Cosa Update – Richard Mills

2026.09.14

The attached MLN summer drilling news release was announced pre-market today. We want to emphasize that we remain encouraged, and many factors remain to our benefit as we prepare to return to Murphy in January 2027:

• Textbook alteration and elevated radioactivity in multiple drill holes reiterates the idea that this is a significant system.
  
• Hundreds of meters of untested strike in both directions. Even in the immediate area, major faults require further testing.
  
• Summer drilling focused on testing the unconformity, leaving significant room for basement mineralization.
  
• Additional target areas on trend include historical mineralization to the west towards Hurricane.
  
• Better winter access. A revised model made hitting ideal targets difficult and winter drilling on ice will be more effective.
  
• With $16 million in the treasury we are well financed for follow up drilling throughout 2027.

The rapid value creation that accompanies success in the Athabasca is rivalled only by the difficulty of discovery. There is a strong precedent of near-misses, and many deposits (especially basement-hosted) have been missed by at least one previous operator.

At Hurricane, Cameco drilled dozens of holes on trend, several of which were within a few hundred metres of Hurricane and some as close as 40 metres. It has been eight years since our management team discovered Hurricane, yet IsoEnergy continues to identify new zones of high-grade mineralization that trends towards MLN.

At Phoenix, 100+ drill holes were completed before Denison took operatorship of the JV in 2004. Denison’s persistence resulted in the discovery of both Phoenix and Gryphon. Millenium, Roughrider, and several other Athabasca deposits were missed by at least one operator. Even at McArthur, over 200 million pounds were discovered by underground drilling after sinking a shaft.

We had a terrific chance to spend this summer defining uranium mineralization. Although that did not happen, that chance remains equally strong for the follow-up program in January. While there are no guarantees in exploration, the evidence is telling us to keep drilling and remain persistent at MLN. We have already begun work with Denison to plan a sizeable program for January.

Lastly, we are close to announcing the commencement of drilling at Darby where we are following up mineralization and/or alteration at multiple trends. Just west of Cigar Lake, Darby remains exceptionally prospective with no shortage of blue-sky drill targets. Reminder that Darby was the most coveted property we acquired from Denison.

Keith Bodnarchuk
President, CEO, Director

Richard (Rick) Mills
aheadoftheherd.com

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