Stallion Uranium September Market Update

0:03 Good afternoon or good evening, depending on where in the world you're signing in from. We're at very early morning if you're in Australia. Thanks for joining us. I'm joined today by Matthew Schwab, CEO of Stellar Uranium. Matthew, how are you?

0:13 I'm doing great, Romeo. Thanks for having me again. It's always a pleasure. Awesome. So here's how today's going to work. Should be a pretty quick show for the folks in the room. We just want to do a quick updates on recent news that was announced yesterday from the company. So I'll get right into the protein of that. But while I'm asking questions, I've got, this is an interactive event. If you have questions for Matthew, the Stallion team, please enter them in the chat box in the bottom right-hand corner of your screen. We'll try to get to as many questions as we can today. If for whatever reason we miss 1, it's off topic, we're out of time, it's repetitive, et cetera, still ask it. I'll make sure that the Stallion team gets it also in the transcript of the event directly after. Any questions we didn't get to? The last piece of housekeeping before we get to the good stuff. This is being recorded and will be available for replay probably at about 4.30 p.m. Eastern. Be the same link, but also be available on our YouTube channel. So without further ado, let me get into the protein of today's event. Matthew, as of this news, with Peter Dmbicki's appointment, bringing significant capital markets and governance experience to the board. First of all, tell me about him and how do you see his appointment strengthening Stallion's position?

1:14 Peter has a strong track record in the industry and honestly, he's a great addition to the company, not just the board, but to our team as well. Over the past 10-months, we've essentially rebuilt Stalin Uranium. We've restructured the company, we've reprioritized our targets and now we've fully refinanced the company across the board. Looking ahead, we just need to ensure that we're making decisions responsibly and with full accountability. So having Peter join our team gives new perspective and just a stronger backing of both corporate governance and access to capital as we continue

1:45 moving forward together. So. Okay, that's great. Appreciate looking forward to seeing on the team. I do want to get into the other part of the news release, which is that intelligent targeting study. So the Haystack targeting study using AI technology to me sounds super interesting. So I'm curious if you could just walk us through this kind of proprietary technology, how it's going to change your approach to drill targeting, what advantages it gives you, give us the goods. Sure. You know, to be honest, Romeo, Haystack isn't going to change how we explore. We do follow a very empirical and scientific methodology when exploring the Athabasca Basin, plain and simple. What I expect from Haystack is that it will provide another layer of confidence, just like every other geophysical technique, to ensure that we are spending our shareholders' money in the most responsible ways possible. But what I hope from Haystack is that it will also help outline additional areas of interest, you know, things that we may have missed, opening up more potential from our already very exciting land package.

2:40 So I'm very excited to see what this can do. As with any proprietary technology, I don't actually have the answers to how

2:48 it works, but I'm excited to see what comes from it. Awesome. One person wrote in over email just in advance and asked where they can find out any more background information on the tech and what's got you personally excited about it? Well, again, that's a good question. It is one of our major shareholders who holds the rights to the technology. A lot of it is held close to the chest because it is proprietary, plain and simple. As we start going through the process and I learn more about it, we're gonna be sharing not just the results, but how the process works. I'm very excited to see if it can pick up things that we've missed through our very empirical and scientific process that we go through for ranking and evaluating targets. I just want to see how this works out. And at the end of the day, the main thing is that we're doing a study over 1,400 square kilometers for the same price that we can do a 10 square kilometer gravity survey or a couple lines of stepwise moving loop ground EM.

3:46 So it's a large land package that we're covering for a very minimal cost. And I'm very enthusiastic about what we're going to get from that. Okay, great. I know, speaking of the giant land package, you've got 1700 square kilometers

4:00 in the basin, including, as I understand, the largest contiguous project in the Western Athabasca Basin. So here's my question. It's kind of getting your head for strategy. How do you prioritize exploration across such a significant land package, like bigger than some European countries? And What excites you most about the discovery potential? That's a fair way to ask the question. As I said previously, our team, myself and Darren, we follow a very factual 14-step process for ranking and evaluating potential drilling targets. When we remove emotion from the equation, the targets become very clear and present. What I'm really the most excited about is that our land package is essentially untouched by drilling. It is a virgin land package. The potential for discovery is incredible and I honestly believe that we have the opportunity for multiple discoveries as we progress through exploration across our land package. So that's what excites me the most.

4:52 It's not the potential for 1 discovery, it's multiple discoveries. That's exciting. And I know you mentioned in the PR and elsewhere, your joint venture partnership with Atha Energy in the Western Basin. Tell us about this partnership. How does it enhance Stallion's exploration capabilities? What are the benefits? What are the synergies you're seeing from this collaboration?

5:12 Certainly. Atha Energy has been a very supportive JV partner for Stallion, not only through the optioning of properties, but also through the sharing of knowledge and exploration expertise. My team and I, we respect their group very much and have regular meetings on at least a monthly basis to explore, to discuss exploration strategy, new techniques, and just to make sure that our vision is aligned and we have the best possible chance of discovery because at the end of the day, they're a 30% owner of most of our properties or at least half of our properties. And we want to make sure that everybody's satisfied that we are doing everything we possibly can to keep pushing the company forward for both of our benefits. Oh, great. I know with the growing focus, I could say in Canada, but really it's across a lot of the West on clean energy and nuclear power. How is Stallion positioned to capitalize on the current Uranium market dynamics? And what role do you see Stallion playing in the future of energy supply, let's say for the continent, for the country, wherever you'd like to frame it?

