The Road to Discovery

0:08 All right. Well, hello, everyone, and welcome to Standard Uranium's live investment summit today hosted by 6. We are joined today by John Bay, President and CEO, and Sean Hilliker, Project Geologist. John and Sean will walk us through a company presentation and then we'll be accepting questions live. So you can submit your questions at any time on the Q&A panel on the right-hand side of the screen and we'll get to them after the presentation. And as always the summit is being recorded and will be available to watch afterwards on six.com. So without further ado I'll hand it

0:40 over to you John to get started. Thank you Jascha and Thank you for 6 for hosting us today. And thank you to all the participants who are joining in and watching us and hearing our story for the first time or coming back to see us again. So today, Sean and I are gonna walk you through our corporate presentation, give those who are new to the story a quick overview of what we're doing and who we are and those who know our story you're probably going to want to know about what's happening with our recent winter drill program. So we're going to talk a bit about that and what we have planned for our summer program as well. So let's kick things off. Once again, Sean Hilliker Our project geologist is on here with me, and he's going to be joining in in a few minutes. So once again, here we go. Standard uranium. We find the fuel for a new clean energy future. Here's our legal disclaimer. You can take a look at that at your own time. We will be making some forward-looking statements today.

1:32 So the macro story. Right now is an incredible time in the uranium sector and nuclear energy sector. You can see from this slide there are several things that have happened in the last few weeks and months that are pretty exciting for uranium. Number 1, the equity market. It's really starting to take along now. We're seeing all our peers as well as us start to move up nicely. There's been some huge gains for some companies, which is excellent to see. Are we at the start of a new uranium bull market? We think so. And I think a lot of our analysts and peers believe so as well. Some say we're in inning 1 or inning 2 in a baseball analogy. One thing that's happened recently in the last several weeks, we're seeing lots of money flowing into the uranium sector, primarily going into the ETFs, which is then flowing into the junior equity space as well. We're looking at the U.S. Government, who is now supporting uranium both on both sides of the table. So we're seeing that Democrats as well as the Republicans both saying that nuclear has to be part of the clean energy future, and that is very bullish for the uranium sector.

2:29 We're seeing spot price, you know, moved from $30 down to 27 and back up to 31 in the last few weeks, primarily based on some of our uranium peers coming into the space and buying buying uranium from the spot market, which is another pretty exciting thing. And I don't think it's ever happened before. And hopefully that is going to jolt the utilities into moving to sign long term contracts in the near future. We're also seeing nuclear being added to ESG funds. So in Europe this week they said it's now considered a clean energy and will be available for clean energy investments which is spectacular. So watch for more money to flow into the uranium sector and nuclear sector. And of course COVID-19 is still happening. We're still seeing Cigar Lake shut down right now. We're not sure when it's coming back online. Experts will say maybe in the next few months.

3:18 I know Cameco and ChemGate are giving a talk right now and they're probably going to be addressing that. It's been down already for several months and that's taken more supply offline. And of course, small modular reactors. We haven't talked much about this and many of the experts are having input in the demand in their in their future models yet From what the Iranian demand could be from small modular reactors. We think it's very exciting We know they're coming. They should be operational in the late 2020 and that will have another demand on the uranium space So another positive in the uranium sector. Let's take a look more at both standard uranium and what we're up to. So for those that are new to us, we are a Canadian junior uranium exploration company. We're focused in Saskatchewan, primarily the Athabasca Basin, and we have 3 project areas. The southwest corner is our Davidson River project, which is our flagstaff, and we're gonna be talking a lot about that today. In the north, we have our Sun Dog project up near Uranium City, and then we have our Eastern Basin projects on the eastern side of the basin, which we'll get to in the end of the presentation.

4:18 So a bit of a company snapshot here. So you can see this picture which shows our Davidson River project and where it lies in the southwest corner. But first of all a little bit more about Standard. We were a private company up until May of 2020 when we took the company public, following the public listing, we raised $8 million last year and we put that directly into exploration programs. So we did our summer exploration program at Davidson River, followed up by our winter program, and now we're gearing up for our next drill program, mid to summer. We've built our team, our company, around the Davidson River Project. We've hired and brought on experts in this specific region who have had exploration success in the uranium space, making discoveries in this region, which is crucial when you're building a team specifically focused on making a high-grade uranium discovery.

5:05 Our short-term catalysts, we're going to be announcing our, you know, our assay results in the next several weeks, probably around mid-May, and then we're going to follow it up with a 10,000-meter drop around this summer. Now that number is monumental for us. In the last year we haven't even done 10,000 meters. Our first program was just over 5,000 and then our winter was 3,000. So for us to announce we're quadrupling the size of our summer program is a strong statement by us and really exciting for our shareholders. Once again, we're also going to be doing some work in the north on our Sundag project this winter, this summer, sorry, followed up by Ground Gravity and a drill program aiming for the winter of 2022. So exciting things ahead for Standard Uranium. If you look at this graph right now, this is what we call the Lassonde curve.

