Purepoint Uranium : Monthly Uranium Exploration Update - December 2023

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MONTHLY URANIUM EXPLORATION UPDATE

December 2023

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November 28, 2023: Canada leading in nuclear power and nuclear fuel

November 21, 2023: Uranium activity showcased significant movement

November 14, 2023: Kazakhstan's stronghold on the nuclear sector

November 7, 2023: Uranium prices up slightly on sporadic activity

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") today reported that, following the completion of its recently announced airborne Mobile MagnetoTellurics (MobileMT) survey on the Tabbernor Project, the Company added approximately 8,865 hectares to the property.

"The initial data from our recently completed MobileMT survey not only confirmed the Central electromagnetic (EM) conductor but identified a significant EM anomaly continuing to the east beyond our claim line which we have now acquired." said Scott Frostad, Vice President Exploration at Purepoint. "The original three Tabbernor properties were staked based on the geological intersection of the north-south Tabbernor fault system and major deposits in the Athabasca Basin. Additional land was staked before last year's geophysical survey to capture all of the Central EM conductor that crosscut and possibly extended beyond the projects. The Central EM conductor on our Tabbernor project is now known to stretch for just over 50 kilometres".

Highlights

• Purepoint recently completed a 2,667 line-km airborne MobileMT geophysical survey focused on the 50-kilometre conductive corridor that cuts through the project.
• A detailed soil geochemical survey was also performed covering approximately 2.5 kilometres of the Central EM conductor within a prospective area.
• An additional 8,865 hectares have now been acquired through staking adjacent to the eastern boundaries of the project.
• Final geophysical products, assays and interpretations are pending.
• Drilling to the west on an adjacent property recently identified significant mineralization associated with the Central EM conductor (see
  CanAlaska Uranium Ltd. press release, September 27, 2023).
• Complete details of all Purepoint's exploration projects and next steps can be found on the company's website at https://purepoint.ca/ investor/portfolio-handbook/.

Tabbernor Project

The 100% owned Tabbernor Project was staked along three major trends of the Tabbernor Fault System, a deep seated, 1,500-kilometre crustal shear system that runs north through the Athabasca Basin. The system not only hosts over 80 historic mines and gold occurrences but also crosscuts the Basin's mine trend aligning itself with 8 of the Basin's largest uranium discoveries.

The Tabbernor Project consists of 34 claims that total 79,463 hectares. The original block of three north-south claim groups (23 claims) that covered Tabbernor structures have now been joined by an additional 11 claims that cover a strong east-northeast trending corridor of conductive rocks.

Tabbernor Fault System

The Tabbernor Fault System (TFS) is a wide, >1,500 km geophysical, topographic, and geological structural zone that trends approximately northward along Saskatchewan's eastern boundary. Purepoint's research has shown that although none of the province's currently known uranium deposits have been linked to the north-south trending TFS, localized shear zones hosting uranium mineralization may have an associated north-south structural component.

Reactivation of the TFS may have coincided with the age of formation of large uranium deposits in the Athabasca Basin (Davies, 1998). Da- vies also concluded that structural similarities between the TFS and mineralized areas suggest that the fault system may have had a control on the location of mineralization. More specifically, he considered that several deposits, such as the Sue, Midwest, Dawn Lake and Rabbit Lake all demonstrate a north-south control and strong Tabbernor-like characteristics.

Purepoint has staked claims to the south of the Athabasca Basin based on interpreted north-south lineaments linking the Key Lake and Millennium deposits, the Midwest and West Bear deposits, the Jeb and Raven deposits, and the Collins Bay and Eagle Point deposits.

Reference:

Davies, J.R. (1998): The origin, structural style, and reactivation history of the Tabbernor fault zone, Saskatchewan, Canada; Master's thesis, McGill University, Montreal, Quebec, 105p.

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") announced today the approval of the exploration program for the Hook Lake Project for the upcoming winter season. The Hook Lake Project is a joint venture between Cameco Corporation (39.5%), Orano Canada Inc. (39.5%), and Purepoint (21%) and drilling is scheduled to commence in January 2024. The Project lies on the southwestern edge of Canada's Athabasca Basin, Canada and is adjacent to, and on trend with, high-grade uranium discoveries including Fission Uranium's Triple R Deposit and NexGen's Arrow Deposit.

