Mr. John Borshoff reports

ASARIAN ENERGY, NORASA PROJECT - EPL 3638 RENEWED FOR NAMIBPLAAS URANIUM DEPOSIT

The Ministry of Industry, Mines and Energy of the Republic of Namibia has renewed Asarian Energy Ltd.'s Namibplaas exclusive prospecting licence (EPL) 3638 for a further two years until September, 2028. EPL 3638 covers the Namibplaas uranium deposit, which forms part of the company's Norasa project, together with the adjacent Valencia uranium deposit.

Highlights

• EPL 3638, covering the Namibplaas uranium deposit in Namibia, has been renewed for a further two years to September, 2028.
• The renewal enables the company to continue exploration and mineral resource work at Namibplaas, which together with the adjacent Valencia uranium deposit, forms the Norasa project.
• The company plans to undertake additional drilling and review the data supporting Norasa's 2024 mineral resource estimate (MRE). This work is planned to be completed before the end of December, 2026, and is intended to improve the mineral resource classification of the deposit.

The renewal of EPL 3638 enables the company to advance exploration and mineral resource assessment work at Namibplaas, which hosts an existing mineral resource (see news release dated May 14, 2024, and Table 1 in the appendix to this release).

With the licence extension now secured, the company intends to carry out additional mineral resource drilling at Namibplaas, followed by a review of the data supporting the 2024 MRE. The current Namibplaas MRE was classified as inferred based on the underlying drilling information, and the proposed drilling program is intended to address this limitation and support the potential upgrading of portions of the mineral resource to the indicated category. This work is expected to be completed by the end of December, 2026. Subject to the results of the planned drilling and data review, the company will consider updating the original definitive feasibility study (DFS) completed in 2015. The 2015 DFS is considered historical as it was prepared using processes, cost and uranium price assumptions that differ materially from current conditions and, accordingly, it should not be relied upon as a current indication of the Norasa project's economics.

John Borshoff, director, president and chief executive officer, commented:

"Following the new management's assessment of the Norasa project, we believe the planned mineral resource drilling and data review will help provide a stronger understanding of the resource base at Namibplaas and establish a sound basis for planning and potentially updating the definitive feasibility study. With the nuclear industry undergoing a strong resurgence, and the forecast for uranium supply to tighten over the mid-term, we believe it is timely and justified to re-evaluate the potential for development of the Norasa project. We appreciate the ministry's support in renewing the licence, which enables us to continue advancing this important project."

About Asarian Energy Ltd.

Asarian Energy is now operating under a new leadership and management structure advancing a value-creation strategy centered on asset optimization, expanding the company's project portfolio and building a proven team capable of converting vision into reality.

The objective is for Asarian Energy to become a globally significant uranium producer focusing both on advancing its wholly owned Norasa project, located in the politically and uranium-friendly jurisdiction of Namibia, Africa, and expanding the company's project footprint to attain a multi jurisdiction status through merger and acquisition efforts, alliance development and joint ventures.

This news release was authorized for dissemination by John Borshoff, director, president and CEO, for and on behalf of the board of directors of Asarian Energy.

Qualified person statement

The information in this release that relates to the mineral resource estimate for the Norasa project is based on information compiled or reviewed by David Princep, BSc, geology, who is a fellow and chartered professional of the Australasian Institute of Mining and Metallurgy, and has sufficient experience, which is relevant to the style of mineralization and type of deposit under consideration and to the activity that is being undertaken, to fulfill the requirements of a qualified person as per National Instrument 43-101. Mr. Princep consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.

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