Noble Plains Uranium Corporate Update: Foundation Built, Scale Next - Charting a Path to 20 Million Pounds

Vancouver, British Columbia--(Newsfile Corp. - October 21, 2026) - Noble Plains Uranium Corp. (TSXV: NOBL) (OTCQB: NBLXF) (FSE: INE0) ("Noble Plains" or the "Company") a U.S.-focused uranium exploration and development company, is pleased to provide a corporate update outlining its strategy to grow into a Wyoming uranium developer, with a stated objective of reaching 20 million pounds of U₃O₈ in National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") mineral resources. The Company is actively evaluating projects that add value to the portfolio while it pursues organic resource growth on its existing projects.

In under a year, Noble Plains converted historical drilling into a 5.32 million pounds U₃O₈ Indicated and 1.04 million pounds Inferred NI 43-101 resource at its flagship Duck Creek Project, intersected uranium mineralization in every confirmation hole at its second project, Shirley Central, and gained an established U.S. producer, Ur-Energy Inc., as both a shareholder and a potential processing partner for Shirley Central. Duck Creek alone is already larger than 6 of the 9 Powder River Basin project areas in Uranium Energy Corp.'s hub-and-spoke platform, and it sits within, approximately, a five-hour drive of every licensed uranium processing facility in Wyoming.

Highlights

• New projects bring growth potential. Noble Plains is actively evaluating historically drilled uranium projects to add historical or exploration pounds that will follow the same data-conversion strategy to convert them to compliant resources as the company aims to build toward 20m lbs.
• Compliant pounds at Duck Creek. The Company delivered a maiden NI 43-101 resource at Duck Creek of 5.32 million pounds U₃O₈ Indicated and 1.04 million pounds Inferred eight months after closing the acquisition, exceeding the upper limit of its own prior Exploration Target by 30% on grade and 40% on grade × thickness.
• A second project following the same path, with a producer next door. All seven confirmation holes at Shirley Central intersected uranium mineralization, including 12 ft of 0.142% eU₃O₈ with 2 ft of 0.389% eU₃O₈ in hole 26-17-06 (see the Company's news release dated August 10, 2026). Ur-Energy, whose Shirley Basin operation borders the project, is a Noble Plains shareholder and party to a non-binding processing LOI for Shirley Central.
• Built for hub-and-spoke. Duck Creek is larger than six of nine UEC Powder River Basin project areas on a total-resource basis¹. Wyoming's six licensed processing facilities, with approximately 20 million pounds per year of combined licensed capacity², all lie within approximately 190 road miles of Duck Creek³.
• Organic growth ahead on both projects. Duck Creek's resource covers about 2.5 miles of a 5.25-mile trend and sits entirely in the shallower of two prospective formations. Next steps are shallow Wasatch drilling north of the resource and building out targets in the deeper Fort Union, which management sees as the larger long-term opportunity. At Shirley Central, the Company is modelling its seven confirmation holes with the 1,211-hole historical database to define expansion drilling potential around the mineralized zones.
• Building through the downturn. Long-term uranium contract prices set a nominal record of US$96.50/lb in August and held it through September⁴, while U.S. uranium equities have dropped sharply over the past six months. Noble Plains continues to work through the downturn and remains confident in the long-term trend.

"A year ago, Noble had one early-stage project and a simple idea: that decades of old drilling could be turned into independently verified uranium pounds faster and cheaper than drilling from scratch. Today we have a NI 43-101 resource at Duck Creek of 5.32 million pounds Indicated and 1.04 million pounds Inferred, delivered eight months after we closed on the project, a second Wyoming project where every confirmation hole hit uranium, and an established U.S. producer as both a shareholder and a potential processing partner at Shirley Central. That's the difference between talking about historical pounds and reporting compliant ones. We believe our strategy is repeatable and our objective is to get to over 20 million pounds, and the fastest way there is the same playbook applied to more ground. We are evaluating new projects right now, while Duck Creek still has more than half its trend and an entire deeper horizon left to test," said Drew Zimmerman, President & CEO of Noble Plains Uranium. "In Wyoming, uranium is produced at central plants fed by smaller satellite deposits. Duck Creek is already bigger than 2/3rds of the satellite projects in UEC's Powder River Basin platform, and every licensed plant in the state is within about five hours' drive of it. Scale gives us two paths. At 20 million pounds, we believe we could evaluate a central plant of our own. Until then, every pound we add sits within trucking distance of licensed plants that are running well below capacity. Both paths reward the same work: building pounds close to infrastructure."

