Tonogold Resources / Uranium American Resources Inc. Shareholder Update

Highlights

• April 12, 2024: Tonogold acquires a large, diversified uranium company based in the USA.

• May 10, 2024: Tonogold's merger partner secures two additional leases, expanding the Sky Uranium portfolio by 1,285 acres (5.2 km²).

• May 30, 2024: Positive assay results from a sampling program at the Stateline Project, including scintillometer readings up to 45,200 cps, with assays revealing >1% Uranium and >1% Vanadium.

• October 29, 2024: Tonogold's board approves its rebrand as Uranium American Resources Inc. and announces new board.

WOODLAND HILLS, December 4, 2024 - Tonogold Resources / Uranium American Resources Inc. (OTC Pink:TNGL) holds three unique, low-risk uranium and vanadium projects strategically located in the western-central USA, an area historically known for substantial uranium and vanadium production. These projects are in close proximity to historic mines and currently operating processing plants, providing potential logistical advantages.

Each project features highly prospective geology, with strong evidence from historical mining activities and a robust collection of existing datasets. JAG Minerals strategically acquired these properties during periods of low uranium prices from 2017 to 2020, positioning the Company to capitalize on the current favorable uranium market conditions.

Strategic Property Expansions & Technical Updates

• Sky Property, Wyoming : On May 12, 2024, the Company expanded the Sky Uranium property in Fremont County, Wyoming by two additional state leases, comprising an extra 1,285 acres (5.2 km²), see Figure 2. This built on the existing 57 patented mining claims , with historic drilling data from the 1960s-1980s reporting a resource of over 1M lbsU?O? .[1]

[1] Strathmore Minerals Corp., 9th February, 2007, link: https://www.sedarplus.ca/csa-party/records/document.html?id=3951328acb1462570581b8531492d806ae6ce69c9d1bd189672ec0934d572fb2

• Stateline Sample Assays : On May 30, 2024, the company released assay results from a sampling program at the Stateline Project. The project covers 2.75 mi² (7.2 km²) across seven strategic areas in the highly prospective La Sal Creek District, approximately 19 km from the La Sal Complex operated by Energy Fuels Inc.

The project area features >19 Historic Uranium mines[2], producing Vanadium (V ₂ O ₅ ), with high vanadium content ranging from 1% to 3%, averaging around 1.5%, significantly higher than most North American V ₂ O ₅ mining plays, averaging in the 0.5% to 0.8% range[3].

The assay reveal promising high-grade uranium and vanadium mineralization. Scintillometer readings reached up to 45,200 cps , with assays showing >1% uranium and >1% vanadium from seven targeted samples, primarily taken from in-situ sources rich in visible carnotite and uraninite. This sampling program, covering 7.2 km² across historical uranium-vanadium mines, highlights multiple zones with high-value locations and supports the presence of extended ore zones near historic sites.

[2] USGS MRDS database.

[3] Geology and uranium-vanadium deposits of the La Sal quadrangle, San Juan County, Utah, and Montrose County, Colorado, Carter, W.D., and Gualtieri, J.L. USGS, PP 508, 1965

• Marysvale Project, Utah : On September 12, 2024, historic resource estimates at the Marysvale Project indicated up to 2.9 million lbs (1,315,000 kg) of U?O? at depths of 300-800 feet (91-244 meters)[4] . This estimate is based on 115 historic drill holes and highlights potential for further resource expansion at depth.

The mineralisation has been described as a "blanket-type supergene" deposit formed from the remobilization of primary deposits along vertical faults. Extension is prospective due to a large alteration system along a major northwest-trending fault zone, confirmed by gamma ray (eU) anomalies detected from drilling.

[4] Proctor, P.D. (pre-2000). Private Report on the Marysvale Uranium Project. (Referenced in the NI 43-101 report by Havenstrite and Hardy, 2006).

Corporate Updates

• New Leadership : The Company has appointed experienced professionals to its board of directors. Mr. Joe Phillips, the vendor of JAG Minerals Pty Ltd, brings 18 years of leadership experience, having served as COO, CEO, and Executive Chairman in North American (TSXV, TSX, and OTCQX) and Australian-listed companies. The new board has substantial executive management and financial expertise to support the Company's growth going forward.

• Restructuring and Financing : Over 80% of Tonogold CLN holders have converted into the new Uranium/Vanadium program. Additionally, the Company is working on completing the financing to support this transition.

• Stock Structure Adjustment : The Company plans a reverse stock split at a 1-for-15 ratio .

Future Plans

The Company aims to enhance project value by:

1. Advancing resource understanding at Stateline through interpretation of historic drilling and gamma logging, combined with geochemical testing to identify resource extensions.

2. Updating NI 43-101 Technical Reports for both the Sky and Marysvale properties.

3. Focusing on expanding resource inventory, particularly bulk tonnage supergene deposits and high-grade vein deposits.

CEO William Hunter commented:
"In 2024 your company has undertaken a positive field geological field season with JAG Minerals USA, Inc., significantly expanding our uranium and vanadium claims across Wyoming, Utah, and Colorado. Our focus has been on properties with historic uranium data and accessible processing infrastructure.

With the support of legacy Tonogold convertible note holders, we've restructured the company effectively. These efforts are reflected in our stock performance in FY 2024. The NPV of these projects is significant with the Stateline Project alone justifying a major re-rating of our share price. Our rebranding is almost complete and we will be focusing on closing the transaction in the near term. This is an exciting time for Tonogold Resources / Uranium American Resources and we look forward to a very production FY 2025"

Enquiries

For further information, please contact:
William Hunter
Interim CEO Tonogold Resources Inc.
M: +1 203 856 7285
E: bhunter@tonogold.com

SOURCE: Tonogold Resources, Inc.