Partner-Funded Uranium Exploration Begins at Two Athabasca Basin Projects

Cosa Resources Corp. (COSA:TSXV; COSAF:OTCQB; SSKU:FSE) announced that it has commenced a property-wide airborne radiometric survey at its Aurora uranium project in the southeastern Athabasca Basin, Saskatchewan. Aurora is located approximately 16 kilometers east of Cameco's Key Lake mill and historical mine. The survey and supporting work are fully financed by Traction Uranium Corp. under an option agreement dated Feb. 10, 2026. Under the agreement, Traction has the right to earn up to an 80% interest in the Aurora project by solely financing $9.15 million in exploration expenditures and completing cash and share payments.

The airborne radiometric survey will be flown at 50-meter line spacing with the objective of identifying radiometric anomalies that may indicate near-surface uranium mineralization. Surveying will be completed by Calgary-based Special Projects Inc., which will use a 16-detector focused gamma-ray spectrometer designed to deliver high-resolution radiometric data. The company said the survey is expected to be completed in approximately two weeks.

Following completion of the survey, the results will be interpreted and integrated with existing geophysical and drilling data. The information will be used to guide a proposed inaugural drill program at Aurora, tentatively scheduled to begin in early September. Drilling at Aurora is planned to follow Cosa's continuing drilling program at the Murphy Lake North joint venture and planned summer drilling at the Darby joint venture.

Andy Carmichael, vice-president of exploration of Cosa, said in a company news release: "Aurora's proximity to infrastructure and the nearby Key Lake uranium mill and historical uranium mine make it an exciting project deserving of modern exploration."

Separately, the company announced that it has commenced an ambient noise tomography (ANT) survey at its Astro uranium project in the eastern Athabasca Basin, approximately 28 kilometers west of Cameco's McArthur River uranium mine. The survey and supporting work are fully financed by Global Uranium Corp. under an option agreement announced April 9, 2025. Global has the right to earn up to an 80% interest in the Astro project by solely financing $9.5 million in exploration expenditures and completing cash and share payments.

The ANT survey will be completed by CAUR Technologies of Quebec using 300 seismic sensors to produce high-resolution shear wave velocity models intended to refine geological interpretations and guide drill targeting. The survey is focused on the AS-1 target area, part of a 25-kilometer-long east-northeast-trending conductive corridor identified during a project-wide airborne survey completed by Cosa in 2025. The survey is expected to take two months to complete.

Results from the survey will be used to identify and prioritize prospective strikes for additional work. Follow-up partner-financed work may include ground electromagnetic surveying in the first quarter of 2027 to define conductive drill targets, followed by an inaugural drill program.

Commenting on the program, Carmichael said in a company news release: "Building on the success of the 2025 airborne program, which defined over 25 kilometers of prospective conductive strike, a significant partner-funded ANT program at Astro has the potential to generate compelling drill targets in an area that is entirely untested for the presence of a Tier 1 eastern Athabasca uranium deposit."

Uranium Sector Continues to Focus on Long-Term Contract Pricing

According to a June 23 interview published by Investing News Network, Global X research analyst Brooke Thackray said the uranium market had entered a period of consolidation following a strong rally through late 2025 and early 2026, while maintaining that longer-term market fundamentals remained supported. "The long-term contract price is really what investors should be watching," he said, noting that utilities purchased most of their uranium through long-term agreements rather than the spot market. Thackray also discussed production issues at major mines, potential sulfuric acid shortages, years of underinvestment in new project development, expanding nuclear power generation, growing interest in small modular reactors, increasing electricity demand from artificial intelligence data centers, and a greater emphasis on energy security as factors affecting the uranium market.

Excelsior Prosperity's Shad Marquitz wrote on June 29 that uranium equities had continued to weaken during 2026, with the Sprott Junior Uranium Miners ETF declining from its January high. Despite the sector's recent performance, he wrote that "the lack of interest in the uranium equities for most of this year now, and the selloff in their prices has me getting more keen on accumulating another tranche in the U-stocks soon into this pervasive weakness." Marquitz also noted that broader macroeconomic conditions, including interest rates, inflation, geopolitical developments, sovereign debt levels, and continued capital spending on artificial intelligence data centers, had created both headwinds and tailwinds for commodity markets.

