Manhattan Uranium Intersects Anomalous Radioactivity in Six Drill Holes at Murmac and Strike

Manhattan Uranium Discovery Corp. (MANU) released the program-completion report for its 2026 summer drill campaign at the Murmac and Strike properties, located on the margin of the Athabasca Basin near Uranium City, Saskatchewan. The project is operated by Fortune Bay Corp. under an earn-in agreement with Manhattan. The release contains no assay data; all reported highlights are handheld-spectrometer total-gamma readings in counts per second.

The drilling program comprised 24 holes totaling 4,526.4 meters. This included 15 holes for 2,978.4 meters at Murmac across the Pitchvein, Armbruster, Howland, and Howland East targets, and 9 holes for 1,548.0 meters at Strike covering the J, K, L Conductors plus Tena. Radioactivity readings of 300 counts per second (cps) or greater were reported in 6 of the 24 holes, while the remaining 18 holes did not have anomalous intervals detailed.

Key handheld-spectrometer results include:

• S26-020 (Tena, down-dip of the historical Tena adit, 101 m hole at -45°): 6.80 m @ 348 cps from 22.50 m, including 0.60 m @ 737 cps and 1.60 m @ 338 cps; 5.60 m @ 324 cps from 34.50 m, including 0.20 m @ 950 cps; 1.90 m @ 489 cps from 59.13 m, including 0.20 m @ 1,890 cps from 60.03 m.
• M26-037 (Pitchvein P8): 0.81 m @ 314 cps from 131.06 m, plus "intermittent" 300–340 cps over a cumulative 7.54 m inside a 61.36 m interval (126.64–188.00 m) that the release states averages 269 cps.
• M26-040 (Armbruster A1): 0.15 m @ 310 cps and 0.10 m @ 310 cps.
• S26-014 (K5): 0.20 m @ 310 cps; 0.56 m @ 378 cps; 0.17 m @ 340 cps.
• S26-015 (J5): 0.18 m, 0.37 m, 0.21 m, all exactly 300 cps.
• S26-017 (J4): 0.19 m, 0.13 m, 0.20 m, all exactly 305 cps.

Geological observations noted strongly graphitic units with an estimated true thickness of up to approximately 25 meters, brittle faulting and brecciation, and hematite-chlorite-sulphide-clay alteration. The shallowest anomaly was identified at 22.50 meters downhole. Core samples from all zones exceeding 300 cps have been submitted to SRC Geoanalytical Laboratories (ISO/IEC 17025:2017) for U₃O₈ and multi-element analysis. Results are pending and will be used to prioritize follow-up targets.

Manhattan has earned a 51% interest in the project and retains the right to increase its stake to 70%. The Qualified Person for the release is Galen McNamara, P.Geo., who serves as CEO.

Manhattan Uranium Discovery Corp. (MANU) has completed a drilling program at its Murmac/Strike system, but the results do not add grade or scale to the existing resource model. The company drilled 24 first-pass holes across 24 separate targets, with no two holes defining a volume anywhere except at the Tena target. At Tena, the down-dip test returned a 1.90 m interval at threshold-adjacent readings, while the steeper hole returned nothing above 300 cps. Individual hole widths of anomalous material did not exceed 1.90 m.

The anchor result, M24-017, which returned 8.40 m @ 0.30% U₃O₈ (including 1.20 m @ 1.79%), remains unreplicated and unextended by any assayed result three drilling seasons later. No assays exist from the new program to establish grade.

What the drilling does establish is architectural: the right graphitic conductors, structural preparation, and alteration are present at shallow depth across approximately 63 km of conductors. This serves as a targeting de-risking rather than a value event.

The anchor result from 2024 is not embedded in the current share price. Manhattan’s stock is trading at C$0.12, its 52-week low, having fallen 78% from C$0.55 in February 2026 and approximately 68% from C$0.38 at the time of the June 4, 2026 program announcement. With C$8.87M in cash as of July 31, 2026, against a C$13.2M market cap, the enterprise value is roughly C$4.3M for 25 US properties plus the Athabasca earn-in. The market already assigns essentially nothing to Athabasca success.