5:51 And what's really important about this graph is it shows you where standard uranium is. So we are this, you can see our logo there, we're right at the start of the speculation phase, which means we are prediscovering, which means our share price evaluation hasn't accounted for discovery yet. So it's an incredible time for shareholders to come along and join with us because they believe that we are on the heels of making a high degree of discovery. A couple of things that is important to notice here, I'm not just sitting back and doing nothing weird. A lot of things behind the scenes, a lot of marketing, a lot of promotion. We were telling our story, building the foundations, letting people know who we are, building the brand. And we do make that a start. Our share price has a huge opportunity to really accumulate and grow from there. Because people want to know who we are and what we're up to. The last few peers who have made discoveries in this region, they made it in bear markets and still are shareholders when they're on the coin gas. So as we enter this new bull market, for us to make a discovery, there's huge potential for our shareholders to really move beautifully and our shareholders will be very happy with that.

6:52 If you look at the team we've built, I'm going to talk about our board and our management team. So myself, I come from the capital market space. I've been in this space for 15 plus years, working in multiple sectors, as well as worked on multiple exchanges. So good capital markets experience and good mining experience. We have Neil McCallum as a VP of exploration, who's been working in the Athabasca Basin for 15 plus years, primarily with Daruz Geologic, where he is one of the senior geologists there. We then added Garrett Ewing, which is the day after he left NextGen, he joined our team, and we'll talk a bit more about Garrett and why that's important. Garrett is the geologist that made the radioactive boulder discovery, which led to fission's RRR discovery. And then he went and worked with NextGen for many years as the VP of exploration and helped advance the Arrow project. So he knows this region better than almost anyone in the world.

7:42 We have Blair Jordan who came to us shortly after we started the company. He's a lead independent director. He's a banker and a lawyer by trade and brings several years of capital markets experience. And recently we added Kenneth Judge. Kenneth is a good friend of mine and a lawyer, corporate M&A security specialist. So he came on board to help us with our corporate governance, our capital markets and M&A work. Looking at Martin Bajik, who is our CFO. Martin works with multiple junior companies and has great experience in the capital markets in Canada and multiple exchanges. We had a Galen Magnum Mayor this past year. Galen also comes to us from next January, worked closely with Sean and Gary Ingeworth as a project geologist there and working on the Arrow Discovery. Sean Villicker joined us last year. Sean is our project geologist who is leading our drill programs at the Davidson River Project. Sean recently completed his master's degree in PGO and his master's degree was actually on the aero deposits.

8:38 So nobody knows those rocks better than Sean for having him on our team as a huge success. And anyone that's watching us on social media has gotten to know Sean, his ability to communicate what we're doing and why that's important to our shareholders. And most recently we had a Lori Thomas. Lori is our VP of Investor Relations. Lori comes to us from many years of working in Saskatchewan in the uranium sector, both with Cameco for 10 plus years and also with UX so great to have this team that is Saskatchewan focused with incredible experience in this region. Now let's take a look at the southwest corner of the Athabasca Basin and see where the companies are around there and why that's important. So if you look at this map, you can see those red stars. We have the Spitfire zone, the aero deposit, and the RRR. Those are all recent and very important discoveries that have happened in this region. And you can see from the chart on the right, there's been 600 plus holes drilled on both the RRR and the Endor deposit and Spitfire's had 100 plus holes and Smart Lakes had many holes and then we, our Davis River project, we've only had 20 holes. We were just getting started on this drilling campaign and it's really exciting to see the results that we're getting already and we're hot on the tails of what we believe could be the next big uranium discovery in this region.

9:53 All right, over to this Clearwater Domain Mirror Theory slide. So what we really wanted to prove out on Our first program and our second program primarily was that the clear water domain here is that the clear water domain is the host and the source of the uranium and the fluids that came into this region that dropped out the uranium potentially. So if you look on this slide you can see a lot of squiggly lines. Those are conductors. Those conductors are primarily graphitic and solid conductors, and that is where you find uranium in this region. So, the first thing we had to do with our geophysics, our V10 and VED10 was to prove that we had those conductors on our project, and then drill into those and see if we can find uranium and prove that it's the same type of rock formations on the western side of the clearwater remaining that are found on the eastern side. Now the guys who know what they were looking at on the eastern side, we have Derek and Galen and Sean, so it's exciting when we're getting our drill core back and they're telling us, you know, this is the type of core we're seeing over on the arrow and this is why that's important and this is how we're going to plan our next drill hose. So, I'm going to pass it over to Sean now to get deeper into the technical side of the next several slides. And then we're going to let him tell us a bit about what we've recently done at the Davidson River and what we're looking to do with our winter, our summer upcoming program. So, John, take it away.