"This past winter's program ended on a very high note with a uranium intercept associated with boron that is reminiscent of our early discoveries at the Spitfire discovery. As a matter of fact, hole CRT23-05 delivered the project's highest uranium grade outside of the Spitfire discovery" said Scott Frostad, Vice President Exploration at Purepoint. "We are anxious to follow up on this radioactivity to determine whether we are coming into a prominent area of mineralization".

Highlights

Approximately 2,500 metres of diamond drilling are planned across 5 holes at the Carter Corridor.

• The program will follow up on hole CRT23-05 which returned an assay of 0.08% U3O8 (671 ppm U) over 0.4 metres (319.1 to 319.5m) from a 15-metre graphitic shear zone (318 to 333m downhole depth) below the unconformity (283m).
• In addition, the CRT23-05 mineralization was found to have a significant boron halo returning greater than 800 ppm B over 35 metres (305-340m).
• The Carter corridor is a long lived, reactivated fault zone that lies between the Clearwater Domain granitic intrusive rocks to the west and runs parallel to the Patterson structural corridor to the immediate east.
• The 25-kilometre strike length of the Carter structural/conductive corridor is almost entirely located within the Hook Lake JV project.
• Drilling is expected to begin in January 2024.
• Complete details of all Purepoint's exploration projects and next steps can be found on the company's website at https://purepoint.ca/ investor/portfolio-handbook/.
• A current National Instrument 43-101 compliant technical report on the flagship Hook Lake Joint Venture project can be found at https://purepoint.ca/projects/hook-lake/ - "Technical Report on the Hook Lake Project, Northern Saskatchewan, Canada April 19,
  2022".

Hook Lake - The Carter Corridor

The Hook Lake JV Project is owned jointly by Cameco Corp. (39.5%), Orano Canada Inc. (39.5%) and Purepoint Uranium Group Inc. (21%) as operator and consists of nine claims totaling 28,598 hectares situated in the southwestern Athabasca Basin. The Hook Lake JV Project is considered one of the highest quality uranium exploration projects in the Athabasca Basin due to its location along the prospective Patter- son Lake trend and the relatively shallow depth to the unconformity.

The Patterson Lake area was recently flown by an airborne gravity survey (Boulanger, Kiss and Tschirhart, 2019) that was funded by the Targeted Geoscience Initiative (TGI), a collaborative federal geoscience program. The gravity results show the southern portion of the Carter corridor as being associated with the same gravity high response as the Triple R and Arrow uranium deposits. The gravity low response west of the Carter corridor reflects the geologically younger, Clearwater Domain intrusions. The TGI researchers (Potter et al., 2020) consider the Clearwater Domain intrusions as being high-heat-producers that warmed and circulated hydrothermal fluids over the structural corridors. Prolonged interaction of oxidized uranium-bearing fluids with basement rocks via reactivated faults is thought to have formed the high- grade uranium deposits.

Earlier this year, Purepoint drilled 2,710 metres in six holes to test the Carter Corridor. As this was our first pass drilling, the main conductive trend was tested using 800 metre step-outs towards the north to identify the most prospective geology.

Drill hole CRT23-05 intersected a sheared/faulted chlorite-altered, graphitic diorite gneiss over 15 metres before encountering 5 metres of intense clay alteration. The graphitic shear returned an assay of 0.08% U3O8 (671 ppm U) over 0.4 metres (319.1 to 319.5m).

Purepoint Uranium Group Inc. (the "Company" or "Purepoint") (TSXV: PTU) (OTCQB: PTUUF) today announced that it has entered into an

option agreement (the "Option Agreement") with a wholly-owned subsidiary of Foran Mining Corporation (TSX: FOM) ("Foran") pursuant to which Purepoint granted options to Foran to acquire up to 100% interest in Purepoint's Denare West Project located in east-central Sas- katchewan, approximately 55 kilometres west-southwest of Flin Flon, Manitoba (the "Property"). The Property is adjacent to and on trend with Foran's McIlvenna Bay project.

Concurrently with the execution of the Option Agreement, Foran has agreed to invest $350,000 in a non-brokered private placement of 7,000,000 common share units (each, a "Unit") of Purepoint at a price of $0.05 per Unit (the "Private Placement"). Each Unit is comprised of one common share of Purepoint and one common share purchase warrant exercisable at a price of $0.07 per share for a term of two years from the date of issue. The closing of the Private Placement is subject to approval by the TSXV. Purepoint intends to use the net proceeds of the Private Placement for general working capital purposes.

