Mr. Warren Stanyer reports

ALX RESOURCES CORP. ANNOUNCES FILING AND MAILING OF THE MANAGEMENT INFORMATION CIRCULAR IN CONNECTION WITH ITS ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS TO APPROVE THE ACQUISITION OF THE COMPANY BY GREENRIDGE EXPLORATION INC.

ALX Resources Corp.'s management information circular and related materials in connection with the annual general and special meeting of its shareholders are now available on ALX's website, as well as under ALX's profile on SEDAR+. The company commenced the mailing of the materials for the meeting to ALX shareholders on Tuesday, Nov. 5, 2024.

The meeting is scheduled for Dec. 2, 2024, at 10 a.m. PT in Vancouver, B.C., for ALX shareholders to approve the acquisition by Greenridge Exploration Inc. of all of the outstanding and issued common shares of ALX by way of a court-approved plan of arrangement under the Business Corporations Act (British Columbia). At the meeting, ALX shareholders will be asked to vote on resolutions approving, among other things, the arrangement. The resolutions to approve the arrangement will be subject to the approval of 66-2/3rds per cent of votes cast by ALX shareholders.

The details of the transaction between ALX and Greenridge were announced in ALX's news release of Oct. 11, 2024, which followed the execution of a binding arrangement agreement between ALX and Greenridge that received unanimous approval from the board of directors of ALX on Oct. 10, 2024.

Under the terms of the arrangement agreement, each ALX shareholder will receive 0.045 common share of Greenridge in exchange for each ALX common share held. Upon completion of the transaction, existing Greenridge and ALX shareholders will own approximately 75.2 per cent and 24.8 per cent, respectively, of the common shares of the combined entity, which will retain the name of Greenridge.

No shareholder vote is required by the shareholders of Greenridge. In addition to ALX shareholder approval, the transaction is also subject to the receipt of certain regulatory and court approvals, including the approvals of the TSX Venture Exchange to delist the ALX shares and other closing conditions customary in transactions of this nature.

The board recommends that ALX shareholders vote in favour of the transaction.

Strategic rationale for the transaction:

• Creates a leading and diversified Canadian explorer of critical and precious metals: The combined entity will own or have interests in 29 projects covering approximately 420,000 hectares with considerable exposure to potential uranium, lithium, nickel, copper and gold discoveries;
• Consolidates ownership in the Carpenter Lake uranium project: Following the transaction, Greenridge will own 60 per cent of Carpenter Lake with the option to increase to 100 per cent;
• Creates one of the largest uranium property portfolios in the Athabasca basin, which is world-renowned for uranium mining and recent discoveries of large, high-grade deposits: In addition to Carpenter Lake, ALX has interests in 12 other projects and properties covering approximately 173,000 hectares in the Athabasca basin;
• Enhanced capital markets profile and shareholder base: The pro forma combined entity is expected to have a market capitalization of approximately $35-million;
• Enhanced management and board: Adds Warren Stanyer, chief executive officer of ALX, as president and director, as well as another nominee to the board of directors of Greenridge;
• G&A (general and administrative) cost-savings: Anticipated material cost-savings from consolidating corporate G&A, corporate development, and investor relations and marketing activities compared with operating as two separate entities.

How to vote

ALX shareholders as at the record date of Oct. 28, 2024, will receive the materials by regular mail or e-mail, according to their preferences.

If your ALX shares are registered in your name, you can vote your ALX shares:

1. In person at the ALX meeting;
2. By completing, dating and signing the form of proxy and returning it to Computershare, the company's transfer agent, by mail or delivery to 100 University Ave., 9th floor, Toronto, Ont., M5J 2Y1;
3. By telephone at 1-866-734-8683;
4. Or on-line.

If your ALX shares are not registered in your name, but are held in the name of an intermediary

Your intermediary is required to seek your instructions as to how to vote your ALX shares. Your intermediary will provide you with a package of information, including the ALX meeting materials and either a form of proxy or a voter instruction form (VIF). Carefully follow the instructions accompanying the form of proxy or VIF. ALX shares held by intermediaries can only be voted upon the instructions of the ALX shareholder. Without specific instructions, the intermediary is prohibited from voting ALX shares for their clients.

ALX shareholders are encouraged to read the ALX circular in detail with respect to the reasons for the board's recommendation and are urged to vote your ALX shares as soon as possible. Votes must be received by Computershare by 10 a.m. PT on Thursday, Nov. 28, 2024, to be considered valid for the purposes of the meeting.

About ALX Resources Corp.

ALX is based in Vancouver, B.C., Canada, and its common shares are listed on the TSX-V under the symbol AL, on the Frankfurt Stock Exchange under the symbol 6LLN and in the United States 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 and gold projects. ALX 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 and Orano Canada); 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 (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 to 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.