Mr. Russell Starr reports

GREENRIDGE EXPLORATION COMPLETES ACQUISITION OF ALX RESOURCES CORP. AND ANNOUNCES UPDATE TO THE BOARD OF DIRECTORS

Greenridge Exploration Inc. and ALX Resources Corp. have completed the previously announced arrangement whereby Greenridge has acquired all of the issued and outstanding common shares of ALX by way of a court-approved plan of arrangement under the Business Corporations Act (British Columbia). The transaction establishes Greenridge as a leading Canadian uranium exploration company with interests in 15 uranium exploration projects that total approximately 212,845 hectares across renowned Canadian uranium districts including the Athabasca basin, Thelon basin and Elliot Lake. The combined entity also has interests in an additional 13 lithium, nickel, gold and copper properties across Canada.

Highlights of Greenridge Exploration:

• Creates leading and diversified Canadian explorer of strategic metals: The combined entity owns or has interests in 28 projects covering approximately 388,040 hectares with considerable exposure to potential uranium, lithium, nickel, copper and gold discoveries.
• One of the largest uranium property portfolios in the world-class Athabasca basin: Greenridge has interests in 12 uranium projects and properties covering approximately 181,310 hectares in the Athabasca basin.
• Adds extensive and diversified project portfolio: The company holds interest in 28 exploration projects, which includes interests in 15 uranium projects totalling approximately 212,845 hectares across renowned Canadian uranium districts such as the Athabasca basin, Thelon basin and Elliot Lake. Additionally, the company holds 13 strategic metals projects across Canada, which includes lithium, nickel, gold and copper exploration properties totalling approximately 175,195 hectares.
• Enhanced capital markets profile and shareholder base: The pro forma combined entity is expected to have a market capitalization of approximately $41-million.
• Enhanced management and Greenridge board: Warren Stanyer, chief executive officer of ALX, joins as president and director. Mandeep Parmar has been appointed as executive chairman.
• Consolidates ownership in the Carpenter Lake project: Following the transaction, Greenridge will own 60 per cent of Carpenter Lake with the option to increase to 100 per cent.

Russell Starr, chief executive officer of Greenridge, commented: "We are very excited to announce the successful acquisition of ALX Resources. Moving forward, we are working to uncover the potential of our highly diversified project portfolio and continue to grow as a company. With the recently closed $4.9-million financing we are in an excellent position to advance our projects in a meaningful way. Our bolstered management team will work with our partners, Denison Mines Corp. and Uranium Energy Corp., to develop our key properties. Greenridge is now positioned as a key uranium company in Canada with a diversified portfolio of highly prospective projects in critical minerals. This acquisition is a key step in our growth strategy, and we are committed to creating long-term value for our investors."

Greenridge now has one of the largest uranium property holdings in the world-class Athabasca basin. In addition to Carpenter Lake, the company has interests in 11 other projects in the basin. Highlighted projects include:

• Black Lake (40 per cent Greenridge, 50.43 per cent UEC, 8.57 per cent Orano) -- Two thousand four discovery hole (BL-18) intersected 0.69 per cent U3O8 over 4.4 metres. Over 150 holes drilled to date.
• Gibbons Creek (100 per cent Greenridge) -- High-grade boulders located in 2013 with grades of up to 4.28 per cent U3O8. Four of the five holes drilled in 2024 intersected uranium mineralization at or near unconformity. Uranium mineralization found in two areas located 500 m apart.
• Hook-Carter (currently 80 per cent Denison Mines Corp., 20 per cent Greenridge) -- Thirteen kilometres from NexGen Energy Ltd.'s Arrow deposit and 20 km from Fission Uranium Corp.'s Triple R deposit. Hosts a 15 km long exploration corridor prospective for uranium. Under the terms of a 2024 amendment to the joint venture agreement, Greenridge can earn an additional 5.0 per cent for a total of a 25-per-cent interest by spending $3.0-million by November, 2026. Denison Mines Corp. has spent approximately $7.05-million to date, which includes 11,757 m drilled from 2018 to 2019.
• McKenzie Lake (100 per cent Greenridge) -- A.I. work identified targets following 2021 magnetic and radiometric survey. Boulders were found with grades of up to 0.101 per cent U3O8.

Greenridge holds a portfolio of lithium, nickel, copper and gold properties. Notably, the Vixen gold project saw 2019 prospecting, mapping and sampling that returned values of 23.9 grams per tonne gold and 6.1 g/t silver across four samples. A more comprehensive, helicopter-supported sampling program in 2020 provided gold values of up to 22.73 g/t gold as well as 7.21 g/t gold.

Additionally, the Cannon copper project, also situated in Ontario, hosts the historical Cannon copper mine and mill which has a historical mineral resource of 415,000 tonnes grading 1.8 per cent Cu over a width of 6.5 feet; (1.98 m).

