Mr. Stephen Stewart of Baselode Energy reports

BASELODE ENERGY COMPLETES ACQUISITION OF FORUM ENERGY METALS

Baselode Energy Corp. and Forum Energy Metals Corp. have completed the plan of arrangement under the Business Corporations Act (British Columbia), as previously disclosed on June 24, 2025.

Rebecca Hunter, chief executive officer of Baselode, stated: "With the completion of the plan of arrangement, I am excited to be stepping into the role of CEO of Baselode, which is well capitalized with over $12-million in cash and having multiple high-potential projects within its asset base, including Aberdeen in Nunavut and Hook in Saskatchewan. As drills continue to turn at Aberdeen, shareholders can expect to receive an update on our progress in the near term."

Stephen Stewart, chairman of Baselode, stated: "I would like to welcome Rebecca as Baselode's new CEO, who I am confident will successfully take the Aberdeen project through this next phase of exploration with support from Ore Group. I would also like to thank James Sykes, who will remain on as director and special adviser, given his experience and track record of discoveries in the uranium space. With the closing of the recent $6-million financing, Baselode is well capitalized to execute on its exploration plans at Aberdeen and Hook, and will seek to generate multiple catalysts soon."

Baselode to become Geiger Energy

During Baselode's annual general and special meeting, to be held on Sept. 16, 2025, Baselode will seek shareholder approval to change its name to Geiger Energy Corp. Geiger will be led by Ms. Hunter (PhD) as CEO and Mr. Stewart as chairman, and will be backed by the Ore Group team.

The board of directors of Baselode was reconstituted in connection with the arrangement to comprise five board members (three Baselode nominees and two Forum nominees), being Mr. Stewart (chairman), Mr. Sykes, Charles Beaudry, Ms. Hunter and Paul Dennison. At the shareholders meeting, Baselode will seek shareholder approval to increase the size of the board to six members, and to appoint Mr. Stewart (chairman), Mr. Sykes, Mr. Beaudry, Michael Mansfield, Ms. Hunter and Janet Meiklejohn to the board.

New strategy, new focus: Canada's next great uranium story

Geiger will be a well-capitalized leader in Canadian uranium exploration focused on developing its 100-per-cent-owned Aberdeen and Hook projects, located in Nunavut and Saskatchewan, respectively. With its large asset portfolio, Geiger will have enhanced scale, diversified assets, and a strengthened leadership team with a clear focus on discovery and growth.

Transaction details

Pursuant to the terms of the arrangement, among other things, Baselode acquired 100 per cent of the issued and outstanding common shares in the capital of Forum in exchange for the issuance of 0.3535 common share in the capital of Baselode to shareholders of Forum in exchange for each Forum share. Each outstanding stock option to acquire Forum shares was exchanged for a stock option to acquire Baselode shares, in amounts and at exercise prices adjusted in accordance with the exchange ratio. Further, each outstanding warrant to acquire Forum shares will entitle the holder thereof to receive, upon the exercise thereof, 0.3535 of a Baselode share at a price adjusted in accordance with the exchange ratio, and otherwise on the same terms and conditions as the original warrant.

On Aug. 22, 2025, the Supreme Court of British Columbia issued the final order to approve the arrangement. The arrangement received the requisite approval of Forum's shareholders at a special meeting of shareholders held on Aug. 19, 2025.

In connection with the arrangement, Baselode entered into mutual separation agreements with each of Richard Mazur, former chairman of the board and a director of Forum, and Dan O'Brien, former chief financial officer of Forum, pursuant to which Mr. Mazur and Mr. O'Brien agreed to waive their respective change of control benefits that would have been triggered by the arrangement in consideration for a separation package with a value equal to 101 per cent of the change of control benefits, to be paid 30 per cent in cash (payable over a period of 10 months) and 70 per cent in Baselode shares (to be issued on closing of the arrangement), with the number of Baselode shares to be determined based on the closing price of the Baselode shares on the TSX Venture Exchange on the trading day prior to the effective date of the arrangement (being 8.5 cents). Mr. Mazur will receive cash payments in the aggregate amount of $127,500 and received 3,348,000 Baselode shares, and Mr. O'Brien will receive cash payments in the aggregate amount of $60,000 and received 1,575,529 Baselode shares.

