Mr. Walter Coles reports

VIRGINIA ENERGY ANNOUNCES OPTION AGREEMENT FOR SOLAR DEVELOPMENT PROJECT AT COLES HILL

Virginia Energy Resources Inc. has signed an option agreement with a solar development company to evaluate the feasibility of a solar energy generation facility on approximately 1,000 acres of the company's land. If the option is exercised, this solar project would generate low-carbon energy for the local community, Pittsylvania county and the Commonwealth of Virginia.

An energy project of this type would utilize services of local businesses and provide both temporary and permanent jobs to the local community.

This solar project further demonstrates the commitment of Virginia Energy to enhancing the community in which it operates, its long-term commitment to the local economy and the responsible steps taken toward the development of the Coles Hill uranium project.

A solar project could provide the company with an on-site source of low-carbon power that could be utilized for future processing facilities at Coles Hill. It is an important infrastructure step for the project. In the meantime, this solar project will provide low-cost low-carbon energy to the local area while providing future cash flow contributions for sustaining general and administrative costs of the company.

Virginia Energy is of the belief that this solar project aligns well with its ESG (environmental, social and governance) and net-zero carbon goals. If developed, its Coles Hill uranium project will provide energy-dense uranium that is responsibly produced locally for the nuclear energy industry both in the United States and in the Commonwealth of Virginia.

As the journey continues in the global energy transition, the need for low-carbon high-quality baseload energy is becoming increasingly critical. Better understanding of nuclear energy by the public along with development of advanced nuclear reactors in the United States is increasingly positive. The Coles Hill project is uniquely positioned to provide a longer-term supply of local American-made energy-rich uranium that can be supplied to serve this energy transition while providing much needed economic contribution to its local community and to the state. The company's work to implement this solar project is another step toward that future.

Commenting on the transaction, company president and chief executive officer Walter Coles Sr. said: "If determined to be feasible, this solar project will generate low-carbon energy for the local community, Pittsylvania county and the Commonwealth of Virginia. Construction of the project would utilize services of local businesses and provide jobs to the local community. This solar project further demonstrates the commitment of Virginia Energy to enhancing the community in which we operate and our long-term commitment to the local economy. It could be an important infrastructure step for Coles Hill and, if developed, would provide meaningful cash flow to the company."

Mr. Coles continued: "Domestic energy security is a critical issue for governments around the world. A recent and unfortunate reminder is the reliance on energy inputs from Russia, as shown in the conflict with Ukraine. These recent events definitively establish the need for self-reliance: a complete energy supply chain entirely within our borders. The Coles Hill project is uniquely positioned to provide a longer-term supply of locally sourced uranium to support our own domestic fleet of power reactors."

About Virginia Energy Resources Inc.

Virginia Energy Resources is a uranium development and exploration company. The company holds a 100-per-cent controlling interest in the advanced-stage Coles Hill uranium project located in south-central Virginia, United States.

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