Mr. Mike Blady reports

BASIN URANIUM ANNOUNCES FILING OF TECHNICAL REPORT INCLUDING MAIDEN RESOURCE ESTIMATE FOR CHORD

Basin Uranium Corp. has filed the National Instrument 43-101 mineral resource estimate (MRE) for its Chord uranium project located in Fall River county, South Dakota, United States. The Chord uranium project, Fall River county, South Dakota, U.S., mineral resource NI 43-101 technical report was prepared by BRS Engineering Inc. with an effective date of May 7, 2024. A copy of the technical report can be found under the company's issuer profile on SEDAR+ and on the company's website.

Chord MRE highlights:

• Total inferred resources of 2.75 million pounds (Mlb) U3O8 (triuranium octoxide) at an average grade of 810 parts per million (ppm) over an average thickness of 8.5 feet.
• MRE was based off only 431 of the over 1,247 drill holes historically drilled at the Chord. The 431 drill holes had both reliable collar mapping and geophysical data available for interpretation.
• The areas underlying the MRE have the reasonable possibility of connectivity between them along trends within the same fluvial sands of the Inyan Kara group. These broad trends have been projected to connect the drilling in the Viking area to the Ridge Runner, the Ridge Runner to the October-Jinx, and southwest of October Jinx.
• The company has delineated exploration targets at the Chord project estimated in the range of 1.42 Mlb to 4.23 Mlb U3O8 of potential, as further described below. These targets currently have insufficient data and are conceptual in nature. Further exploration is needed to test them for mineralization. No guarantee is made that any future resource will be delineated by future exploration.
• Estimated inferred mineral resources for uranium are reported at a GT (grade times thickness) cut-off of 0.25 with a minimum intercept grade of 0.02 per cent equivalent U3O8.
• A drilling program targeting the confirmation of the current resource would also provide data on the hydrogeology of the mineralized horizons and evaluate their potential for extraction by ISR (in situ recovery) methods. If the deposit or portions thereof are determined to be in situ recovery amenable, similar grade and GT cut-offs as were applied to the current inferred resource would also be applicable.
• Data from two existing monitoring wells on site indicate that the lower portion of the Chilson member lies within a saturated aquifer. The mineralized portion of this aquifer may prove to be potentially extractable by in situ recovery methods.
• The Fall River uranium district is a past producer of approximately 250,000 tons of mineralized material. Mining in the project area was primarily limited to small-sized open-pit methods, and focused on the uppermost, oxidized mineral horizons within the Inyan Kara group. The deeper mineral horizons, particularly with the October-Jinx area, were left undeveloped but were strongly explored by Union Carbide Corp. in the late 1970s.

Readers are encouraged to review the technical report and the company's news release dated May 9, 2024, for additional information on the MRE and the exploration targets disclosed in this news release.

Chord project, South Dakota

The Chord project consists of 3,640 contiguous acres. The project lies on the southern end of the Black Hills, in Fall River county, South Dakota, approximately seven miles north of Edgemont. Mineralization is sandstone-hosted, and channel-bound into tabular and lenticular deposits within the Lakota and Fall River formations of the Inyan Kara group.

The project lies within a historically explored and mined district. Nearly 300 historical uranium mines and prospects once dotted western South Dakota. Union Carbide (UCC) spent approximately $3.5-million to $4-million in development of the project in the late 1970s. UCC conducted extensive exploration drilling in the late 1970s, culminating in a feasibility study and planned conventional mine development by 1979.

The Chord project is located just 5.5 miles southeast of enCore Energy's advanced stage and Nuclear Regulatory Commission (NRC)-licensed Dewey-Burdock ISR uranium project, which is one of the company's initial development priorities following the start of production in South Texas.

During the tabulation of the MRE, the author and the company were only able to accurately verify 35 per cent of the holes historically drilled on the Chord property. This, in itself, provides the potential for significant exploration upside to increase the confidence and potential size of the resource at Chord. The company will be working diligently to continue to upgrade the size and potential of the Chord project. In addition, Basin will also be undertaking steps to assess the ISR viability of the deeper sands that form the majority of the resource on the project. The company has established exploration targets outside of the ground covered by the MRE, as disclosed herein.

Investor relations

Further to the company's news release of April 18, 2024, the company has increased the budget by 100,000 euros with Plutus Invest & Consulting GmbH. The consultant will provide strategic consulting services focused on market analysis and financial advisory, and managing digital content to support the company's business initiatives in Europe and beyond.

As of the date hereof, to the company's knowledge, Plutus (including its directors and officers) does not own any securities of the company and has an arm's-length relationship with the company. The company will not issue any securities to Plutus as compensation for its marketing services.

Qualified person

Carl D. Warren, PE, PG, is a senior engineer at BRS Engineering Inc., and is a qualified person as defined in National Instrument 43-101. Mr. Warren has reviewed and approved the technical data contained 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 five advanced-stage uranium projects located in the United States, namely the Chord and Wolf Canyon projects in South Dakota, the South Pass and Great Divide basin projects in Wyoming, and the Wray Mesa project in Utah. All five projects have seen extensive historical exploration and 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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