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Vancouver, British Columbia--(Newsfile Corp. - January 21, 2026) - Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) (FSE: SSKU) ("Cosa" or the "Company") is pleased to announce drilling plans for the Company's Darby and Murphy Lake North ("MLN") projects (Figure 1). Darby and MLN are joint ventures (the "Joint Venture") between Cosa and Denison Mines Corp. (TSX: DML) (NYSE American: DNN) ("Denison") and are located 10 kilometres west of Cameco's Cigar Lake Mine and three kilometres east of IsoEnergy's Hurricane Deposit, respectively, in the eastern Athabasca Basin, Saskatchewan. Cosa is the operator of both projects and holds a 70% interest with Denison holding a 30% interest in each.
Highlights
Drilling at Darby will directly follow up compelling historical results including anomalous uranium content in the sandstone and weak uranium mineralization in the basement
Drilling at MLN will further evaluate the kilometre-scale structure and alteration zone at the Cyclone trend and an additional parallel trend to the south
Denison participating in funding 2026 exploration at MLN to maintain its 30% interest
Keith Bodnarchuk, President and CEO, commented: "Identification of additional drill ready targets proximal to historical intersections of uranium mineralization and under modest sandstone cover has added to our excitement to commence drilling at Darby. With support and participation from Denison, our Joint Venture partner and largest shareholder, we are fully funded and prepared for an exciting year of exploration at both Darby and Murphy Lake North. We thank Denison for their continued guidance and commitment to working towards exploration success at these projects. Camp construction is well underway, and we expect drilling to commence at Darby next week."
Andy Carmichael, Vice President of Exploration, commented: "Retention of high-quality data by Denison combined with the experience gained over the last 15 years has allowed us to identify what may be some of the last remaining high-caliber untested target areas near Cigar Lake. Darby hosts five historical intersections of mineralization proximal to untested structures across multiple trends. Our initial target areas have coincident untested structures, alteration, and anomalous uranium content in the lower sandstone. At MLN, we are eager to continue testing large gaps in strike where compelling structure and alteration have been intersected by widely spaced drilling on the Cyclone trend. Evaluation of an additional trend south of Cyclone is also a priority objective for this winter. Our decision to prioritize targets under frozen lakes, combined with a property-wide DC-Resistivity survey planned for the spring, is aimed at identifying the most prospective targets for an expanded follow up campaign in the summer."
Darby Winter Drilling
Approximately 2,500 metres are planned at Darby in winter 2026 to begin testing the high priority targets identified by Cosa's 2025 core relogging and reinterpretation program. High priority targets are the immediate vicinities of drill holes which intersected zones of coincident sandstone alteration and anomalous1 uranium content proximal to significant graphitic basement faults. Up to four initial target areas will be evaluated during winter 2026 (Figures 2 and 3).
The Gamma trend contains over 4 kilometres of conductive strike length (Figure 2). Only two of four historical drill holes at Gamma intersected conductive basement rocks and none intersected the optimal target. The trend is considered highly prospective based on the presence of anomalous sandstone uranium content proximal to graphitic basement faults (Figure 3) and numerous intersections of uranium mineralization along trend immediately north of Darby.
Historical hole DB-17 intersected continuously elevated to anomalous uranium content in the basal 108 metres of sandstone with coincident clay alteration and bleached zones (Figure 3). Graphitic faults were intersected 45 and 55 metres below the unconformity. The intersection of these graphitic faults with the unconformity, proximal to highly anomalous uranium in the lower sandstone, is the initial follow up target at Gamma in winter 2026. Over 2.5 kilometres to the south, drill hole DB-22 intersected several intervals of elevated to anomalous sandstone uranium content above basement metasediments that were altered near the end of the drill hole. Follow up of DB-22 is a priority target.
DB-09, the westernmost drill hole at Charlie, intersected multiple zones of elevated to strongly anomalous uranium content in the lower 115 metres of sandstone (Figures 2 and 3). These intervals include continuously anomalous uranium over the basal 42 metres, illite and chlorite enrichment, bleached zones, and hydrothermal hematite. DB-09 intersected graphitic faults in the basement 30 to 60 metres below the unconformity. The intersection of these graphitic faults with the unconformity, proximal to strongly anomalous uranium in the lower sandstone, is a priority follow up target.