"We are excited to contribute to the Foran narrative, particularly their development of the region's largest undeveloped VHMS deposit. We look forward to the work they will be carrying out on the Denare West property and its potential to add value to this already significant mining project." said Chris Frostad, President & CEO of Purepoint. "We also appreciate Foran's investment in the equity of our company as part of this transaction and mutual exposure to our respective efforts here in Saskatchewan."

Pursuant to the Option Agreement,

• Foran has been granted the option (the "First Earn-in Option") to acquire a 51% beneficial interest in the Property by incurring a total of $3,000,000 in qualifying exploration expenditures ("Expenditures") on the Property over a period of up to four years from the effec- tive date of the Option Agreement (the "First Expenditure Period").
• Following the exercise of the First Earn-in Option, Foran will have the option (the "Second Earn-in Option") to acquire an additional 29% beneficial interest in the Property by incurring an additional $3,000,000 in Expenditures on the Property over a period of up to two years following the end of the First Expenditure Period.
• Following the exercise of the Second Earn-in Option, Foran will have the final option to acquire the remaining 20% interest in the Property by making a payment in the amount of $10,000,000 (the "Final Purchase Option Price") to Purepoint and granting a 2% net smelter returns royalty ("NSR") to Purepoint.
• Foran has a multi-stage option to buy back the NSR royalty from Purepoint: initially, it can repurchase 1% NSR for $1,000,000 (the "First Royalty Option") at any time before deciding to operate a mine commercially on the Property. Following this, subject to exercising the First Royalty Option and after 60 months of NSR payments, it has the option (the "Second Royalty Option") to buy an additional 0.5% NSR for another $1,000,000. Finally, after 120 months of NSR payments and exercising the Second Royalty Option, it can ac- quire the remaining 0.5% NSR for $1,000,000 (the "Final Royalty Option Price").
• Subject to the stock exchange approval and satisfaction of certain other conditions set out in the Option Agreement, Foran may pay the Final Purchase Option Price, the First Royalty Option Price, the Second Royalty Option Price and the Final Royalty Option Price by issuing common shares ("Foran Shares") to Purepoint at a deemed price per share that is equal to the 20-trading day volume weighted average price of Foran Shares immediately preceding the date of the notice of exercise of the applicable option.
• At the end of the earn-in phases, if Foran does not elect to acquire Purepoint's remaining interest in the Property, Foran and Purepoint will form a joint venture (the "Joint Venture") whereby Foran will fund all operations of the Joint Venture until it completes a pre-feasi- bility study with respect to the Property.

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") announced today the approval of the 2024 exploration program for the Smart Lake JV Project that is jointly owned by Cameco Corporation (73%) and Purepoint (27%). The Smart Lake Project is located approximately 18 km west-northwest of the Hook Lake Project and 60 km south-southwest of Orano's former Cluff Lake mine within the western Athabasca Basin, Saskatchewan, Canada. The 2024 exploration program is scheduled for Q1-2024 and will include transient electromagnetic (EM) surveys targeting the Groomes Lake conductor.

"In recent years, advancement of our western projects has focused primarily on our Hook Lake joint venture. With the recent exploration successes in the region and a heightened market sentiment around uranium, we are very excited to return to Smart Lake with our partner Cameco." said Chris Frostad, President and CEO at Purepoint.

Highlights

• The ground EM geophysical surveys will include approximately 15 km of Stepwise Moving Loop (SWML) and 24 km of Fixed Loop (FL) transient electromagnetics (TEM) that target the northern Groomes Lake conductor as follow up to previous airborne and ground geophysical results.
• A DC resistivity/IP survey is planned to profile the Beatty River Fault, Groomes conductor, and eastern magnetic low and help identify sandstone structure and alteration.
• The Groomes Lake conductor is considered a highly prospective uranium target and has not yet been drill tested.
• Exploration at Smart Lake has firmly established the presence of graphitic shear zones that are locally hydrothermally altered and host to anomalous uranium mineralization. Numerous priority target areas, where EM conductors are cross-cut by east-west structures, are yet to be drill tested.
• During the 2019 re-logging of Smart Lake drill core, it was immediately recognized that the rocks were similar to those encountered at our Hook Lake JV Project.
• Geophysical surveys are expected to begin in Q1-2024.
• Complete details of all Purepoint's exploration projects and next steps can be found on the company's website at https://purepoint.ca/ investor/portfolio-handbook/.

