Mr. Colin Healey reports

PREMIER AMERICAN URANIUM ANNOUNCES 2026 NEW MEXICO WORK PROGRAM TARGETING OPTIMIZATION OF CEBOLLETA PRELIMINARY ECONOMIC ASSESSMENT

Premier American Uranium Inc. has released details of the 2026 work program at its flagship Cebolleta uranium project in New Mexico. The 2026 work program is targeting refinements to the process assumptions of the 2025 preliminary economic assessment (2025 PEA) and is specifically designed to investigate and maximize the metallurgical recovery of uranium from the heap leach process (see press release dated Oct. 30, 2025). The 2025 PEA was contained in the technical report (as defined below) which also included an updated mineral resource estimate (2025 MRE) for the project (see press release dated Dec. 9, 2025). The 2025 PEA identified metallurgical recovery as a key sensitivity of overall project value, where incremental improvements have a large positive impact on the project's net present value (NPV). The 2025 MRE positions Cebolleta as one of the largest advanced uranium projects in the United States.

The planned $1.1-million (U.S.) work program focuses on bulk sampling, targeted drilling and comprehensive metallurgical testing aimed at optimizing the heap leach recovery assumptions of the 2025 PEA. Results from the program are expected to be implemented in a updated preliminary economic assessment targeted for Q1 2027.

The Cebolleta program will be led by renowned metallurgical engineer, Dr. Terry McNulty of T.P. McNulty and Associates, with metallurgical testwork to be conducted at leading independent United States laboratory, Hazen Research Inc.

2026 work program highlights

• Sampling program
  • Bulk samples were hand collected in March from mineralized surface exposures, providing test material representative of open pit mining at the St. Anthony mine.
  • These open pit bulk samples were delivered to Hazen in mid-March.
  • Core from up to 16 new drill holes to be completed under the existing drilling permits will provide test material representative of underground mining at Sohio Areas I, II and III.
  • Drilling is scheduled to commence in late April and conclude in June, with samples to be delivered to Hazen as recovered.
• Comprehensive metallurgical test program
  • A 42-week laboratory testing campaign will commence in May, 2026.
  • The program will include mineralogical characterization, bottle roll recovery testing and long-term column leach tests to simulate heap leaching.
  • Column leach tests will examine the efficacy of multiple oxidants, lixiviants and application rates with the goal of optimizing heap-leach uranium recovery and informing key assumptions for future economic studies.
• Potential PEA optimization
  • Results from the metallurgical program are expected to be incorporated into an updated PEA for the project, completion of which is targeted for Q1 2027.
  • The 2025 PEA assumed a base-case metallurgical recovery of 80 per cent. Sensitivity analysis in the 2025 PEA indicated that increasing recovery to 90 per cent could increase base-case after-tax project NAV (net asset value) (8 per cent) by approximately 90 per cent, from $84-million (U.S.) to $159-million (U.S.).

The 2025 PEA 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 PEA will be realized.

Colin Healey, chief executive officer and director of Premier American Uranium, commented: "Since acquiring the Cebolleta project in mid-2024, we have rapidly advanced its potential by expanding the resource and delivering a robust 2025 PEA that highlighted its strong fundamentals. We are excited to commence the 2026 work program, supported by a modest $1.1-million (U.S.) budget following our recent $15-million bought deal financing, reflecting the disciplined approach to capital allocation that we want to be known for. Importantly, this relatively small investment is targeting meaningful value creation, whereas outlined in the 2025 PEA, a 12.5-per-cent increase in metallurgical recovery could drive an approximate 90-per-cent ($75-million (U.S.)) increase in after-tax NPV (8 per cent). This highlights the significant upside potential in Cebolleta and further reinforces its potential as a key source of domestic uranium production."

Summary of the 2025 PEA

The results of the 2025 PEA are included in a technical report prepared in accordance with the requirements of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects by SLR International Corp. (SLR), an independent consulting firm with extensive experience in mining and mineral processing, including uranium operations in the United States.

