Manhattan Uranium and Fortune Bay Plan Fully Funded 5,000 Meter Drill Program to Test up to 25 Priority Targets at the Murmac and Strike Uranium Projects in Saskatchewan

Executive Summary

• Manhattan Uranium Discovery Corp. and Fortune Bay Corp. announced the selection of priority drill targets for an upcoming ~5,000-metre exploration program at the Murmac and Strike Uranium Projects in northern Saskatchewan.
• The program will test up to 25 targets across multiple conductive corridors, building on previous high-grade uranium intercepts and historical production data, with drilling expected to commence in June 2026.
• Manhattan also announced the termination of its purchase and sale agreement to sell 100% of its Chilean gold projects (Dorado and Cordillera) to Batik Resources Ltd.

Key Details

• Drilling Program Scope: Approximately 5,000 metres of drilling planned to test up to 25 priority targets across the Murmac and Strike Projects.
• Target Strategy: Program includes follow-up opportunities near previous uranium results and first-pass tests of newly defined targets along >60 kilometres of prospective electromagnetic conductor packages on the northern margin of the Athabasca Basin.
• Funding & Operator Structure: Program is fully funded by Manhattan pursuant to an option agreement (originally dated Dec 15, 2023, amended Nov 13, 2025). Fortune Bay acts as operator and is entitled to a 10% management fee on exploration expenditures.
• Option Agreement Terms: Manhattan holds the right to acquire up to a 70% interest by funding an aggregate of C$6 million in exploration expenditures, making cash payments of C$1.35 million, and issuing C$2.15 million in common shares.
• Murmac Previous Results: Drill hole M24-0171 intersected 8.40m @ 0.30% U₃O₈, including 1.20m @ 1.79% U₃O₈. Individual assays reached up to 13.80% U₃O₈ over 0.10m and 4.54% U₃O₈ over 0.10m. Elevated uranium (>100 ppm) associated with graphitic rocks and alteration was found in 12 of 31 previous holes.
• Strike Previous Results: Fortune Bay's maiden drill program intersected anomalous uranium in 3 of 9 shallow holes, with a maximum individual assay of 0.43% U₃O₈. Historical Tena Zone production reportedly yielded 0.6% to 3.5% U₃O₈. Confirmatory surface sampling returned assays of 3.51% U₃O₈ and 1.75% U₃O₈.
• Project Location & Infrastructure: Projects comprise ~19,877 hectares within 25 km of Uranium City, Saskatchewan, benefiting from existing roads, an active hydro-powerline, nearby facilities, and a local airport.
• Chilean Property Termination: Manhattan terminated the purchase and sale agreement dated Dec 9, 2025, with Batik Resources Ltd. to sell 100% of RIO Explorations SpA, which holds the Dorado and Cordillera gold projects in Chile's Atacama Region.
• Timeline: Mobilization is underway, with drilling expected to commence in June 2026.

Notable Quotes

• William Sheriff, Chairman: "The global energy landscape is undergoing a fundamental shift, and uranium sits at the centre of it... having built and sold one of the largest domestic uranium resource bases in U.S. history, I know firsthand how exploration success in the right geological setting can create significant value."
• Galen McNamara, CEO: "The Murmac and Strike drill program represents a significant catalyst for Manhattan Uranium... With a fully funded 25-hole program set to commence in June, we look forward to reporting results as drilling advances."