Following the completion of the arrangement, there are 291,627,336 issued and outstanding Baselode shares. For additional details regarding the arrangement, see Forum's management information circular dated July 18, 2025, a copy of which can be found under Forum's profile on SEDAR+.

The Forum shares are expected to be delisted from the TSX Venture Exchange effective as of the close of business on or about Aug. 29, 2025. Baselode also intends to submit an application to the applicable securities regulators to have Forum cease to be a reporting issuer and terminate its public reporting obligations.

Action required by Forum shareholders

Registered shareholders of Forum are reminded to submit a duly completed letter of transmittal and, as applicable, the certificate (or certificates) and/or DRS advice (or advices) representing their Forum shares to Odyssey Trust Company.

Early warning reporting

By virtue of its acquisition of all the issued and outstanding Forum shares pursuant to the arrangement, Baselode is required to file an early warning report pursuant to National Instrument 62-103, The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. A copy of the early warning report will be filed on Forum's SEDAR+ profile.

About Baselode Energy Corp.

Baselode controls 100 per cent of approximately 241,409 hectares for exploration in the Athabasca basin area of Northern Saskatchewan, Canada. The land package is free of any option agreements or underlying royalties.

Baselode discovered the Ackio near-surface, uranium prospect in September, 2021. Ackio measures greater than 375 metres (m) along strike, greater than 150 m wide, comprising at least nine separate uranium pods, with mineralization starting as shallow as 28 m and 32 m beneath the surface in pods 1 and 7, respectively, and down to approximately 300 m depth beneath the surface with the bulk of mineralization occurring in the upper 120 m. Ackio remains open at depth, and to the north, south and east.

Baselode's Athabasca 2.0 exploration thesis focuses on discovering near-surface, basement-hosted, high-grade uranium orebodies outside the Athabasca basin. The exploration thesis is further complemented by Baselode's preferred use of innovative and well-understood geophysical methods to map deep structural controls to identify shallow targets for diamond drilling.

About Forum Energy Metals Corp.

Forum Energy Metals is focused on the discovery of high-grade, unconformity-related uranium deposits in Canada's premier uranium jurisdictions: the Athabasca basin in Saskatchewan and the Thelon basin in Nunavut. The company holds a significant land position with 153,838 hectares in Saskatchewan -- primarily within the Athabasca basin -- and 95,519 hectares in Nunavut's Thelon basin.

Forum's flagship asset is the Aberdeen project in Nunavut, which hosts the high-grade Tatiggaq and Qavvik uranium discoveries. Tatiggaq is a basement-hosted prospect defined over a 300-metre strike length, comprising multiple steeply dipping, east-northeast-trending mineralized lenses located at depths between 80 and 180 m. Notable intercepts include 2.25 per cent U3O8 over 11.1 m (1), highlighting a high-grade core within the system. To date, only 500 m of a 1,500 m long anomaly has been drill tested. Qavvik is a similarly styled, basement-hosted prospect characterized by steeply dipping, east-northeast-trending mineralized lenses across a 100 by 100 m area, from surface down to 400 m depth. Both zones require further detailed drilling to determine the full extent of mineralization.

In addition to these discoveries, the Aberdeen project hosts over 50 high-priority exploration targets, many of which exhibit strong alteration and anomalous geochemistry from limited historical drilling -- or remain entirely untested.

Qualified person statement

The technical information contained in this news release has been reviewed and approved by Rebecca Hunter, PGeo, president and CEO of Forum Energy Metals, a qualified person, as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects.

(1) Refer to Forum's news release dated Sept. 12, 2023.

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