Stallion Uranium Update

0:04 Good morning or good afternoon, depending on where in the world you're signing in from. I know we got at least a couple of time zones today. So thanks so much for getting up early. Those on the West Coast. I'm joined today by Matthew Schwab, CEO of Stallion Uranium, to discuss the company's recent news. Matthew, how are you today? I'm doing great, Romeo. Thanks a lot. It's great to be back again. Yeah, I know. Very excited. Good to see you guys trading again. So here's how today is going to work. I've got some questions myself for Matthew that I'm happy to throw out to a few questions from the live audience today. So we're looking at probably a shorter event. So if you have any questions, please do plug them into the chat, really as soon as we get started.

0:34 I'll try and get to as many as we can today. I will say if a question is either slightly off-topic or it's just a bit late in the event to get it going, I will make sure the Stallion team still gets that question along with your email or phone number, and gets back to you as soon as possible. Also, if you think of the perfect question to ask right after the event ends, as I often do, don't feel bad, still send it in. We'll make sure that the Stallion team gets it as soon as the event ends. Last piece of housekeeping, today's event is being recorded and will be available for replay probably in the late morning Eastern time. It'll pop right in your inbox, but

1:05 it'll be available at the same link, but also on Six's YouTube channel. That's enough out of me. Let's get into the protein of today's event. I got some questions to grill you with, Matt, if you don't mind. Absolutely. Let's go ahead. Perfect. So I know looking at your recent news, the gravity inversion identified at least 5 compelling targets within an 8.5km corridor. I'm curious if you could elaborate on the prioritization criteria for these targets and almost more importantly, the expected timeline for drill testing. Yeah, for sure. That's an easy one. Prioritization of our targets within that 8.5km Coyote corridor is really based on a multi-parameter approach as always. We go through a 14-step ranking criteria, but it really comes down to 4. Right now, we're looking at the confluence of gravity lows, mobile MT, conductive anomalies, structural trends interpreted from the geophysical data and that alteration halo that we see in the most recent 3D inversion.

1:58 The targets show strong vertical continuity, proximity to interpreted basement structures and alignment with known Uranium bearing systems in the Athabasca Basin. We're very excited to keep moving forward with this. In terms of timeline, we're finalizing the interpretation of our ground EM surveying from earlier this year, And we anticipate mobilizing for drilling in Q4 of this year to start building ice roads and have everything ready for first thing in January of 2026. The goal is to get it out there, test the highest confidence targets initially, and then we can refine the remaining ones based on both geophysics and the early drill results as we move forward.

2:35 Awesome. Appreciate that. One question. How does the depth, extent and geometry of the gravity low anomaly at Coyote compare to, let's say, similar signatures that deposits in the Athabasca Basin? What we're seeing at Coyote is very encouraging. We've bounced this off of industry experts across the basin, other CEOs, other people who've made discoveries in the basin. The gravity low anomaly that we see here is laterally extensive, it's vertically persistent, and it's very characteristic of alteration zones commonly associated with basement-hosted uranium systems. It really closely mirrors the signatures we've seen at deposits like Arrow, Triple R, etc. Where these gravity lows represent hydrothermal alteration halos.

3:18 While every system is unique, the depth extent combined with the conductive features that we see from the mobile IMT really suggests that what we're targeting is a structurally prepared corridor and it has significant potential to host high-grade mineralization. Right. One thing is what specific threshold parameters or anomaly characteristics are going to trigger that transition from the current ground EM survey to more active drilling? I guess the key transition point is the identification of discrete

3:52 high-conductance EM anomalies that correlate with the ground gravity and the structural targets. We're particularly focused on identifying cross-cutting structures, conductor offsets, which are often indicative of reactivated faults which are ideal Uranium traps. So once we validate the continuity and the orientation of these conductors and confirm they're associated with known regional trends, We'll move to drill-ready targets, drill-ready status, and we expect to define these thresholds within the next few weeks once we complete the EM profiling.

4:24 Great. And given the spatial correlation between gravity anomalies and mobile MT conductors, What level of confidence do you have in the structural interpretation?

4:34 And are there any conflicting geophysical signals? We have a very high degree of confidence in our structural interpretation. The correlation between gravity lows and mobile MT conductors is quite coherent, and it really does align well with our regional understanding of the Athabasca structural framework.

