Uranium Drilling Hits Its Highest Radioactivity Yet, and the Program Is Getting Bigger

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Stallion Uranium Corp. (STUD:TSX; STLNF:OTCQB; B76:FSE) reported its highest radioactivity reading to date at the Coyote target in Northern Saskatchewan and said it plans to expand its 2026 drill program from 5,500 meters to approximately 6,750 meters before the end of the exploration season.

The company has completed 4,626 meters of drilling at Coyote, representing approximately 84% of the previously announced 5,500-meter program. The latest work included drill holes ML26-005 and ML26-006A, which intersected increased radioactivity.

ML26-005 returned a peak response of 1,416 counts per second within a 2.3-meter interval, averaging 595 counts per second. Stallion said the drilling is providing geological information as it refines its understanding of the structural and alteration systems associated with the Coyote target.

The planned expansion would add approximately 1,250 meters of drilling at Coyote. Stallion said the additional drilling will be used to continue testing and refining priority areas within the system while incorporating geological and geophysical data developed during the 2026 program.

"The increasing radioactivity encountered at Coyote, including our highest peak response to date in ML26-005, represents another encouraging step forward as we continue to understand this system," Chief Executive Officer Matthew Schwab said. "Importantly, we are evaluating these results alongside the alteration, structural geology, and geophysical data generated throughout the program."

Alongside the Coyote drilling, Stallion has mobilized crews for a ground gravity survey over a high-priority target at its Stone Island project. The survey is designed to identify subtle density variations that may be associated with alteration systems and structural features prospective for Athabasca Basin uranium mineralization.

Near-term work outlined by the company includes completing the remaining meters of the current Coyote program and expanding drilling toward approximately 6,750 meters, continuing geological interpretation, and integrating results from ML26-005, ML26-006A, and the broader 2026 program.

Stallion also plans to complete and interpret the Stone Island ground gravity survey and integrate those results with previously completed Haystack AI targeting work and existing geophysical data sets. The company said it will continue advancing and ranking priority targets across its broader Athabasca Basin portfolio.

Radioactivity in the 2026 drill core was measured using an RS-125 Super-SPEC handheld gamma-ray spectrometer, while downhole radiometric surveying was conducted with a Mount Sopris QL40GR-1000 total gamma probe. The reported total gamma results used a cutoff of 300 counts per second over a 0.3-meter downhole width.

All drill core samples from the 2026 program are to be shipped to the Saskatchewan Research Council Geoanalytical Laboratories in Saskatoon for analysis. One-half of the split core samples are retained, while the other half is sent for analysis. Stallion said blanks, standard reference materials, and repeats are inserted into the sample stream at regular intervals in accordance with quality assurance and quality control procedures.

The company cautioned that reported depths and intervals are drill hole measurements and do not represent true thicknesses, which have not yet been determined. It also stated that gamma probe readings are not directly or uniformly related to uranium grades and should be used only as a preliminary indication of the presence of radioactive materials.

Uranium Market Holds Firm as Nuclear Demand Remains in Focus

According to an August 5 report from Nuclear News, uranium prices had remained relatively steady during the preceding months. The publication reported an end-of-July spot price of US$86.36 per pound and cited a uranium futures price of US$86.60 per pound, which it said had "also been holding steady since early April."

Nuclear News also reported data from the U.S. Energy Information Administration's 2025 Uranium Marketing Annual Report. U.S. civilian nuclear power reactor owners and operators had purchased 46.9 million pounds of U₃O₈e during 2025 from domestic and foreign suppliers. Canada accounted for the largest share of U.S. uranium deliveries at 32%.

The weighted-average price of uranium purchased during 2025 was US$58.46 per pound. According to Nuclear News, 13% of uranium delivered during the year had been purchased under spot contracts at a weighted-average price of US$76.01 per pound, while 87% had been purchased under long-term contracts at a weighted-average price of US$55.91 per pound.

