	Expenditures	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 nine months ended January 31, 2026 (2025 - $Nil). As of January 31, 2026, the Company had a receivable of $31,507 from Collective to be incurred at the Rocas project (April 30, 2025 - $Nil).

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.

• 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 nine months ended January 31, 2026 the Company earned an operator fee on the Sun Dog project of $Nil (2025 - $126,610). As of January 31, 2026, the Company had $nil advanced from Aero to be incurred at the Sun Dog project (April 30, 2025 – $32,102). During the nine months ended January 31, 2026, Aero notified the Company that it will not be proceeding with Sun Dog Option Agreement. Accordingly, the Company has retained 100% of the Sun Dog project.

During the nine months ended January 31, 2026, the Company received a $25,000 rebate from the Government of Saskatchewan under the Targeted Mineral Exploration Incentive (“TMEI”).

11

STANDARD URANIUM LTD. Notes to the Condensed Consolidated Interim Financial Statements (Expressed in Canadian dollars – unaudited)

7. Exploration and evaluation assets (continued)

Other projects:

The Company’s portfolio includes six additional projects in the Athabasca uranium district. The Atlantic, Canary and Ascent projects are located in the northern portion of the eastern Athabasca Basin. Additionally, the Ox Lake and Cable Bay SW projects are positioned adjacent 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 January 31, 2026, the Company has $4,837,124 to incur by December 31, 2026. A continuity schedule of the Company’s outstanding balance for the nine months ended January 31, 2026, 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-throughpremium		(271,201)
Balance as at April 30, 2025		92,535
Flow-through premium – 2025 financings (Note 9)		1,025,615
Settlement of flow-throughpremium		(161,692)
Balance as at January 31, 2026	$	956,458

9. Share capital

Authorized share capital:

Unlimited common shares without par value.

Issued and outstanding:

At January 31, 2026, there were 140,928,607 (April 30, 2025: 56,132,190) common shares issued and fully paid common shares outstanding.

12

STANDARD URANIUM LTD.

Notes to the Condensed Consolidated Interim Financial Statements (Expressed in Canadian dollars – unaudited)

9. Share capital (continued)

During the nine months ended January 31, 2026:

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-flowthrough 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 $82,495.

13

STANDARD URANIUM LTD. Notes to the Condensed Consolidated Interim Financial Statements (Expressed in Canadian dollars – unaudited)

9. Share capital (continued)

During the nine months ended January 31, 2026, 1,320,000 RSU’s were exercised by certain officers of the Company which had an aggregate fair value of $244,750.

During the nine months ended January 31, 2025

On December 10, 2024, the Company closed an initial tranche of its non-brokered private placement (the "Offering") for gross proceeds of $700,000. In connection with the initial tranche of the Offering, the Company has issued 7,000,000 flow-through units at a price of $0.10 per unit. Each flow-through unit consists of one common share of the Company and one-half of one transferable common share purchase warrant (a “Warrant”). Each whole Warrant entitles the holder to purchase one common share of the Company at a price of $0.15 until December 10, 2026. The Company allocated proceeds of $35,000 to the common share purchase warrants using the residual value method.

On December 31, 2024, the Company closed the second tranche of its non-brokered private placement (the "Offering") for gross proceeds of $100,000. In connection with the tranche of the Offering, the Company has issued 1,000,000 flow-through units at a price of $0.10 per unit. Each flow-through unit consists of one common share of the Company and one-half of one transferable common share purchase warrant (a “Warrant”). Each whole Warrant entitles the holder to purchase one common share of the Company at a price of $0.15 until December 31, 2026. The Company allocated proceeds of $10,000 to the common share purchase warrants using the residual value method.

In connection with the Offering, the Company incurred share issuance costs of $49,000 in cash and issued 490,000 broker warrants with a fair value of $19,155. Each broker warrant is exercisable into one additional common share of the Company at a price of $0.15 for a period of two years.

During the nine-months ended January 31, 2025, 620,000 RSU’s were exercised by certain officers of the Company which had an aggregate fair value of $240,000.

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.

14

STANDARD URANIUM LTD.

Notes to the Condensed Consolidated Interim Financial Statements (Expressed in Canadian dollars – unaudited)

9. Share capital (continued)

Options (continued):

A continuity schedule of the Company’s outstanding stock options for the nine months ended January 31, 2026 and 2025 is as follows:

	January	31, 2026	31, 2026	January 31, 2025	January 31, 2025	January 31, 2025
		Weighted				Weighted
	Options		average	Options		average
	outstanding	exercise price		outstanding	exercise price
Outstanding, beginning of period	1,720,500	$	0.56	2,189,500	$	0.79
Granted	2,365,000		0.03	367,500		0.10
Expired	(266,000)		0.79	(830,000)		0.97
Outstanding, end ofperiod	3,819,500	$	0.35	1,727,000	$	0.71
Exercisable, end of period	2,423,500	$	0.41	1,254,600	$	0.75

At January 31, 2026, the Company had outstanding stock options exercisable to acquire common shares of the Company as follows:

					Remaining
	Options	Options			contractual
Expiry date	outstanding	exercisable	Exercise	price	life(years)
June 1, 2026	88,500	88,500	$	1.25	0.33
February 7, 2027	305,000	305,000	$	1.00	1.02
January 18, 2028	232,000	232,000	$	0.50	1.96
January 12, 2029	364,000	364,000	$	0.30	2.95
October 31, 2029	365,000	292,000	$	0.10	3.75
May 2, 2030	890,000	534,000	$	0.07	4.25
May 4, 2030	100,000	100,000	$	0.75	4.26
November 6,2030	1,475,000	295,000	$	0.10	4.77
Total	3,819,500	2,423,500

