Regina, Saskatchewan--(Newsfile Corp. - June 29, 2026) - GEM OIL INC. is pleased to announce the successful execution of the Option Agreement involving the Company's K2 Uranium Project located in Saskatchewan's Athabasca Basin.

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The K2 Project has been an important part of GEM's exploration portfolio, and the Company is proud of the work completed to advance the property to its current stage. Through strategic claim acquisition, geological evaluation, geophysical surveying, and exploration activities, including diamond drilling. GEM assembled and advanced a significant land position within one of the world's premier uranium districts. GEM believes the K2 Project represents one of the last large-scale, district-sized exploration opportunities remaining along the north-eastern margin of the Athabasca Basin.

"We would like to thank the team at IsoEnergy for their professionalism and constructive approach throughout this process," said Shaun Spelliscy, President of GEM OIL INC. "IsoEnergy has established itself as one of the leading uranium exploration companies operating in the Athabasca Basin, and we believe the K2 Project is in capable hands. We look forward to following their progress as they continue to advance the property."

Mr. Spelliscy added, "The successful completion of this transaction demonstrates GEM's ability to identify, acquire, and add value to high-potential mineral assets. We wish IsoEnergy and its shareholders every success in their future exploration efforts and hope the K2 Project ultimately contributes to the discovery and development of Saskatchewan's next generation of uranium resources."

Special thanks to Stephen Balch, P.Geo., for his expertise in target generation and drill target selection. GEM also extends its sincere appreciation to Precision GeoSurveys Corp., MWH Geo-Surveys Ltd., Quesnel Bros. Diamond Drilling Ltd., Echo Helicopters, and Tuzo GeoSurveys Corp. Their professionalism, technical expertise, and unwavering commitment to safety were instrumental in the successful completion of the program, which was carried out efficiently, safely, and seamlessly.

GEM remains focused on advancing its flagship Hanson Lake Project, a 26,318-hectare copper-zinc exploration property located near Denare Beach, Saskatchewan. Recent exploration activities, including GEM's inaugural diamond drilling campaign, have identified and confirmed multiple high-priority copper-bearing sulphide targets within one of Canada's most prospective base-metal districts.

About GEM OIL INC.

Founded in 1956, GEM OIL INC. is a Saskatchewan-based natural resource company engaged in mineral exploration and oil and gas royalty ownership. The Company has assembled a diversified portfolio of exploration properties and royalty interests across Western Canada and continues to pursue opportunities that create long-term value through disciplined acquisition, exploration, and project development.

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Source: Gem Oil Inc.