At Delta, the basal sandstone in DB-27 is pervasively bleached with illite and chlorite enrichment and includes a 48-metre interval of continuously anomalous uranium content (Figures 2 and 3). In the basement, DB-27 intersected 0.13% U3O8 over 0.3 metres 16 metres below the unconformity and graphitic faults 80 metres below the unconformity. The intersection of basement faulting with the unconformity is the initial target at the Delta trend.
For further details on the Charlie and Delta trends and targets, refer to Cosa's news release dated October 14, 2025.
MLN Winter Drilling
Drilling plans at MLN comprise approximately 1,200 metres and will follow up summer 2025 results at the Cyclone trend where broad zones of structure and alteration were intersected over a two-kilometre strike length (Figure 4). Winter drilling will target a 1,200-metre gap in drilling where a lake prevents summer access. Drilling will also follow up intensely graphitic rocks and faulting intersected deep in the basement of MLN25-007, where the primary target is the up-dip projection of this horizon to the unconformity. The target is interpreted to lie approximately 100 metres south of MLN25-007 and potentially represents an untested trend parallel to Cyclone.
Next Steps
At Darby, camp construction is nearing completion and will be followed by mobilization of drilling equipment and personnel, with drilling expected to begin before the end of January. Cosa intends to use the winter access trail to mobilize supplies and equipment required for continued testing of high priority targets planned for summer 2026.
At MLN, establishment of winter trails is ongoing in advance of drilling planned to begin in March. During the program, Cosa plans to mobilize supplies and equipment to support property-wide DC-resistivity surveying and a larger summer drilling program.
About Darby
Located 10 kilometres west of the Cigar Lake Mine, Darby contains multiple prospective conductive trends and several historical intersections of weak uranium mineralization (Figures 1 and 2). Historical drilling demonstrates that many of these trends are highly prospective for uranium deposits characteristic of the eastern Athabasca Basin, yet most of the strike length has not been effectively evaluated. Work by Cosa in 2025 prioritized these trends and identified several historical drill holes with results that suggest proximity to uranium mineralization (See Cosa's news release dated October 24, 2025).
Darby was last drilled in 2009.
About Murphy Lake North
MLN covers a portion of the Larocque Lake trend and is located 2.7 kilometres east of the Hurricane deposit (Figures 1 and 3). Hurricane is the world's highest-grade indicated uranium resource and was discovered and delineated for IsoEnergy Ltd. by current members of Cosa's team. The Larocque Lake trend also hosts the high-grade Larocque Lake Zone, Yelka Prospect, and Alligator Lake Zone. MLN contains the along-strike extension of basement geology underlying the Hurricane deposit (the Hurricane trend), as well as a parallel conductive trend to the south (the Cyclone trend). Drilling by Cosa in 2025 intersected zones of sandstone alteration and structure associated with graphitic basement structures along both trends. Following up these positive results is the primary 2026 objective at MLN.
1 - When analyzed using SRC's partial digestion and Inductively Coupled Plasma Mass Spectrometry (ICP-MS) method, Cosa considers uranium concentrations in the Athabasca sandstone greater than 0.5 ppm to be elevated, greater than 1.0 ppm to be anomalous, and greater than 4 ppm to be strongly anomalous.
Figure 1 – Cosa's Eastern Athabasca Uranium Projects with Joint Venture Projects
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9865/281057_fc770e53f40208fb_003full.jpg
Figure 2 – Darby Project Overview
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9865/281057_fc770e53f40208fb_004full.jpg
Figure 3 – Cross Sections of Anomalous Historical Drill Results from Darby High Priority Target Areas
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9865/281057_fc770e53f40208fb_005full.jpg
Figure 4 – Murphy Lake North Project Overview
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9865/281057_fc770e53f40208fb_006full.jpg
About Cosa Resources Corp.
Cosa Resources is a Canadian uranium exploration company operating in northern Saskatchewan. The portfolio comprises roughly 237,000 ha across multiple underexplored 100% owned and Cosa-operated joint venture projects in the Athabasca Basin region, the majority of which reside within or adjacent to established uranium corridors.
In January of 2025, the Company entered a transformative strategic collaboration with Denison Mines (TSX: DML) (NYSE American: DNN) that has secured access to several additional highly prospective eastern Athabasca uranium exploration projects. As Cosa's largest shareholder, Denison gains exposure to Cosa's potential for exploration success and its pipeline of uranium projects.
