Athabasca Uranium Projects

Cosa Resources’ 100% owned* uranium land package comprises over 209,000 ha across multiple projects in the Athabasca Basin region, the world’s most prolific district for high-grade uranium discoveries. Many of Cosa’s projects are underexplored or virtually untouched by modern exploration and offer significant upside potential through discovery of the next tier-1 uranium deposit.

Figure A – Cosa Resources Uranium Exploration Properties

Cosa's portfolio is strategically located, with all focus Projects situated on or adjacent to prospective northeast trending uranium corridors (Figure B) and extensions of regional structures that are known to be fertile and play a critical role in other eastern Athabasca deposits. Long linear northeast trends with low magnetic susceptibility in the Eastern Athabasca Basin have hosted some of the largest uranium deposits ever discovered including Cameco's McArthur River mine.

Figure B – Eastern Athabasca Structural Corridors

*Approximately 3,470 hectares of claims on Ursa are subject to a 2.0% NSR, of which Cosa has the right to purchase 1.0% (one-half) of the NSR for $1.0 million in cash.

Located 45 kilometres west of the McArthur River mine and over 60,000 hectares in size, Ursa captures more than 60 kilometres strike length of the Cable Bay Shear Zone, a structural corridor with several known uranium occurrences and potentially the last remaining eastern Athabasca corridor to have not yet yielded a major uranium discovery. Prior to Cosa’s initial drill program in winter 2024, this extensive Project has been tested by only 15 widely spaced drill holes that were guided by a patch work of historical geophysical surveys, many of which intersected encouraging geochemistry and hydrothermal alteration in the basal sandstone.

Modern and comprehensive airborne MobileMT coverage was completed by Cosa in 2023 which was used to complete a geologically constrained inversion and 3D conductivity model of nearly the entire Project. This work has identified several high-priority target areas comprising over 25 kilometres of strike that warrants aggressive follow-up work. Target areas are defined by appropriately sized sandstone conductivity anomalies that are potentially indicative of hydrothermal alteration systems like those found at Cameco’s Cigar Lake and McArthur River, and IsoEnergy’s Hurricane. None of the 15 historical drill holes on the Project are within several kilometres of Cosa’s priority target areas, confirming how vastly underexplored the project is.

Figure A – Ursa Property

Cosa completed ground-based EM work in winter 2024 to better define drill targets at several of Cosa’s high priority target areas ahead of an inaugural drilling campaign in February/March of 2024. Given the proximity to an historical boulder sampling program that highlighted anomalous illitic alteration and uranium and uranium pathfinder geochemistry, the Kodiak area was selected for initial drill testing with a program that was designed to drill fewer, shallower holes in order to canvas a much larger portion of the Athabasca sandstone for structure, alteration, and geochemistry that may represent the expression of a major uranium deposit in the area, similar to Cigar Lake or McArthur River.

The third and final hole of the drill program successfully identified multiple broad zones of sandstone hosted structure, sulphide mineralization, and intense hydrothermal alteration several hundred meters above the sub-Athabasca unconformity. Cosa considers the identification of a follow-up drill target so early in the exploration cycle of the Ursa project to be a major success, and a testament to both the prospectivity of the project as well as the effectiveness of the advantaged to returning to the project with modern geophysical technologies and an updating drilling strategy.

The winter 2024 drilling campaign also saw the mobilization of supplies necessary to return to Ursa for an expanded and ‘turnkey’ summer drill program set to commence in August. In addition to following up structure and intense dravite alteration intersected by drill hole UR24-03, the Company will also be targeting anomalies derived from an Ambient Noise Tomography (ANT) survey completed in May and June. ANT is a technology that has only recently been deployed in the Athabasca Basin but has been demonstrated to effectively identify zones of hydrothermal alteration to great depths. Cosa completed ANT over roughly 27 kilometres of strike which hosts the winter drilling target area, all three weakly mineralized drill holes on the Project, and a broad surficial anomaly identified by extensive boulder sampling work.

