Mr. Mike Blady reports

BASIN URANIUM STAKES NEW URANIUM PROJECT

Basin Uranium Corp. has acquired the Wolf Canyon uranium project, located in Fall River county, South Dakota, United States. The project, which was acquired through direct staking by the company, comprises 80 unpatented mineral lode claims totalling 1,600 acres located two miles east of U.S. Highway 18 and approximately eight miles east of the company's flagship Chord project.

"The staking of Wolf Canyon represents our continued expansion into the USA, focused on acquiring strategic assets located in prolific mining districts with extensive historical exploration," commented Mike Blady, chief executive officer of Basin Uranium. "The recent tabling of House Bill 1071 efforts are under way to allow the governor to agree with the Nuclear Regulatory Commission to bring uranium mining and nuclear energy back to the Rushmore State (South Dakota), which has nearly 300 historic mines and prospects in the western portion of the state alone."

Wolf Canyon project, South Dakota

The Wolf Canyon uranium project comprises 1,600 acres of contiguous claims (80 unpatented mineral lode claims) located 10 miles east of Edgemont, S.D. Access to the property is facilitated through U.S. Highway 18, located two miles to the west, with year-round gravel and ATV (all-terrain vehicle) roads servicing the claims. The Wolf Canyon project lies within the northeast-trending Long Mountain structural zone with uranium mineralization hosted in the Inyan Kara sedimentary group. The uranium deposits of southwest South Dakota are roll-front style typically found in paleo-fluvial channels similar to those found in Wyoming and other productive districts. Exploration on Wolf Canyon dates back to the 1970s, with several large companies having drilled numerous wells on the property. Specifically, resource drilling by Union Carbide Corp. in the 1970s reported uranium mineralization significant enough to commission an internal resource; however, additional verification and validation must be performed by the company's qualified person before being disclosed publicly.

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.

Option and restricted share unit grant

The company has granted a total of 267,211 stock options under the company's stock option plan to various business consultants. The options vest immediately and are exercisable for a period of five years at an exercise price of 33 cents.

In addition, the company has also issued an aggregate of 305,000 restricted share units (RSUs) to certain officers, directors and consultants of the company. The RSUs vest immediately and are exercisable for a period of five years. The incentive options and RSUs are subject to a hold period of four months and a day from issuance in accordance with the Canadian Securities Exchange Policy 6.

Investor relations

The company has entered into an agreement dated Feb. 6, 2024, with Brisco Capital Partners Corp., pursuant to which Brisco will provide the company with marketing and investor relations services to expand investor awareness of the company's business and to communicate with the investment community. The promotional activity will include liaising with the investment community, introducing the management of the company to investors and assisting in the presentation of information to those potential investors; and may also include the organization of road shows. The company has engaged Brisco for a term of 12 months, unless extended by the parties, and the promotional activity is expected to commence on Feb. 6, 2024, and is expected to end on or around Feb. 6, 2025. The company is permitted to terminate the IR agreement at any time upon giving 30 days of notice to Brisco.

As consideration for the provision of the promotional activity and pursuant to the terms and conditions of the IR agreement, the company has agreed to: (i) pay Brisco a monthly fee of $7,500; (ii) grant Brisco 250,000 stock options; and (iii) reimburse Brisco for all reasonable out-of-pocket expenses. The Brisco options, 25 per cent of which will vest every three months following the date of grant, will be exercisable to acquire common shares at a price of 33 cents for a period of five years from the date of grant.

Brisco is an Alberta-based, full-service investor relations firm with more than two decades of experience working with publicly listed Canadian issuers, with a particular focus on resource companies. Brisco assists its clients with formulating and implementing an investor relations and communication strategy, including introducing its clients to a broad network of high-net-worth investors, retail brokers, institutional buy-side portfolio managers and industry-specific analysts. Scott Koyich, the principal of Brisco, with an address located at Suite 400, 505 8th Ave. SW, Calgary, Alta., T2P 1G2, and who can be contacted at 403-619-2200 and scott@briscocapital.com, will be involved in conducting the promotional activity. Brisco and Mr. Koyich are arm's length from the company.

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 and Wolf Canyon project in South Dakota, the South Pass project in Wyoming and the Wray Mesa project in Utah. All four 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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