Writing on July 1, James Cooper of Mining Memo said spot uranium had consolidated above US$80 per pound while term contracts had continued to move higher. Citing the World Nuclear Association, he wrote: "Because the spot market only dictates day-to-day trading and a minority of actual uranium flows, it acts primarily as a sentiment indicator rather than the standard rate for long-term reactor contracts." Cooper said the relationship between spot and term pricing had shifted, with utility companies becoming more active in securing long-term supply agreements. He added that "if you're trying to understand the long-term trajectory of uranium, TERM PRICE is what matters," describing the activity in the term market as being driven by long-term buyers rather than short-term speculation.

Analysts and Commentators Highlight Ongoing Exploration

In a March 24 research note, Red Cloud Securities analyst David Talbot described Cosa Resources' exploration update as "very positive," while noting that assay results were still pending.

"While assays are pending, we view these as encouraging results with a clearly visible uranium mineralization in core photos, which could very well translate into a discovery," Talbot wrote. "The shallow mineralized zone and proximity to infrastructure are an added bonus. The program is led by a strong, ex-Denison and ISO team under Keith Bodnarchuk and Andy Carmichael. The target sits in one of the Athabasca Basin's most compelling corridors, anchored by the nearby Hurricane deposit — the highest-grade uranium deposit in the world, hosting 50M lbs at 35% U3O8."

Separately, Ahead of the Herd discussed Cosa Resources in a May 31 article focused on the company's exploration programs. The publication wrote that "Investors should recognize that this summer's drill program at Murphy Lake North could discover a new uranium deposit."

The article added that even if the summer program does not identify a deposit, future exploration at the Darby joint venture or additional drilling at Murphy Lake North could continue to provide opportunities. "On the bright side, it might even be possible, between these two projects, for Cosa to come up with more than one discovery," the publication wrote.

In a June 25 commentary, Jeff Clark and Daniel Flynn discussed recent exploration updates from Cosa Resources, focusing on activity at the company's Darby and Murphy Lake North uranium projects in Saskatchewan's Athabasca Basin.

The authors noted that the company had outlined plans for a 2,000-meter summer drill program at the Darby joint venture, located 10 kilometres from the Cigar Lake mine. They wrote that the program would follow up on the historically prospective Bravo trend and the Gamma trend, which they described as "a high-priority structure identified earlier this year."

Clark and Flynn also highlighted the launch of what they described as Cosa's "largest drill campaign to date" at the Murphy Lake North joint venture. They wrote that the 6,000-meter, 15-hole summer program was being partially funded by Denison and would test potential extensions of the Cyclone uranium mineralization intersected during winter drilling.

Referring to previously reported drill results, the authors wrote that winter drilling "returned up to 1.7% U₃O₈ over 0.5m within a broader interval averaging 0.55% U₃O₈ at shallow depths." They added: "The grades are strong. The mineralization is shallow. And it remains open along strike for 600m in both directions."

According to Clark and Flynn, the current drilling program is intended to evaluate whether Murphy Lake North could host a deposit comparable in scale to the nearby Hurricane deposit, located approximately three kilometres away. They wrote that "early structural similarities suggest Murphy Lake North could have real parallels with Hurricane," while noting that the Hurricane deposit contains "the highest-grade indicated uranium mineral resource in the world."

The authors also stated that current members of Cosa's team were involved in the discovery and delineation of the Hurricane project. They wrote that the ongoing drilling program "should help show just how excited we should be getting," and said they expected results later in the summer.

Exploration Activities Continue Across Multiple Projects

According to the company's June 2026 corporate presentation, Cosa's ongoing 6,000-meter summer drilling program at the Murphy Lake North project is following up on uranium mineralization intersected during the winter 2026 program. After completion of work at Murphy Lake North, drilling is planned to move to the Darby project, where targets proximal to historical mineralization will be tested.

The presentation also states that partner-funded target generation work is continuing at both the Astro and Aurora projects. In addition, partner-funded drilling is planned at Aurora, while the company continues its corporate development efforts.

Ownership & Share Information¹

Cosa Resources Corp. has a market cap of CA$78 million, with 118.18 million shares outstanding. The company's 52-week range is CA$0.19-CA$0.82.

Institutions own 2.00% of shares, while Strategic Investors own 17.76%. Management & Insiders own 9.63%, and the remaining 70.61% are held by Retail.