4:53 Of course, there are always minor variances in geophysical datasets, but they tend to refine rather than contradict our model. We're using our 3D inversion modelling to mitigate noise and enhance the resolution in our targeting. So at this point, all the data is pointing towards a structurally complex and favorable environment for uranium deposition, plain and simple. That makes sense to me. One thing I got is how the integration of the ongoing Ground EM survey results potentially refine or modify the drill target selection at

5:23 Coyote? You know, the Ground EM survey is a critical step in sharpening our drill focus. While Gravity and MobileMT have provided the regional to semi-regional scale insights. Ground EM offers high-resolution imaging of conductivity features, especially in the basement. This allows us to just hone in on the most compelling intersections of structure and alteration with that conductive feature. So in practical terms, this could lead us to adjust drill callers, refine drilling orientations

5:54 or prioritize targets previously considered secondary. So the integration really just ensures that we're maximizing discovery potential from day 1 of drilling. Okay. Makes sense. There's one question that came in over email that I'd love you to tackle. This is from a shareholder in British Columbia. They asked, when will the drills be turning on the priority target this year?

6:14 So as I mentioned, We plan to get out there in Q4 of this year, hopefully late November, early December to start building ice roads, get everything ready, refurbish the camp and then start turning the drills first thing in January. We want to be out there January 2nd, honestly. Great. Now, I know There's a bunch of questions in the chat, but I'd like to always ask, before we shoot to those, what are you most excited about for the second half of the year? What's got you staying awake, buzzing with anticipation?

6:39 I just can't wait to drill this target. Honestly, after all of my time in the Athabasca Basin, after all the companies I've been associated with, Coyote is the most compelling target I've ever seen in the Athabasca Basin. And as I said, we've bounced this off other industry experts, other people who have made discoveries like myself and Darren, and nobody has had anything bad to say about it. Everybody's excited. We want to move forward. So as we see that commodity price continue to climb,

7:05 we're going to keep climbing with it and we look forward to getting out there and making a new discovery. Great. Now, there are a number of questions in the chat, so I'm going to throw to as many of them as we can. I think 2 of them are fairly similar, so I'm going to combine them, but I'll tackle those. Anybody else has questions, especially those who popped in a bit late, which I know some people did, please do shoot them into the chat. We'll get to as many as we can today for sure. So the first one, Wesley asks, is there any news flow for the rest of the summer or what's the anticipated news flow for the rest of the summer? Yeah, absolutely. We have a pretty aggressive schedule for news flow coming out, so you should be seeing at least bi-weekly

7:39 news releases, if not weekly, for the rest of the summer. Awesome. Well, you'll get bored of seeing me then, Matt. That's fine. There's 2 questions that are fairly similar, so I'll kind of combine them. But Dean and Doremi in the chat, if I missed certain elements of it, please do let me know. I'll try to ask them. They want to talk about the Horsehaven sale. They're curious, just basically, if you can talk to your reasoning or explanation for why you chose to transfer ownership to a private company rather than pursue a direct sale to Resolution?

8:06 Again, most of that was agreed upon before my appointment as CEO. So I've more or less just been cleaning it up as we went forward. It did work out in our favour, honestly. At this point, we have a fairly large shareholding in the company that bought the Horse Heaven private company. And I think at this point equates to about $3.5M worth of shares. So As with our other shareholdings in public companies, we'll use that to keep moving forward as capital for our G&A purposes.

8:38 Great. Julio from the chat, great to see the other Paesano in the chat, by the way. Curious, what's the totality of the campaign this summer?

8:48 As in expenditure?

8:51 Not sure. I don't know if you want to clarify, but let's speak to that if you don't mind. Just what are we looking at for the whole summer campaign?

8:58 Honestly, most of it's going to be, we're going to be sitting in the office in Warman, myself, Darren and Knox in Vancouver, doing as much virtual meetings as we can to market, promote and move forward. We're not going to be spending a lot of money. We want to preserve our Treasury, honestly, and just stick to working with yourself here at 6 Media, CEO.ca,

9:19 and then doing our own meetings as much as we possibly can. So again, trying to preserve the Treasury. We want to save that for drilling in January. Perfect. Hey, listen, it makes sense. I know we've gotten through the questions in the chat. I'm eager to hear news that's coming up. Anybody who is in this room and wants to set a meeting with Matthew, you can do that on the registration page for the landing page. Please do update that info. I'll make sure that he gets it as soon as possible. But Matthew, thanks so much for meeting with me and looking forward to talking with you about upcoming news. Wonderful, thanks a lot, Romeo. It's always a pleasure. ♪