Cosa Announces Summer Drilling Results for Murphy Lake North Uranium Joint Venture with Denison Mines

Cosa Resources Corp. (COSA) reported results from a 13-hole, 6,752-metre summer 2026 drilling program at Murphy Lake North, a 70% Cosa / 30% Denison joint venture in the eastern Athabasca Basin.

The release reiterated the prior winter anchor result from hole MLN26-013, which intersected 5.0 m at 0.55% U3O8 from 308.5–313.5 m, including 0.5 m at 1.70% U3O8 from 310.5–311.0 m.

New summer results were characterized by thinner intercepts. Table 1 reports only radioactivity in counts per second (CPS), rather than uranium assays. Seven intervals across six holes ranged from 0.1–0.5 m at 250–340 CPS, with the highest individual reading being 0.5 m at 340 CPS.

The release highlighted that all 13 holes intersected structure and/or alteration. Drilling identified an N-fault and S-fault around the Cyclone graphitic basement unit. Hole MLN26-020C1 extended a basement alteration zone intersected by MLN26-017 by 36 m east and intersected enriched uranium pathfinder elements, including nickel and cobalt; however, no Ni, Co, or U3O8 values were provided. The N-fault and S-fault remain partly untested at the unconformity.

Cosa cited a C$16 million treasury and stated that follow-up drilling is planned. The practical outcome of the 13-hole step-out program was that it did not produce any new chemical uranium assays, yielding only low-level handheld CPS readings and geological observations.

Cosa Resources Corp. (COSA) is a pre-resource uranium explorer whose equity value is tied to the potential of a discovery thesis. The market had previously re-rated the stock substantially, with shares rising from approximately C$0.24 in September 2025 to a peak of C$0.79 in May 2026. Prior to this release, the stock was trading at C$0.60.

Investor expectations were anchored by the winter MLN26-013 result and the anticipation that a large summer follow-up program would repeat or extend uranium mineralization along the Cyclone trend. The company promoted the summer program as its largest drill program to date and a direct follow-up to that discovery.

The current release does not meet those expectations. The company reported no new uranium assays from 13 holes, recording only weak CPS readings of 250–340 CPS. Two holes undershot the S-fault target, and while broad alteration was observed, no confirmed new U3O8 mineralization was identified.

Financially, Cosa is not an earnings story, and this is not an earnings release. In Q2 2026, the company held C$18.0 million in cash and C$14.2 million in working capital, having booked a H1 2026 net loss of C$3.39 million. The latest release cites C$16 million in treasury, representing a modest decline. The company has no reserves, no resources, and includes a going-concern note in its MD&A.

Cosa Resources Corp. (COSA) is a Canadian uranium explorer operating within the Athabasca Basin in Saskatchewan. The company’s portfolio encompasses approximately 237,000 hectares across multiple projects held on a 100% owned and joint-venture basis.

Key assets include Murphy Lake North, Darby, and Packrat, all structured as 70% Cosa Resources and 30% Denison Mines interests. The Murphy Lake North property is located along the Cyclone trend, situated 3 km east of IsoEnergy’s Hurricane deposit. The Darby project lies 10 km west of the Cigar Lake mine.

In addition to these joint ventures, Cosa Resources holds 100% ownership of projects including Ursa, Orbit, Orion, and Astro. The Aurora project has been optioned to Traction Uranium for up to 80%, while the Astro project has been optioned to Global Uranium for up to 80%.

Denison Mines serves as the company’s largest shareholder and joint-venture partner. Management brings significant discovery credentials from the Athabasca region, including involvement with the Hurricane deposit.

Cosa Resources currently holds no mineral resources or reserves, has no production, and has not completed economic studies. The company is in the pre-revenue, exploration-stage.