The report also showed that 32 million pounds of U₃O₈e-equivalent natural uranium feed had been delivered to U.S. and foreign enrichers during 2025. U.S. enrichment suppliers received 37% of that feed, while foreign suppliers received 63%. The average price paid by U.S. owners and operators for 13 million separative work units of uranium enrichment was US$108.70 per SWU, an increase of 11% from 2024.

More recent data supplied by Trading Economics showed uranium at US$87.45 per pound as of August 14, up 2.58% over the preceding month and 19.79% over the preceding year. Trading Economics described recent trading as remaining within a relatively narrow range and said, "Yellowcake prices were lifted by geopolitical tension, driving power markets in major economies to be increasingly volatile."

Trading Economics also reported that interest in nuclear power had been associated with electricity requirements from data center development and government efforts to expand sources of power generation. The service stated that uranium was "mostly used as a fuel in nuclear power plants" and identified Canada as one of the world's leading uranium-producing countries.

Analysts Kept Buy Recommendation as Coyote Drilling Expanded

In an August 13 analysis, Jeff Clark and Daniel Flynn of Paydirt Prospector wrote that Stallion Uranium's latest drilling at Coyote had produced the company's highest radioactivity readings to date at the target. They noted that Stallion had completed 4,626 meters of drilling, representing approximately 84% of its planned 5,500-meter program at the time of the announcement.

Clark and Flynn distinguished the radioactivity readings from uranium assay results, stating, "Radioactivity is not the same as assay-grade uranium; lab results will be the final judge." They added, "But the fact that the readings are improving, and were encouraging enough for Stallion to expand drilling again, is certainly a positive sign."

The analysts also discussed Stallion's decision to expand the Coyote program to approximately 6,750 meters before the end of the exploration season, adding another 1,250 meters of drilling. Addressing the next stage of work, they wrote, "Naturally, given the latest positive findings, we're awaiting the assays eagerly."

Clark and Flynn also addressed Stallion's work beyond Coyote, including the mobilization of a ground gravity survey at Stone Island. They described the move as "encouraging" and noted that the survey was intended to identify subtle density variations that could indicate alteration systems and structural features prospective for Athabasca Basin uranium mineralization.

The analysts maintained a "BUY" recommendation on Stallion. They identified assays as "the big catalyst" and wrote that "it's good to see management being prudent by continuing to advance more than one target." They also stated that "the current price still looks attractive ahead of results" for investors who had not entered and were comfortable with the risk. Clark and Flynn said they both remained overweight. The source did not disclose a formal target price.

Expanded Coyote Drilling and Stone Island Survey Set the Near-Term Work Program

Stallion's near-term exploration program includes completing the remaining meters of its original 5,500-meter Coyote drill program and expanding total drilling to approximately 6,750 meters before the end of the 2026 exploration season. With 4,626 meters completed as of the August 13 update, the expansion represents approximately 1,250 meters of additional planned drilling beyond the original program.

The additional drilling is intended to continue testing and refining priority areas within the Coyote system while incorporating geological and geophysical information generated during the 2026 program. Stallion also plans to continue geological interpretation and integrate results from ML26-005 and ML26-006A with information from the broader 2026 Coyote drill program.

The work builds on the targeting described in Stallion's March 2026 corporate presentation. At that time, the company had identified five discrete targets along the 8.5-kilometer Coyote trend, with coinciding structural anomalies and alteration signatures. A completed 3D ground gravity inversion showed significant and vertically continuous anomalies, according to the presentation.

Stallion's August 13 update also identified Stone Island as another component of its current exploration activities. Crews have been mobilized for a ground gravity survey over a high-priority target at the project. The survey is designed to identify subtle density variations that may be associated with alteration systems and structural features prospective for Athabasca Basin uranium mineralization.