Growth engine: following a process

Noble Plains is actively evaluating historically drilled uranium projects where the playbook proven at Duck Creek and Shirley Central can add uranium pounds to the Company's portfolio.

Decades of historical uranium drilling across Wyoming and the western United States sit in archives, much of it never brought up to modern standards. That data can often be acquired for a small fraction of what it would cost to drill. The Company estimates that replicating the historical drilling it has acquired at Duck Creek and Shirley Central would cost more than US$22 million and take years to replicate. Noble Plains has proven a clear process for turning historical data into NI 43-101 mineral resources:

1. Acquire historical drill data at a fraction of its replacement cost.
2. Digitize and model as it did with over 4,000 historic drill holes at Duck Creek.
3. Confirm and expand the resource with targeted drilling: an approximately 90% hit rate (holes intersecting mineralization above a 0.02% eU308 cut-off) across 148 holes at Duck Creek.
4. Convert it into a NI 43-101 resource, as the Company delivered at Duck Creek eight months after closing.

A growing number of companies are entering U.S. uranium with historical estimates, which cannot be treated as current mineral resources under NI 43-101 until they are verified and re-estimated by a Qualified Person. Noble Plains has completed that conversion once and is advancing it a second time. That work is why Noble Plains considers itself a conversion company on the path to development.

After early-stage exploration at Shirley East in 2024, the Company chose to relinquish the project. Dropping it removes the annual holding costs and frees that capital for Duck Creek, Shirley Central and new projects with higher priority targets. The portfolio is now focused on advancing two Wyoming projects and a growing new-project pipeline.

Built for hub-and-spoke

Wyoming's uranium industry runs on a hub-and-spoke model: satellite wellfields capture uranium on resin, and trucks carry the loaded resin to central processing plants. Noble Plains' 20-million-pound objective is built around that model, and management believes Duck Creek already fits that model on both scale and location.

On a total-resource basis, Duck Creek is already larger than six of the nine Powder River Basin project areas in UEC's Irigaray hub-and-spoke platform¹, including the fully permitted Moore Ranch project.

Table 1: Duck Creek resource beside UEC Powder River Basin project areas¹

Project	Owner	Indicated or M&I (Mlb U₃O₈)	Inferred (Mlb U₃O₈)	Total (Mlb U₃O₈)
Reno Creek	UEC	25.99	1.49	27.48
Ludeman	UEC	9.71	1.26	10.97
Christensen Ranch	UEC	9.60	0.00	9.60
Duck Creek	Noble Plains	5.32	1.04	6.36
Irigaray	UEC	5.90	0.14	6.04
Barge	UEC	4.36	0.00	4.36
Nine Mile	UEC	0.00	4.31	4.31
Charlie	UEC	3.10	0.99	4.09
Moore Ranch	UEC	3.21	0.04	3.25
Allemand-Ross	UEC	0.46	2.50	2.96

 

UEC figures are Measured & Indicated and Inferred resources reported under SEC Regulation S-K 1300 as of December 31, 2021, using GT cut-offs of 0.20 to 0.30. Duck Creek figures are Indicated and Inferred resources under NI 43-101, effective February 12, 2026, using a 0.20 GT cut-off. Classification systems and parameters differ, and the Company's Qualified Person has not verified UEC's information. The comparison is provided for context only and is not necessarily indicative of the size, grade or economic potential of Duck Creek. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The Total column is shown for reference only. Inferred mineral resources have a lower level of confidence than Indicated or Measured & Indicated resources and are not equivalent to them.

Wyoming hosts six licensed uranium processing facilities with combined licensed capacity of approximately 20 million pounds U₃O₈ per year². All six lie within approximately 190 road miles, or less than a five-hour drive, of Duck Creek³, and the nearest, Cameco's Smith Ranch-Highland, adjoins the project. For context, Ur-Energy is already trucking loaded resin approximately 135 road miles from its Shirley Basin operation to its Lost Creek plant³,⁶. Management believes Duck Creek's location lies within a practical transportation range to every licensed plant in the state.

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The goal to reach 20 million pounds is a level in which management believes Noble Plains could evaluate a central processing plant of its own, with Duck Creek and future projects as its spokes. Along the way, its pounds could serve as feed for existing licensed plants that are running below capacity: total U.S. production in 2025 was approximately 2.2 million pounds⁷. These are conceptual development pathways, as the Company has not completed an economic study on any of its projects.

Executing on the strategy

Since November 2025, the Company been applying its acquire-digitize-drill-convert model at both of its Wyoming projects.

