U92 Energy Corp. Provides Corporate Update on Phase One Drilling and Technical Advancement for its Uranium Project in Guyana
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TSX-V: UTWO
Email: [email protected]
Telephone: (647) 687-3376
Facsimile: (647) 687-3119
April 27, 2026
NEWS RELEASE
U92 Energy Corp. Provides Corporate Update on Phase One Drilling and
Technical Advancement for its Uranium Project in Guyana
Toronto, ON – April 27, 2026 - U92 Energy Corp. (TSX-V: UTWO) (the “Company” or “U92”) is pleased to
provide a detailed corporate update on phase one drilling and technical advancement for its flagship
Kurupung project (the “Kurupung Project”), located in Guyana. This update reflects conUnued progress
across mulUple workstreams following the Company’s previously announced engagement of Orbit Garant
(TSX:OGD) for the phase one inaugural 5,000 metre diamond drill program at the Kurupung Project.
The Company is excited to build on its historical mineral resource esUmate (“historical MRE”), comprising
10.6Mlb Indicated at a grade of 0.072% and 10Mlb Inferred at a grade of 0.067% U₃O₈, while advancing a
set of high-priority, previously untested targets across its 92km2 area within the Company’s two
ExploraUon Licenses (the “Licences”).
Progress Highlights:
• Orbit Garant confirms the diamond drill rig assigned to U92 is currently in Guyana. It is anUcipated
the rig will be available for mobilizaUon to site in the near term to commence the Company’s phase
one drilling on high-priority targets at the Kurupung Project.
• The Company has submihed the required environmental applicaUon for drill pad preparaUon, and
field teams are on site to complete camp infrastructure, including construcUon of a fuel storage
facility in accordance with the applicable requirements.
• Key machineries have been sourced to support access road upgrades and drill pad construcUon.
Adam Clode, CEO of U92, commented: “ We are making strong, coordinated progress across site
development and drill mobilization as we advance towards our first holes in the current drilling campaign
at Kurupung. We are very excited about our upcoming drill program as we build on the Company’s
historical MRE, with the objective of incorporating the phase one drilling into a pit-constrained, updated
mineral resource estimate in the second half of 2026. Our focus is on ensuring that all elements of the
program, from target definition to operational readiness, are in place to support efficient execution once
drill mobilization is complete, with the objective of delivering meaningful results and building long-term
value for shareholders.”
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In parallel with site development and drilling preparation, U92 continues to advance its technical
understanding of the Kurupung project through ongoing data integration and interpretation work. This
work has confirmed the prioritization of high-confidence, high-priority drill targets for the upcoming
program and beyond.
Further, the Company’s technical team has been working with Watts, Griffis & McOuat (WGM) , to
reinterpret historical drilling data, geological mapping, and available geophysical datasets across the
project area. This work builds on more than 129,000 metres of historical drilling completed on the
Licences at the Kurupung Project, along with an extensive historical drilling database across multiple
deposits and target areas.
With over 14,000 metres of historic drilling (not included in the historical MRE) intersecting high-grade,
significant mineralization widths, the Company is refining its geological model to support future drill
targeting. Particular emphasis has been placed on structurally controlled zones associated with known
uranium mineralization, including areas along strike from previously identified deposits within magnetic
low corridors, as well as underexplored targets where prior drilling intersected significant u ranium
mineralization.
The Company will provide further updates as mobilization progresses, and when drilling commences.
Guyana: A World Leading Jurisdiction for Natural Resources
Guyana is a highly attractive mining jurisdiction, ranking 9th globally out of 82 jurisdictions in the Fraser
Institute’s 2025 Annual Survey of Mining Companies based on its Investment Attractiveness Index,1 which
combines mineral potential and policy perception. This places Guyana among leading global mining
regions, alongside jurisdictions such as Nevada, Alaska, and Finland.
Sector activity further underscores growing investor confidence in Guyana, including the recently
announced acquisition of G2 Goldfields by G Mining Ventures in a transaction valued at C$3.0 billion.2
U92’s Kurupung Project is an advanced uranium exploration asset in Guyana, positioning the Company to
play a leading role in the development of the country’s uranium sector.
Historic Mineral Resource Estimate:
Historical uranium resource estimates for the Property (Table 1) were stated in two technical reports
by Alexander & Breede (2009) and Workman & Breede (2012). These estimates are considered
historical, have not been verified as current mineral resources, and should not be relied upon. The
Qualified Person has not done sufficient work to classify the historical estimate as a current mineral
resource, and the Company does not treat it as such.