(Note: This historical resource estimate is not compliant with the standards of National Instrument 43-101 and cannot be compared to NI 43-101 categories. A qualified person has not done sufficient work to classify the estimate as a current resource and the company is not treating the estimate as a current resource estimate. However, the estimate is relevant to guiding the company's exploration plans and provides geological information regarding the type of mineralization that could be present in the Cannon Copper area).

Details of the transaction

Greenridge acquired all the outstanding common shares of ALX in consideration for the issuance of an aggregate of 11,226,143 common shares of Greenridge to the former ALX shareholders, based on the share exchange ratio of 0.045 common share of Greenridge for each ALX share held. Full details of the transaction and certain other matters are set out in the management information circular of ALX dated Oct. 28, 2024, which can be found under the SEDAR+ profile of ALX.

Board of directors and management team

In connection with the transaction, Warren Stanyer, ALX's chief executive officer and chairman, has joined the board of directors of Greenridge, which now comprises four directors. A second director to be mutually agreed upon by Greenridge and ALX will be nominated to the Greenridge board at the next annual shareholder meeting of Greenridge shareholders. Mr. Stanyer has also been appointed as the president of Greenridge. Russell Starr will continue to serve as chief executive officer and director.

Additionally, the company is pleased to announce the appointment of Mandeep Parmar as executive chairman of the board of directors. Mr. Parmar brings over a decade of experience in public markets, specializing in finance, capital raising, investor relations and corporate development. He has worked with numerous public companies listed in both Canada and the United States, providing expertise in corporate structuring, financing and business development.

Delisting of ALX shares

Trading in the ALX shares has been halted by the TSX Venture Exchange and the ALX shares are expected to be delisted from the TSXV after the close of markets on Dec. 31, 2024. Greenridge is in the process of applying for ALX to cease to be a reporting issuer under applicable Canadian securities laws and to otherwise terminate the public reporting requirements of ALX.

Early warning disclosure

Prior to the transaction, Greenridge held no securities of ALX. On completion of the transaction, Greenridge holds all of the issued and outstanding ALX shares. As a result of the transaction, ALX is a wholly owned subsidiary of Greenridge. An early warning report will be filed by Greenridge on SEDAR+ in accordance with applicable securities laws. A copy of the early warning report filed by Greenridge will be available under the company's profile on SEDAR+.

About Greenridge Exploration Inc.

Greenridge Exploration is a mineral exploration company dedicated to creating shareholder value through the acquisition, exploration and development of critical mineral projects in Canada. The company owns or has interests in 28 projects covering approximately 388,040 hectares with considerable exposure to potential uranium, lithium, nickel, copper and gold discoveries. The company is led by an experienced management team and board of directors with significant expertise in capital raising and advancing mining projects.

Greenridge has one of the largest uranium property portfolios in Canada consisting of 15 projects covering approximately 212,845 hectares. The company has opportunities to realize value in a further 12 strategic metals projects which include lithium, nickel, gold and copper exploration properties totalling approximately 175,195 hectares. Project highlights include:

• The Black Lake property, located in the NE Athabasca basin, (40 per cent Greenridge, 50.43 per cent UEC, 8.57 per cent Orano) saw a 2004 discovery hole (BL-18) return 0.69 per cent U3O8 over 4.4 m.
• The Hook-Carter property (20 per cent Greenridge, 80 per cent Denison Mines) is strategically located in the SW margin of the Athabasca basin, sitting approximately 13 km from NexGen Energy Ltd.'s Arrow deposit and approximately 20 km from Fission Uranium Corp.'s Triple R deposit.
• The Gibbons Creek property hosts high-grade boulders located in 2013, with grades of up to 4.28 per cent U3O8 and the McKenzie Lake project saw a 2023 exploration program return three samples which included 844 parts per million U-total (0.101 per cent U3O8), 273 ppm U-total and 259 ppm U-total.
• The Nut Lake property located in the Thelon basin includes historical drilling which intersected up to nine feet of 0.69 per cent U3O8 including 4.90 per cent U3O8 over one ft from eight ft depth.
• The Firebird Nickel property has seen two drill programs (seven holes totalling 1,339 m), where hole FN20-002 intersected 23.8 m of 0.36 per cent Ni and 0.09 per cent Cu, including 10.6 m of 0.55 per cent Ni and 0.14 per cent Cu.
• The Electra nickel project 2022 drill program included results of 2,040 ppm Ni over one m and 1,260 ppm Ni over 3.5 m.

The company has strategic partnerships which includes properties being operated and advanced by Denison Mines and Uranium Energy Corp. The company's management team, board of directors and technical team brings significant expertise in capital raising and advancing mining projects, and is poised to attract new investors and raise future capital.

Qualified person

The technical information in this news release regarding ALX Resources properties 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.

The technical information in this news release regarding Greenridge Exploration properties has been reviewed and approved by Jody Dahrouge, BSc, PGeo, of Dahrouge Geological Consulting Ltd., who is a qualified person in accordance with the Canadian regulatory requirements set out in National Instrument 43-101.

We seek Safe Harbor.