Mr. Warren Stanyer reports

ALX RESOURCES CORP. CLOSES FIRST TRANCHE OF FLOW-THROUGH PRIVATE PLACEMENT

ALX Resources Corp. has closed the first tranche of a non-brokered private placement consisting of 7,142,858 flow-through units of the company for gross proceeds of $250,000.

The FT units were sold at a price of 3.5 cents per FT unit consisting of one flow-through common share and one non-flow-through common share purchase warrant. One whole common share purchase warrant from the FT units entitles 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 closing of the first tranche, that expiry date being Nov. 10, 2025.

Finders' fees for the first tranche consisting of a total of $13,231.50 in cash and 378,043 finders' warrants were paid to: Red Cloud Securities Inc.: $12,001.50 in cash and 342,900 finders' warrants; and Haywood Securities Inc.: $1,230 in cash and 35,143 finders' warrants. Finders' warrants are exercisable at five cents for one common share of the company for a period of 24 months following closing of the first tranche, that expiry date being Nov. 10, 2025.

All securities issued in the first tranche will be subject to a resale restriction expiring March 11, 2024, in accordance with applicable securities regulations.

The proceeds from the sale of FT units will be used solely for exploration programs on the company's critical mineral properties in Quebec, Saskatchewan, Ontario and Nova Scotia.

The company anticipates the closing of a second tranche of the non-brokered private placement on or before Dec. 1, 2023.

Participation of insiders in the private placement

One insider of the company subscribed for a total of 42,143 units in the first tranche of the private placement. Participation by the insider constitutes a related-party transaction as defined under Multilateral Instrument 61-101. The company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 as the fair market value of the participation by the insider in the first tranche of the offering does not exceed 25 per cent of the market capitalization of the company as determined in accordance with MI 61-101.

About ALX Resources Corp.

ALX Resources 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 U.S. OTC market under the symbol ALXEF.

ALX Resources' mandate is to provide shareholders with multiple opportunities for discovery by exploring a portfolio of prospective mineral properties in Canada, 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 jurisdiction that hosts the highest-grade uranium mines in the world, a producing gold mine, and production from base metal mines, both current and historical.

ALX Resources owns a 50-per-cent interest in eight lithium exploration properties staked in 2022-2023 collectively known as the Hydra lithium project (a joint venture with Forrestania Resources Ltd. of West Perth, Australia), 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 Resources' 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 Resources also owns 100-per-cent interests in the Firebird nickel project (now under option to Rio Tinto Exploration Canada Inc., which can earn an up-to-80-per-cent interest), and the Flying Vee nickel/gold and Sceptre gold projects, and can earn an up-to-80-per-cent interest in the Alligator Lake gold project, all located in Northern Saskatchewan, Canada. ALX Resources 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 an up-to-100-per-cent interest in two stages), and the Draco volcanogenic massive sulphide project in Norway.