North Shore Advances Rio Puerco Towards Drilling

The most recent news release dated October 29, 2025, from North Shore Uranium Ltd. (NSU) provides an update on its Rio Puerco uranium project in New Mexico, USA. The company states that it is advancing the project towards a drilling program planned for the first half of 2026. Key highlights include:

• Reiteration of a historical resource estimate (from 2009, JORC 2004 compliant, not NI 43-101) of 6.0 million tonnes at 0.09% eU3O8 for 11.4 million pounds of U3O8.
• Completion of preliminary 3-D modeling, which has identified targets for the upcoming drill program.
• Plans for the H1 2026 drill program to verify and expand upon the known uranium mineralization.
• Inclusion of historical drilling results from Kerr McGee programs (1960s-1970s) showing significant uranium intervals (e.g., 3.4m at 0.3% eU3O8).
• Confirmation that North Shore holds an option to acquire up to an 87.5% interest in Rio Puerco from Resurrection Mining LLC. The CEO, Brooke Clements, expressed optimism about the project's significant historical resource and excellent upside potential.

This news release is a positive, but routine, update on the Rio Puerco project. The project was initially announced on June 24, 2025, with a binding term sheet for acquisition, followed by the closing of a $1.4 million private placement on August 28, 2025, which fulfilled a key financing contingency for the Rio Puerco option agreement. Subsequently, on September 11, 2025, the company staked additional claims at Rio Puerco.

The current news confirms that the company is progressing with the evaluation of this strategically important acquisition. The completion of preliminary 3-D modeling and the explicit plan for a drill program in H1 2026 demonstrate forward momentum in de-risking the historical resource and working towards a NI 43-101 compliant estimate. While the historical resource and drilling results have been mentioned in prior releases (Sept 11, 2025, June 24, 2025), this update shows concrete steps being taken in the exploration process.

The "Material - Positive" rating in the metadata of the news may be an overstatement given the information provided. The news confirms previously established plans and details the next logical steps for a project already highlighted. It does not announce a new discovery, a material upgrade to the resource, or a significant change in the company's financial or operational outlook beyond what was implied by the initial acquisition and financing. Therefore, it is categorized as "Routine - Positive" as it is an expected and necessary progression for the project, confirming management's commitment to advancing Rio Puerco. It does not introduce new information that would fundamentally alter the investment thesis or warrant a "Material - Game Changer" or "Material - Positive" (in the sense of a new, unexpected, significant positive event) designation.

North Shore Uranium Ltd. (NSU) is an exploration-stage company focused on uranium projects in two key jurisdictions: the Athabasca Basin in Saskatchewan, Canada, and the Grants uranium district in New Mexico, USA.

Flagship Project - Rio Puerco (New Mexico, USA): * Acquisition: North Shore has an option agreement with Resurrection Mining LLC to acquire up to an 87.5% interest. This project was a major strategic focus announced in June 2025. * Historical Resource: Hosts a significant historical uranium resource estimate from 2009 (JORC 2004, not NI 43-101 compliant) of 6.0 million tonnes at 0.09% eU3O8, for 11.4 million pounds of U3O8. * History: Uranium discovered in 1968. Kerr-McGee Corp. drilled over 1,000 holes and began mine development in the 1970s, including a 260-meter vertical shaft, but production ceased due to low uranium prices. * Potential: Initial review suggests potential for in situ recovery (ISR) mining, a low-cost method. The company plans to verify and expand mineralization. * Current Status: Preliminary 3-D modeling completed, with a drill program planned for H1 2026 to confirm and expand mineralization.

Other Key Projects: * Falcon Property (Athabasca Basin, Saskatchewan, Canada): * Ownership: Consists of 15 claims totaling 55,503 hectares. Four claims (12,791 ha) are 100% owned, and 11 claims (42,512 ha) are under an option agreement with Skyharbour Resources Ltd. to earn an 80% interest by October 2026 (extended to Oct 2027 for certain commitments). * Location: 30 km east of the active Key Lake uranium mill. * Exploration: 36 uranium targets identified. Recent near-surface uranium mineralization discovered at drill sites P03 and P08 (May 2024). Prospecting program completed in October 2025 with significant radioactivity discovered in outcrops and boulders. * Royalty: Subject to a 2% Net Smelter Returns (NSR) royalty on some claims, with an option to purchase one half for $1,000,000. An additional 1% NSR on other claims (upon earn-in) and an underlying 2% NSR (1% buyback for $1M option). * West Bear Property (Athabasca Basin, Saskatchewan, Canada): * Ownership: The company completed its final earn-in obligation to Gem Oil Inc. (issued 263,157 common shares at $0.19/share) to acquire a 75% interest in four mining claims (3,927 ha). A joint venture has been formed. North Shore retains the right to acquire the remaining 25% for $400,000 (cash/shares). * Location: Approximately 35 km southeast of Cigar Lake uranium mine. * Royalty: Gem Oil granted a 2% NSR royalty, with North Shore having the option to purchase 1% for $1,000,000.