Mr. Lester Esteban of Traction Uranium reports

TRACTION URANIUM AND FORUM ENERGY METALS COMPLETE AIRBORNE GEOPHYSICAL SURVEY ON THE GREASE RIVER PROJECT, ATHABASCA BASIN

Traction Uranium Corp. and Forum Energy Metals Corp. have completed an airborne magnetic, electromagnetic (EM) and radiometric survey on Forum's 100-per-cent-owned Grease River project, located along the north rim of the Athabasca basin in Saskatchewan. A total of 1,353 line kilometres were surveyed at a 100-metre line spacing using a new resolution geophysics specially designed Xcite time-domain electromagnetic system. The survey was conducted over the entire Grease River claims totalling 10,528 hectares along the Grease River shear zone. Data delivery is expected within six weeks from Axiom Exploration Group and will be interpreted for follow-up exploration.

Traction entered into an option agreement with Forum whereby Traction is entitled to acquire a 51-per-cent interest in the property by paying an aggregate of $250,000, issuing an aggregate of 1,625,000 common shares and financing an aggregate of $3-million in exploration expenditures on the property by Dec. 31, 2025. Forum is the operator during this first option period. Traction has the further option to earn up to a 100-per-cent interest in the project by making $1.7-million in cash payments, 5.5 million share payments and $6-million in exploration up until Dec. 31, 2028. Forum would retain a 2-per-cent net smelter return royalty and $8-million in milestone payments (see news release dated Feb. 7, 2023).

The Grease River project

The Grease River project is located within the north-central margin of the Athabasca basin near the community of Fond du Lac. The Grease River [roject consists of two separate claim blocks situated along the northeast-trending Grease River shear zone, a major intracontinental shear zone greater than 400 kilometres long. The nearby Fond du Lac uranium deposit was previously discovered within the shear zone by Amok Ltd. and Eldorado Nuclear Ltd. in the 1970s and a historical resource estimate was included that was not prepared in accordance with the requirements of National Instrument 43-101, Standards of Disclosure for Mineral Projects, of one million pounds uranium at an average grade of 0.25 per cent U3O8. While the company believes the historical estimate to be relevant and reliable, given the extensive exploration work completed by Amok/Eldorado, experienced mineral resource companies, and the quality of the historical work completed, a qualified person has not completed sufficient work to verify and classify the historical estimate as a current mineral resource and the company is not treating the historical estimate as a current mineral. As such, the historical estimate should not be relied upon. The company further notes that the Grease River project claims are located along trend of the deposit to the southwest and northeast. Limited exploration has been conducted in the Grease River project area.

Qualified person

The technical content of this news release has been reviewed and approved by Ken Wheatley, MSc, PGeo, who is a qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects. The information provides an indication of the exploration potential of the company's properties but may not be representative of expected results.

About Traction Uranium Corp.

Traction Uranium is in the business of mineral exploration and the development of discovery prospects in Canada, including its three uranium projects in the world-renowned Athabasca region.

About Forum Energy Metals Corp.

Forum Energy Metals is a diversified energy metal company with uranium, copper, nickel and cobalt projects in Saskatchewan, Canada's No.-1-rated mining province for exploration and development, a strategic uranium land position in Nunavut and a strategic cobalt land position in the Idaho cobalt belt.

We seek Safe Harbor.