The Orion Project is located roughly 34 kilometres northwest of the McArthur River uranium mine and is interpreted to capture the intersection of the southern end of the Larocque Trend (host to Alligator Lake and Larocque Lake zones and the Hurricane deposit) and the northern end of the Cable Bay Shear Zone. Airborne MobileMT with 3D inversion completed in 2023 identified a multi-kilometre-long sandstone conductivity anomaly that is also several hundred meters in width and height. The anomaly resides at the interpreted structural bend between the Cable Bay Shear Zone and Larocque Trend, as well as the western extension of the Cigar Lake Trend.

Drilling at Orano’s Parker Lake project on strike and directly to the west of the Orion target area intersected weak uranium mineralization, sandstone structure, hydrothermal alteration, and graphitic cordierite-pelite basement rocks, all of which are compelling analogues for many eastern Athabasca deposits including Cigar Lake, McArthur River, and Hurricane.

In early 2024, the Orion Project was expanded to its current footprint following the acquisition of CanAlaska Uranium Ltd’s Titan project. Orion now captures nearly 12 kilometres of the Cigar lake trend where it crosses the Larocque Lake trend, both of which most several mineralized uranium intercepts and world-class uranium deposits.

Figure A – Orion Property

In May and June of 2024 Cosa completed ANT surveying in conjunction with similar work at the Ursa Project. The survey at Orion was completed over a roughly eight-kilometre-long strike extension which hosts Cosa’s MobileMT anomaly. Given the compelling geophysical results to date and mineralization on strike to the west, Cosa intends to complete ground-based EM for target refinement and initial drilling at Orion in 2025.

The Aurora Project is located just 16 kilometres east of the Key Lake Mill and historical Key Lake Mine which produced 209.8 million pounds of U₃O₈ at an average grade of 2.3% U₃O₈ between 1983 and 2002. Aurora comprises nearly 17,000 hectares and straddles the southern margin of the Athabasca Basin, making for efficient exploration under shallow sandstone cover and the ability to generate drill targets by employing high-resolution airborne geophysics. The Project has seen no modern and comprehensive geophysical coverage, and like at Cosa’s Ursa and Orion Projects, can be significantly upgraded by completing modern geophysical surveying and3D inversions.

No drilling has been completed on the Project since 1979 and it is considered both underexplored as well as highly prospective for GMZ style mineralization (92 Energy’s Gemini Zone discovered in 2021). Historical drill logs from the area note several, metre scale intervals of structure and hydrothermal alteration in basement rocks.

As of July 2024, Cosa is currently awaiting results of airborne VTEM and Falcon Gravity surveys at Aurora. Completion of this work will bring Aurora up to drill ready status and a top priority for Cosa in 2025 given the proximity to infrastructure at Key Lake, encouraging historical results with little follow up, and remaining potential for near-surface and open pit amenable uranium mineralization.

Figure A – Aurora Project

The Astro property is located 28 kilometres west of the McArthur River Mine, 17 kilometres west of the Fox Lake Deposit, and 13 kilometres north of the Millennium Deposit (Figure A).

Astro covers a series of subparallel, northwest-trending magnetic low and high zones interpreted to represent prospective metasediments and buttressing granitic rocks, respectively. Historical airborne and ground EM surveying has defined 20 kilometres of EM conductor strike length within the property, including conductors extending from Cosa’s contiguous Ursa project to the west. Most historical conductors within the property extend to the limits of their survey areas, indicating significant potential to develop additional conductive strike length by extending survey coverage (Figure A). The continuity of magnetic lows at Astro is encouraging, as is the property’s location between the Cable Bay Shear Zone and an interpreted corridor extending south to the Millennium deposit. Recent MobileMT surveying completed at Cosa’s neighboring Ursa Project has revealed that long and structurally complex conductive corridors extend from the Ursa Project onto Astro which are compelling exploration targets.

Ursa MobileMT™ surveying was extended onto Astro to cover historical conductors near the shared property boundary. The survey mapped approximately 10 kilometres of strike length of basement conductive trends, including trends extending from Ursa interpreted to be related to the Cable Bay Shear Zone. Surveying also identified a conductive trend extending from Astro into unclaimed ground which Cosa recently staked.

