Mr. Esen Boldkhuu reports

URANIUMX REPORTS VISUALLY IDENTIFIED PITCHBLENDE AT MURPHY LAKE

UraniumX Discovery Corp. has released initial results from the first two drill holes of the continuing diamond drill program at its flagship Murphy Lake property in the Athabasca basin in Saskatchewan. Operator F4 Uranium Corp. is directing the program, which is fully financed by UraniumX under the existing option agreement.

Highlights:

• Drill hole ML26-015, the very first hole of the 2026 program, intersected visually identified pitchblende with anomalous radioactivity up to 460 counts per second within a 1.0 metre interval (316.5 to 317.5 metres) in the Athabasca sandstone, approximately three metres above the unconformity at 320.2 metres depth. Corresponding anomalous downhole gamma readings exceeded 500 counts per second over 4.3 metres (312.8 to 317.1 metres) above the unconformity.
• Visually identified pitchblende based on core logging is present as bedding concordant blebs and nodules, accompanied by intense hydrothermal alteration, including bleaching and clay alteration in sandstone, strong chlorite alteration in basement, and intervals of disseminated sulphides and graphite. This is the full alteration suite associated with unconformity-hosted uranium deposits in the eastern Athabasca basin.
• The program is now advancing to Target Area 2 to test a conductor target along strike of the same resistivity-low trend, as identified by the company-financed MLEM (moving-loop electromagnetic) survey (see news release dated May 5, 2026). Five priority target areas remain to be tested across a multikilometre corridor.
• Assay results are pending. Samples have been submitted to SRC Geoanalytical Laboratories in Saskatoon, Sask.

Drill program results

Drill hole ML26-015 was drilled at Target Area 1 on the northern portion of the property, following up on historic drill hole ML22-012, which intersected 56 parts per million uranium in sandstone immediately above the unconformity (see F3 Uranium Corp.'s news release dated Aug. 10, 2022). ML26-015 encountered a 1.0-metre interval of anomalous radioactivity up to 460 counts per second on the hand-held spectrometer, with visually identified pitchblende within the Athabasca sandstone at 316.5 to 317.5 metres, approximately three metres above the unconformity at 320.2 metres depth. Corresponding anomalous downhole gamma readings exceeded 500 counts per second over 4.3 metres (312.8 to 317.1 metres) above the unconformity.

The visually identified pitchblende is present as bedding concordant blebs and nodules and is associated with intense hydrothermal alteration. The alteration package includes bleaching and clay alteration in the Athabasca sandstone immediately above the unconformity, strong chlorite alteration in the basement rocks below, and intervals of disseminated sulphides and graphite within the basement. This is the same alteration signature that characterizes the major unconformity-hosted uranium deposits in the eastern Athabasca basin.

ML26-016, a stepout from ML26-015 on the same section line, intersected similar styles of hydrothermal alteration but less intense through the unconformity. Hand-held spectrometer readings on core did not exceed 300 counts per second. The program has now completed two holes totalling 934 metres.

The natural gamma radiation detected in the drill core was measured in counts per second using a hand-held Radiation Solutions RS-125 spectrometer calibrated by Radiation Solutions Inc. Readings exceeding 300 counts per second on the hand-held spectrometer are designated as "anomalous." The company may also report radioactivity as measured with a downhole QL-40GR gamma probe from Mount Sopris; readings exceeding 500 counts per second on the downhole gamma probe are designated as "anomalous."

Readers are cautioned that hand-held spectrometer and downhole gamma probe readings are preliminary in nature, are not directly or consistently correlated to uranium grades determined by chemical assay, and should not be relied upon as a substitute for analytical results. All radiometric readings are subject to confirmation by laboratory assay. All depth measurements reported are downhole and true thicknesses are yet to be determined.

Samples from the drill core are split into half sections on site. Where possible, samples are standardized at 0.5-metre downhole intervals. One-half of the split sample is sent to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005-accredited facility) in Saskatoon, Sask., while the other half remains on site for reference.