Following completion of the Stone Island survey, Stallion plans to interpret the results and integrate them with previously completed Haystack AI targeting work and existing geophysical data sets. The company also plans to continue advancing and ranking priority targets across its broader Athabasca Basin portfolio.

The broader targeting process described in the March presentation included airborne magnetics and electromagnetic surveys, data compilation and modeling, ground gravity and time-domain electromagnetic surveys, detailed structural interpretation, and drilling and sampling. The presentation identified magnetic transitions, MobileMT conductive anomalies, structural trends interpreted from geophysical data, and alteration halos identified through 3D gravity inversion among its drill-targeting priorities.

The March presentation also identified nine priority exploration targets selected from more than 1,700 square kilometers and more than 600 kilometers of conductive trends. The August 13 update states that, while Coyote remains Stallion's primary drill focus, the company is continuing to advance and rank priority targets across its broader Athabasca Basin portfolio.

Ownership and Share Structure¹

16.8% of the company is owned by insiders and management. Institutions hold 9.32%. The rest is retail.

As of August 17, the company's market capitalization was approximately CA$22.52 million, with about 150.13 million shares outstanding. Its 52-week share price range was CA$0.15 to CA$0.53.

Frequently Asked Questions

What did Stallion Uranium find at the Coyote uranium target?

Stallion Uranium reported its highest radioactivity reading to date at the Coyote target in Northern Saskatchewan. Drill hole ML26-005 returned a peak response of 1,416 counts per second within a 2.3-meter interval, averaging 595 counts per second.

How much drilling has Stallion Uranium completed at Coyote?

Stallion Uranium had completed 4,626 meters of drilling at Coyote as of its August 13 update. That represented approximately 84% of the company's previously announced 5,500-meter drill program.

Why is Stallion Uranium expanding its Coyote drill program?

Stallion said it planned to expand drilling based on the progression of the 2026 program and geological information generated to date. The company planned to increase the program from 5,500 meters to approximately 6,750 meters before the end of the 2026 exploration season.

How much additional drilling is planned at Stallion Uranium's Coyote target?

The expansion represented approximately 1,250 meters of additional planned drilling at Coyote. Stallion said the work would allow it to continue testing and refining priority areas while incorporating geological and geophysical data generated during the 2026 program.

Does the radioactivity reported at Coyote represent uranium assay grades?

No. Stallion cautioned that gamma probe readings were not directly or uniformly related to uranium grades and should be used only as a preliminary indication of the presence of radioactive materials. True thicknesses of the reported drill intervals had also not yet been determined.

What happens next with Stallion Uranium's Coyote drill results?

Drill core samples from the 2026 program were to be shipped to the Saskatchewan Research Council Geoanalytical Laboratories in Saskatoon for analysis. Stallion also planned continued geological interpretation and integration of results from ML26-005, ML26-006A, and the broader 2026 Coyote drill program.

What is Stallion Uranium doing at the Stone Island uranium project?

Stallion mobilized crews for a ground gravity survey over a high-priority target at Stone Island. The survey was designed to identify subtle density variations that may be associated with alteration systems and structural features prospective for Athabasca Basin uranium mineralization.

What are Stallion Uranium's next exploration milestones?

The company's stated near-term activities included completing and expanding the Coyote drill program toward approximately 6,750 meters, continuing interpretation of the 2026 Coyote results, completing and interpreting the Stone Island ground gravity survey, integrating the gravity results with previously completed Haystack AI targeting work and existing geophysical data sets, and continuing to advance and rank priority targets across its broader Athabasca Basin portfolio.

Where are Stallion Uranium's Coyote and Stone Island projects?

The company's August 13 exploration update described Coyote and Stone Island as part of Stallion Uranium's Athabasca Basin uranium portfolio in Northern Saskatchewan.

What are Stallion Uranium's stock symbols?

Stallion Uranium traded under STUD on the TSX Venture Exchange, STLNF on the OTCQB, and B76 on the Frankfurt Stock Exchange.