The 2025 PEA for the project outlines a potential 13-year mine life producing an average of 1.4 million pounds of U3O8 (triuranium octoxide) annually, with peak production of 2.0 million pounds, for total life-of-mine production of 18.1 million pounds. At a base case uranium price of $90 (U.S.)/pound U3O8, the study demonstrates an after-tax NPV (8 per cent) of $83.9-million (U.S.) ($106-million (U.S.) pretax) and an after-tax IRR (internal rate of return) of 17.7 per cent, with direct preproduction capital of $64.2-million (U.S.) and total initial capital of approximately $112.7-million (U.S.), including indirect costs and contingency. The project is expected to generate life-of-mine after-tax free cash flow of $287-million (U.S.) and operating cash flow of $496-million (U.S.), supported by average operating costs of $41.60 (U.S.) per pound recovered. The 2025 PEA also highlights strong leverage to uranium prices, with after-tax NPV (8 per cent) increasing to $154-million (U.S.) at $100 (U.S.)/lb, $325-million (U.S.) at $125 (U.S.)/lb and $488-million (U.S.) at $150 (U.S.)/lb U3O8.

The PEA 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 PEA will be realized.

About the Cebolleta uranium project and mineral resources

Located in New Mexico, the Cebolleta uranium project is a past-producing property with extensive historical work and infrastructure. Its location in one of the premier uranium districts in the United States provides strategic advantages, including proximity to utilities and existing processing facilities.

About Dr. Terry McNulty of T.P. McNulty and Associates

Dr. McNulty was employed for 20 years by The Anaconda Company in various research, operating and management positions, the last including five years as corporate manager-metallurgical research and technical support. In the late 1970s, Dr. McNulty led Anaconda's modernization of its Bluewater mill in New Mexico which altogether produced nearly 100 million pounds U3O8 from the Jackpile Sandstone, the host rock at the Cebolleta project. Dr. McNulty arguably is the most experienced metallurgical engineer actively working in the U.S. uranium industry and has participated in 35 uranium/vanadium studies since 2004.

Following his tenure at Anaconda, Dr. McNulty served as vice-president, technical operations, for Kerr-McGee Chemical Corp. for three years before joining Hazen Research as president and chief executive officer. In 1988, Dr. McNulty founded T.P. McNulty and Associates.

T.P. McNulty and Associates was incorporated in 1988 to provide independent metallurgical consulting services where he and his associates have worked on projects located in 22 countries. Clients have included exploration and mining companies, technology developers, financing entities, universities, and government agencies with emphasis on developing or evaluating ways of reducing costs or improving efficiencies of existing mineral/metal extraction methods. Work has been done on projects involving copper, lead, zinc, silver, gold, iron ore, uranium, vanadium, potash and a variety of other non-metallic minerals.

About Hazen Research Inc.

Since 1961, Hazen Research's core business has been designing, performing and interpreting experimental work to provide design criteria and other technical information for new and existing metallurgical processes. Hazen has provided chemical analyses, bench-scale experiments, continuous pilot plant demonstration, and field and other services. Hazen also designs flowsheets and reduces scaleup risks for commercial plants throughout the world. Hazen specializes in laboratory-scale development of process design criteria and adaptation of known technologies to new applications, followed by pilot plant demonstration. Projects range from beaker-scale experiments and analysis of data to multimillion-dollar continuous pilot or demonstration plants.

Qualified person

The scientific and technical information contained in this news release relating to the 2025 PEA and MRE was reviewed and approved by Mark B. Mathisen, CPG, for SLR International Corp., the lead author of the technical report, who is a qualified person (as defined in National Instrument 43-101).

For additional information regarding the project please refer to the technical report, available under Premier American Uranium's SEDAR+ profile.

Additional scientific and technical information in this news release not specific to the 2025 PEA and MRE and relating to the 2026 work program has been reviewed and approved by Terrance McNulty, PE, a consultant of Premier American Uranium, who is a qualified person (as defined in NI 43-101).

About Premier American Uranium Inc.

Premier American Uranium is focused on consolidating, exploring and developing uranium projects across the United States to strengthen domestic energy security and advance the transition to clean energy. The company's extensive land position spans five of the nation's top uranium districts, with active work programs under way in New Mexico's Grants mineral belt and Wyoming's Great Divide and Powder River basins.

Backed by strategic partners including Sachem Cove Partners, IsoEnergy Ltd., Mega Uranium Ltd. and other leading institutional investors, Premier American is advancing a portfolio supported by defined resources and high-priority exploration and development targets. Led by a distinguished team with deep expertise in uranium exploration, development, permitting, operations and uranium-focused M&A (mergers and acquisitions), the company is well positioned as a key player in advancing the U.S. uranium sector.

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