Interview with Jon Bey, CEO of Standard Uranium Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/standard-uranium-tsxvstnd-35m-raised-to-hunt-high-grade-uranium-7828

Recording date: 17th February 2026

Standard Uranium (TSXV: STND) is a Canadian uranium exploration company with 13 projects in Saskatchewan's Athabasca Basin, the world's highest-grade uranium jurisdiction. With a market capitalisation of approximately $15–20 million, the company has structured itself to maximise exploration activity while minimising shareholder dilution through a project generator business model.

Rather than self-funding all exploration, Standard Uranium invites third-party joint venture partners to fund drilling on most of its projects. Under a typical deal, a partner spends $6–7 million over three years to earn a 75% interest in a project, while Standard Uranium retains 25% equity, a 2.5% net smelter return royalty, and charges operator fees to run the program using its own geological team. Those fees — estimated at $1.5–2 million annually — are sufficient to cover the company's corporate overhead, reducing the need for repeated equity raises.

The company's flagship asset, Davidson River, sits outside this JV framework. The wholly-owned project covers 30,000 hectares in the southwest Athabasca Basin, adjacent to NexGen Energy's Rook I project — a discovery that transformed NexGen from a 30-cent stock into a $10 billion company over 13 years. Standard Uranium plans to drill Davidson River from May to August 2026.

Two additional drill programs are already underway in 2026. The Corvo project, under JV with Aventis Energy, commenced drilling in mid-February. The Rokas project, partnered with Collective Metals, is expected to begin drilling in early March. In total, JV partners are funding an estimated $7–10 million in exploration spend across the portfolio this year.

The macro backdrop supports the investment case. The uranium spot price stands near $89–90 per pound, while global nuclear capacity is forecast to triple over the next two decades, driven by clean energy targets and surging electricity demand from AI data centres. Saskatchewan's Athabasca Basin is positioned as a primary source of future uranium supply.

View Standard Uranium's company profile: https://www.cruxinvestor.com/companies/standard-uranium

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