Promising First Phase Drill Results from Latitude Uranium's High-Grade Angilak Uranium Project

About Latitude Uranium

Latitude Uranium is a Canadian uranium exploration company focused on expanding resources at its flagship Angilak project in Nunavut, Canada. The Angilak property hosts the Lac 50 Trend uranium deposit, which has an inferred resource of 2.83M lbs U3O8 and is considered one of the highest-grade undeveloped uranium projects globally. Latitude sees significant potential to expand resources at Angilak and advance the project to development. The company also holds the early-stage CMB uranium-copper project in Labrador near the Michelin deposit.

Phase 1 2023 Drill Program Expands Main Zone and Uncovers New South Lens

On August 30, 2023, Latitude Uranium announced results from the first phase of its 2023 drill program at Angilak. The 15-hole, 4,750 meter program focused on expanding the Main Zone deposit along the Lac 50 Trend.

Highlights include:

• The potential discovery of a new near surface lens just south of the Main Zone, with anomalous radioactivity up to 11,000 counts per second (cps) in multiple holes. This new zone appears continuous over a 100 meter strike length and is open for expansion.
• Expansion of the Main Zone to the west, with all three step-out holes returning anomalous radioactivity up to 21,000 cps. Drilling extended mineralization downdip over 100 meters from previous drilling.
• Continuity demonstrated within a 100 meter gap on the east side of the Main Zone, with hole 23-LC-005 returning off-scale mineralization over 1.4 meters up to 65,535 cps. This is thought to link high-grade intercepts from 2010 drilling.
• While some infill drilling on the east side did not extend mineralization at depth, continuity was shown in the main host tuff horizon. Structural complexity is believed to have displaced mineralization in the tested areas.

Assay results from Phase 1 drilling are pending, as are plans for the Phase 2 program later this field season. However, initial radiometric probe results validate Latitude's thesis that significant resource expansion potential exists around the known Main Zone deposit. The potential new lens south of the Main Zone also underscores the prospectivity across the broader Angilak property.

Longer term, the company sees Angilak's eastern zone as an additional target to expand resources outside of the Main Zone. Ongoing exploration will aim to upgrade Angilak's already impressive uranium grades as well as expand the deposit footprint.

Uranium Market Tailwinds

The uranium market has seen substantial recovery since Latitude acquired Angilak in 2023. The spot uranium price has risen over 80% from pandemic lows to around $50 per pound. Market analysts see further upside as the uranium supply-demand imbalance continues to grow. Primary catalysts include:

• Rising demand as the nuclear renaissance gathers momentum, driven by nuclear's role as a reliable low-carbon baseload power source. Over 50 new reactors are now under construction globally. latitude estimates under most scenarios, annual uranium demand will exceed 200 million lbs by 2030, up from 170 million lbs today.
• Looming supply shortages as primary mines decline but new projects fail to fill the gap. Supply cuts during the downturn will constrain output, and many analysts see annual supply falling below 140 million lbs in the coming decade. This sets up large annual supply deficits absent higher prices to incentivize new production.
• Continued uranium buying and inventory building by nuclear utilities who were caught short in the last market cycle. Uncovered utility uranium requirements are estimated between 500 million lbs to 1 billion lbs out to 2030. This institutional buying will help absorb any secondary supplies and tighten markets further.

Rising prices provide a strong incentive to expand and develop uranium deposits like Angilak. Industry experts predict uranium prices over $60/lb will be needed to spur sufficient investment in new mines. Latitude is well positioned to benefit if its exploration continues successfully growing Angilak during this market upcycle.

Investment Thesis

With a recovering uranium market outlook and expansion potential at its Angilak project, Latitude Uranium offers investors upside exposure to the uranium sector. Key points:

• Angilak already hosts very high-grade uranium resources, but significant expansion potential exists around the deposit. Ongoing drilling is proving up considerable growth, both nearby and at depth.
• Early results suggest Angilak could quickly grow beyond its 2.83M lbs current resource. Comparable world-class deposits in the Athabasca Basin exceed 50M lbs resources.
• Additional upside comes from the project's district potential, as shown by the new lens discovery. Latitude controls a massive land package to explore for additional deposits.
• Development studies underway will show Angilak's advantages as a relatively shallow high-grade deposit in a stable jurisdiction. Studies should deliver robust economics at or above current uranium prices.
• Veteran mining leadership team that has financed, developed and operated multiple successful mining projects. Critical experience operating in northern regions.
• Tight capital structure leaves room for substantial valuation expansion as resources grow. Latitude trades at a fraction of comparable uranium juniors.

With exploration success and supportive uranium markets, Latitude Uranium offers investors high-grade uranium exposure and resource upside. Near-term catalysts include final assays from Phase 1 drilling, an expanded Phase 2 program, and upcoming development studies for the Angilak project. Latitude remains an under the radar uranium developer story, but has an excellent opportunity to create significant value for shareholders through expanding Angilak. The project's world-class grades and jurisdiction give Latitude a solid platform for growth during the accelerating uranium bull market.