Terra Clean Energy: NI43-101 Compliant Technical Report Completed for the Marysvale Uranium Mines Project

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Terra Clean Energy Corp. (TCEC) announced on June 10 that a NI43-101 compliant Technical Report for the wholly-owned Marysvale Uranium Mines Project (located in Piute County, Utah) has been completed with an effective date of May 31, 2026. The report will be filed before the week’s end.

The Technical Report represents a significant milestone in Terra’s systematic evaluation of the Marysvale Uranium Mines Project and provides a comprehensive review of the property’s geology, historical mining activities, exploration results, and future exploration potential. The Technical Report incorporates the company’s recently completed data compilation program, digitization of historical records, and interpretation of geological and structural information collected from the project area. This has been quick work seeing that the Project was acquired earlier this year. The Marysvale Uranium Mines Project includes several past-producing uranium mines within one of the most historically productive uranium districts in the western United States.

PERMITTING UNDERWAY, DRILLING EXPECTED TO COMMENCE LATER THIS SUMMER

Recall that last month Terra announced that following an extensive surveying program involving airborne radiometric and photogrammetric surveys, numerous high priority zones have been identified at the Marysvale Uranium Mines Project. Spanning 101 grid line-kms flown using 20m line spacing, the integrated airborne survey program was completed across the company’s newly expanded land package and has successfully identified several high-priority exploration zones exhibiting characteristics consistent with structurally controlled vein-style uranium mineralization. The integrated airborne survey program was completed across the company’s newly expanded land package and was successful in identifying several high-priority exploration zones exhibiting characteristics consistent with structurally controlled vein-style uranium mineralization. The survey was conducted by Land Survey Advisors of Heber City, Utah. The radiometric survey outlined numerous discrete uranium anomalies associated with favorable host lithologies and established regional mineralized trends. These anomalies are interpreted as potential near-surface uranium-bearing zones and represent compelling follow up targets for the Company’s upcoming field program.

Permitting remains active with the U.S. BLM and the Utah Division of Oil, Gas and Mining. Provided receipt of the necessary permits (expected in the weeks ahead) and given current crew and consultant availability, management expects to begin the ~10,000 ft drilling campaign later this summer. Ahead of the drilling campaign, the summer exploration program will involve:

• Ground-truthing of airborne anomalies

• Detailed geological mapping

• Geochemical sampling

• Structural interpretation and target refinement

• Advancement of priority drill targets

THE MARYSVALE URANIUM MINES PROJECT

Terra’s 20 claims cover four past producing uranium mines (the Prospector 1 Mine, the Prospector 4 Mine, the Buddy Mine and the Lucky Strike Mine). Collectively, the Marysvale district produced over 1.33M lbs at a reported grade of 0.22% U3O8. It is estimated that 75% of that historic production (~1.0M lbs U3O8) came from the Prospector and Freedom mines. The Marysvale District hosts nearly vertical, northeast and east striking fissure veins that cut granitic and volcanic rocks of the Belknap volcanic sequence and is a prime example of an epithermal vein-style uranium system. Ore is located within the north-northwesterly striking, near vertical, Prospector Fault. Uranium in the area was discovered in 1948 and mining commenced in 1949 by Vanadium Corporation of America (VCA).  Over the next few years they consolidated various claims and operations in the area.  Production ceased in the Marysvale area in 1969. Some exploration drilling was undertaken in the area in the late 1970’s.

A Technical Report authored by the US Department of the Interior Geological Survey dated September 1950 specified that inclined shafts were sunk on the Prospector 1 and Freedom 2 claims. The first ore mined was trucked to Naturita, Colorado, for experimental processing. Subsequent ore was stockpiled near the mines with much being purchased by the American Smelting and Refining Company under the authority of the Atomic Energy Commission.

CONCLUSION & VALUATION

Though Terra’s uranium portfolio continues to be anchored by the 6.8M lb South Falcon East deposit, the recent US acquisitions have fundamentally changed the profile of the company. Since last Fall, Terra management was successful with identifying strategic uranium properties and then either staking or negotiating earn-in agreements at what we deem as a modest capital outlay with meaningful ownership milestones. The claims on past producing properties in Utah include valuable historic data compiled by the US Geological Survey (among others). Combined with the use of modern exploration techniques and 3D modeling, management will use the historic data to identify priority targets for confirmation drilling in identified zones and exploration drilling to test for extensions. The completion of a NI43-101 compliant Technical Report is a culmination of all the efforts conducted thus far. Of note is that recently procured data from both Anaconda Energy and Vanadium Corporation of America (encompassing drill logs, geochemistry data, geologic data and maps) will serve to further refine the summer drill targets. Owing to timing, this newly received data did not make the cut for inclusion in the Technical Report. 

Given a revamped management team, a newly re-constituted Board and Terra’s recent initiatives into Utah and Wyoming, much new interest has been re-injected into the company. We note that the average trading volume YTD has nearly tripled the average daily figure from 2025. Ultimately, we look forward to the start of two high impact drilling program – at the Marysvale Project and at South Falcon East. Underpinned by our $4.75 per lb in-situ valuation for 51% ownership of South Falcon East, our 0.60x NAV multiple leads to our C$0.22 per share price objective. This implies upside of +100% from the recent close (June 9). For additional asset-specific information refer to our research report dated February 19, 2026. 

NEAR-TERM TIMELINE & POTENTIAL CATALYSTS

• Trenching, prospecting, geochem sampling and mapping in and around of the Marysvale Project.

• Permit receipt for the ~10,000 ft drilling program.

• U.S. drilling program expected to commence later this summer.

• Athabasca Basin drilling expected to commence in August/September.