Mr. Warren Stanyer reports

ALX RESOURCES CORP. RECEIVES RESULTS FROM ZTEM(TM) AIRBORNE ELECTROMAGNETIC SURVEY AT THE HOOK-CARTER URANIUM PROJECT, ATHABASCA BASIN, SASKATCHEWAN

ALX Resources Corp. has received the results of an airborne Z-axis tipper electromagnetic (ZTEM) survey flown in June, 2023, at the Hook-Carter uranium project. Exploration at Hook-Carter is operated by Denison Mines Corp. and the project is owned 80 per cent by Denison and 20 per cent by ALX.

About Hook-Carter

Hook-Carter consists of 11 claims covering 25,115 hectares and is located in the southwest corner of the Athabasca basin approximately 147 kilometres northeast of La Loche, Sask. The project has excellent potential to host economic uranium deposits. Hook-Carter is interpreted to host the northeastern strike extension of the Patterson Lake corridor (PLC), which hosts Nexgen Energy's Arrow uranium deposit, Fission Uranium's Triple R uranium deposit, and Purepoint Uranium Group's Spitfire, Hornet and Dragon zones in a joint venture with Cameco Corp. and Orano Canada. The project also overlies the interpreted strike extension of the Carter and Derksen corridors, each of which represent highly prospective, underexplored corridors in which significant uranium mineralization may exist.

Denison has agreed to finance the first $12-million of expenditures at Hook-Carter (see ALX news releases dated Oct. 13, 2016, and Nov. 7, 2016). Exploration expenditures to date by Denison total approximately $7-million.

2023 Hook-Carter ZTEM survey

ZTEM is a deep-penetrating airborne electromagnetic (EM) survey method known to be an effective exploration method for detecting geophysical conductors that may be associated with unconformity uranium mineralization. The 2023 Hook-Carter ZTEM survey successfully outlined historical conductors present at Hook-Carter and resolved new conductors in deeper terrain that were not identified by previous geophysical surveys.

Hook-Carter exploration 2017 to 2019

Denison carried out ground geophysical surveys and completed 15 diamond drill holes totalling 11,757 metres in its initial exploration programs at Hook-Carter from 2017 to 2019. Favourable structure and alteration were encountered in the majority of the completed drill holes and geochemical results showed significant concentrations of uranium pathfinder minerals in certain drill holes, including sudoite (a magnesium-chlorite mineral) and dravite (a boron mineral), which may suggest the presence of a potential mineralizing system on Hook-Carter. These drilling programs provided reconnaissance-level drill hole coverage along the PLC at an approximate 1,200-metre spacing within Denison's 2017 grid, which forms an important initial repository of drilling data and is anticipated to be used to prioritize target horizons in the planning of future exploration programs.

Outside of the established Denison grid in the south-central part of Hook-Carter, there remains high potential along the PLC to the northeast. Geophysical surveys (ground EM and direct current induced polarization resistivity) are recommended over the northeastern extent of the PLC, as resolved by the 2023 ZTEM survey, prior to drill hole testing.

The Carter and Derkson corridors striking through Hook-Carter also have potential for hosting uranium deposits. The Derkson corridor has an advantage in that the depth to the unconformity is shallower, ranging from approximately 330 to 476 metres, and hosts a mineralized drill hole on Purepoint's claim along strike to the southwest (1978 hole DER-4: 0.24 per cent U3O8 (triuranium octoxide) and 1.35 per cent nickel over 2.5 metres). The Carter corridor has not yet been drill tested on the project. Geophysical surveys (ground EM and DC-IP resistivity) over these parallel corridors are also recommended prior to drill testing.

Technical information in this news release has been reviewed and approved by Robert Campbell, PGeo, a geological consultant to the company, who is a qualified person in accordance with the Canadian regulatory requirements as set out in National Instrument 43-101. Management cautions that historical results collected and reported by operators unrelated to ALX have not been directly verified nor confirmed by its qualified person, but create a scientific basis for continuing work in the Hook-Carter 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, 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 on the OTC 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 uranium, lithium, nickel-copper-cobalt and gold projects. The company uses the latest exploration technologies and holds interests in over 240,000 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 (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'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 (80-per-cent interest) as operator of exploration since 2016.

ALX also owns 100-per-cent interests in the Firebird nickel project, 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, and 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.

We seek Safe Harbor.