Given the success in target identification and prioritization using MobileMT™ at Ursa and Orion, future work is expected to include expanding coverage over the entire Astro Project. Ongoing drilling in the area has identified structure and mineralization to the southeast of Astro which may trend on to the project. Paired with success at Ursa and additional MobileMT work, Cosa intends to complete ANT and ground-based EM work at Astro to identify and test compelling drill targets.

Figure A – Astro Property

The 12,835-hectare Helios property is located 14 kilometres south of the northern rim of the Athabasca Basin and 28 kilometres southwest of the community of Fond du Lac (Figure A).

The broader area was explored from 1968 to 1970 and again from 1977 to 1981. Work in the latter period discovered the Ware's Uranium Occurrence, a zone of outcropping sandstone cut by uranium-bearing fracturing located six kilometres along strike to the north of Helios. Limited follow-up drilling in 1979 determined the fracturing penetrates the full thickness of the Athabasca sandstone; drill hole 3991H-03 intersected 0.18% U₃O₈ over 0.1 metres within a zone of hydrothermal alteration at the unconformity. Almost no modern exploration work has been completed since.

The northern portion of Helios covers the extension of two sub-parallel, curvilinear conductive trends flanking a central magnetic high. Results from a 2005 airborne electromagnetic survey suggest these conductive trends continue onto the Helios property. The Ware's Uranium Occurrence is associated with the more westerly of these trends (Figure A). A 2007 drill hole testing this trend four kilometres north of Helios intersected favourable illitic and chloritic clay patterns over broad intervals in the middle to lower sandstone. The depth to the unconformity is expected to be between 375 and 500 metres within the northern target area.

The southern portion of Helios covers 15 kilometers of the Grease River Shear Zone (GRSZ), a major east-northeast-trending basement structure with a mapped length of over 300 kilometres. The Fond du Lac uranium deposit, located 29 kilometres northeast of Helios, is interpreted to be related to the GRSZ. Drilling immediately east of Helios suggests that post-Athabasca faulting related to the shear zone has offset the sub-Athabasca unconformity by up to 30 metres. Within the property, historical electromagnetic and DC-resistivity surveys have defined approximately five kilometres of basement-hosted electromagnetic conductors associated with the GRSZ with potential for a further 10-kilometre extension to the west-southwest (Figure A). The depth to the unconformity is interpreted to be between 445 and 850 metres in the southern target area.

Figure A - Helios Property Map

Orbit is located 26 kilometres southwest of Cosa’s Aurora Project and 22 kilometres south of the Key Lake Mill and former Key Lake Mine (Figure A).

Orbit covers four kilometres of the interpreted strike extension of a prospective, reactivated graphitic structural trend which hosts weak mineralization and strong alteration to the southwest, a trend which continues through Orbit to the northeast and onto Cosa’s Aurora Project. Historical EM surveys southwest of Orbit mapped over 13 kilometres of continuous conductive trend associated with a magnetic break, suggesting a graphitic structural zone adjacent to a lithological boundary on a trend that is sub-parallel to that hosting the mined-out Gaertner and Deilmann uranium deposits at Key Lake.

Limited diamond drilling completed on strike intersected reactivated graphitic structures hosting strong alteration and weak mineralization. Ten kilometres southwest of Orbit, drill hole TED-01 intersected 0.07% U₃O₈ over 0.2 metres (106.4 - 106.6 metres) within a strongly altered, metre-scale graphitic fault. Eight kilometres southwest of Orbit, drill hole TED-06 intersected strong alteration within the same graphitic structure intersected by TED-01, indicating structural continuity along strike and potential to host additional zones of strong alteration and uranium mineralization.

In conjunction with work at Cosa’s Aurora project, airborne VTEM and Falcon Gravity are being completed at Orbit which will bring the Project up to drill ready status for 2025.

Figure A – Orbit Property

Cosmo comprises 12 claims totaling 9,308 hectares in the eastern Athabasca Basin and is located 36 kilometres west of the Hurricane Deposit and 58 kilometres north of the Cigar Lake Mine. Provincial Highway 905 passes within seven kilometres of the Property and a network of trails and a provincial powerline pass through the Property.

