Mr. Warren Stanyer reports

ALX RESOURCES CORP. COMPLETES PROSPECTING AND SAMPLING PROGRAMS AT THE CANNON COPPER PROJECT, ONTARIO

ALX Resources Corp has completed reconnaissance prospecting and sampling programs on its 100-per-cent-owned Cannon copper project, located in Kamichisitit township, approximately 35 kilometres (23 miles) northwest of Elliot Lake, Ont., Canada. The project hosts the site of the historic Cannon copper mine and mill, which saw limited copper mining and processing in the late 1960s and early 1970s.

Highlights of the 2024 prospecting and sampling programs

The programs were completed in two phases in June and August, 2024. The objectives and highlights of the fieldwork were as follows:

• Collect mineralized rock samples in the area of known historical copper showings first discovered and drilled in the 1960s and to apply modern, multielement geochemical analysis to the samples; a total of 22 rock samples were collected in the programs and submitted for analysis, including a June, 2024, grab sample from a historical blast pit that returned 1.44 per cent copper; results from the August, 2024, rock samples are pending;
• Locate historical drill holes because many of the locations of the historical drill holes in the project area are not accurately located in the government of Ontario geological database; a total of nine historical drill holes were located in the field;
• Follow up on structural complexity (SC) and acquired inductively induced polarization (AIIP) studies carried out in July, 2024, by Geotech Ltd. of Aurora, Ont., Canada, using the data collected in ALX's 2021 versatile time-domain electromagnetic (VTEM) airborne survey; the SC and AIIP studies identified a broad exploration target area peripheral to the known mineralized trend at Cannon;
• Conduct a soil gas hydrocarbon (SGH) sampling survey over the exploration target area identified by the 2024 Geotech SC/AIIP study; 176 SGH samples were collected and submitted for analysis.

About the 2024 acquired inductively induced polarization (AIIP) and structural complexity (SC) studies

In 2021, ALX contracted Geotech to conduct a helicopter-borne VTEM Max survey over the project and 203 line kilometres of electromagnetic (EM) data were collected over a 27-square-kilometre area. Geotech's VTEM system offers a high degree of depth penetration and represented the first modern airborne survey flown on the project area.

The 2021 helicopter-borne survey did not define linear EM conductor trends in the areas of known historic mineralization, likely because of the disseminated style of the copper sulphide mineralization, which can be more readily detected as a conductive zone with a ground-based induced polarization (IP) geophysical survey.

The application of the AIIP processing algorithm to the 2021 VTEM data provided a relatively inexpensive and efficient method to identify subtle AIIP effects that may be related to disseminated copper sulphides from existing data without the expense and time commitment of an IP ground geophysical survey. The 2024 Geotech study identified AIIP effects that appear to correlate well with low resistivities, mainly in the central region of the project, west and south of the historical Cannon copper mine.

The high-resolution VTEM magnetic data collected in 2021 formed the basis of ALX's 2024 SC study, which outlined a structurally complex target area encompassing the historical Cannon mine area and measuring approximately 2.9 square kilometres (target T01).

Structurally complex areas can be an important exploration parameter for structurally controlled mineral deposits (Groves et al., 2018). Linear structures, such as magnetic ridges from positive magnetic linear anomalies, were mapped and interpreted using the Centre for Exploration Targeting (CET) grid analysis module (University of Western Australia). Inferred faults were interpreted from the aeromagnetic data. The magnetic ridges and inferred fault interpretations were then utilized to identify structurally complex areas. The results from the AIIP and SC studies were then input into a self-organizing map (SOM) data analysis method for classification and targeting purposes, which resulted in the identification of the potential copper exploration target area T01.

About the 2024 prospecting and sampling programs

ALX's geological teams carried out the two programs at Cannon in June and August, 2024. The follow-up site visit was recommended after the receipt of geochemical results from an initial group of six outcrop and grab samples collected in June, 2024, which returned geochemical values up to 1.44 per cent copper; the second site visit was completed in August, 2024. Geological mapping carried out during the August, 2024, program located a quartz vein with visible sulphide mineralization (the QV zone) that was traced on surface over an approximate 900-metre strike length. Mineralized outcrop samples collected from the QV zone were visually observed to contain chalcopyrite, a copper sulphide mineral. ALX's prospecting team also located and sampled a historical open pit and mine shaft.