Cosa's award-winning management team has a track record of success in Saskatchewan. In 2022, members of the Cosa team were awarded the AME Colin Spence Award for the discovery of the Hurricane uranium deposit. Cosa personnel led teams or had integral roles in the discovery of Denison's Gryphon deposit and held key roles in the founding of both NexGen and IsoEnergy.
The Company's focus throughout 2026 is drilling at the Darby and MLN projects in the eastern Athabasca Basin. Both projects are operated by Cosa and are 70/30 joint ventures between Cosa and Denison respectively. Drilling at Darby will evaluate target areas with anomalous uranium, clay alteration, and historical mineralization intersected nearby. Drilling at MLN will follow up 2025 drilling which intersected broad zones of structurally controlled alteration over roughly 2 kilometres of strike length.
Technical Disclosure
Historical drilling and geophysical results for Darby and MLN were sourced from the Saskatchewan Mineral Assessment Database (SMAD). SMAD sources for Darby include file numbers 74H14-0021, 74H14-0023, 74H15-0041, 74H15-0053, 74H15-0055, 74H15-0056, 74H15-0066, 74H15-0067, 74I02-0031, 74I02-0042, 74I02-0053, 74I02-0080, 74I02-0095, and MAW00516. Some confidential data and reports not presently available via SMAD were supplied to Cosa by Denison. SMAD sources for MLN and adjacent projects include file numbers 64L05-0161, 64L05-0180, 74I-0060, 74I-0066, 74I-0067, 74I01-0114, 74I08-0056, 74I09-0053, 74I09-0057, 74I09-0061, 74I09-0064, 74I09-0066, 74I09-0071, 74I09-0077, 74I09-0079, 74I09-0087, 74I09-0088, 74I09-0090, 74I09-0091, 74I09-0092, 74I09-0098, MAW00510, MAW01939, MAW02327, MAW02599, and MAW02395. Data and reports related to the 2020 ground EM survey completed by Denison are not presently available via SMAD and were supplied to Cosa by Denison.
Verification of historical drilling results included confirming historical drill hole collar locations from air photos and ground checking selected collars with a handheld GPS unit. Basement and lower sandstone sections from most historical drill holes were relogged in 2024 and 2025 by Cosa. For Darby, verification of geochemical results for drill holes completed between 2008 and 2010 was facilitated by the reissuance of analytical certificates to Cosa by the Saskatchewan Research Council (SRC). Cosa thanks the SRC for its valued assistance in increasing confidence in the historical dataset.
Verification of historical geophysical results included confirming the locations of geophysical survey grids from air photos, compiling survey data and interpretations, and evaluating whether interpreted geophysical results could be reasonably explained by historical and current drilling results. For MLN, Cosa engaged a consultant to re-interpret historical geophysical surveys to validate selected previous interpretations.
Qualified Person
The Company's disclosure of technical or scientific information in this press release has been reviewed and approved by Andy Carmichael, P.Geo., Vice President, Exploration for Cosa. Mr. Carmichael is a Qualified Person as defined under the terms of National Instrument 43-101. This news release refers to neighbouring properties in which the Company has no interest. Mineralization on those neighbouring properties does not necessarily indicate mineralization on the Company's properties.
Contact
Keith Bodnarchuk, President and CEO
[email protected]
+1 888-899-2672 (COSA)
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statements
This press release contains forward-looking information within the meaning of Canadian securities laws (collectively "forward-looking statements"). Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plans, postulate and similar expressions, or are those, which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements. These forward-looking statements or information may relate to anticipated exploration, development and/or expansion activities, including exploration of the Company's current Projects; the collaboration with Denison, including the Joint Venture, and the anticipated benefits thereof; and the outlook regarding Cosa's business plans and objectives.
Such forward-looking information and statements are based on numerous assumptions, including among others, that the results of planned exploration activities are as anticipated, the cost of planned exploration activities are as anticipated, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment and supplies and governmental and other approvals required to conduct Cosa's planned exploration activities will be available on reasonable terms and in a timely manner. Although the assumptions made by Cosa in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: Cosa may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; Cosa may not be able to maintain compliance with its contractual obligations with third parties; Cosa may not be able to maintain compliance with extensive government regulation applicable to its operations; domestic and foreign laws and regulations could adversely affect Cosa's business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of Cosa's securities, regardless of its operating performance; the ongoing military conflict in Ukraine, and other risk factors set out in Cosa's public disclosure documents.
The forward-looking information contained in this news release represents the expectations of Cosa as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. Cosa does not undertake any obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/281057
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