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Premier American Uranium Successfully Completes Drilling Program At Cebolleta Project and Delivers Samples for Advanced Metallurgical Testing
Premier American Uranium successfully completed its drilling program at the Company's wholly owned Cebolleta Uranium Project in New Mexico. The program was designed to recover representative samples from the underground resource area to support advanced technical studies as part of the Company’s 2026 work program focused on advancing process optimization and Project economics. The recovered samples have now been delivered to Hazen Research Inc., the Company’s contracted metallurgical laboratory in Golden, Colorado, where they will support a planned comprehensive metallurgical testing program aimed at optimizing heap-leach uranium recovery and informing key assumptions for future economic studies including a planned update to the Company’s current Preliminary Economic Assessment with respect to the Project targeted for completion in 2027. Completion of a 6,030-foot PQ-core drilling program occurred at four locations targeting mineralization representative of the underground mining portion of the Company’s current Mineral Resource Estimate for the Project included in the 2025 Preliminary Economic Assessment. To obtain sufficient sample volume for metallurgical tests, mineralized core was collected from a total of 18 vertical holes (4 to 6 per location) with results summarized in Table 1. Downhole gamma results are generally consistent with historic drilling and the Company’s 2023 confirmation drilling program and will be added to the drilling database for the planned updated Mineral Resource Estimate in the 2027 Preliminary Economic Assessment. Delivery of 77 core samples to Hazen Research was completed. Combined mineralized PQ-core samples totaled 282.6 feet (85.9 m) and 2,124 pounds (963.3 kg). Selection of core samples was guided by handheld scintillometer readings in a sterile background combined with downhole gamma results, utilizing a cutoff grade of 0.06% eU3O8, the underground mining cut-off grade used in the 2025 Preliminary Economic Assessment. Drilling conditions achieved 97% footage recovery in mineralized zones and an overall mass recovery of 90%, exceeding the target sample mass of 800 kg by 20%. The recovered material provided representative samples for the planned metallurgical test program. Sample preparation by Hazen Research is underway, and the Company anticipates the extra sample material will facilitate additional laboratory tests including density, chemical disequilibrium, and a larger suite of geochemical analyses. The results of the 2025 Preliminary Economic Assessment are included in a Technical Report prepared in accordance with the requirements of NI 43-101 by SLR International Corporation, an independent consulting firm with extensive experience in mining and mineral processing, including uranium operations in the United States. The 2025 Preliminary Economic Assessment is preliminary in nature and includes Inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the 2025 Preliminary Economic Assessment will be realized. Hazen Research has commenced a metallurgical testing program including mineralogical characterization, bottle roll recovery testing, and long-term column leach tests to simulate heap leaching utilizing both the underground core samples referenced herein and the open-pit bulk sample delivered in March 2026. Bottle roll and column leach tests will examine multiple oxidants, lixiviants, and application rates to assess uranium recovery characteristics and support future engineering and economic studies. The Company expects to report key findings as the metallurgical testing progresses. Table 1 provides 2026 drilling results and core sampling summary, including drill hole ID and location, downhole gamma results, metallurgical sampling, top depth, true thickness, grade, core samples, combined thickness, mass recovery, and sample mass. All drill holes were vertical (90 degrees) through flat lying strata. Measured and reported intercepts represent true thicknesses. Downhole geophysical surveys included natural gamma, self-potential (SP) and single point resistivity (SPR) measurements and were completed by the Company with direct oversight by management with 20 years’ experience performing downhole gamma surveys in connection with uranium exploration. Natural gamma, SP and SPR were measured using a 40LGR-1000 downhole gamma probe manufactured in 2024 by Mount Sopris Instrument Company. Contemporaneous gamma calibration of the 40LGR-1000 probe was completed by the Company at the U.S. Department of Energy's calibration facility in Grand Junction, Colorado on March 18, 2026, measuring a Dead Time of 2.89 microseconds and K Factor of 5.93×10-6. A Mud Factor of 1.18 was derived from Century Geophysical LLC’s Mud Factor Correction Chart using the true measured hole diameter of 5.0 inches and true measured drilling mud weight of 8.4 pounds per gallon. Pipe Factor was calculated comparing downhole gamma results at 465 identical 0.1-foot intervals measured within and without the core drill pipe through the mineralized zone of LJ-25 2026 A, yielding a no-pipe:pipe mean ratio of 1.52, median ratio of 1.52, with low skew of 0.15. Calibration factor summary: Dead Time 2.89; K Factor 5.93×10-6; Mud Factor 1.18; Pipe Factor 1.52. Grade (% eU3O8) calculated using standard 2KN formula with natural gamma results expressed in counts per second at 0.1-foot intervals. 2026 results are reported at a cut-off grade of 0.06% eU3O8 in conformance with the underground mining cut-off grade utilized to calculate the Mineral Resource Estimate in the 2025 Preliminary Economic Assessment. eU3O8 grades are equivalent uranium grades derived from calibrated downhole natural gamma surveys and have not been verified by chemical assays. Numerous historical comparisons of eU3O8 and chemical assays of core samples from the Project indicate that eU3O8 is a reasonable indicator of the actual uranium assay. Numbers in table may not add due to rounding and 3% footage recovery loss. Located in New Mexico, the Project is a past-producing property with extensive historical work and infrastructure. Its location in one of the U.S.’s premier uranium districts provides strategic advantages, including proximity to utilities and existing processing facilities. The scientific and technical information contained in this news release relating to the 2026 drilling program were reviewed and approved by Mike Thompson, C.P.G., who is a “Qualified Person” (as defined in NI 43-101), a consultant to the Company, and the Company’s Project Manager for the Cebolleta Project.