Mr. Etienne Moshevich reports

ATCO MINING CONFIRMS URANIUM MINERALIZATION IN MULTIPLE DRILL HOLES AT ATLANTIC PROJECT; PROVIDES ANALYTICAL HIGHLIGHTS FROM WINTER DRILL PROGRAM

Atco Mining Inc. has provided a summary of analytical results from the inaugural winter 2024 drill program at its 3,061-hectare Atlantic project, highlighting uranium mineralization in multiple drill holes. Atlantic is situated in the prolific eastern Athabasca basin, Northern Saskatchewan.

The project is currently under option with Standard Uranium Ltd., an arm's-length company listed on the TSX Venture Exchange. Pursuant to the option, Atco Mining can earn a 75-per-cent interest in Atlantic over three years. The winter 2024 drill program contributes to satisfying the first year of minimum exploration expenditures required by the option.

Highlights:

• Uranium mineralization confirmed: Analytical results from the winter 2024 drill program at the project confirmed highly anomalous uranium in drill holes ATL-24-002, ATL-24-004A and ATL-24-005A, coinciding with prospective structural zones and favourable alteration, including dravite-rich clays.
• Sandstone basement-hosted uranium: Multiple zones of elevated uranium linked to the sub-Athabasca unconformity and basement structural zones were intersected, indicating a uranium-fertile system.
• Uranium pathfinders: Several key uranium pathfinder elements are present in anomalous quantities in multiple drill holes, providing vectoring information for future programs. Intersections of dravitic clay associated with structural zones have been confirmed in drill holes ATL-24-002, ATL-24-004A and ATL-24-005A.
• Verified targets: Massive structural disruption confirmed in the sandstone column and multiple wide (10 metres) brittle-reactivated graphitic shear zones confirms the main interpreted electromagnetic corridor on the western claim block, which was not reached by previous operators. The inaugural program results have confirmed the company's exploration thesis on the project, highlighting a uranium-fertile system with several kilometres of still untested strike length across the project.
• Follow-up targets as next steps: Atlantic holds significant upside for discovery along the untested portions of the east-west conductor system. Supplementary geophysical surveys over the central claim blocks are currently being planned, and will provide further target areas for phase 2 and 3 drilling, along with the additional untested gravity low anomalies on the western block identified in 2022.

"The intensity and scale of the dravite alteration in combination with the confirmed elevated uranium has me very encouraged with this modestly size initial drilling on Atlantic," said Neil McCallum, a director of Atco Mining.

"I am extremely excited with the drill results of this first phase," said Etienne Moshevich, chief executive officer of Atco Mining. "I think we're going to have a new rerating on uranium as a whole, and projects like the Atlantic project should catch the attention of some much larger players. With these results in hand, our team is working to plan our next phase of exploration imminently."

The Atlantic project covers 6.5 kilometres of an 18-kilometre-long, east-west-trending conductive exploration trend, which hosts numerous uranium occurrences. The company completed a high-resolution ground gravity survey on the western claim block in 2022, revealing multiple subsurface density anomalies and potentially representing significant hydrothermal alteration zones in the sandstone rooted to basement conductors.

The Atlantic project boasts all the key characteristics to host a high-grade unconformity-related uranium deposit, and the results of the inaugural drill program on the project have strengthened the validity of the exploration thesis on the project. Follow-up targets are being planned as geological data from the winter 2024 program continue to be processed and interpreted. Core samples from the program have been submitted to Saskatchewan Research Council Geoanalytical Laboratory in Saskatoon for geochemical assay, and results will be reported once received and examined by the technical team in accordance with the company's internal quality control processes.

Winter 2024 drill program analytical highlights

The winter 2024 drill program comprised 3,316 metres of diamond drilling across five drill holes. Inaugural drilling intersected the key characteristics of a uranium-bearing mineralized system in previously untested target area A, confirming the presence of a significant graphitic fault system in the basement rock linked to uranium mineralization and prospective hydrothermal alteration at the unconformity and in the basement rock.

The drill program was designed to follow up on highly anomalous uranium results returned from drill hole BL-16-32, in addition to testing the newly outlined gravity lows defined by the 2022 ground survey. On the western Atlantic claim block, drilling by Denison Mines in 2016 (hole BL-16-32) identified 342 parts per million uranium over 0.5 metre at the base of the sandstone, just north of target area A. Winter drilling was focused on target area A, which is defined by a 1,400-metre-by-850-metre density-low anomaly coinciding with stacked electromagnetic conductors and an interpreted regional fault.

Samples collected for analysis were sent to SRC Geoanalytical Laboratories in Saskatoon, Sask., for preparation, processing and ICP-MS multielement analysis using total and partial digestion, gold by fire assay, and boron by fusion. Sandstone samples were tested using the ICP-MS1 uranium multielement exploration package plus boron. Basement samples were tested with the ICP-MS2 uranium multielement exploration package plus boron. All sandstone samples and basement samples marked as radioactive upon arrival to the lab were also analyzed using the U3O8 assay (reported in weight percentage). Basement rock split interval samples range from 0.1 to 0.5 metre, and sandstone composite samples are composed of multiple equal-sized full core pucks spaced over the sample interval. SRC is an ISO/IEC 17025/2005 and Standards Council of Canada certified analytical laboratory. Blanks, standard reference materials and repeats were inserted into the sample stream at regular intervals in accordance with Standard Uranium's quality assurance/quality control protocols. All samples passed internal QA/QC protocols, and the results presented in this release are deemed complete, reliable and repeatable.

Samples containing clay alteration were sent to Rekasa Rocks Inc. in Saskatoon, Sask., to be analyzed by short wavelength infrared reflectance through a portable infrared mineral analyzer to verify clay species.

The scientific and technical information contained in this news release, including the sampling, analytical and test data underlying the technical information contained in this news release, has been reviewed, verified and approved by Neil McCallum, PGeo, director of both Atco Mining and Standard Uranium, and a qualified person as defined in National Instrument 43-101.

About Atco Mining Inc.

Atco Mining is a junior exploration mining company focused on exploring for green energy metals throughout Canada. Atco Mining is also exploring salt opportunities in western Newfoundland.

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