11:08 Tell us a bit more about the Clearwater Domain and this region and why that's important for Santa Ynez. Sounds good, John. So as you mentioned, it's this large geological feature. You can see it on the map there. It's a large intrusive body. So coming up from the mantle, a bunch of related with fluids and some structural disturbance in the area. So you can see those squiggly lines, those conductors that John was talking about, kind of bending around that clear water domain feature. So there is a large crustal scale structure, a big fold. The rocks are all bent up around to the northwest there. So We believe that the Patterson Lake corridor, which we know is Uranium fertile, bends up through the Clearwater domain and through our Davidson River project down in the southwest corner there.

11:59 That was like John mentioned, the first thing we wanted to prove out with our first inaugural drill programs and we had some success and doing that. We're seeing the same sorts of structures, the same sorts of rock types that we observed over at the Patterson Lake corridor. So very important to have that kind of basic geological setting when we're looking for these high grade uranium deposits. So as John had mentioned as well, we're looking for blind deposits is what we call them in this region. We have no rocks at surface, no outcrop, so we have to rely on drill or geophysical surveys to find out our drill targets. So this map shows just a bunch of different layers of different types of surveys. So in 2018 and 2019, the company carried out a number of different geophysical surveys on the Davidson River property.

12:53 You can see our 4 major trends on the property, St. Warrior, Bronco and Thunderbird. And we focused on the warrior trend for our phase 1 inaugural drill program, which we'll get into in a slide or 2 here. And we actually just put our first drill hole in the same trend this winter. So what we're looking for when we're searching for these high-grade basement hosted deposits is a number of different geophysical ingredients. So we're looking for first off these conductors which we know we have. There's lots on the property and we're looking specifically where those structures bend and break apart. So cross-cutting structures that affect them, that overprint them and break those rocks up, as well as where these conductors are most conductive. So that's what we mean when we talk about EM bright spots or electromagnetic bright spots.

13:48 So we can identify these different zones that look more interesting than others and prioritize our drill targets and really pick the areas that look most interesting to spend money on a drill hole. So once we did that, we went up and did our first maiden drill program at Davidson River last summer through to September. And during the peak kind of COVID times in the north, it was an immensely successful program. No problems with health and safety, no outbreaks. The drilling and everything went smooth. So it was great to have all our vendors up there, aggressive and access helicopters, and working together with Big Bear Camp, staying out of there, Everything worked out great. We managed to drill 13 holes, totaling about 5,600m.

14:38 And as I said, we just focused on that warrior trend. So you can see all the different holes that we drilled in 2020 along the trend. We took some aggressive step outs to the northwest and down to the southeast along strike and focused a few drill fences and other drill holes in that main sort of yellow-coloured area, which is a large EM bright spot like I was talking about. So looking for the areas where these conductors are broken up, those are the dashed ellipses on the map, those are interpreted breaks in the conductor, so those are the areas that are very interesting geologically. So we, as I kind of alluded to, we kind of tested out that clear water domain mirror theory, proved out that we have the same sort of structures, looking at stacked shear zones with graphite and sulfides in them and similar Garnetiferous basement rocks, and as well as associated alterations. So we tested the Warrior conductor along strike and got our geochem back, had some anomalous pathfinder elements such as Boron and some really good structure that we intersected.

15:47 So we were able to identify several follow-up targets and kind of refine our search along Warrior. So now we'll step through what we did in the first portion of our phase 2 drill program this winter. We drilled 7 holes totaling 3,020 meters. So we sank 6 more holes along the warrior trend, following up on some of the results that we had from phase 1. And then we, as I said, we punched our first hole into the St. Trent, which was very exciting. So one of the things about winter drilling, we pushed a road in, so there's an access trail on the map there, you can see the green line. So we were able to save a lot of costs by using skid drills. I'm sure lots of people have seen our videos that we put out telling you about the difference between those, but huge, huge savings with helicopter time so we were able to access all these targets on land and not have to rely on a helicopter. So despite some of the challenging winter conditions that northern Saskatchewan decided to throw at us this year, I mean, we started the season off with minus 50 to 55 almost every day. So that was a bit of a challenge. And then it totally did a 180 and went the other way and it was plus 15 at the end of the program. So despite those kind of challenges, working with water and the freezing cold, and then trying to maintain our road when things were warming up and starting to get a bit muddy, The team did a fantastic job

17:18 and we successfully completed the program. No problems as far as health and safety again. And big thanks to Big Bear Aggressive and all our contractors for that again. So one of the things I just want to take you through some of the highlights from from the winter program. So as a geologist we had to get some of course get some rock photos in the presentation for you guys to actually see what we're getting into. So there's a few pictures on the slides here a couple from hole 16 along the warrior corridor and our first hole number 18 on the same corridor. So one of the we're following up on these major structures like I mentioned from phase 1. And we really intersected some of the best looking structures, I think, that we've seen so far along Warrior.

18:06 So as I kind of alluded to before as well, the geometry of these things is really important.

