Mr. Warren Stanyer reports

ALX RESOURCES CORP. ANNOUNCES FLOW-THROUGH PRIVATE PLACEMENT FINANCING

ALX Resources Corp. has arranged a non-brokered private placement of flow-through (FT) units for gross proceeds of up to $500,000. The offering will be available to Canadian accredited investors. Red Cloud Securities Inc., of Toronto, Ont., has agreed to act as a finder for ALX on a best efforts basis for the offering.

Up to 14,285,714 FT units will be offered at a price of 3.5 cents per FT unit, each consisting of one flow-through common share and one non-flow-through common share purchase warrant. One common share purchase warrant from the FT units will entitle the holder to purchase one non-flow-through common share of the company at a price of five cents for a period expiring 24 months following the closing date of the offering.

Finders' fees will be payable to Red Cloud and other qualified finders in connection with the offering, consisting of 6.0 per cent in cash and 6.0 per cent in finders' warrants, with each finder's warrant exercisable at price of five cents for a period expiring 24 months following the closing date of the offering. All the securities issuable will be subject to a four-month hold period from the date of closing, which is expected to occur on or before Nov. 24, 2023.

Proceeds from the sale of FT units will be used solely for exploration programs on the company's Quebec, Saskatchewan, Ontario and Nova Scotia mineral exploration properties. The offering is subject to acceptance by the TSX Venture Exchange.

About ALX Resources Corp.

ALX is based in Vancouver, B.C., Canada, and its common shares are listed on the TSX Venture Exchange under the symbol AL, on the Frankfurt Stock Exchange under the symbol 6LLN and in the United States OTC (over-the-counter) market under the symbol ALXEF.

ALX's mandate is to provide shareholders with multiple opportunities for discovery by exploring a portfolio of prospective mineral properties in Canada, which include lithium, uranium, 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 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 a 50-per-cent interest 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 (volcanic massive sulphide) project in Norway.