Toronto, Ontario--(Newsfile Corp. - October 7, 2026) - Asarian Energy Limited (TSX: ARN) (FSE: F2T) (NSX: AAE) (ISIN: CA34660G1046) (Asarian Energy or the Company) is pleased to announce an approved drilling program at the Namibplaas deposit located in EPL 3638, part of the Norasa Project^[1] in Namibia (see Figure 1 below). The program is designed to support an updated Mineral Resource Estimate (MRE) and assess the potential to upgrade portions of the Namibplaas Mineral Resource from the Inferred to the Indicated category.

HIGHLIGHTS

• 4,500m/17-hole reverse circulation (RC) and diamond core (DC) infill drilling program planned.
• Drilling is expected to commence late October/early November 2026.
• Results are intended to support updating of the Norasa MRE.

The planned infill drilling program follows a review of the historic drill and resource data for Namibplaas and will focus on obtaining new geological and analytical information from within the deposit to assess the continuity of mineralisation and validate uranium grades. This information is required to strengthen the geological interpretation and support an updated MRE.

As shown in Figure 2, the program will comprise a combination of RC and DC drilling totalling approximately 4,500 metres across 17 drill holes within EPL 3638. Drilling is expected to commence in late October or early November 2026.

The most recent drilling at Namibplaas was completed in mid-2023.

The currently available historical dataset, including drilling completed in early 2023, relies predominantly on down-hole radiometric gamma logging and contains comparatively limited supporting assay data. The limited proportion of assayed samples relative to down-hole gamma data within the available dataset was a key factor contributing to the current classification of the Namibplaas MRE as Inferred.

The proposed drilling is intended to provide some of the supporting data required to update the resource definition and assess whether portions of the Namibplaas MRE can be upgraded to the Indicated category.

Any upgrade to the Indicated category will require confirmation of the conversion factors used to provide for equivalent uranium grades from the downhole radiometric data. This work will involve sampling and assaying mineralised intersections and comparing the geochemical laboratory results with composited down-hole gamma data.

Seventeen drill hole locations have been selected. These holes will be drilled broadly parallel to the existing drill pattern, at an azimuth of approximately 305 degrees and an inclination of approximately 60 degrees, as shown in Figure 2. The holes are designed to intersect mineralisation at depths of up to approximately 250m below surface. Each completed hole will undergo down-hole gamma logging, sampling for geochemical assays and borehole trajectory surveys.

John Borshoff, Director, President & CEO, commented:

"This drilling program is the first phase of what we expect will be a continued drilling campaign in 2027, also extending to parts of the Valencia deposit to support resource optimisation. In this context, the focused Namibplaas program marks an important stage in the evolution of the Norasa Project, as we re-evaluate the current resource base and assess opportunities to improve its definition and classification."

Figure 1: Namibplaas deposit (EPL 3638), approximately 3 km north-east of the Valencia deposit (ML 149)

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Figure 2: Historical drilling on EPL 3638 and planned drill-hole locations
(Blue holes - Priority 1 and Red holes - Priority 2)

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ABOUT ASARIAN ENERGY LIMITED

Asarian Energy Limited (TSX: ARN) (FSE: F2T) (NSX: AAE) is now operating under a new leadership and management structure advancing a value creation strategy centred on asset optimization, expanding the Company's project portfolio and building a proven team capable of converting vision into reality.

The objective is for Asarian Energy to become a globally significant uranium producer focusing both on advancing its wholly owned Norasa Project, located in the politically and uranium friendly jurisdiction of Namibia, Africa and expanding the Company's project footprint to attain a multi jurisdiction status through merger and acquisition effort, alliance development and joint ventures.

This news release was authorized for dissemination by Mr. John Borshoff, Director, President & CEO, for and on behalf of the Board of Directors of Asarian Energy Limited.

QUALIFIED PERSON STATEMENT

The information in this release that relates to the Mineral Resource Estimate for the Norasa Project is based on information compiled or reviewed by Mr David Princep, B.Sc. Geology who is a Fellow and Chartered Professional of the Australasian Institute of Mining and Metallurgy and has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity that is being undertaken, to fulfil the requirements of a Qualified Person as per NI 43-101. Mr. Princep is an independent consultant to the Company. Mr Princep consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.

The information in this release as it relates to Exploration results is based on, and fairly represents, information compiled by Martin Hirsch who is a Professional Member of the Institute of Materials, Minerals and Mining (UK) and the South African Council for Natural Science Professionals. Mr Hirsch, who is currently the General Manager, Projects - Namibia, has sufficient exploration experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity that is being undertaken, to fulfill the requirements of a Qualified Person. Mr Hirsch consents to the inclusion in this release of the matters based on the information in the form and context in which it appears.

FORWARD-LOOKING INFORMATION

Certain information contained in this press release constitutes "forward-looking information" within the meaning of Canadian legislation, including statements about the timing and scope of drilling and data review and the Norasa Project's future development. These statements are based on assumptions, including licence conditions being met, availability of funding, permits and contractors, and the timeline described above. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases, or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved" or "has the potential to". Forward-looking statements contained in this press release are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: exploration and resource-estimation risk, funding, regulatory and permitting matters in Namibia, uranium price volatility; changes in market conditions; the risk that the Norasa Project does not advance as currently expected; as well as other risk factors listed from time to time in the Company's reports filed with Canadian securities regulators on SEDAR+ at www.sedarplus.ca. The forward-looking statements included in this press release are made as of the date of this press release and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.

^[1] The Norasa Project is wholly-owned by the Company's 100% subsidiary Valencia Uranium (Proprietary) Ltd. and comprises the Valencia uranium deposit (held under Mining Licence 149) and the Namibplaas uranium deposit under EPL 3638.

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