18:12 And just drawing on Arrow as an analogy, we have these stacked conductors. So these stacked high strain zones, shear zones, sure you've heard these terms before, but basically stacked structures all kind of in a row and intersect those as we go down the drill hole and that's what Arrow looks like as well. So we're looking for these deep seated zones where there's lots of structural disturbance and alteration at depth. In that first picture, letter A there, there's a big brittle reactivated shear zone in there, lots of graphite going through there, lots of clay alteration, as well as some hydrothermal chloride that we call pseudowite. Assay depending, we're just waiting for the results to confirm that mineralogy, but it looks really similar to the alteration that we see, you know, proximal to the Arrow deposit.

19:06 And so it's great to see these signs to, you know, kind of keep vectoring us in on where we want to be to make that high-grade discovery. So great to see these stacked shear zones along Warrior, high concentrations of graphite and good alteration minerals. Over at St. We only unfortunately could drill 1 hole before we had to shut down because of the weather, but some more good structure and some good alteration over at Saint as well. So that first top picture there, D, is the top of holes, so there's the Dupontian sandstones on top, and then the red line is the unconformity where the basement rocks begin. So we're looking for the high-grade uranium in those basement rocks, structurally controlled, looking for these big zones of broken up rocks. So you can see all of that rock at the top of the basement is totally rubble, highly clay altered and friable, soft and broken up. So that's always a great sign.

20:04 And then deeper in the hole, we hit a highly silicified phylaenite. So this thing has been pumped full of quartz. So a really good indication of fluid movement, which is what we're looking for. And then below that and above actually, it's bound by moderately graphic high strain zones. So these graphite and sulfide bearing sheer zones again over on the same corridor, so. Great things to see in our first hole over there, and there's lots to test still along that corridor, and we're really excited to get back and hit it hard with with a big program this summer, and we actually have a caller ready. Sitting there all cleared and ready to go for our first hole this summer, so pretty excited for that. Okay, so now I'm just going to touch on a bit for the summer program that we're planning at Davidson River this year.

20:57 As John announced, you know, we're quadrupling our meterage which is extremely exciting for me as a geologist up there. The more holes, the better, and obviously increases our chances of making that next high-grade uranium discovery. So we're going to get up there. We have 10,000 meters planned, and we're going to follow up more on the warrior corridor again. Lots of lots of hope. There's still lots of good structures that we intersected. Like I said, some of the best ones we've seen so far. And like I said, as well, we're going to get back and hit hit that same trend as well, which should be road accessible as well still, and step to the Northwest along there. So that map shows all the kind of general target areas that we want to hit in the red circles.

21:44 So we're also going to be flying heli-supported drill rigs again this summer. So we're going to get over to our Bronco trend and break ground there for the first time and we also have some holes that we want to drill over on Thunderbird to break ground there as well. So We'll be doing aggressive follow-ups along Strike of Warrior and Saint, and also breaking ground on Bronco and Thunderbird for the first time. So the best part about this whole program is our relationships that we've built working up here over the last couple of seasons. I mean, the company's still new, but our relationships have been, you know, just, they're invaluable for our work up there. So we're fully permitted. We have our consent from our First Nations partners up there. We have all of our vendors secured and we are scheduled to start drilling probably about mid-June through to August.

22:37 So really exciting times to be involved with Standard Uranium. So now we're just going to switch gears here a little bit and we're going to go up north to our Sun Dog project and just take a look at what we've got going up there. The project is 100% owned by Standard and again, we're targeting high-grade basement-hosted, unconformity-related Uranium. Traditionally in this area, it hasn't really been explored for, I don't know, a number of years, like 40, 50 years. And so we're kind of taking our modern exploration techniques, our modern knowledge and understanding of these types of deposits and applying that to an area that hasn't been explored for a number of years. You can see on that map there that yellow black line there is the edge of the Athabasca Basin on Lake Athabasca there. We have a number of target areas that lie just within the margin of the basin. So we know that we have high-grade uranium at surface up there, and we have a lot of historical work to go off of.

23:43 So a number of geophysical surveys,

23:47 historic drill holes with decent U308 grades in them. And we also have a good idea of what kind of rock types we're looking at. So again, these graphite and chloride bearing metasedimentary rocks, these are soft, they're gonna shear, These are the types of rocks that we like to see up there. And so lots to follow up on up at Sun Dog. So just zooming in a little bit closer to our Javin and Haven target areas, and just to show you a couple of photos as well. So as I mentioned, we had some guys up there kind of confirming those historical results. So we ran a sampling program up there last fall, and we got grades up to just over 3.5% at surface within the sandstone, and that was at our Sky Target area on Johnson Island.

24:38 So fantastic results to see at surface and lots to follow on at depth. So The whole idea here is lots of times you'll have your sandstone package up top and then your basement rocks below. We're looking for the basement-hosted Uranium deposits, like we said, but lots of times you will get Uranium up at that unconformity and then up into the sandstone as well. So that's kind of what we think we're looking at here. We know we have Uranium perched in the sandstone above the basement. So we want to follow up on those basement roots of the system and follow up and try and discover those high-grade roots where this stuff's coming from. So there's a good rock photo there in the bottom right corner. You can see all that yellow colored mineral on the rock there. That's all secondary oxidized uranium mineralization.

