Mr. Warren Stanyer reports

ALX RESOURCES CORP. PROVIDES UPDATE ON LITHIUM EXPLORATION IN QUEBEC AND NOVA SCOTIA - LITHIUM-CESIUM-TANTALUM BIOGEOCHEMICAL ANOMALY IDENTIFIED AT ANCHOR LITHIUM PROJECT

ALX Resources Corp. has provided an update on its lithium exploration activities at the Hydra lithium project in the James Bay region of Quebec, Canada, and the results of a biogeochemical survey carried out at the Anchor lithium project located in Nova Scotia, Canada.

Hydra lithium project, James Bay region, Quebec

ALX has temporarily suspended its 2023 prospecting program at Hydra, located in the Eeyou Istchee-James Bay region of Quebec, following an emergency fire evacuation notice from the Ministere des Ressources naturelles et des Forets (the Ministry of Natural Resources and Forests). In the interest of public safety due to the high-risk conditions in the region, the ministry has banned forest access on Crown land and has ordered the closure of roads to help prevent forest fires. In accordance with the notice, ALX has demobilized its helicopter and field crew from its base at Radisson, Que. The company will closely monitor the situation in the coming weeks and looks forward to resuming exploration at Hydra when conditions permit.

Anchor lithium project, Nova Scotia

ALX's exploration goal at Anchor is to discover new lithium-bearing pegmatites similar to those found at the nearby Brazil Lake pegmatite deposit. ALX initiated surface work at Anchor in late 2022 and carried out a biogeochemical sampling survey at the Drake subproject in the form of tree bark sampling. This geochemical technique has proved to be successful in areas of the Meguma terrane where there is little to no outcrop exposure. ALX's geological team collected 130 50-gram bark samples from red spruce trees in a one-kilometre grid pattern. The analytical results were received in May, 2023, and show a pronounced lithium-cesium-tantalum (LCT) stacking anomaly in the southern portion of the Drake claim block. Other LCT anomalies were identified in the central part of Drake from the biogeochemical survey that deserve follow-up work.

The 2023 biogeochemical survey results in overburden-covered terrain have successfully identified new LCT targets at Drake. The survey results have revealed 11 lithium anomalies, mostly pooled into two zones that warrant further work, some with coincident cesium and tantalum anomalies. Rubidium also showed elevated values across the Drake property.

In May, 2023, ALX applied to the Nova Scotia Mineral Resources Development Fund for financial grants to assist the company in carrying out additional geochemical surveys at Drake, and at the Yankee subproject. The company plans follow-up surface work later in 2023 to develop drill targets at Anchor.

About Anchor

Anchor consists of two subprojects totalling approximately 31,808 hectares (78,598 acres) known as Yankee (16,659 ha.) and Drake (15,149 hectares). This emerging lithium district in Nova Scotia hosts Brazil Lake, which is located approximately 10 kilometres (6.6 miles) due south of Drake. In 2022, Champlain Mineral Ventures Ltd., a private Nova Scotia company, published a National Instrument 43-101-compliant technical report on Brazil Lake that stated the following calculated mineral resource estimates:

• Measured and indicated (combined pit constrained and underground constrained): 553,000 tonnes grading 1.3 per cent Li2O (lithium oxide);
• Inferred (combined pit constrained and underground constrained): 381,000 tonnes grading 1.48 per cent Li2O.
• The pit constrained cut-off grade is 0.48 per cent Li2O and the underground constrained cut-off grade is 0.98 per cent Li2O.

National instrument 43-101 disclosure

The technical information in this news release has been reviewed and approved by David Murray, PGeo, president of Resourceful Geoscience Solutions, a consultant to ALX, who is a qualified person in accordance with the Canadian regulatory requirements set out in National Instrument 43-101.

Quality assurance/quality control (QA/QC) samples were inserted into the biogeochemical sample series at every 26th sample to evaluate the reliability of both laboratory and field sampling methods, increasing the total number of samples to be analyzed to 134. Quality control was established for laboratory methods by inserting a blank sample, of which the general chemical composition is known to be devoid of elements of interest. Quality control was established for field methods by obtaining and analyzing a field duplicate.

Biogeochemical samples were shipped to ALS Laboratories in Moncton, N.B. Samples were prepared using the VEG-ASH01 method, with the requested analytical packages ME-VEG41a (ashed) and VEG41a-FAC. In this method, the bark sample is ashed at 475 degrees for 24 hours, resulting in the concentration of several elements of interest and results in little-to-no loss of elements except those of high volatility (for example, bromine (Br) and mercury (Hg)). Preashing and postashing weights were reported -- when postashing weights are calculated back to the original preashed weights, detection limits can be reduced by an order of magnitude.

Geostatistics from Brazil Lake quoted in this news release were taken directly from publicly available disclosures. Management cautions that historical results were collected and reported by operators unrelated to ALX and have not been directly verified nor confirmed by its qualified person, but create a scientific basis for continuing work in the Anchor project area. Management further cautions that historical results or discoveries on adjacent or nearby mineral properties are not necessarily indicative of the results that may be achieved on ALX's mineral properties.

About ALX Resources Corp.

ALX is based in Vancouver, B.C., Canada.

ALX's mandate is to provide shareholders with multiple opportunities for discovery by exploring a portfolio of prospective mineral properties, which include uranium, lithium, nickel-copper-cobalt and gold projects. The company uses the latest exploration technologies and holds interests in over 220,000 hectares of prospective lands in Saskatchewan, a stable Canadian jurisdiction that hosts the highest-grade uranium mines in the world, a producing gold mine, and production from base metals mines, both current and historical.

ALX owns 100-per-cent interests in eight lithium exploration properties staked in 2022 to 2023, collectively known as the Hydra lithium project, located in the James Bay region of Northern Quebec, Canada, a 100-per-cent interest in the Anchor lithium project in Nova Scotia, Canada, and 100-per-cent interests in the Crystal lithium project and the Reindeer lithium project, both located in Northern Saskatchewan, Canada.

ALX's uranium holdings in Northern Saskatchewan include 100-per-cent interests in the Gibbons Creek uranium project, the Sabre uranium project, the Bradley uranium project, and the Javelin and McKenzie Lake uranium projects, a 40-per-cent interest in the Black Lake uranium project (a joint venture with Uranium Energy Corp. and Orano Canada Inc.), and a 20-per-cent interest in the Hook-Carter uranium project, located within the uranium-rich Patterson Lake corridor with Denison Mines Corp. (80-per-cent interest) as operator of exploration since 2016.

ALX also owns 100-per-cent interests in the Firebird nickel project (now under option to Rio Tinto Exploration Canada Inc., which can earn up to an 80-per-cent interest), the Flying Vee nickel/gold and Sceptre gold projects, and can earn up to an 80-per-cent interest in the Alligator Lake gold project, all located in Northern Saskatchewan, Canada. ALX owns, or can earn, up to 100-per-cent interests in the Electra nickel project and the Cannon copper project located in historic mining districts of Ontario, Canada, the Vixen gold project (now under option to First Mining Gold Corp., which can earn up to a 100-per-cent interest in two stages), and in the Draco VMS (volcanogenic massive sulphide) project in Norway.

We seek Safe Harbor.