Mr. James Sykes reports

BASELODE DEFINES THE SIGNIFICANCE OF MASSIVE CLAY ALTERATION SYSTEM IDENTIFIED ON HOOK URANIUM PROJECT

Baselode Energy Corp. has provided results and findings from the exploration and discovery portion of the drill program on Hook project in the Athabasca basin area of Northern Saskatchewan.

Highlights:

• Five drill holes outlined an open massive hydrothermal clay alteration system measuring at least 200 metres by 100 metres, resembling alteration found in Athabasca high-grade uranium deposits;
• Radioactivity within the clay alteration system increases with depth and remains open;
• Drill hole HK24-010 intersected 13.4 metres of continuous radioactivity within a 200-metre-wide alteration system;
• New defined target areas are within six kilometres of near-surface Ackio uranium prospect.

"These results represent an important discovery on our Hook project. While we've already made a discovery at Hook with Ackio, this is only a small part of the broader Hook land package. The potential on the property is substantial as Hook is an extensive project, and our discovery at Ackio, combined with our neighbour Atha Energy's discovery in their Gemini mineralized zone, highlights that the region has all the geological features needed to host significant uranium deposits. More importantly, we can clearly demonstrate that this area is fertile with uranium mineralization. Large-scale alteration systems are key indicators when it comes to uranium, which tends to occur in smaller deposits relative to other minerals. We're pleased to have uncovered such a large system, exhibiting all the hallmark features needed for a new high-grade Athabasca uranium discovery," commented James Sykes, chief executive officer, president and a director of Baselode.

The first alteration system the company highlights is in the HK24-016 area, measuring more than 250 metres wide by 400 metres deep, with a core of massive clay and bleached alteration styles that measure 100 metres wide by at least 200 metres deep. These core alteration styles are important as they are the same style associated with at least three basement-hosted Athabasca high-grade uranium deposits.

The second alteration system identified in the HK24-010 area is significant due to its similarly large scale, intersecting 13 metres of continuous anomalous radioactivity within pegmatite along the margin of the fluid pathway. While assays are pending, the company is well financed and eager to proceed with follow-up drill plans for these high-priority exploration targets.

Hook exploration drill hole highlights

HK24-016 area

Drill holes HK24-016, HK24-017 and HK24-021 to HK24-023 were collared 5.5 kilometres southwest of Ackio. HK24-016 intersected 140 metres of massive hydrothermal clay and bleaching alteration within a broader 370-metre-thick alteration corridor. The drill hole intersected anomalous radioactivity associated with fracture-controlled remobilized hematite alteration within the clay alteration.

Both HK24-017 and HK24-021 targeted the clay alteration up dip and downdip, with each intersecting 30 metres and 145 metres of clay alteration, respectively. HK24-022 was collared 100 metres southeast of HK24-016 and intersected 60 metres of clay alteration, and HK24-023 was collared 50 metres northeast and intersected 110 metres of clay alteration. Initial observations suggest follow-up drilling is required beneath HK24-021 and to the north of HK24-023.

The clay alteration encountered within these Hook drill holes share numerous similarities to massive hydrothermal clay alteration systems observed in Athabasca basement-hosted, high-grade uranium systems, such as Cameco's Millennium and Eagle Point deposits, Uranium Energy Corp.'s Roughrider deposits, and Denison Mines' Gryphon deposit.

The upper outer halo of the clay alteration is further identified with unique limonite liesegang banding and fracture-controlled alteration, including a distinct quartz stockwork. These are also similar outer halo alteration styles that have been observed within large-scale Athabasca uranium deposits.

HK24-010 area

Drill holes HK24-009 and HK24-010 were collared six kilometres northeast of Ackio. Details of these drill holes were initially released on July 17, 2024. HK24-010 has returned the best radioactive intersection outside of Baselode's near-surface Ackio uranium prospect with 13.2 metres of continuous anomalous radioactivity starting at 186 metres beneath the surface hosted within a pegmatite along the western margin of a 200-metre-wide, structurally controlled hematite and bleached alteration system. The area remains open in all directions.

Drill hole samples have been sent to Saskatchewan Research Council for uranium and multielement analysis. Results will be released after being received and reviewed by the company.

Notes:

1. Cps refers to counts per second, as measured with a hand-held RS-125 gamma-ray spectrometer/scintillometer (RS-125). The reader is cautioned that Baselode uses scintillometer readings as a preliminary indication for the presence of radioactive materials (uranium, thorium and/or potassium) and that scintillometer results may not be used directly to quantify or qualify uranium concentrations of the rock samples measured.
2. The company defines groupings of RS-125 as: (i) background radioactivity (50 to 200 cps); (ii) above-background radioactivity (200 to 300 cps); and (iii) anomalous radioactivity (300 to 1,000 cps).
3. Radioactivity (greater than 300 cps) in the attached table is defined as drill core length with no greater than 2.0 metres of consecutive drill hole length measuring less than 300 cps. All reported drill hole depths and lengths do not represent true thicknesses.

About Baselode Energy Corp.

Baselode controls 100 per cent of approximately 238,930 hectares for exploration in the Athabasca basin area of 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 and comprises at least nine separate uranium pods, with mineralization starting as shallow as 28 metres and 32 metres beneath the surface in pods 1 and 7, respectively, and down to approximately 300-metre depth beneath the surface, with the bulk of mineralization occurring in the upper 120 metres. 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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