North Shore Uranium Ltd. Completes Prospecting Program at Falcon; Significant Radioactivity Discovered in Outcrops and Boulders

On October 14, 2025, North Shore Uranium announced the completion of a prospecting program at its Falcon Property in Saskatchewan. Key findings include the discovery of significant radioactivity in multiple outcrops and boulders. * At the historic EWA Showing (FA020), an outcrop returned scintillometer readings up to 20,000 counts per second (cps). * Near the historic D Zone Showing (FA025), two radioactive pegmatite dykes were found, with one measuring up to 27,000 cps. * Several highly radioactive boulders were also identified, with readings up to 7,000 cps. * A total of 74 rock samples were collected and have been submitted for laboratory analysis, with assay results for uranium and other elements currently pending.

This news is a positive, incremental step forward for the Falcon project, but it is not material at this stage.

Historical Context and Progression: * Q1 2024: The company's maiden drill program at Falcon confirmed the presence of a uranium system. Initial radioactivity was modest (up to 2,695 cps) and subsequent assays in May 2024 returned anomalous but uneconomic values (e.g., a 4.7m interval of 316 ppm U3O8, with a peak of 572 ppm). This established proof of concept but was not a discovery. * Mid-2025 Pivot: The company diversified its strategy significantly by signing an option agreement to acquire the Rio Puerco project in New Mexico (June 2025). This project hosts a large historical, non-NI 43-101 compliant resource of 11.4 million pounds of U3O8. This pivot arguably made Rio Puerco the company's lead asset in terms of potential scale, pending verification. * August 2025 Financing: North Shore recapitalized with a $1.4 million financing at very low prices ($0.05 and $0.065), causing significant dilution but providing the necessary funds to advance its new two-pronged strategy.

Assessment of Current News: The high radioactivity counts (up to 27,000 cps) from this surface prospecting program are encouraging and substantially higher than those encountered in the Q1 2024 drill core. This suggests the potential for higher-grade mineralization at surface and helps delineate new targets for future drilling.

However, a critical perspective is required. The company's own disclosure states, "Radioactivity levels... are preliminary and not uniformly or directly related to actual uranium content." High scintillometer readings are common in exploration and do not guarantee economic uranium grades. The market has been conditioned to wait for assay results, which are the only definitive measure of mineralization.

Therefore, while the news keeps the Falcon project relevant and demonstrates continued progress, it doesn't fundamentally change the investment case until the pending assays are released. It meets the expectations of an active exploration program but does not de-risk the project or provide a new valuation anchor. The market's primary focus will likely remain on the potential scale of the Rio Puerco project and the forthcoming assays from Falcon.

North Shore Uranium is a junior exploration company focused on uranium. It currently has two main projects: 1. Falcon Property: A 55,503-hectare project on the eastern margin of Saskatchewan's Athabasca Basin. It is an early-stage exploration project where the company has confirmed a uranium-bearing system through its first drill program in 2024. The property is a mix of 100%-owned claims and claims under an option agreement with Skyharbour Resources. 2. Rio Puerco Project: Located in the Grants uranium district of New Mexico, this project was optioned in mid-2025. Its key feature is a JORC 2004-compliant historical resource estimate (non-NI 43-101 compliant) of 11.4 million pounds U3O8 at an average grade of 0.09%. North Shore is currently working to validate this historical data.