Exploration Target on Recently Acquired Tenements

• Initial Exploration Target of 9.4M - 42.7M lb uranium oxide defined over four tenements
• Surrounding Paladin's Manyingee Uranium Deposit
• Cauldron updating Project Wide Exploration Target to include new information
• Manyingee North Deposit not closed off, potential for several km extension
• Exploration Target for acquired tenements summarized in provided table

Cauldron Energy Limited announced an initial Exploration Target of 9.4M - 42.7M lb uranium oxide over four recently acquired tenements that surround Paladin's Manyingee Uranium Deposit. The tenements, acquired from Wyloo, are highly prospective and lie between the existing Paladin Manyingee Deposit and Cauldron's Manyingee North deposit. Cauldron is in the process of updating its Project Wide Exploration Target, which was last published in January 2024, to incorporate new technical information and discoveries. The Manyingee North Deposit, which has not been closed off, is expected to extend further northwards. The Exploration Target announced today only covers the recently acquired tenements, and Cauldron anticipates that the updated Project Wide Exploration Target will recognize the large scale of mineralisation at Yanrey.

Cauldron Energy expects to publish an updated Project Wide Exploration Target by June 30, 2026, which will incorporate new information and discoveries.