Mr. Warren Stanyer reports

ALX RESOURCES CORP. INTERSECTS URANIUM MINERALIZATION AT THE GIBBONS CREEK URANIUM PROJECT, ATHABASCA BASIN, SASKATCHEWAN

ALX Resources Corp. has provided an update on the 2024 winter drilling program at its 100-per-cent-owned Gibbons Creek uranium project located in the northern Athabasca basin near the community of Stony Rapids, Sask. The second and third holes of the planned six-hole program have intersected narrow intervals of uranium mineralization at or near the unconformity, based upon hand-held scintillometer readings on drill core, downhole gamma probe results and visual observation of uranium minerals by ALX's geological team.

Hole GC24-02 (180-degree azimuth/minus-75-degree dip) was drilled at the intersection of east-west and north-northwest faults interpreted from the 2023 ground magnetic survey, and intersected fracture-controlled and disseminated blebs of uranium mineralization at 0.8 metre below the unconformity, which was reached at a depth of 108.4 metres. An Exploranium GR-135 hand-held scintillometer measured radioactivity of 220 counts per second (cps) and a Mount Sopris 2PGA-1000 downhole gamma probe measured a radiometric peak of 3,321 cps within a 0.6-metre interval of anomalous radioactivity from 108.9 m to 109.5 m. Drill hole GC24-02 represents an approximately 470-metre stepout to the west of ALX's historical hole GC15-03 (0.143 per cent triuranium octoxide (U3O8) assay over 0.23 metre) and was collared approximately 350 metres to the southwest of Eldorado Nuclear's 1979 hole GC-15 (1,520 parts per million (ppm) uranium (U) over 0.13 metre).

Hole GC24-03 (180-degree azimuth/minus-69-degree dip) was drilled as a 25-metre westward stepout of unconformity-related uranium mineralization in hole GC15-03, to test the continuity of an interpreted trend of anomalous uranium mineralization between GC15-03 and historical drill hole GC-15, which are 340 metres apart. Anomalous radioactivity and fracture-controlled uranium mineralization was intersected from 110 m to 110.9 m, approximately 1.5 metres below the unconformity at 108.5 metres. The Exploranium GR-135 hand-held scintillometer measured a peak radioactivity value of 190 cps and the Mount Sopris 2PGA-1000 downhole gamma probe measured a radiometric peak of 2,217 cps within the noted anomalous radioactive interval. Uranium mineralization was observed as coatings on fractures in the drill core at 110.2 metres, as well as other fractures between 110 m and 110.9 m.

The 2024 winter drilling program at Gibbons Creek is planned for six holes totalling approximately 1,200 metres to test for unconformity-type and basement-hosted uranium mineralization in the eastern area of the project. The program is anticipated to continue until the end of March or early April, 2024, weather permitting. Weather conditions remain satisfactory for the operation of equipment and personnel, and the work is proceeding as scheduled. Proximity to the community and infrastructure of Stony Rapids adds greatly to the efficiency of the exploration program for the procurement of supplies, rentals, fuel and additional personnel when required.

Two thousand twenty-four option earn-in transaction

Gibbons Creek is currently the subject of an option earn-in transaction 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 binding letter agreement signed in February, 2024, 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 shares payments to ALX, and by incurring exploration expenditures at the project (see ALX news release dated Feb. 28, 2024).

About Gibbons Creek and the 2024 drilling program

Gibbons Creek consists of eight mineral claims comprising 13,864 hectares (34,258 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 tons of ore was shipped in 1950 to the historical Lorado mill at Uranium City, Sask., including 106 tons 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 via 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.

Prior to commencement of the 2024 drilling program, ALX carried out 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. 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 over 0.23 metre from 107.67 metres to 107.90 metres), in Eldorado's 1979 hole GC-15 (0.179 per cent U3O8 over 0.13 metre from 134.11 m to 134.24 m) and in the current 2024 drilling program.

Statement of qualified person

Geochemical analyses on samples from ALX's 2015 drill hole described in this news release were carried out by Activation Laboratories in Ancaster, Ont., using inductively coupled plasma mass spectrometry (ICP-MS) methods on both partial and total digestions. Eldorado's 1979 geochemical analyses were carried out by Bondar-Clegg & Company Ltd. Laboratories, Ottawa, Ont., using atomic absorption, colormetric, fluorometric and XRF (X-ray fluorescence) methods, which were standard methods of that exploration era.

All drill core samples from the 2024 program will be shipped to the Saskatchewan Research Council Geoanalytical Laboratories (SRC) in Saskatoon, Sask., an ISO/IEC 17025/2005 and Standards Council of Canada certified analytical laboratory. ALX requests multielement analysis by ICP-MS and ICP-OES (inductively coupled plasma optical emission spectrometry) using total (hydrofuoric acid (HF): nitric acid (HNO3): perchloric acid (HClO4)) and partial digestion (HNO3: hydrochloric acid (HCl)), boron by fusion, and U3O8 (weight per cent) assay by ICP-OES, where applicable. One-half of the split core samples are retained and the other half cores are sent to the SRC for analyses. Blanks, standard reference materials and repeats are inserted into the sample stream at regular intervals by ALX and SRC, in accordance with industry-standard quality assurance/quality control (QA/QC) procedures. Uranium assay samples will be conducted on samples that return greater than 500 parts per million (ppm) uranium in the initial ICP analyses.

All reported depths and intervals are drill hole depths and intervals, unless otherwise noted, and do not represent true thicknesses, which have yet to be determined.

The technical information in this news release has been reviewed and approved by Robert Campbell, PGeo, who is a qualified person 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 U.S. 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.

We seek Safe Harbor.