The Company calculates the fair value of the stock options granted using the Black-Scholes Option Pricing Model. The weighted average Black-Scholes Option Pricing Model inputs for options granted and vested during the nine months ended January 31, 2026 and 2025 are as follows:

		Nine months ended	Nine months ended
Input	January 31, 2026		January 31, 2025
Exercise price	$	0.09	$	0.10
Expected life (years)		3.00		3.00
Volatility		129%		116%
Risk-free rate		2.45%		3.03%

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 and November 6, 2025 vest in fifths, one-fifth immediately, and one-fifth vest every 3 months from the grant date.

During the nine months ended January 31, 2026, the Company recognized share-based compensation of $97,697 (2025 - $52,343) related to the vesting of options. During the nine months ended January 31, 2026, 206,000 stock options expired unexercised and the fair value of $58,952 (2025 - $442,564) was reclassified to deficit.

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STANDARD URANIUM LTD. Notes to the Condensed Consolidated Interim Financial Statements (Expressed in Canadian dollars – unaudited)

9. Share capital (continued)

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.

A continuity schedule of the Company’s outstanding restricted stock units for the nine months ended January 31, 2026 and 2025 are as follows:

	January 31, 2026	January 31, 2026		January 31, 2025	January 31, 2025	January 31, 2025
		Weighted				Weighted
	RSUs	average fair		RSUs	average fair
	outstanding		value	outstanding		value
Outstanding, beginning of period	1,870,000	$	0.18	1,165,000	$	0.50
Granted	4,700,000		0.09	1,325,00		0.10
Exercised	(1,320,000)		0.18	(620,000)		0.50
Outstanding, end of period	5,250,000	$	0.10	1,870,000	$	0.50

During the nine months ended January 31, 2026, the Company recognized share-based compensation expense of $180,340 (2025 - $205,287) related to the vesting of previously granted RSU’s.

Warrants:

A continuity schedule of the Company’s outstanding common share purchase warrants for the nine months ended January 31, 2026 and 2025 is as follows:

	January	31, 2026		January 31,	January 31,	2025
		Weighted				Weighted
	Warrants		average	Warrants		average
	outstanding	exercise price		outstanding	exercise price
Outstanding, beginning of period	10,283,300	$	0.29	15,302,015	$	0.85
Granted	42,915,634		0.15	4,490,000		0.15
Expired	(5,102,124)		0.43	(10,199,891)		1.06
Outstanding, end ofperiod	48,096,810	$	0.15	9,592,124	$	0.30

During the nine months ended January 31, 2026, 5,102,124 warrants expired unexercised and the fair value of $87,938 (2025 - $1,081,010) was reclassified to deficit.

16

Notes to the Condensed Consolidated Interim Financial Statements (Expressed in Canadian dollars – unaudited)

STANDARD URANIUM LTD.

9. Share capital (continued)

Warrants (continued):

At January 31, 2026, 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 10, 2024 3,500,000 December 10, 2024 490,000 December 31, 2024 500,000 February 28, 2025 691,176 June 3, 2025 3,900,834 June 3, 2025 3,590,502 June 3, 2025 682,523 August 22,2025 1,000,000 September 16,2025 5,349,075 September 24,2025 2,785,000 October 2,2025 3,346,600 October 14,2025 14,000,000 October 28,2025 8,261,100		0.15 December 10, 2026 0.15 December 10, 2026 0.15 December 31, 2026 0.15 February 28, 2027 0.15 June 3, 2027 0.15 June 3, 2027 0.15 June 3, 2027 0.15 July 19,2029 0.15 September 16,2027 0.15 September 24,2027 0.15 October 2,2027 0.15 October 14,2027 0.15 October 28,2027
	Total 48,096,810

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 nine months ended January 31, 2026 and 2025 were estimated at the date of issuance using Black-Scholes option pricing model using the following weighted average inputs:

		Nine months ended	Nine months ended
Input	January 31, 2026		January31, 2025
Exercise price	$	0.15	$	0.15
Expected life (years)		2.00		2.00
Volatility		134%		130%
Risk-free rate		2.56%		2.89%

17

STANDARD URANIUM LTD. Notes to the Condensed Consolidated Interim Financial Statements (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 nine months ended January 31, 2026 and 2025, compensation of key management personnel, including directors, was as follows:

		Nine months ended	January 31,
		2026	2025
Salaries and consulting fees	$	462,219 $	448,333
Stock-based compensation		174,892	213,842
Total	$	637,111$	662,175

As of January 31, 2026, there was $28,500 (April 30, 2025: $93,785) owing to certain directors and officers of the Company. The amounts owing are included in accounts payable, are unsecured, noninterest 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.

18

STANDARD URANIUM LTD. Notes to the Condensed Consolidated Interim Financial Statements (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.

19

STANDARD URANIUM LTD. Notes to the Condensed Consolidated Interim Financial Statements (Expressed in Canadian dollars – unaudited)

14. Subsequent event

Subsequent to January 31, 2026, the Company received $75,000 of payment from Collective for the Rocas project (see Note 7).

20