Mr. Warren Stanyer reports

ALX RESOURCES CORP. ANNOUNCES OPTION EARN-IN TRANSACTION AND 2024 WINTER DRILLING PROGRAM FOR THE GIBBONS CREEK URANIUM PROJECT, ATHABASCA BASIN, SASKATCHEWAN

ALX Resources Corp. has arranged an option earn-in transaction for its 100-per-cent-owned Gibbons Creek uranium project, located in the northern Athabasca basin near the community of Stony Rapids, Sask. ALX has executed a binding letter agreement with Trinex Lithium Ltd., a wholly owned subsidiary of Trinex Minerals Ltd., which is a publicly traded mineral exploration company listed on the Australian Securities Exchange. Under the terms of the letter agreement, Trinex can earn an initial 51-per-cent interest and up to a 75-per-cent participating interest in the project in two stages over a period of five years by making cash payments and common share payments to ALX and by incurring exploration expenditures as shown in the attached table.

ALX also wishes to announce a 2024 winter drilling program at Gibbons Creek of approximately 1,200 metres of diamond drilling in up to six holes to test for unconformity-type and basement-hosted uranium mineralization in the eastern area of the project. Mobilization of equipment and personnel is planned for the first week of March, with drilling scheduled to commence on or about March 7, 2024. The drilling program is expected to be completed by the end of March or early April, 2024.

Details of the option earn-in transaction

Trinex can earn an initial 51-per-cent participating interest and up to a 75-per-cent participating interest in the project according to the schedule of cash and common share payments and exploration expenditures as shown in the attached table.

"ALX is pleased to welcome Trinex as a new partner in our Athabasca basin uranium exploration," said Warren Stanyer, chief executive officer and chairman of ALX. "We look forward to forging a strong relationship between the two companies and to achieving drilling success at Gibbons Creek."

ALX and Trinex expect to negotiate a more comprehensive definitive option earn-in agreement, which will set out the definitive terms and conditions of the transaction. The definitive agreement shall include such representations, warranties, covenants and conditions as are customary in connection with such agreement or otherwise required by a party. ALX and Trinex have agreed to negotiate in good faith and make reasonable commercial efforts to complete the definitive agreement no later than 90 days after the execution of letter agreement.

2024 drilling program

ALX has carried a comprehensive review of Gibbons Creek historical exploration data and has integrated that information with the high-resolution magnetic and SGH geochemical surveys completed in November, 2023. Six targets have been selected for drill testing in the 2024 winter program, totalling approximately 1,200 metres of drilling. The historical data and the results of ALX's ground surveys on the 2023 exploration grid show important characteristics of the project's potential to host uranium mineralization, which is demonstrated by the mineralization found in ALX's 2015 hole GC15-03 (0.13 per cent U3O8 (triuranium octoxide) over 0.23 metre from 107.67 metres to 107.90 metres) and in Eldorado Nuclear's 1979 hole GC-15 (0.179 per cent U3O8 over 0.13 metre from 134.11 to 134.24 metres).

The historical data review by ALX included the results from the following survey methods:

• DC (direct current) resistivity surveys;
• Ground gravity survey;
• Ground electromagnetic surveys;
• Radon in soil survey;
• Digitized drill traces and the radiometric and geochemical results of historical drill holes by Famok (1969), Eldorado Nuclear (1979 and 1980) and ALX (2015).

About Gibbons Creek

Gibbons Creek consists of eight mineral claims comprising 13,864 hectares (34,259 acres) located along the northern margin of the Athabasca basin.

The project is located in a region that hosts numerous historical uranium occurrences, such as the Black Lake discoveries in several drill holes beginning in 2004 and the historical Nisto mine, from which 500 tonnes of ore were shipped in 1950 to the historical Lorado mill at Uranium City, Sask., including 106 tonnes grading 1.6 per cent U3O8 (source: Saskatchewan Mineral Deposits Index; No. 1621). ALX holds an exploration permit for Gibbons Creek, good until October, 2025, which allows for up to 20 diamond drill holes totalling approximately 5,000 metres, along with ground-based geophysics, prospecting and geochemical sampling. Access to Gibbons Creek is through roads and trails that lead from the community of Stony Rapids, Sask., which is connected to all-weather Highway 905, thereby creating flexibility for either summer or winter exploration programs. Stony Rapids has readily available fuel, supplies and accommodations for field personnel, and an airport with daily flights to cities and towns in Southern Saskatchewan.

Statement of qualified person

Geochemical analyses on samples from ALX's 2015 drill hole described in this news release were carried out by SRC Analytical Laboratories in Saskatoon, Sask., using inductively coupled plasma optical emission spectrometry (ICP) and inductively coupled plasma mass spectrometry (ICP-MS) methods. Eldorado's 1979 geochemical analyses were carried out by accredited laboratories of that exploration era, which are believed to be reliable.

The technical information in this news release has been reviewed and approved by Robert Campbell, PGeo, and Martin St-Pierre, PGeo, each of whom are qualified persons in accordance with the Canadian regulatory requirements set out in National Instrument 43-101.

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 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, diamond deposits and historical production from base metal mines.

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, the Flying Vee nickel/gold project and the Sceptre gold project 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 in 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.

ALX owns a 50-per-cent interest in eight lithium exploration properties staked in 2022/2023, 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.

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