25:26 So great things to see and lots of big radioactive trends to follow up on. So we're going to get up there, we're going to do a little bit more surveying, we're going to do some ground gravity to get some high resolution gravity geophysics, and then also might run some UAV magnetics as well to get some high definition magnetic information. And then we're going to go mapping, and we're in the process of our engagement up there right now, and things are going well, so we're on a good track to get a drill program planned and going for 2022. So now we're gonna fly over to the eastern side of the basin. Again, we have some 100% owned projects over here. We have 3 of them, Atlantic, Canary and Ascent.

26:14 They are in a well explored region of the Athabasca Basin over on the east side. All the classic high-grade deposits, MacArthur River, Cigar Lake, as well as operating mills are over here. And another thing to note on the map there is ISO Energy's Hurricane Uranium Zone that they've been kind of proving out here in the last couple of years. So it's great to be in good company again over on this side of the basin. The east side, like I said, is really heavily explored, but where we are to the northeast is been a bit under explored relatively. So you can see on the map there, those again, squiggly lines, those are our conductors and then all those blue circles are historical drill holes.

27:03 So lots of drilling over on this area, but not much on our properties. So lots to follow up on over here, lots of good targets. Again, we're looking for the high grade unconformity related uranium deposits, basement roots, and then up in the sandstone as well. And there's also been lots of recent exploration over here that's kind of creating excitement. So really excited to get these permitted up and get going on these as well. So I'll pass it back to John now. That's probably enough technical talk for now. So thanks guys. Hey, thank you, Sean. That was a great, great summary of all the products we're working on right now. I'm sure we'll come back and answer a number of questions that have popped up on our screen as well. But let me take us to the last couple of slides and then we'll come back and we'll answer those questions for our audience. So number 1, here's our share structure slide. It's important to note that we listed on the TSX Ventures last May, and then we followed it up with an OTC listing this past January, and we're also listed on the Frankfurt Exchange. We now have just under 93 million shares and our market caps just over 23 million as of yesterday. The bottom of the slide it talks about, it shows you know who some of our key investors are.

28:15 Outside of management insiders we've got Station Co who started investing with us back in 2018, and they've been strong shareholders ever since that time. We invited L2 Capital, Marcelo Lopez to join us, and he came in in 2019 and has continued staying with us. And then Guy Keller and Tred Beckett came in at the end of 2019 and I calculate and then as already These are all uranium specific funds that have believed in us some some of them we were private as we were going public and some who come in as we've been a public company and It's great, you know sign from them to continue with us and have belief that where we're headed. Let's take it to the next slide. This is an idea of you know where our share prices and and where our volume is so it's really important to note we were first going public in May. You know from that first several months our volume wasn't that great but in the last 3 or 4 months you know we're averaging over you know 500,000 shares traded on the TSX Venture and upwards of 750 to a million shares overall trading each day which is remarkable and we're really happy to see that liquidity.

29:19 Our share price has picked up from a low of 12 cents just a few months ago up to 25 cents as of yesterday, which is great to see. And as we are preparing for our summer drill program with a massive 10,000 meters, we anticipate strong shareholder support as we progress to that as well. If you look on the right, this graph sort of shows us starting at about 26 cents. We actually went public at 15 cents and here we are today up at 25 cents. So it's been sort of up and down. It was up to 36 cents, I believe, during our summer program last year. And then it sort of came back down between our drill programs and then moved back up again into the 20s during our winter program. So it's always great to see good shareholders for great liquidity And as the uranium market picks up, we anticipate that it's gonna be strong as share price movement for standard uranium as well.

30:07 Going into our last slide here, just a bit of a summary of what we've talked about today. So we are an exploration team, which has been built specifically to make a high-grade uranium discovery in the southwest corner. The Davidson River Project is one of the greatest land packages we believe in this region. We went public in May of last year. We raised $8 million last year, led by Red Cloud and Aventus Capital. We brought in a lot of different shareholders and we've got a great list of shareholders right now supporting us. And we are now just completed our winter program, our second program, and we're about to start our summer drill program of 10,000 meters, which we will begin in late June and drill all the way through to probably the end of August. So with that, I am going to go over to our questions and start answering some of the questions that our audience have been asking right now. So first of all, thank you to the audience members who are reaching out and asking us questions. I see a number of questions lined up, so I'm gonna dig into some of those and let Sean answer a couple of those. So number 1, hi Chris, great to see you on the call here today.

31:11 Your question is, you know, do a lot of companies are announcing drill programs in the summer and sometimes they get started in the late summer. Depending on the size of the program and how many meters they want to do, they might start later in the summer when the ground is harder and drier. We've got a large program to do so we're going to begin right as soon as we can which is towards the end of June, when it's starting to dry up and we can actually get our vehicles on that access road access those areas we can by vehicle and helicopter the other ones. We have a large program and it's important to note that it's really important. I think Sean touched on how crucial it is to have key vendors working with you. As many of you probably realize, not just uranium, but all the other mining sectors are really starting to move and companies are getting financed.