Date	Milestone
Nov 2025	Drill permit received at Duck Creek; drilling begins
Dec 2025	1,211-hole Shirley Central historical database acquired from an Ur-Energy subsidiary; Ur-Energy becomes a Noble Plains shareholder
Jan 2026	Duck Creek expanded by 140 claims to a 5.25-mile mineralized trend, an increase of more than 75%
Early 2026	148-hole, 30,825-foot Duck Creek program completed with an approximately 90% hit rate
Apr 2026	Non-binding processing LOI signed with Ur-Energy; maiden Duck Creek resource announced (5.32 Mlb Indicated; 1.04 Mlb Inferred)
Jun 2026	Independent NI 43-101 Technical Report filed on SEDAR+
Jul 2026	Shirley Central database digitized with Geomorphic AI, identifying 341 qualifying uranium intercepts
Aug 2026	All seven Shirley Central confirmation holes intersect uranium
Sep 2026	University of Wyoming IP survey identifies first Fort Union target at Duck Creek

 

Organic growth at Duck Creek

The maiden resource covers only part of Duck Creek. The plan is to build higher-confidence pounds in the shallow Wasatch Formation first, while advancing the targets in the deeper Fort Union Formation as Duck Creek's largest long-term opportunity:

1. Along strike: the next drill program. The resource covers roughly 2.5 miles of the 5.25-mile trend Noble Plains controls. The remaining 2.75 miles carry historical Kerr-McGee drilling, multiple aligned historical open pits, and a defined exploration target ("Exploration Target") in the Wasatch Formation of 941,000 to 1,021,000 tons grading 0.020% to 0.052% U₃O₈. The Exploration Target is based on historical Kerr-McGee drill hole intercept data and trend mapping. The potential quantity and grade of the Exploration Target is conceptual in nature; there has been insufficient exploration to define a mineral resource, and it is uncertain whether further exploration will result in the target being delineated as a mineral resource. The Company's next drill program will step north from the current resource in two stages: first, drilling the Exploration Target with the objective of converting it into mineral resources; then, stepping out along trend to verify mineralization among the historical open pits.
2. At depth. Every pound in the current resource sits in the shallower Wasatch Formation. The deeper Fort Union Formation hosts the neighbouring Smith Ranch-Highland and Barge deposits but has never been properly drill-tested at Duck Creek. In September, a University of Wyoming IP survey identified an anomaly extending approximately 380 metres (~1,250 ft) along the survey line at roughly 200 metres (~650 ft) depth, interpreted as a potential Fort Union redox front. IP anomalies are interpretive; this result is from a single survey line and does not necessarily indicate uranium mineralization. Management believes the Fort Union represents Duck Creek's largest long-term opportunity and intends to keep refining targets with low-cost geophysics while drilling builds the Wasatch resource.
3. Low-cost targeting. The same survey line also produced a response over the known Wasatch mineralization, supporting the potential for IP to be a repeatable, low-cost tool to map the Fort Union front along the full 5.25-mile property before committing drilling capital.

Duck Creek sits between Cameco's Smith Ranch-Highland operation, the largest permitted uranium production facility in the United States, and UEC's Barge project.

Shirley Central: next door to a producer

Ur-Energy, an operating U.S. producer, is a Noble Plains shareholder, a neighbour at Shirley Central and a potential processing partner for Shirley Central. Shirley Central's 30 claims, covering 665 acres, share a boundary with Ur-Energy's Shirley Basin ISR Project, which hosts a Measured & Indicated resource of 8.816 million pounds U₃O₈ at 0.23%⁸ and commenced operations in April 2026⁶ (Mineralization on Ur-Energy's Shirley Basin ISR Project, being an adjacent property to Shirley Central, is not necessarily indicative of mineralization on Shirley Central). The project is also bordered by UEC ground.

The Company's path at Shirley Central has followed the Duck Creek playbook step for step:

• Acquire. In December 2025, Noble Plains acquired 1,211 historical drill holes from an Ur-Energy subsidiary, a transaction that made Ur-Energy a shareholder.
• Digitize. Geomorphic AI converted scanned gamma logs into a modern 3D model, identifying 341 qualifying historical intercepts averaging 0.055% eU₃O₈ over 13.7 feet, with more than 57% grading above 0.05% eU₃O₈.
• Confirm. All seven confirmation holes intersected uranium mineralization, confirming roll-front mineralization in two separate areas of the property.
• Align. In April 2026, Noble Plains and Ur-Energy signed a non-binding LOI contemplating potential processing of future Shirley Central production at Ur-Energy's facilities.

