Mr. Galen McNamara reports

ANGOLD RESOURCES RESUMES TRADING, TARGETS DISTRICT-SCALE URANIUM EXPLORATION IN SASKATCHEWAN'S ATHABASCA BASIN

Angold Resources Ltd.'s shares resumed trading at the opening of the market on Jan. 15, 2024. This follows the company's recently announced definitive agreement to acquire 1443904 B.C. Ltd. Upon closing of the transaction, the company will secure options on three highly prospective, permitted, drill-ready projects in Saskatchewan's Uranium City area from Fortune Bay Corp. and Standard Uranium Ltd. Additionally, the company is awaiting approval to change its name to Aero Energy Ltd.

Overview:

• District-scale opportunity: Following the transaction and name change, Aero Energy will outright own or have options on 250,000 acres of consolidated mineral rights along the frontier northwestern edge of the Athabasca basin.
• Shortcut to shallow drill-ready targets: Since 2020, property vendors Fortune Bay and Standard Uranium have invested $7.6-million in exploration, including first-pass drilling, revealing multiple uranium-fertile electromagnetic-conductor corridors, and 10 new uranium occurrences between 20 and 150 metres below surface poised for immediate exploration.
• New exploration focus: The properties are significantly underexplored for basement-style mineralization, a deposit type that has only seriously emerged in the last decade, examples of which include NexGen Energy's Arrow deposit and Fission Uranium's Triple R deposit.

Property highlights:

• Murmac property -- multiple targets developing: The Armbruster corridor on the Murmac property hosts a high-grade boulder that assayed 8.82 per cent U3O8 (triuranium octoxide), located near naturally occurring radioactive springs measuring between 3,000 and 15,000 counts per second*, underscoring the potential for high-grade, basement-hosted mineralization.
• Strike property -- discovery concept confirmed: The L corridor on the Strike property hosts the Tena uranium showing, with 1,000 tons mined in the 1950s at grades between 0.6 and 3.5 per cent U3O8, and where recent work shows exploration signatures consistent with Athabasca basin-associated high-grade mineralization.
• Sun Dog property -- history of production: The Sun Dog property hosts the Gunnar mine, at one time the world's largest uranium producer, yielding 18 million pounds of U3O8 from 1953 to 1981, with recent drilling identifying one new uranium occurrence along with extensive hydrothermal alteration.
• Additional exploration upside: Collectively, the Saskatchewan uranium properties are host to a preliminary cumulative EM-conductor corridor length exceeding 125 kilometres where planned airborne and ground geophysics are expected to generate additional corridors of interest.

*Counts per second measured via hand-held RS-125 spectrometer.

Galen McNamara, interim chief executive officer, commented: "Following exchange approval we look forward to closing our acquisition of 1443904 B.C. Ltd. We are planning significant exploration in Saskatchewan in 2024. Project vendors Fortune Bay and Standard Uranium are remaining on as project operators, which provides a great advantage to all three companies. Both vendors have built extensive knowledge of the area and I believe the collective team is poised for discovery. After closing of the transaction and renaming of our company, Aero Energy will represent a rare and unique discovery opportunity in an emerging uranium marketplace."

District-scale uranium exploration

Upon closing the transaction, the company will have a total of 250,000 acres of uranium-prospective mineral rights situated along the northwestern margin of the Athabasca basin in Saskatchewan. This includes lands fully owned by the company and those under option agreements with Fortune Bay and Standard Uranium (collectively, underlying owners).

The optioned properties

Since 2020, the underlying owners have invested approximately $7.6-million in exploration activities on the optioned properties. Exploration on the optioned properties has included geological mapping, hand-held scintillometer prospecting, geochemical sampling, ground and airborne geophysical surveys, and first-pass drilling. These properties feature multiple permitted, drill-ready targets where first-pass drilling efforts have intersected narrow zones of uranium mineralization and wide zones of hydrothermal alteration. Shallow, elevated uranium in the drill core on the optioned properties is associated with favourable brittle-deformed graphitic rocks and pathfinder elements typical of high-grade Athabasca basin deposits. These results confirm that Athabasca basin unconformity-style mineralizing systems have been active across all three properties.