31:57 They're all wanting to do drill programs. It's going to be crucial to make sure that you're able to access all the vendors that you're going to need to run your program. And we're going to be announcing very shortly once we finalize contracts with our vendors. We've already in strong communication and we know we've got verbal commitments from all our vendors, but we've got our helicopters, We've got our drillers, we've got our camps, we've got our geos all lined up. So we're lined up for a remarkable summer program and to have the top drill companies with their top teams drilling our programs is really important and we're proud that we've got that lined up. So thanks for that question, Chris. And you asked a question about where are all the sustaining costs for production to be per pound. And we're just way too early to answer that question. We've got to get much further down the line to be able to get into that region. So that's something you'll see once you get to feasibility study. So we're not there yet. So I can't give you an answer on that one. Richard has got a question about permitting environmental issues.

32:55 Let me start off by saying we are fully permitted. And not only are we fully permitted, we have full First Nations consent, which is crucial these days. You're going to

33:06 notice over the immediate future in this region of Saskatchewan, you don't just need permitting anymore, you now need to have your First Nations consent and have strong relationships to work forward with them. There are several companies that don't have that yet and weren't able to get winter programs going. And for us, we've worked very hard at building relationships and building trust with our First Nations partners and our relationships are extremely strong. And if you care to go back and look at our website or our Twitter page, you can see myself and Chief Teddy Clark talking about how strong that relationship is and the things we've done to build that and to build trust. Environmentally we're right on track we have no environmental issues at all everything we're doing is top-notch and we're very proud of that as well. We've got a question here from Brad Hill. Hey, Brad, another shareholder. How much cash do you have left and when will you finance? So one of the things that's important to know right now, we've got about 3.4, 3.5 million in our bank account right now. Our summer program is probably gonna be somewhere in that range of 3 to 3.5 million. We could go ahead and build that right now without doing any financing.

34:06 We're constantly in conversations with investors, with fund managers, with bankers that are making offers to us on how we could finance. So we're looking at those. We're discussing those. We don't have any immediate plans to raise money in the house. We want to see our share price move up a bit and make sure that we're doing as non-degree as possible, but at the same time, ensuring that we've got cash to move forward safely and securely. I'm sure we're well positioned to do that for our shareholders. Mike's got a question. What's the cost of drilling this summer? I'm gonna let Sean answer this question. Now he can sort of walk us through costs of our program compared to winter or summer drilling and what that looks like cost per meter. So Sean, why don't you hop in and answer this one? Sure. I mean, that's a good question. There's a lot of different variables that need to be considered. Helicopter time is obviously very expensive so that can drive things up during summer programs. If you're relying on helicopters.

34:58 So you know, in general winter drilling or road accessible drilling, whether it be winter or summer, is usually cheaper. As I mentioned, we put in our access trail, which was about 35 kilometers of new trail through the bush up there. So that's an investment in itself. And all those different kinds of things, any delays that you run into with the minus 50 freezing up water lines and stuff, that all kind of drives things down. But There's different, if drill moves are shorter, it depends on where you're drilling as well. There's so many different factors. It's kind of hard to put an actual number on that, but usually winter could be cheaper if you're doing everything road-based and not relying on the helicopter in general, I would say. And then it's the second part, expectation on fast track and the discovery by utilizing the experience and data of other companies like NextGen and other companies. So yeah, okay, So that's a good one as well.

36:03 As John alluded to, having myself, Garrett and Galen on the team, we worked in this area a lot. We know the rocks. That's pretty invaluable to the company already. Just having that experience all together, 20 plus years of experience between all of us. I just published a paper on Arrow and you know, so having that knowledge in the areas is crucial and how these deposits work. And then Another thing that'll play into that is, we just quadrupled our summer program. So we're gonna hit it hard. Obviously, the more we drill, the quicker we'll potentially make that discovery, right? So that's gonna kind of fast track us as well. So super excited about that. And you wanna take that last part, John?

36:49 Here's the last question comes up from Justin. Have you seen the results for the latest drill that just finished up? Well, we see the core when it comes in, and we've sent a monitor that and we've got good readings on that. But the assay results, we won't get those until mid-May. So once those results come back to us in mid-May, that will allow Sean and our geotechnical team to be able to build out our model and be able to plot those next drill targets specifically. We've got a good idea based on our geophysics where we're going to be drilling, but Once we're into our leapfrog software system, we'll be able to identify exactly where we're drilling and those assay results we will publish in a news release come mid-May once we have them. So I think that's some of the questions so far. Dasha, you may have received a few other questions. I'll turn that back to you. Yeah, great. Thank you so much. And thanks for going through your presentation and the Q&A.

