Mr. Mike Blady reports

BASIN'S PARTNER NEXUS URANIUM PROVIDES EXPLORATION PLANS WITH DRILLING PLANNED IN Q1 2024 AT WRAY MESA

Basin Uranium Corp. partner company Nexus Uranium Corp. has provided an update on the receipt of permits and its exploration plans at the Wray Mesa project in Utah. The permits were issued by the State of Utah Department of Natural Resources Division of Oil, Gas and Mining covering the Ajax and Dylan areas for the drilling of up to 50 holes. Under the terms of the option agreement, Nexus will contribute cash, share and exploration expenditure consideration totalling over $4.7-million during the option agreement period to acquire up to a 90-per-cent interest in the project.

"We are excited to see our partner, Nexus Uranium, quickly advance this project to drilling early next year," commented Mike Blady, chief executive officer of Basin Uranium. "Given the backdrop of surging uranium prices, recently hitting $90 (U.S.) per pound, coupled with the evaluation of a potentially valuable vanadium byproduct credit, we are pleased to see exploration work commencing in the near term which will create value for both companies."

The initial phase 1 drill program is planned for a total of up to 10 holes over the project area, with a focus on both confirming high-grade historical drill results in addition to extending the known zones of mineralization. The drill program will utilize diamond core drilling for intersecting the mineralized zones which will provide valuable insights on geology, stratigraphy and orientation as well as allowing for the investigation of the potential for vanadium mineralization which was previously untested by historic drilling. Highlights from historical drilling include seven feet grading 0.94 per cent eU3O8 (triuranium octoxide equivalent) (WMD-08-031), five feet grading 0.98 per cent eU3O8 (WMD-260-80) and 4.2 feet grading 0.52 per cent eU3O8 (W-07-004). The company has engaged Harrison Land Services LLC of Moab, Utah, with drilling expected to commence in Q1 2024.

The Wray Mesa project comprises 6,282 acres and has seen extensive historical exploration dating back to the 1980s with over 500 holes drilled outlining four principal mineralized zones: Dylan, Ajax, Whiskey and Carlin. Mineralization on the property occurs at depths of 500 to 750 feet with the drill-defined mineralization ranging from 25 to 75 feet. Mineralization is typical sandstone-hosted tabular deposits wherein the uranium occurs in reduced and altered sandstones and sandstone-mudstones in major stream channels in the Upper Salt Wash member of the Morrison formation.

Qualified person

R. Tim Henneberry, PGeo (British Columbia), a technical adviser to the company, is the qualified person as defined by National Instrument 43-101 who has reviewed and approved the technical data in this news release.

About Basin Uranium Corp.

Basin Uranium is a Canadian junior exploration company focused on mineral exploration and development in the green energy sector. The company has three advanced-stage uranium projects located in the United States, namely the Chord project in South Dakota, the South Pass project in Wyoming and the Wray Mesa project in Utah. All three projects have seen extensive historical exploration and are located in prospective development areas. The company also has the Mann Lake uranium project, located in the world-class Athabasca basin of Northern Saskatchewan, Canada, in addition to the CHG gold project in south-central British Columbia.

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