Although the company described the program on June 4 and June 16, 2026, as "a significant catalyst" with "the kind of discovery potential that can define a company," the catalyst has been spent and produced no quantifiable grade. Assays are genuinely pending, and the release does not claim grades, nor does a cps reading prove the rock is barren. However, the thesis is stalled and de-rated, not falsified.

The release is expected to produce flat-to-modestly-lower trading, within the single-digit percent range and the noise of a C$0.12 stock that has already round-tripped and is breaking its 52-week low. This movement is driven by the absence of assay substance rather than by a discrete new negative fact.

Manhattan Uranium Discovery Corp. is a pre-revenue uranium explorer formed in May 2026 through a three-way arrangement combining Aero Energy, Urano Energy, and Pegasus Resources, along with Kraken. The company is listed on the TSXV under the ticker MANU, the OTCQB under MAUUF since June 22, 2026, and on the Frankfurt exchange under J5B0.

The company’s portfolio includes significant assets in the Athabasca Basin of Saskatchewan, specifically the Murmac and Strike properties covering approximately 19,877 hectares within 25 km of Uranium City. These lands feature existing roads, hydro lines, and a local airport. Manhattan has earned a 51% interest from operator Fortune Bay, which retains a 10% management fee, with the ability to increase its stake to 70% by funding C$6 million in exploration. This earn-in requires a payment of C$1.35 million in cash and the issuance of C$2.15 million in shares. Prior drilling at Murmac and Strike included hole M24-017, which returned 8.40 meters at 0.30% U₃O₈, including 1.20 meters at 1.79%. Anomalous uranium was identified in 12 of 31 Murmac holes and 3 of 9 Strike holes.

In the United States, Manhattan holds 15 past-producing uranium mines across 25 properties totaling 25,099 acres in the Colorado Plateau of Utah and Colorado, as well as Nevada. The I-70 project in the San Rafael District of Utah covers a Salt Wash/Morrison-hosted land package expanded by approximately 255% to 4,416 acres. Historical estimates, which are not NI 43-101 compliant, cited approximately 543,245 pounds of indicated resources and 1.4 million pounds of inferred resources; a modern 43-101 compliant estimate would trigger the remaining 25% earn-in. The site features a legacy database of approximately 5,668 collars, with 72% of 2,769 recovered holes carrying greater than or equal to 0.10% eU₃O₈ based on gamma readings, though these are unverified.

The Lisbon Valley project in Utah includes the North Lisbon historical estimate of approximately 3.347 million pounds at 0.133% eU₃O₈ over 1.256 million tonnes. A 499-hole historical database has been compiled, showing that 53% of holes are above 0.15% eU₃O₈ with an average grade of 0.28%. The area features uranium-vanadium co-mineralisation and is located within trucking distance to Energy Fuels' White Mesa mill.

In Apex, Nevada, Manhattan holds the largest historical uranium producer in the state, accounting for approximately 50% of Nevada’s output. The company received a US Forest Service-approved Plan of Operations in May 2026 for up to seven pads and 0.93 acres of disturbance. Historical intercepts at Apex include 34.1 meters at 0.37% U₃O₈ and 15.2 meters at 0.51% U₃O₈ (non-43-101 compliant), along with surface samples up to 1.00%.

Additional assets include Melinda, where permits have been approved; La Sal and Blue Jay, covering approximately 2,700 acres with Blue Jay holding historical resources of approximately 110,000 pounds at approximately 0.25%; and Huber Hills.

Financial data reported for the quarter ended July 31, 2026, shows cash of C$8.87 million and working capital of C$8.05 million. The company reported no debt and total equity of C$38.1 million. For the third quarter of fiscal year 2027, Manhattan reported a net loss of C$2.14 million, including C$1.36 million in stock-based compensation, and an operating cash outflow of C$2.67 million. With 110.08 million shares outstanding, the book value is C$0.35 per share. The financial statements carry a going-concern note. Management includes William Sheriff as Chairman, Galen McNamara as CEO, Spencer MacLean as President, and Carson Halliday as CFO.