37:35 We did get some questions emailed in. So if we can just go over some of those. So I'm wondering if, can you please explain the previous financings of Sten and Uranium? Sure. Okay. So we started this company roughly as a private company at the end of 2017. Initial shareholders put in $500,000 and secured the Davis-New River project. They came in at 5 cents for those, 5 cents for the shares and for the warrants. Since that time, those warrants have all been exercised. So the next financing, the next 2 financings were done at 15 cents with a 25 cent warrant. Those were done in 2018 and 2019. And then we did our most recent 2 financings in 2020, and those were at 20 cents, and those warrants were at 30 cents. So we now have the only warrants that are outstanding, we've got a couple of 20 cent broker warrants, and then we've got, I think, 8 million warrants, or sorry, 11 million warrants that are at 25 cents. And then we've got 18 million warrants at 30 cents. So those are the financing we've done previously.

38:42 Question coming from Paul, I'm listening to management and the board on at just over 5%. And if you include some insiders, some people who are locked up, it's much higher, probably closer to 10%. Thanks for that question, Paul. Perfect, thank you so much. Indrael, can you just talk more about Saskatchewan? Is it a good place to operate? Okay, great. So that's a nice question, Dasha. So overall, if you look globally at how different regions of the world are classified for, you know, levels of, you know, easily to operate, Saskatchewan is always ranked near the top 2 or 3 in that, which is great to see. For us, being able to operate in Saskatchewan, we've got great relationships with not only the government, so we do all the permitting processes, that's done exceptionally well. And then on top of that, we're now working closely with our First Nations partners. So not only do you need to have your permitting from the government, we now also need to have consent from the First Nations groups that you're working with.

39:37 And that's a pretty recent transition over the last few years. So for us, what we're very proud to say is that we've got excellent relationships and we've got consent on our projects and we're moving forward with that. So I hope that answers that question. Yeah, great, thank you. There's another question here from Mike, if you wanna address that one. What do you expect new long-term utility contracts to be done? Thank you, that's a macro question looking overall at when do we expect the utilities to run nuclear power plants to sign long term contracts for the uranium supply? You know, if you look at what not just our opinion, but what other analysts and what other, I guess, fund managers are talking about, and if you look specifically to Kim Gitzel from chemical We'll be one of the guys found in those contracts is clearly stating that he's not going to be signing long-term contracts Anything that's less than $50. So right now So we expect those long-term contracts to be done at $50 and that's just for the top tier projects. And once you start working down into the mid-tier and lower tier uranium mines, you're going to need dollars up in the high 60s to $70 to be signed for long-term contracts to make those mines new viable. Those are the numbers we think are realistic. And the bigger question is, when will those contracts start to be announced and signed?

40:55 We believe those contract negotiations are going on right now. And 2, 3 of this year, could be when we start, everybody's sooner to start to see some of those contracts being announced. And those are often kept confidential, but those numbers tend to trickle out to the public through financial filings and so forth. Right, absolutely. I was wondering, how is your project different than the other 15 junior explorers in Saskatchewan? Okay, thanks Dasha. So, it's a great question. So when we look at all the different regions of Saskatchewan, where do you want to be and what makes projects exciting? One of the things that's really important to us is you want to be in a region that has had recent high-grade exploration projects. So if you look in our corner, we've got Metzlstone and Fission, which are very close to us, just kilometers away from us. Now that's really nice to say that we're in the same area. That's not really that important.

41:45 What's important is that those same discoveries, as well as PurePoint Spitfire discoveries, they all sit on the Patterson Lake Conductor. And for us, we understand that that same conductor runs from the Northeast and runs Southwest and runs right through our Davidson River project. So not only are we in the same region, but we're sitting on the same conductor that hosts those incredible world-class discoveries. So for us, to have a project that's not just closed on the same conductor, and now once we're putting drill holes into that project, we're starting to realize that we're in the same rock formation, very similar to those other discoveries that were made next door. So there are many regions of Saskatchewan and some parts where you don't have exciting conductors with big discoveries right next door. So that's one of the reasons we like the Davidson River Project. One of the reasons the team we built is part of our team. They understand that as well and they're excited to be part of our team and exploring this thing with Dr. Farnan, so thanks for that question, Dr. Shih.

42:39 Right, absolutely. Do you anticipate more uranium companies coming to Canada? Yes. So, if you look back in time, first of all, there's about 60 companies globally right now that are uranium exploration producers or developers. Back in the last big bull run, there were over 500 uranium companies And a lot of those were focused in Saskatchewan around the Akabasan Basin. So as we're starting to see companies now show up in the uranium space, being new uranium companies, once this market really takes off and investors start to see how hot the uranium sector is, we can anticipate there could be hundreds, literally hundreds of companies becoming uranium giants and trying to grab land in the Akabaska Basin. So I always tell investors, look, make sure that those companies that are becoming uranium companies in this region actually have a project that's worthwhile, they actually have a geologist that actually knows about the back of the basin, has worked there and understands the specific geology in that region. And they aren't just a lithium or a gold or a copper company that's automatically put uranium in front of their name when they have no trains in that region.