A processing route through existing, permitted infrastructure next door could reduce the capital required if Shirley Central were advanced to development. Shirley Central does not yet have a mineral resource, and no economic study has been completed. The LOI is non-binding, and there is no assurance that a definitive processing agreement will be reached.

Next steps: modelling first, then the path to a maiden resource. Shirley Central is following the same path as Duck Creek. The Company is now building an internal geological model to combine its seven confirmation holes with the 1,211-hole historical database. That model will show where step-out drilling could extend mineralization beyond the two areas confirmed in August. If the model supports it, an expansion drill program could come before the maiden mineral resource estimate. The goal is a maiden resource that reflects Shirley Central's full potential.

A market disconnect

Uranium fundamentals have strengthened through 2026 while uranium equities have weakened. Long-term uranium contract prices reached US$96.50/lb at the end of August and held there through September, the highest nominal level in Cameco's industry-average price series⁴. Spot uranium closed September at US$89.63/lb, up roughly 10% year to date⁴.

The four largest U.S. uranium producers have fallen more than 60% on average over the past six months⁵. Management believes that gap reflects sentiment, not fundamentals.

In May 2025, executive orders set a goal of quadrupling U.S. nuclear capacity to 400 GW by 2050⁹, and uranium was added to the U.S. Critical Minerals List in November 2025¹⁰. In January 2026, a Section 232 proclamation found U.S. reliance on foreign processed critical minerals, including uranium, to be a national security concern¹¹, and the Department of Energy awarded US$2.7 billion to rebuild domestic enrichment¹². Waivers allowing Russian uranium imports end by January 1, 2028¹².

The United States produced approximately 2.2 million pounds of uranium in 2025⁷ against reactor requirements of roughly 50 million pounds a year¹³. The country needs domestic pounds, and Wyoming, home to both Noble Plains projects, already has the licensed infrastructure to produce them.

What's next

New project generation leads the Company's priorities, alongside continued organic growth at its existing projects:

• New projects: evaluating and securing historically drilled projects that can be advanced with the Company's data-conversion model and built into its hub-and-spoke strategy.
• Duck Creek Wasatch drilling: a program north of the current resource, first targeting conversion of the Exploration Target, then stepping out to verify mineralization along trend among the historical open pits.
• Shirley Central modelling: completing the internal geological model to determine whether a step-out drill program should precede a maiden NI 43-101 mineral resource estimate.
• Fort Union: completing processing of the University of Wyoming IP survey and extending IP coverage along the 5.25-mile trend to define Fort Union drill targets.
• The Ur-Energy relationship: building on the framework set out in the non-binding processing LOI.

Why now

"Long-term uranium prices just set a record. Washington has made domestic uranium a matter of national security. Uranium equities went the other way," said Drew Zimmerman, Noble Plains CEO. "We don't control the tape. We control the work. Every pound we add, and every project we bring in at a fraction of its replacement cost, builds a stronger company for when sentiment returns. We'd rather be building now than wishing we had."

The team behind the work

A disciplined team with deep uranium and capital-markets experience has delivered Noble Plains' results. The Company is led by President & CEO Drew Zimmerman, with Paul Cowley as Chief Operating Officer and Bradley Parkes, P.Geo., as VP Exploration. Director Chris Healey, P.Geo., brings more than four decades of uranium exploration and development experience, including over 20 years with Cameco Corporation. Strategic Advisor Luke Norman adds capital-markets, corporate development and strong permitting experience in the state of Wyoming.

The team works with independent and specialist partners: WWC Engineering, whose Qualified Person authored the Duck Creek resource estimate; Geomorphic AI, which digitized the historical Shirley Central database; and the University of Wyoming Near-Surface Geophysics Instrument Center, which completed the Duck Creek IP survey.

About Noble Plains Uranium

Noble Plains Uranium Corp. is a U.S.-focused uranium exploration and development company advancing a portfolio of high-potential projects amenable to In Situ Recovery (ISR), the most capital-efficient and environmentally responsible method of uranium extraction. Our strategy targets historically drilled and underexplored assets in proven jurisdictions, with the objective of rapidly delineating NI 43-101-compliant resources and building a scalable inventory of domestic uranium.

Bradley Parkes, P.Geo., VP Exploration of Noble Plains Uranium Corp., is the Qualified Person as defined in National Instrument 43-101, who has read and approved the technical content of this news release.

