A 10-hole drill program (5,152 m) at the Russell Lake project, optioned from Rio Tinto (NYSE: RIO), identified a shallow mineralized zone with high-grade intercepts of up to 3.0% U3O8. A follow-up drill program is expected to commence shortly. Option partners are actively advancing their projects through exploration and drill campaigns. SYH anticipates receiving $1-$2M in cash/share payments from its partners in the upcoming months. The demand for nuclear power is expected to grow faster than previously anticipated as data centers for AI applications experience exponential growth in energy needs. Uranium prices have pulled back from their peak of US$106/lb earlier this year, to US$83/lb, up 50% YoY. The Sprott Physical Uranium Trust (TSX: U-UN), the world’s largest physical uranium investment fund, has increased its holdings by 4% in the past 12 months to 65.5 Mbls. Paladin Energy (MCAP: $3.3B) is acquiring Fission Uranium (TSX: FCU) for $1.1B, or $1.30/share, reflecting a 30% premium over FCU’s last closing price. This acquisition is consistent with our earlier prediction that majors would pursue M&A to secure long-term supply. Given that Russia represents 35% of global enriched uranium production, we believe the uranium supply chain remains highly vulnerable. Upcoming catalysts include drilling at Russell Lake and Moore Lake, ongoing and planned exploration programs by its partners, and potential new option agreements to advance its prospect generator business. YTD 12M SYH -17% 4% TSXV 5% -5% Portfolio Summary 29 properties, covering 587k hectares, in the Athabasca basin. The Athabasca basin hosts some of the world’s richest uranium deposits and mines Seven projects with JV/ option agreements. Partners could commit up to $34M for exploration, and $47M in cash/share payments to SYH Moore Lake Uranium Project SYH has completed a follow-up drill program totaling 2,864 m/nine holes, including seven at the Main Maverick zone, and two at the Grid 19 ta