Under the terms of the option agreement (announced on April 9, 2025), Global may earn up to an 80% interest in Astro over five earn-in phases by sole-funding exploration expenditures and completing cash payments and share issuances. Completion of Phase 1 marks an important milestone in the advancement of the Project and reflects the Company's continued focus on building a meaningful uranium exploration portfolio in the Athabasca Basin.
Astro comprises a large land package in the eastern Athabasca Basin and is considered highly prospective for unconformity-related uranium mineralization. During 2025, the Project advanced through an initial helicopter-borne Z-Axis Tipper Electromagnetic survey (ZTEM), which identified a 25-kilometre conductive corridor and several priority target areas for follow-up. More recently, the Company announced plans for an Ambient Noise Tomography survey designed to further refine high-priority structural targets and support future drill targeting.
Ungad Chadda, CEO of Global Uranium, commented: "Completing Phase 1 at Astro is an important milestone for Global Uranium and reflects the steady progress we are making across our exploration portfolio. We are pleased to have earned this initial interest in the project under our agreement with Cosa and look forward to continuing to advance Astro as we evaluate the next phase of work."
The Astro Project is operated by Cosa pursuant to the terms of the option agreement. Global intends to continue advancing the Project through follow-up geophysical work and target refinement as it evaluates the next phase of earn-in activities.
QUALIFIED PERSON
Jared Suchan, Ph.D., P.Geo., Global Uranium's Vice President of Exploration and Qualified Person under National Instrument 43-101, has reviewed and approved the contents of this news release.
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