Smart Lake Project

Purepoint, as operator, holds a 27% ownership of the Smart Lake project in joint venture with Cameco Corp.

The Smart Lake property includes two claims with a total area of 9,860 hectares situated in the southwestern portion of the Athabasca Basin, approximately 60 km south of the former Cluff Lake mine and 18 km west-northwest of Purepoint's Hook Lake JV Project.

Depth to the unconformity, where it occurs, is relatively shallow at less than 350 metres.

Aeromagnetic and electromagnetic patterns at Smart Lake reflect an extension of the patterns underlying the Shea Creek deposits (Indicat- ed resource of 68M lbs at 1.50% U3O8; UEC PR Jan 2023) 55 km north of the property. Exploration by Purepoint has firmly established the presence of anomalous uranium and hydrothermal alteration. Numerous priority target areas, where EM conductors are cross-cut by east-west structures, are yet to be drill tested.

Like the Kianna fault at Shea Creek, known uranium mineralization at the Smart Lake project is associated with the intersection of the east- west Arthur Fault and north-south-striking fluid/chemical traps including the Shearwater conductor and chloritized mafic orthogneiss. The occurrence of low-grade uranium mineralization along the Arthur Fault away from Shearwater conductor underscore the need to target east-west structures both at the intersection with conductive anomalies and at magnetically interpreted lithological contacts.

Additional east-west striking faults (Groomes Lake and Cristobal) have been interpreted from examination of airborne magnetic and electromagnetic surveys. These faults are spatially related to strong EM conductors identified in both airborne and ground-based geophysical surveys.

Cosa Resources announced the results of project-wide MobileMT surveys at its 100% owned Ursa and Orion uranium projects in the Atha- basca Basin, Saskatchewan.

Highlights:

• More than 110 kilometres of basement conductive trend defined, including over 100 kilometres at Ursa and over 10 kilometres at
  Orion
• Large, deeply rooted basement structures fundamental to the formation of Athabasca uranium deposits are interpreted to be present at both projects
• Multiple kilometre-scale,sandstone-hosted conductive anomalies suggest hydrothermal alteration zones characteristic of Athabasca uranium deposits are present
• Eleven initial target areas identified, none of which have been tested by historical drilling
• Follow-upwill include ground geophysics to refine targets in advance of drill testing

Skyharbour announced results for its inaugural drilling program at its recently optioned 73,294 hectare Russell Lake Uranium Project.

Three phases of drilling were completed on the property this year with eight holes totalling 3,661.5 metres drilled at the Grayling Zone in Phase One, followed by Phase Two consisting of 2,730 metres in four holes at the Fox Trail target area, and returning to the Grayling Zone for Phase Three where an additional 3,203 metres was drilled in seven holes.

Uranium mineralization was intersected in the majority of holes at the Grayling Zone over a strike length exceeding one kilometre. Drill hole RSL23-01 intersected one of the best ever drill results from the project, returning a 5.9 metre wide intercept of 0.151% U3O8 at a depth of 338.4 metres, which includes 1.0 metres of 0.366% U3O8 at 343.3 metres depth within a thrust wedge.

Given the success of the inaugural drill program carried out by the Company at Russell Lake, a follow-up program is being planned. The fully -funded program will consist of 4,000 m - 5,000 m of drilling and is slated to commence this winter with additional details on the program forthcoming.

Standard Uranium announced analytical highlights from the winter 2023 drill programat the Sun Dog Project.

Highlights:

• Breccia-hosteduranium mineralization intersected in the first drillhole at the Haven discovery (SD-23-013) grading up to 0.042 wt.% U3O8 over 0.5 m.
• Analytical data shows elevated pathfinder elements, while clay mineral spectroscopy confirms presence of significant dravite alteration in Johnston Island drill holes, expanding the alteration footprint to 900 metres x 1,600 metres at the Haven-Walli target area.
• Elevated uranium in the basement exceeds thorium values by a factor of 2 or more in multiple intervals, supporting hydrothermal urani- um emplacement.
• Several high-priority drill targets have been identified, targeting high-gradeunconformity-related uranium mineralization.