43:46 And there's everything that's put in that region. So be very careful in identifying those specific companies and listen to the analysts. Listen to the fund managers. Who are those fund managers investing with and why is that important? Really key things for companies and investors to look for when they're identifying potential investment opportunities. Great. Yeah, that's great advice. John, can you explain why there has not been many holes drilled on the Davidson River Project? Oh, sure. So first of all, sorry, we, We started this company in 2017 and the Davidson River, we acquired that as part of building this company. The Davidson River project up until that point had not had a single drill hole on it looking for uranium. It was 1 hole on it that was looking for oil and gas, which was done back in the 80s. Now if you go back in time in the Saskatchewan region, you look at the Athabasca Basin, a lot of people believe that the uranium was all going to be found on the eastern side where MacArthur River and Star Lake are, or up north in the uranium city. There was never really understanding that there could be uranium in the southwest corner until a couple of companies took a chance and started exploring in that region. A certain geologist named Garrett Ingeworth made a radioactive bomb discovery. And that led to a staking rush in the southwest corner. So a number of companies all jumped into that region, staked land, started doing exploration programs.

45:02 And that was right around 2012, 2013. And then you had Fission, you know, really moving on that to our project. And then NextGen came in a couple years later and really made their aero discovery. And the whole time, the Davidson River Project couldn't be worked on. And I'll tell you why. It was staked by Jody DeRue at the time. And he was actually working with Fission. He was the director of Fission and president of Fission. And he offered that project to Fission. And at the time, their management team passed on it. They said, no thanks, we're gonna focus on the RRR. Well, Jody decided to leave Fission later on. He left and Fission sued him for the Davidson River Project. So For many years, 3 plus years, he's tied up in court. While the Harrow and the RRR and Spitfire were being explored and many drill holes were going in the future of the sector untouched.

45:51 So for us to be able to get it when it came out of the court ruling 100% in favor of Jody Drew's. We did the project deal with Jody Drew's. We took on the project and we started exploring it right away in 2018. We're the first ones actually get there and have the opportunity to put geophysics on and put drills into it. So it's a huge opportunity and a fantastic project to pick up in an incredible situation. Great. Thank you so much. There's a few more questions coming in here. So Mike is asking, do you have any analyst coverage for standard uranium yet? Yes, great question Mike. So we do we've got red cloud and Calvin so if you go back in time that David Talbot is probably the number 1 uranium analyst look which he has been doing this for many years several years with the capital and recently shifted over to Red Cloud. He is in-house, so you can watch for his research on us as well if you go on to the Red Cloud site.

46:42 Question from Justin. What's the reason for increasing the summer drilling to 10,000m? And Was that based on what you saw in your latest drilling? Well, yes and yes. The drill results that we saw, the core we're looking at really got our geologists and myself excited about the potential of what we're looking at. We increased from 2,500m to 10,000m because we want to be really aggressive in drilling this tunnel. That is what we did that time. The estimated results are coming out in mid-May, so we can't speak for those. The core that we're looking at and the structure we're getting through, the stacked shear zones, the different rock formations, the structure of the snow, for instance, it's all getting more and more exciting with each mill we're putting in the ground. So we want to take this opportunity to be very aggressive and drill as many holes as we can on the road to making that next uranium discovery.

47:31 Great, Yeah. So in closing here, I was wondering why is this a good time to invest in standard uranium? Oh, okay. I'll take that one as well. So as I go back to that slide that was a Lausanne curve showing that we are pre-discovery. So if you go back in time and look at other companies that are in this same exact time, where they were looking to make their first discovery, you know, share prices typically are in the low 10 cents kind of range, And that's when you want to identify a company that you believe is on the steps to making a discovery. Because when discoveries are made and you're making a high-grade based on those discoveries, your share price can go from 20 cents to $2 to $3 to $5 in a very short period. So That is a huge opportunity for investors to make a lot of money with that company as they make a high-grade discovery. So for investors who believe in what we're doing, they understand the team we built and the team that has made discoveries in this region, and they understand the opportunity with our share structure and how close we are and the drill holes we're putting in, that is when investors want to take an opportunity to come along and invest with us. So that's the opportunity right now.

48:41 Great, well, thank you so much, John and Sean, for taking us through the presentation and all the questions. And also thank you to everyone who joined us today and submitted all these great questions. If you think of a question afterwards, we will be sending out a short survey and you can leave your contact information and either John or Sean will follow up with you and answer the questions you have. There's also more information on their website at standarduranium.ca. So I'll pass it back to you, John, for the final word. Thank you, Dashna. So once again, thank you to SIC and to Dashna for hosting us today. We do encourage you, if you have any interest in us or you want to share our story with you, with your contacts or friends, go on to our social media channels. You can see Sean and myself talking a lot about what we're doing at a project site and giving lessons on what's happening for those who have never seen what actually goes on in the drill site. So Sean does a great job of really breaking things down and taking your investors through what's happening.

49:35 And come along and join us. Invest with us today.