This news release includes certain forward-looking statements as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements include, but are not limited to, statements regarding: the Company's objective of establishing 20 million pounds of U₃O₈ mineral resources; the identification, evaluation, acquisition and advancement of new projects and historical data; the planned drill programs at Duck Creek, including conversion of the Exploration Target, and the timing of drilling and results; the plans to build higher-confidence pounds in the shallow Wasatch Formation and advancing the targets in the deeper Fort Union Formation and the use of IP geophysics to define targets; Shirley Central modelling, potential expansion drilling and the potential to outline a uranium resource prepared in accordance with NI 43-101 standards; the potential to confirm or expand mineralisation; a potential definitive processing agreement with Ur-Energy and the potential processing of mineralized material at third-party facilities; a potential Company-owned processing plant and hub-and-spoke development; the potential application of ISR; the estimated replacement cost of historical drilling; uranium supply, demand and pricing; U.S. government policy; and the expected advancement of the Company's exploration and business strategy. Forward-looking statements are based on the current opinions and expectations of management. In making these statements, the Company has assumed, among other things, that financing will be available on acceptable terms when required; that suitable projects and historical data can be acquired on acceptable terms; that historical data can be verified to NI 43-101 standards; that permits and approvals will be obtained in a timely manner; that contractors, equipment and personnel will be available; and that uranium prices and market conditions will remain supportive. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including but not limited to: the Company's need for additional financing, which may not be available on acceptable terms or at all, the requirement to make remaining option or acquisition payments to maintain the Company's projects, the absence of revenue, the Company's ability to identify and complete acquisitions, the risk that the 20 million pound objective is not achieved within any timeframe or at all, the Company's ability to complete the drill program as planned, the interpretation of historic data, the accuracy of geological modelling, the results of drilling and downhole probing, operational risks and weather delays, regulatory approvals, availability of equipment and personnel, the speculative nature of mineral exploration and development, the risk that Exploration Targets are not converted to mineral resources or that Inferred mineral resources are not upgraded, the risk that geophysical anomalies do not reflect mineralization, the risk that ISR is not technically or economically feasible, the availability of third-party processing capacity and the risk that no definitive processing agreement is reached, permitting, licensing and title risks, including risks relating to unpatented mining claims, changes in government policy and trade measures, volatility in the market price of the Company's securities, and fluctuating commodity prices, as described in more detail in our recent securities filings available at www.sedarplus.ca. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.

Neither the TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

Notes and Sources

1. Uranium Energy Corp., Wyoming project resource disclosure, S-K 1300 Technical Report Summary; resources as of December 31, 2021.
2. Licensed capacities: Cameco Corporation, Form 40-F annual information form (2018) (Smith Ranch-Highland); Uranium Energy Corp. (Irigaray, Sweetwater); Ur-Energy Inc. (Lost Creek); Wyoming State Geological Survey, 2024 Uranium Resources Summary (Ross CPP, Nichols Ranch).
3. Road distances and drive times are Company estimates from OpenStreetMap-based routing between the Duck Creek project location stated in its technical report and each facility's location, and between Shirley Basin and Lost Creek. Actual haul routes, distances and times may differ.
4. Cameco Corporation, Uranium Price, industry averages of UxC and TradeTech month-end prices.
5. Uranium Stock Drawdowns, (UEC, Energy Fuels, Ur-Energy, Encore Energy) October 2026.
6. Ur-Energy Inc., About; Ur-Energy second quarter 2026 results.
7. U.S. Energy Information Administration, Domestic Uranium Production Report, Fourth Quarter 2025; sum of 2025 quarterly production of 310,533, 477,501, 329,623 and 1,043,474 pounds U₃O₈.
8. Technical Report Summary, Amended Report for S-K 1300, "Shirley Basin ISR Uranium Project, Carbon County Wyoming, USA," dated March 11, 2024, prepared by Western Water Consultants, Inc.
9. Executive Order 14302, Reinvigorating the Nuclear Industrial Base, May 23, 2025.
10. U.S. Geological Survey, 2025 List of Critical Minerals; see Cowboy State Daily, November 12, 2025.
11. Presidential Proclamation under Section 232 of the Trade Expansion Act of 1962, January 2026; see Yellowcake Analytics policy ledger.
12. U.S. Department of Energy enrichment awards, January 5, 2026, and Prohibiting Russian Uranium Imports Act waiver termination; see Yellowcake Analytics policy ledger.
13. Cowboy State Daily, August 27, 2025.

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