Manhattan Uranium and Fortune Bay Commence Drilling at the Murmac Uranium Project, Athabasca Basin, Saskatchewan

Executive Summary

• Manhattan Uranium Discovery Corp. and Fortune Bay Corp. have commenced diamond drilling at the Murmac uranium project in northern Saskatchewan, targeting high-grade, basement-hosted uranium mineralization.
• The fully funded program will drill approximately 5,000 metres across up to 25 priority targets at Murmac and the adjacent Strike project, with initial focus on 15 targets selected via integrated geological, geophysical, and geochemical datasets.
• The program is governed by an option agreement allowing Manhattan to earn up to a 70% interest by funding C$6 million in exploration, paying C$1.35 million in cash, and issuing C$2.15 million in common shares, while Fortune Bay operates the assets and charges a 10% management fee.

Key Details

• Drilling Scope & Status: Diamond drilling has commenced at Murmac, initially testing 15 priority targets. The full program comprises ~5,000 metres across up to 25 targets at Murmac and Strike, with results to be reviewed before advancing to Strike.
• Previous High-Grade Intercepts: Drill hole M24-017 intersected 8.40 m grading 0.30% U₃O₈, including 1.20 m at 1.79% U₃O₈, with individual assays up to 13.80% U₃O₈ over 0.10 m and 4.54% U₃O₈ over 0.10 m at ~64 m below surface.
• Target Selection Criteria: Targets prioritize graphitic host rocks, electromagnetic conductor features, structural settings, gravity lows, alteration, and uranium anomalism. Priority given to areas where multiple criteria coincide.
• Key Target Corridors: 15 priority targets identified along the Armbruster (A1, A5, A8, A12, A23-A27), Howland (H14, H19, H3), Howland East (HE1), and Pitchvein (P4, P8) conductor corridors, many located at cross-fault intersections or electromagnetic breaks.
• Option Agreement Terms: Manhattan may acquire up to a 70% interest in Murmac and Strike 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. Fortune Bay operates the projects and is entitled to a 10% management fee on exploration expenditures.
• Assay & Technical Methodology: Drill core and surface grab samples submitted to SRC Geoanalytical Laboratories. Sample prep included drying, jaw crushing to 60% passing -2 mm, and pulverizing to 90% passing -106 microns. U₃O₈ weight % determined via partial digest (HCl:HNO₃) and ICP-OES. Multi-element characterization via partial digestion (HNO₃:HCl) using ICP-OES and ICP-MS.
• Portfolio Context: Manhattan is advancing its Athabasca Basin assets in parallel with a U.S. uranium portfolio comprising 25 projects, including 15 past-producing mines.

Notable Quotes

• William Sheriff, Chairman: "The commencement of drilling at Murmac marks a significant milestone for Manhattan. The Athabasca Basin is the world's premier high-grade uranium jurisdiction, home to some of the largest and highest-grade deposits ever discovered, and our position at Murmac gives Manhattan meaningful exposure to the kind of discovery potential that can define a company. Combined with our extensive U.S. portfolio of 25 projects including 15 past-producing mines, we believe Manhattan is uniquely positioned as one of the most compelling North American uranium exploration stories in the market today."
• Galen McNamara, CEO & Director: "Manhattan's first drill program in the Athabasca Basin is now underway. We have identified 15 priority targets selected from a strategic integration of datasets, the same criteria that define high-grade basement-hosted deposits elsewhere in the Athabasca Basin. Our 2024 discovery hole returned 8.40 metres grading 0.30% U₃O₈, including 1.20 metres at 1.79% U₃O₈ with individual assays up to 13.80% U₃O₈, confirming that high-grade uranium exists at shallow depths on this property. We now have a fully funded 5,000 metre program across up to 25 targets at Murmac and Strike, and we look forward to reporting results as drilling advances."