Mr. Mike Blady reports

BASIN URANIUM CLOSES PREVIOUSLY ANNOUNCED NON-BROKERED PRIVATE PLACEMENT OF UNITS

Basin Uranium Corp., further to its news release dated Dec. 23, 2024, has closed its previously announced non-brokered private placement of 4,664,999 units of the company at a price of 15 cents per unit for gross proceeds of $699,749.85. Each unit comprises one common share in the capital of the company and one common share purchase warrant. Each warrant entitles the holder thereof to acquire one additional common share at a price of 20 cents per warrant share until Jan. 22, 2028. The warrants contain an accelerated expiry clause. Pursuant to the acceleration clause, if the common shares of the company close at or above 30 cents for 10 consecutive trading days on the Canadian Securities Exchange, then the company may accelerate the expiry date of the warrants by issuing a news release announcing the accelerated warrant term, pursuant to which the warrants will expire on the 30th calendar day after the date of such news release.

The company intends to use the net proceeds from the offering for the advancement of its United States property portfolio and general corporate and working capital purposes. All securities issued in connection with the offering are subject to a statutory hold period of four months and one day following the date of issuance in accordance with applicable Canadian securities laws.

In connection with the closing of the offering, the company paid cash finders' fees in the amount of $7,470 and issued 69,799 finders' warrants to certain eligible arm's-length finders. Each finder's warrant entitles the holder to acquire one additional common share at a price of 20 cents per finder's warrant share until Jan. , 2028. The finder's warrants also contain the acceleration clause.

Certain insiders of the company subscribed to the offering for an aggregate of 300,000 units. Such issuance of units to the Insiders constitutes a related party transaction as defined in Multilateral Instrument 61-101, Protection of Minority Securityholders in Special Transaction. The company is relying on the exemption from valuation requirement and minority approval pursuant to subsections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as the participation by the insiders in the offering does not represent more than 25 per cent of the fair market value of the company's market capitalization.

A material change report will be filed in connection with the participation of the insiders in the offering less than 21 days in advance of the closing of the offering, which the company considers reasonable in the circumstances so as to be able to avail itself of potential financing opportunities and to complete the offering in an expeditious manner.

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 four advanced-stage uranium projects located in the United States, namely the Chord and Wolf Canyon projects 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 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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