Sun Dog property

The Sun Dog property optioned from Standard Uranium covers an area of 48,443 acres in nine mining claims and is host to the historic Gunnar uranium mine which produced approximately 18 Mlb of U3O8 between 1953 and 1981. Sun Dog also hosts historical uranium mineralization at surface ranging between 0.1 per cent and 3.58 per cent U3O8. Standard Uranium has invested approximately $4-million in exploration at Sun Dog with work including a ground gravity survey, an unmanned-aerial-vehicle-borne magnetic survey, field prospecting and geochemical sampling. Additionally, from 2022 to 2023, 13 first-pass holes were drilled which resulted in the identification of a new uranium occurrence and broad zones of strong hydrothermal alteration requiring follow-up.

Sun Dog is under option to 1443904 B.C. from Standard Uranium. The option provides for the right to acquire a 100-per-cent interest in Sun Dog from Standard for $650,000 in cash and $650,000 in share payments payable in annual instalments over a two-year period, and a $6.5-million work commitment over a three-year period. Following exercise of the Sun Dog option, Standard will retain a 2-per-cent net smelter return royalty, which may be reduced to 1 per cent for a $1-million cash payment.

Murmac and Strike properties

The Murmac property optioned from Fortune Bay covers an area of 25,034 acres in 17 mining claims. Murmac is host to multiple historical surface uranium showings exceeding 1 per cent U3O8 and grading as high as 25 per cent U3O8. Fortune Bay has invested approximately $2.1-million in exploration at Murmac, having completed an aerial electromagnetic (versatile time-domain electromagnetic (VTEM)) survey, a ground gravity survey covering the conductors identified by the VTEM survey, field prospecting and geochemical sampling, all in the lead up to a 2022 maiden drill program totalling 15 holes. Anomalous uranium was intersected in six of the holes, up to a maximum individual assay of 0.18 per cent U3O8. Follow-up and exploratory drilling are strongly warranted at 33 target areas.

The Strike property optioned from Fortune Bay covers an area of 24,083 acres in four mining claims. Strike is host to multiple historical surface uranium showings exceeding 1 per cent U3O8 and grading as high as 27 per cent U3O8. In addition, historical small-scale mining was conducted at the Tena zone where approximately 1,000 tons were mined in the 1950s with reported grades of 0.6 per cent to 3.5 per cent U3O8. Recent work completed by Fortune Bay has identified geological and geochemical features supporting an unconformity-associated origin for Tena (that is, not Beaverloge style). Fortune Bay has invested approximately $1.5-million in exploration at Strike and in 2021 completed a ground gravity survey to augment historical VTEM and geochemical surveys previously completed by Cameco. In 2022, nine drill holes were completed by Fortune Bay, three of which intersected anomalous uranium mineralization up to a maximum of 0.43 per cent U3O8. Follow-up and exploratory drilling are strongly warranted at 12 target areas.

Strike and Murmac are under option to 1443904 B.C. from Fortune Bay. The option provides for the right to acquire up to 70 per cent in the Strike and Murmac properties from Fortune Bay in three stages for $1.35-million in cash and $2.15-million in share payments payable in annual instalments over a 3.5-year period. Additionally, the option includes a $6-million work commitment over a three-year period. The Murmac property is subject to an existing 2-per-cent net smelter return royalty.

The owned properties

The owned properties were staked by the company through proxies in September of 2023 and cover an area of 152,530 acres in four claim blocks that have not yet been named. No exploration has yet been completed by the company on the owned properties, but preliminary review of the Saskatchewan provincial mineral assessment files shows that a number of undrilled EM conductors are present, sometimes in close proximity to historical high-grade uranium showings at surface (greater than 1 per cent U3O8). Early work will consist of historic data compilation followed by planned airborne and ground geophysics in the lead up to drill targeting.

Transaction

Completion of the transaction remains subject to a number of conditions, including receipt of any required regulatory approvals and the delivery of customary closing documentation. The transaction cannot be completed until these conditions have been satisfied, and there can be no assurance that the transaction will be completed in a timely fashion, or at all. For further information regarding the transaction, readers are encouraged to review the news release issued by the company on Dec. 22, 2023.

Qualified person

The technical content of this news release has been reviewed and approved by Mr. McNamara, PGeo, the interim CEO of the company and a qualified person as defined by National Instrument 43-101.

About Angold Resources Ltd.

Angold is an exploration and development company targeting large-scale mineral systems worldwide. The company's assets include projects in gold projects in Chile and uranium projects in Canada. The Dorado project in Chile features a major porphyry-gold system where drill results include 302 metres at 0.71 gram per tonne Au. The Cordillera project in Chile is strategically located between two multimillion-ounce gold deposits and features multiple gold exploration targets. The uranium projects in Canada are prospective for high-grade uranium mineralization.

We seek Safe Harbor.