A total of 176 SGH soil samples were collected from a virtual grid covering 6.1 square kilometres established by ALX's prospecting team. SGH is an analytical method developed by Actlabs of Ancaster, Ont., that is designed to detect subtle geochemical anomalies emanating from a buried source. The 2024 SGH grid covers certain mineralized showings (Rita and West) at the project and extends to the north and south to cover the T01 target area identified from the SC study as demonstrating greater structural complexity. Samples are being processed and interpreted by Actlabs to outline any prospective zones located by the SGH survey for subsequent integration with all other available geological and geophysical data.

ALX's 2024 surface work is the first follow-up program to the 2021 VTEM Max airborne survey and it represents the first site visits by the company to the Cannon area since 2013. ALX believes that the historical mine workings at Cannon may represent a relatively shallow trace of a much larger mineralizing system that has never been fully explored and has not been drilled since the 1960s. The next steps for Cannon are the identification of drill targets and the application for an exploration permit.

Geochemical results from the 2024 programs will be released following their receipt, compilation and interpretation.

About the Cannon copper project:

• Cannon is located approximately 35 kilometres northwest of Elliot Lake in an exploration district known for high-grade copper occurrences both on surface and in drill holes but remains underexplored for base metals in the modern era.
• ALX maintained 100-per-cent ownership of 13 claim units at Cannon totalling 289 hectares (714 acres) following the amalgamation of Alpha Exploration Inc. and Lakeland Resources Ltd. in 2015. The company staked additional claims in 2020 and currently maintains 91 cell units totalling approximately 2,022 hectares (4,997 acres).
• The project is accessible by way of paved highways connecting to secondary roads and trails and lies within one kilometre of an active power line.
• The past-producing Cannon copper mine and mill (also known as the Crownbridge copper mine; see Kirkham and Sinclair, 1996) operated intermittently as a regional copper mining and processing facility from 1966 until 1972. Production statistics for the Cannon copper property are unknown. The Ministry of Energy, Mines and Northern Development of Ontario currently lists a historical mineral resource for the Cannon copper mine of 415,000 tonnes grading 1.8 per cent copper over a width of 6.5 feet (1.98 metres). (Note: This historical resource is not compliant with the standards of National Instrument 43-101; see National Instrument 43-101 disclosure in this news release for additional cautionary language.)
• Copper mineralization was traced historically along a strike length of approximately 2.68 kilometres (1.6 miles), within quartz veins and conglomerates, in a series of mineralized zones at depths ranging from near surface to approximately 300 metres (984 feet).
• A single deep hole (hole CR-15), drilled by Crownbridge Copper Mines Ltd. in 1963, reportedly intersected chalcopyrite mineralization within argillitic rocks beginning at a depth of 580.34 metres (1,904 feet), located well below the quartz vein-hosted copper mineralization forming the previously identified mineralized zones. Historical operators recommended follow-up to hole CR-15 to test for new sedimentary-hosted copper resources, but no follow-up deep drilling was carried out.

NI 43-101 disclosure

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 NI 43-101. The historical mineral resource estimate quoted in this news release uses categories that are not compliant with NI 43-101, cannot be compared with NI 43-101 categories and is not a current estimate as prescribed by NI 43-101. Readers are cautioned that a qualified person has not done sufficient work to classify the estimate as a current resource and ALX is not treating the estimate as a current resource estimate.

ALX's June, 2024, samples reported in this news release were shipped to ALS Global's geochemistry analytical lab in Thunder Bay, Ont., for multielement analysis. ALS is an ISO-IEC 17025:2017 and ISO 9001:2015 accredited analytical laboratory that is independent of ALX and its qualified person. All Cannon rock samples were submitted for ALS's four-acid (near-total) digestion followed by inductively coupled plasma -- atomic emission spectroscopy (ICP-AES) multielement analysis and analysis for gold by fire assay with an atomic absorption spectroscopy (AAS) finish.

Historical geochemical results and geological descriptions quoted in this news release were taken directly from assessment work filings published by the government of Ontario. Management cautions that historical results collected and reported by past operators have not been verified nor confirmed by its qualified person but create a scientific basis for continuing work in the Cannon area. Management further cautions that past 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 on 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 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 (currently the subject of an option earn-in agreement with Trinex Minerals Ltd., which can earn up to a 75-per-cent interest in two stages); 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. (an 80-per-cent interest) as operator of exploration since 2016 (currently the subject of an amended property agreement that would increase ALX's interest to 25 per cent after fulfilling certain conditions).

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.