Mr. Anthony Zelen reports

GENERATION URANIUM ANNOUNCES THE UPSIZING OF THE PRIVATE PLACEMENT AND THE CLOSING OF $1,000,000 IN FIRST TRANCHE.

Generation Uranium Inc. has increased the size of its non-brokered private placement of four million units, made public on SEDAR+ on March 15, 2024, to five million units for anticipated aggregate proceeds of $1.25-million. The first of two tranches of the private placement closed with the issuance of four million units, each consisting of one common share of the company and one common share purchase warrant at a price of 25 cents per unit, for aggregate proceeds of $1-million. Each purchase warrant is exercisable into one common share at an exercise price of 45 cents per share at any time up to 24 months following the closing date. A large natural resource fund out of New York and Toronto is one of several subscribers participating in the offering.

Additionally, the company maintains a warrant acceleration option allowing Generation to accelerate the expiry date of the warrants if the daily trading price of the common shares on the TSX Venture Exchange is greater than 70 cents per common share for the preceding 10 consecutive trading days.

As part of the closing, Generation will compensate the finding agent with a commission of 4.0 per cent in cash and 4.0 per cent in purchase warrants based on the gross proceeds of the offering, and will receive such number of broker warrants as is equal to 8.0 per cent of the number of units sold under the offering. All securities issued and including warrants will be subject to a four-month holding period.

The company intends to use the net proceeds to help define new drill targets on the Yath project, a high-grade uranium property situated in the Thelon basin in Nunavut, Canada, and for general working capital.

We seek Safe Harbor.