6:10 Sure. Well, you know, with the growing demand for Uranium and the drop in supply so clear out in the world today, it's becoming more and more apparent that the only solution is through discovery of new resources. That's the only way we can solve this problem. With the team that we've assembled at Stallion, the amazing land package that we control and the fact that we're fully financed and fully permitted across our projects, I believe that we have the best potential for new discovery of any junior Uranium explorer in the sector today. Plain and simple. Awesome. And looking ahead, we're in September already. I don't know where this year has gone, But through the end of 2025 and into next year, what are the key milestones and catalysts that investors in the room here today should be watching for, especially with regards to this AI targeting study and ongoing exploration?

6:57 Well, of course, drilling a coyote is what most people are currently excited about. Everybody wants to see that happen. That's the big driving factor behind our most recent successful financing. We will be mobilizing in late November, early December to begin building ice roads, preparing camp, just to make sure that everything is ready so that we can kick off a very aggressive drilling campaign first thing in January. There'll be a lot of news flow around that, but at the same time, we will be progressing our other exciting targets to bring them to the same level of confidence as Coyote and drastically increase our chances of discovery in the coming years. In all, we're very well positioned. We're very excited, we're fully funded, and we're preparing for a busy and exciting year ahead, Romeo. Awesome. A couple of questions from the chat that just popped in. So Cole asks, if able, I mean, if you need to take this one back and shoot him a response after, feel free, but asks if you could break down the percentage of new shareholders who are funds, large holders, size, etc. Besides Mason, he notes, who is reporting.

7:55 So in our recent financing, about 6 million of that came out of a larger fund out of the UK. They're very supportive. They've been following the company for a while now. So that's what helped us close this so quickly. They're very excited about the Coyote Target. They've followed myself and a few of our team members through our careers, and they want to see what potential we can do moving forward and more or less to make this a repeat of next gen. Wesley asks, pretty simple, are you funded through to the end of this year? We're funded fully through till the end of 2026 at very minimum. We're fully cashed up. We've restructured the company. The capital structure looks great. We're, as I said, very well positioned at the moment.

8:41 And Graham asks, how long is drill season in the basin?

8:45 Typically we can get out there first week of January, once we have the ice roads built and everything put in place, and we can typically drill until mid-April. Right now, just based on a two-rig program, we're looking at kicking off at least a 5,000m drilling program first thing in January. Depending on results and weather, we'll push that as far as we can. Great. Bill from the chat asks, what is your issued and fully diluted share count now? Oh, right now we're looking at, sorry I don't have the number in front of you. I'm going to say 150 million shares outstanding, fully diluted with options and warrants included.

9:26 120-ish without shares and warrants included. Great. It's good for not having the numbers in front of you, there you go. Now I'll ask one question of you, and while I'm asking this, I know there's a lot of folks in the room, this is kind of your last chance to write in questions, so please feel free while I'm asking this one. But Matthew, I know we've already talked about what's coming up for the rest of the year, but what's most exciting to you? What are you most looking forward to personally, what's coming up at Stallion? I can't wait to drill Coyote. Honestly, it is still, and I've said this before on multiple other interviews and presentations, it's the most exciting target I've seen in the Athabasca Basin and I've spent the majority of my career drilling in the basin. So I just want to get up there, see what these geophysical targets mean, and start putting out news as quickly as humanly possible.

10:09 Perfect. One question just popped in at the end about, they mentioned that they bought Stallion because of horse heaven. So they're curious if you could elaborate a bit on that situation and why the board's still composed of people who are related to that deal. Certainly, you know, there's always historical reasons to keep people around the board, especially when they brought in shareholders previously to the company. So that's a big part of why our board structure is the way it is. Of course, we're bringing in new people to shake things up and help make sure that we are aligned with corporate governance and making sure that we're accountable for every decision made at the company. As far as Horse Heaven, again, I've said this in the past, most of those decisions were made before I came on as CEO, but at the time being right now, it's been a benefit for the company.

10:56 It was initially a share-structured deal and at this moment We have just shy of 50M shares in Resolution Minerals because of the option agreement, divesting that asset from the company. So it puts us in a better cash position where we can leverage that money to keep exploring in

11:11 the Athabasca Basin. We're not a multi-commodity company, we're a uranium company. I don't need gold assets. I don't need antimony assets. I want that money to keep exploring in the basin because every dollar I can put into the ground pushes us further to discovery. So love that. And like you, I'm looking forward to seeing what's a coyote. So Watch this space, I guess, to see as that pops in. Matthew, thanks so much. Really appreciate you running through this and letting me grill you a bit, as well as the audience. And I suppose I'll see you in some of the conferences coming up. Absolutely, I look forward to it. Thanks, Romeo. Awesome, ciao, Matthew. And thanks, everyone in the room. If you do think of a perfect question to ask right after the event, it does happen. Please still do send it in, I'll make sure the Stallion team gets it. But Matthew, everybody in the room, thanks so much, have a great afternoon.