ALX Resources Corp. announced an update on the 2024 winter drilling program at its 100%-owned Gibbons Creek Uranium Project located in the northern Athabasca Basin near the community of Stony Rapids, Saskatchewan. The second and third holes of the planned 6-hole program have intersected narrow intervals of uranium mineralization at or near the unconformity, based upon hand-held scintillometer readings on drill core, downhole gamma probe results, and visual observation of uranium minerals by ALX's geological team.

Hole GC24-02 (180 degree azimuth /-75 degree dip) was drilled at the intersection of east-west and north-northwest faults interpreted from the 2023 ground magnetic survey and intersected fracture- controlled and disseminated blebs of uranium mineralization at 0.8 metres below the unconformity, which was reached at a depth of 108.4 metres. An Exploranium GR-135 handheld scintillometer measured radioactivity of 220 counts per second (cps) and a Mount Sopris 2PGA-1000 downhole gamma probe measured a radiometric peak of 3,321 cps within a 0.6 metre interval of anomalous radioactivity from 108.9 to 109.5 metres. Drill hole GC24-02 represents an approximately 470-metre step-out to the west of ALX's historical hole GC15-03 (0.143% U3O8 assay over 0.23 metres) and was collared approximately 350 metres to the southwest of Eldorado Nuclear's 1979 hole GC-15 (1,520 parts per million (ppm) uranium over 0.13 metres).

Hole GC24-03 (180 degree azimuth /-69 degree dip) was drilled as a 25-metre westward step out of unconformity-related uranium mineralization in hole GC15-03 to test the continuity of an interpreted trend of anomalous uranium mineralization between GC15-03 and historical drill hole GC-15, which are 340 metres apart. Anomalous radioactivity and fracture-controlled uranium mineralization was intersected from 110.0 to 110.9 metres approximately 1.5 metres below the unconformity at 108.5 metres. The Exploranium GR-135 handheld scintillometer measured a peak radioactivity value of 190 cps and the Mount Sopris 2PGA-1000 downhole gamma probe measured a radiometric peak of 2,217 cps within the noted anomalous radioactive interval.

Uranium mineralization was observed as coatings on fractures in the drill core at 110.2 metres as well as other fractures between 110.0 and 110.9 metres. The 2024 winter drilling program at Gibbons Creek is planned for six holes totaling approximately 1,200 metres to test for unconformity-type and basement-hosted uranium mineralization in the eastern area of the Project. The program is anticipated to continue until the end of March or early April 2024, weather permitting.

Weather conditions remain satisfactory for the operation of equipment and personnel and the work is proceeding as scheduled. Proximity to the community and infrastructure of Stony Rapids adds greatly to the efficiency of the exploration program for the procurement of supplies, rentals, fuel, and additional personnel when required. 2024 Option Earn-in Transaction: Gibbons Creek is currently the subject of an option earn-in transaction with Trinex Lithium Ltd., a wholly- owned subsidiary of Trinex Minerals Limited.

Under the terms of binding letter agreement signed in February 2024, Trinex can earn an initial 51% interest and up to a 75% participating interest in the Project in two stages over a period of five years by making cash payments and common shares payments to ALX, and by incurring exploration expenditures at the Project. About Gibbons Creek and the 2024 Drilling Program: Gibbons Creek consists of eight mineral claims comprising 13,864 hectares (34,258 acres) located along the northern margin of the Athabasca Basin. The Project is located in a region that hosts numerous historical uranium occurrences, such as the Black Lake discoveries in several drill holes beginning in 2004, and the historical Nisto Mine, from which 500 tons of ore was shipped in 1950 to the historical Lorado Mill at Uranium City, SK, including 106 tons grading 1.6% U3O8.

ALX holds an exploration permit for Gibbons Creek, good until October 2025, which allows for up to 20 diamond drill holes totaling approximately 5,000 metres, along with ground-based geophysics, prospecting, and geochemical sampling. Access to Gibbons Creek is via roads and trails that lead from the community of Stony Rapids, SK, which is connected to all-weather Highway 905, thereby creating flexibility for either summer or winter exploration programs. Stony Rapids has readily-available fuel, supplies and accommodations for field personnel, and an airport with daily flights to cities and towns in southern Saskatchewan. Prior to commencement of the 2024 drilling program, ALX carried out a comprehensive review of Gibbons Creek historical exploration data and has integrated that information with the high-resolution magnetic and SGH geochemical surveys completed in November 2023.

The historical data and the results of ALX's ground surveys on the 2023 exploration grid show important characteristics of the Project's potential to host uranium mineralization, which is demonstrated by the mineralization found in ALX's 2015 hole GC15-03 (0.13% U3O8 over 0.23 metres from 107.67 metres to 107.90 metres), in Eldorado's 1979 hole GC-15 (0.179% U3O8 over 0.13 metres from 134.11 to 134.24 metres) and in the current 2024 drilling program.