Mineralization continuity was interpreted using vertical cross-sections at 25 metre and 50 metre
intervals, and correlation of grade intervals with grade averaged at 1metre intervals, supported by level
1 www.fraserinstitute.org/sites/default/files/2025-07/annual-survey-of-mining-companies-2024-newsrelease-intl.pdf
2 www.mining.com/g-mining-to-buy-g2-goldfields-for-2-2b-in-guyana-play/
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plans, forming the basis of a 3D geological and block model. Historical resources were estimated using
an inverse distance squared (ID2) method with a minimum width of 2 metre and block dimensions of 5
metres × 5 metres × 2.5 metres, assuming a uranium price of US$55/lb U₃O₈ and a cut-off grade of
0.05% (500 ppm) U₃O₈. Estimates were not pit-constrained.
Aricheng North and South resources are limited to hard rock, while Aricheng West and C include both
hard rock and saprolite. Reported Inferred resources are uncertain, and it is unclear whether further
exploration will upgrade them to Indicated or Measured categories.
Qualified Person
The scientific and technical data contained in this news release was reviewed and approved by Dr. Richard
Spencer, P.Geo., C.Geol., independent consultant and a “qualified person” under the National Instrument
43-101 - Standards of Disclosure of Mineral Projects.
About U92 Energy Corp.:
U92 Energy Corp. is a Canadian exploration company listed on the TSX Venture Exchange. The Company
is focused on the exploration and advancement of its high-quality, advanced-staged uranium assets in
South America.
The Company’s flagship Kurupung Project is situated in the Republic of Guyana, boasting over 129,723
metres of drilling and a historical Indicated mineral resource of 10.6 million pounds, and an Inferred
mineral resource of 10.0 million pounds, at a cut-off grade of 0.03% (300ppm) U₃O₈. The historic mineral
resource occurs in four deposits where mineralization remains open along strike and down plunge. There
are eight additional targets where 14,000m of prior drilling intersected significant U₃O₈ grades that
require further drilling for inclusion into the Company’s anticipated, updated mineral resource estimates.
The Company is committed to systematic exploration and disciplined capital allocation as it unlocks the
full value of the Kurupung Project and positions itself as a leading uranium-focused exploration and
development company in South America.
Find out more about U92 Energy Corp. (TSX-V:UTWO), visit the Company’s website at www.u92corp.com
U92 Energy Corp.
Adam Clode Chief ExecuUve Officer
Email: [email protected]
Toll Free: 800-567-8181
Facsimile: 604-687-3119
NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
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Forward-Looking Information and Statements
This news release contains “forward-looking informaUon or statements” within the meaning of applicable
securiUes laws, which may include, without limitaUon, statements that address shareholder and TSX
Venture Exchange approval, TSX Venture Exchange approval of statements relaUng to the technical,
financial and business prospects of the Company, its projects and other mahers.
All statements in this news release, other than statements of historical facts, that address events or
developments that the Company expects to occur, are forward-looking statements. Although the Company
believes the expectaUons expressed in such forward -looking statements are based on reasonable
assumpUons, such statements are not guarantees of future performance and actual results may differ
materially from those in the forward-looking statements.
Such statements and informaUon are based on numerous assumpUons regarding present and future
business strategies and the environment in which the Company will operate in the future, including the
price of metals, the ability to achieve its goals, that general business and economic condiUons will not
change in a material adverse manner, that financing will be available if and when needed and on
reasonable terms.
Such forward-looking informaUon reflects the Company’s views with respect to future events and is
subject to risks, uncertainUes and assumpUons, including those filed under the Company’s profile on
SEDAR+ at www.sedarplus.ca. Factors that could cause actual results to differ materially from those in
forward looking statements include, but are not limited to, conUnued availability of capital and financing
and general economic, market or business condiUons, adverse weather and climate condiUons, equipment
failures, failure to obtain or maintain all necessary government permits, approvals and authorizaUons,
decrease in the price of gold, copper and other metals, the impact of viruses and diseases on the
Company’s ability to operate, failure to obtain or maintain community acceptance, increase in costs,
liUgaUon, and failure of counterparUes to perform their contractual obligaUons.
The Company does not undertake to update forward-looking statements or forward-looking informaUon,
except as required by law.