CanAlaska announced the completion of the summer 2023 drilling program at its West McArthur project.

The drill program is highlighted by WMA082-2 that intersected 6.5 metres at 0.73% eU3O8, including 1.8 metres at 1.91% eU3O8.

WMA082-2 has confirmed high-grade basement mineralization immediately below the unconformity at the Pike Zone. Basement-hosted uranium mineralization has now been confirmed over 160 metres into the basement along the controlling fault structures and remains completely open in multiple directions.

Step out drill targets 200 and 800 metres to the northeast of the Pike Zone intersected alteration and fault structures in the basement and lower sandstone column, respectively.

The West McArthur project, a Joint Venture with Cameco Corporation, is operated by CanAlaska that currently holds a 79.4% ownership in the Project. CanAlaska is sole funding the 2023 West McArthur program, further increasing its majority ownership in the Project.

ALX announced the completion of a surface prospecting program at its 100%-owned McKenzie Lake Uranium Project, located in the southeastern Athabasca Basin area of northern Saskatchewan, Canada.

The purpose of the 2023 prospecting and mapping program was to follow up on the results of ALX's 2021 airborne radiometric survey that had detected a highly-anomalous uranium signature that was determined to be related to uranium mineralization in a basement derived boulder discovered in an initial site visit (2021) to McKenzie Lake.

6 days were spent prospecting in the discovery area of Boulder #1 and several other target areas identified from the 2021 airborne radio- metric survey. Boulders or outcrops of interest were sampled and measured for radioactivity with a hand-heldRS-125Super-SPEC gamma -ray spectrometer (RS-125), which displays radioactivity in counts per second.

Samples taken were shipped to SRC Geoanalytical Laboratories in Saskatoon for geochemical analysis. Results will be released following their receipt, compilation and interpretation..

Forum Energy announced that interpretation of historic uranium assay results from drilling in 2010 and 2011 on trend from Forum's drilling on the Tatiggaq deposit this summer confirms the potential to extend mineralization for up to 1.25 kilometres.

Intersection of uranium mineralization shows continuity and consistency of high-grade mineralization 25 m east-northeast of TAT23-002 drilled this summer.Historical intersepts inlcude TUR-021 intersected 3.51% U3O8 over 7.6 m (from 148.1 - 155.7 m) including 13.8% U3O8 over 1.2 m (153.3 - 154.5 m) and TUR-026 intersected 1.0% U3O8 over 14.9 m (from 177.6 - 192.5 m) including 2.21% U3O8 over 4.6 m (184.0 - 188.6 m).

92 Energy announced encouraging assay results from its 2023 Summer Exploration Program at the 100%-owned Gemini Uranium Discov- ery, located in Saskatchewan, Canada's Athabasca Basin.

The last completed hole of the summer 2023 program, GEM23-075, intersected two stacked fault zones and 0.20% U3O8 (1,957ppm) over 1.5m, approximately 300m to the east of the GMZ. The upper fault zone exhibited intense clay and chlorite alteration. A 0.5- metre representative assay sample from 164 - 164.5m within the upper fault zone returned an assay of 3.8% Cu. Further sampling of the drill core from GEM23-075 is required to evaluate the entire zone for copper mineralisation.

Approximately 100m below, a second fault zone was intersected, characterized by strong fracturing and pervasive hematite alteration accompanied by 0.20% U3O8 (1,957ppm) over 1.5m. There has been limited drilling along the parallel structure, which has now been confirmed to extend over 600m. The 92 Energy team regards the parallel structure as a high-priority exploration target and is in the process of planning a follow-up drill program.

Baselode announced assay from 5 drill holes from the 7,512 metre diamond drilling program completed within the ACKIO prospect on the Hook Project.

Highlights:

• 1.11% U3O8 over 7.4 m within 0.41% U3O8 over 34.85 m at 43.5 m true vertical depth in AK23-95
• 3 of 5 drill holes with mineralization starting within 50 metres of surface and with greater than 30 metres of composite mineralization
• Assays pending from 15 remaining drill holes, including those with the highest radioactivity results