Mr. James Sykes reports

BASELODE CUTS 4.03% U3O8 IN EXTENSION DRILLING AT ACKIO

Baselode Energy Corp. has released new uranium (U3O8) assays from five drill holes from the 7,512-metre diamond drilling program completed within the Ackio uranium prospect on the Hook project. Baselode has assays from six exploration drill holes outside the Ackio system to be released.

"We've extended Pod 7 with its best intersection to date. AK23-102 returned the best overall uranium results with 1.02 per cent U3O8 over 8.05 metres and the highest grades, 4.03 per cent U3O8, from Pod 7 in a 50-metre stepout, with mineralization that is still open on strike and at depth. This intersection and previous results from this summer demonstrate the potential for additional high-grade uranium outside of what was previously thought for Pod 7. We learn with each drill hole, and this new information will be well applied for 2024's exploration program on Hook, which will be our most extensive yet," stated James Sykes, chief executive officer, 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 AK23-102 to AK23-104 were designed to locate mineralization beyond the modelled extents of Pod 7. They were drilled 50 m north of higher concentrations of uranium previously encountered in drill holes AK23-095, AK23-096 and AK23-098. The results from hole AK23-102 suggests uranium concentrations are getting stronger as exploration continues along the Pod 7 mineralized corridor.

Drill holes AK23-114 and AK23-115 were designed as 25 m stepouts to locate high-grade uranium mineralization intersected in AK23-102. Although neither drill hole intersected similar results as AK23-102, the results from AK23-114 were more encouraging, including shallow uranium mineralization potential. Holes AK23-114 and AK23-115 have not restricted the potential for AK23-102-like mineralization from occurring in the area.

Geochemical U3O8 assay results from drill holes AK23-102 to AK23-104, and AK23-114 to AK23-115, were provided by Saskatchewan Research Council's geoanalytical laboratory (SRC) in Saskatoon, Sask. The assay methodology includes SRCs U3O8 weight per cent assay analysis package, where an aliquot of sample pulp is digested in a concentration of HCl:HNO3 (hydrochloric acid: nitric acid). 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 six 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 powerline 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, Northern Saskatchewan, Canada. The land package is free of any option agreements or underlying royalties.

The company discovered the Ackio near-surface uranium prospect 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, 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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