Cosmo covers 18 kilometres of curvilinear magnetic low strike length interpreted to represent favourable metasediments. Historical exploration was limited to a 1979 lake sediment sampling program and a 2007 airborne geophysical survey. While no drilling is known within the Property, historical drilling located 13 to 25 kilometres along strike to the east intersected several intervals of weak uranium mineralization, including 0.20% U3O8 over 1.2 metres in drill hole BL-14-20 (549.9 – 551.1 m).

The Solstice Property comprises three mineral claims totaling 628 hectares staked in October 2023. Solstice is located 14 kilometres north of the Smart Lake uranium occurrence, 24 kilometres northwest of F3 Uranium Corp.’s JR Zone, and 36 kilometres southwest of the Shea Creek uranium deposits. Provincial Highway 955 passes within 25 kilometres, and an existing network of winter roads extends to within 9 kilometers of the Property.

Solstice contains 3 kilometres of strike length along the southwest margin of a prominent magnetic high. An historical airborne electromagnetic (EM) survey south of Solstice mapped an EM conductor flanking the magnetic high and extending north from the Beatty River Shear Zone to within 350 metres of Solstice. No drilling has been completed within the Property and the depth to the unconformity is estimated to be between 400 and 450 metres.

Figure A – Solstice Property Map

The 21,080-hectare Charcoal property is located 52 kilometres northeast of Cameco’s Rabbit Lake – Eagle Point mine operation. The property sits within a prominent magnetic low zone extending northeast from the mine.

The magnetic low signature likely indicates the presence of prospective metasedimentary bedrock beneath the glacial till cover. Additionally, historical assessment records from the Government of Saskatchewan indicate the presence of numerous airborne electromagnetic conductors, possibly indicating the presence of graphitic metasediments and associated brittle faults, which are often associated with uranium mineralization in the Athabasca Basin. The property is 8 km up-ice from a historical radioactive boulder field.

As Charcoal is beyond the basin edge, basement rocks extend to the top of the bedrock and there is no overlying sandstone.

Castor, like Charcoal, lies beyond the present-day Athabasca Basin edge and therefore has no overlying sandstone cover. The property is located 55 kilometres north of Cameco’s Rabbit Lake – Eagle Point uranium mine operations (Figure A). Castor covers a flexure where a prominent northeast trending magnetic low anomaly oriented roughly parallel to the Eagle Point – Collins Bay trend bends to the west. This flexure may be an area of enhanced structural complexity that would be prospective for uranium mineralization.

Regional magnetic and historical EM results suggest the Charcoal property covers the northeast extension of conductive trends associated with the Collins Bay and Eagle Point deposits. The 459 line-kilometres of VTEM™ Plus surveying over the southwestern portion of Charcoal defined more than 27 kilometres of strike length of northeast-trending EM conductors located along the interpreted extension of the Collins Bay-Eagle Point trend, of which more than 20 kilometres are interpreted as moderately to strongly conductive. As the survey covered approximately 25%

of the Charcoal property, significant potential remains to define additional conductive strike to the northeast.

Castor

The Castor property covers a flexure where a prominent magnetic low zone changes orientation from northeast-trending to west-trending. The 473 line-kilometres of VTEM™ Plus surveying completed by Cosa defined more than 27 kilometres of strike length of northeast-trending EM conductors at Castor, over 16 kilometres of which are interpreted to be moderately to strongly conductive. The longest strongly conductive trend is located in the western portion of the project and crosscuts the axis of the magnetic low, suggesting complex folding of conductive basement rocks within the area. No EM conductors were previously known within the property as the most recently airborne EM survey of the area was completed in 1978.

Figure A – Charcoal and Castor Properties

The scientific and technical information in this website has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 (Standards of Disclosure for Mineral Projects) and reviewed and approved by Andy Carmichael, P.Geo., Vice President, Exploration for Cosa Resources. Mr. Carmichael is a Qualified Person as defined under the terms of National Instrument 43-101. This website refers to neighboring properties in which the Company has no interest. Mineralization on those neighboring properties does not necessarily indicate mineralization on the Company’s properties. Some Project descriptions refer to historical drill hole logs both off- and on-property. Cosa considers this information to be relevant to exploration, however these results have not been physically verified by Cosa’s Qualified Person.