What comes next

Drilling is now advancing to Target Area 2 to test a conductor target along strike of the same resistivity-low trend, as identified by the MLEM survey (see news release dated May 5, 2026). Five priority target areas remain to be tested in sequence across the property's multikilometre prospective corridor. Each result will refine the geological model and inform the placement of subsequent holes.

Murphy Lake sits in the heart of the eastern Athabasca basin's most active exploration corridor:

• Five kilometres -- IsoEnergy's Hurricane deposit, the world's highest-grade indicated uranium resource: IsoEnergy recently reported 11.61 per cent U3O8 (triuranium octoxide) over 1.0 metre (4.21 per cent over 3.5 metres) on the Hurricane South trend, extending mineralization beyond its existing footprint. Murphy Lake sits on the same structural trend (IsoEnergy's news release dated May 12, 2026).
• Four kilometres -- Cosa Resources' Murphy Lake North project: Hole MLN26-013 returned 0.55 per cent U3O8 over 5.0 metres, including 1.7 per cent U3O8 over 0.5 metre, on the Cyclone structural trend -- the same basement architecture that runs through Murphy Lake. The mineralization is polymetallic, consistent with Hurricane and other major eastern Athabasca deposits (Cosa's news release dated May 26, 2026).
• Four kilometres -- Cameco Corp.'s La Rocque Lake uranium zone: This zone returned 29.9 per cent U3O8 over 7.0 metres (Cameco's 2023 annual information form, dated March 22, 2024) -- world-class grades immediately adjacent to Murphy Lake ground.

Esen Boldkhuu, chief executive officer of UraniumX, commented: "Visually identified pitchblende in the very first hole of the 2026 program validates our investment in Murphy Lake and the targeting model that guided these drill holes. The alteration we are seeing is the full suite -- clay, chlorite, sulphides, graphite -- exactly the geological setting that produces major deposits in this district. With a confirmed fertile uranium system and four priority targets still to drill, five kilometres from the world's highest-grade uranium deposit, we are just getting started."

About Murphy Lake

The 609-hectare Murphy Lake property is located in the northeastern Athabasca basin, approximately 30 kilometres northwest of Orano's McClean Lake deposits, five kilometres south of IsoEnergy's Hurricane deposit, four kilometres from Cosa Resources' Cyclone structural trend and four kilometres east of Cameco's La Rocque Lake uranium zone. F4's 2022 maiden drill program at the property comprised 14 drill holes totalling 6,850 metres and confirmed a geological setting consistent with the unconformity-hosted uranium deposit model that characterizes the major deposits in the eastern Athabasca basin.

For additional information on the Murphy Lake property, please refer to the National Instrument 43-101 report titled "Technical Report For The Murphy Lake Project, NE Athabasca Basin, Saskatchewan, Canada," effective March 20, 2024, available on SEDAR+.

This news release also refers to neighbouring properties in which UraniumX has no interest, and the qualified person has not independently verified the information from those properties. Mineralization on those neighbouring properties is not necessarily indicative of mineralization on the Murphy Lake property.

Qualified person

The scientific and technical information in this news release has been reviewed and approved by Ken Wheatley, PGeo, director of exploration of the company and a qualified person as defined under National Instrument 43-101, Standards of Disclosure for Mineral Projects.

About UraniumX Discovery Corp.

UraniumX is a Canadian-based junior uranium exploration company focused on advancing uranium properties in Saskatchewan's Athabasca basin, one of Canada's most active uranium districts. The company's flagship Murphy Lake uranium property is located in the northeastern Athabasca basin, where UraniumX is earning up to a 70-per-cent interest through an option agreement with F4 Uranium. UraniumX additionally holds 100-per-cent interests in the Zoo Bay and NeoCore uranium properties and is advancing a project generator approach across its broader portfolio by optioning non-core assets while retaining royalties and equity, allowing the company to concentrate exploration capital on Murphy Lake.

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