Mr. James Sykes reports

BASELODE REPORTS MORE NEAR-SURFACE URANIUM MINERALIZATION AT ACKIO

Baselode Energy Corp. has released new uranium (U3O8) assays from four drill holes from the 7,512-metre diamond drilling program completed within the Ackio uranium prospect on the Hook project. Baselode has assays from 11 drill holes to be released, including those with the highest radioactivity results.

"Drill hole AK23-112 confirms Pod 7 as Ackio's second zone of near-surface uranium mineralization. After the overburden, AK23-112 immediately penetrated mineralized bedrock, returning a significant concentration of 0.67 per cent U3O8 over 2.1 metres at a true vertical depth of 32 metres. The same drill hole cut a broad mineralized intercept (0.23 per cent U3O8 over 13 m at 44 m true vertical depth) with high-grade uranium (1.82 per cent U3O8 over one m) within 20 m of the upper intersection. Analysis of these results may suggest we have overlooked the potential for other lenses and structures to be mineralized up to the base of the overburden. Our primary aim is to delineate the expansive scope of the Ackio uranium system. While the near-surface mineralization remains underexplored, the system remains largely untested at depth. The potential for an extensive and robust uranium mineralized system within Ackio is very exciting," stated James Sykes, chief executive office, president and director of Baselode.

Ackio drill program details

Thirty-six drill holes for 7,512 metres were completed during the program. Ackio consisted of 30 drill holes for 6,193 m, Mirror consisted of five drill holes for 1,145 m and one drill hole for 174 m was completed on a regional exploration target.

Drill holes AK23-111 to AK23-113 were drilled specifically to target uranium mineralization at the overburden contact outside of modelled areas. The results from holes AK23-111 and AK23-112 suggest Pod 7 could have a minimum 25 m wide uranium mineralized envelope at the overburden contact.

Drill hole AK23-116 confirmed the presence and continuity of narrow mineralization over discrete widely spaced intervals between the main bodies of pods 1 and 7.

Geochemical U3O8 assay results from drill holes AK23-111 to AK23-113 and AK23-116 were provided by Saskatchewan Research Council's geoanalytical laboratory (SRC) in Saskatoon, Sask. The assay methodology includes SRC's U3O8 weight per cent assay analysis package, where an aliquot of sample pulp is digested in a concentration of HCl:HNO3. The digested volume is then made up with deionized water for analysis by ICP-OES (inductively coupled plasma optical emission spectrometry). Uranium assay results from the remaining 11 drill holes will be released after being compiled, thoroughly quality checked and interpreted by the technical team.

Ackio is 30 kilometres southeast of well-established infrastructure, including an all-season road and power line between Cameco Corp.'s and Orano's McArthur River mine, and Key Lake uranium mill joint ventures. Ackio is 70 km northeast of the Key Lake mill. The program was helicopter supported to lessen any ground-induced environmental impacts within the project area.

Notes:

• All reported drill hole lengths do not represent true thicknesses, which have yet to be determined.
• High-grade uranium mineralization is defined by the company as any result with more than 1 per cent U3O8.

About Baselode Energy Corp.

Baselode controls 100 per cent of approximately 264,172 hectares for exploration in the Athabasca basin area in Northern Saskatchewan, Canada. The land package is free of any option agreements or underlying royalties.

The company discovered the Ackio near-surface, high-grade uranium deposit in September, 2021. Ackio measures greater than 375 metres along strike and greater than 150 metres wide, comprising at least nine separate uranium pods, with mineralization starting as shallow as 28 m and 32 m beneath the surface in pods 1 and 7, respectively, and down to approximately 300 m depth beneath the surface, with the bulk of mineralization occurring in the upper 120 m. Ackio remains open at depth, and to the north, south and east.

Baselode's Athabasca 2.0 exploration thesis focuses on discovering near-surface, basement-hosted, high-grade uranium orebodies outside the Athabasca basin. The exploration thesis is further complemented by the company's preferred use of innovative and well-understood geophysical methods to map deep structural controls to identify shallow targets for diamond drilling.

Qualified person statement

The technical information contained in this news release has been reviewed and approved by Cameron MacKay, PGeo, vice-president of exploration and development for Baselode Energy, who is considered to be a qualified person as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

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