Mr. Brooke Clements reports

NORTH SHORE URANIUM FALCON EXPLORATION UPDATE

North Shore Uranium Ltd. has provided an update on its Falcon property target generation efforts. In Sept. 17 and Oct. 10, 2024, news releases, the company summarized work being done at its West Bear and Falcon properties with an emphasis on zones 1 and 2 at Falcon. This news release summarizes targeting efforts being undertaken in zone 3 at Falcon.

Falcon target generation

Falcon is located approximately 30 kilometres east of the active Key Lake uranium mill and former mine at the eastern margin of the Athabasca basin in Saskatchewan. Between 1983 and 2002, the Key Lake mine produced a total of 209.9 million pounds of triuranium octoxide at an average grade of over 2.0 per cent (1). The uranium discovery potential at Falcon is significant and includes shallow basement-hosted unconformity-style and pegmatite-hosted mineralization. As reported on May 16, 2024, the company discovered near-surface uranium mineralization at two drill targets, P03 and P08 in zone 1.

To date, North Shore has identified 36 uranium targets at Falcon with nine of these being in zone 3. Most of zone 3 consists of four claims that are 100 per cent owned by the company. The targets are associated with electromagnetic conductor anomalies and have been selected based on the analysis of multiple data sets utilizing interpretation by Condor North Consulting LLC, Earthfield Technologies Inc. and North Shore. There are three documented uranium occurrences in zone 3: the D zone showing (target FA025), the Big Sandy boulder fan and the Geike River boulder fan (Sakatchewan SMDI 2455, 2020 and 2456, respectively). At the D zone, one sample from a mineralized vein returned 1.26 per cent uranium and 0.8 per cent molybdenum. Located approximately six kilometres southwest of the D zone and discovered in 1980, the Geike River boulder fan is a 500-metre-long, 30- to 100-metre-wide fan consisting of 19 boulders that are 30- to 200-centimetre diameter. One boulder returned 0.969 per cent U, 215 parts per million copper and 472 ppm Mo; another returned 0.531 per cent U, 1380 ppm Cu and 2,120 ppm Mo. The Big Sandy radioactive boulder field consists of 37 boulders along a two-kilometre trend, and samples from three boulders averaged 1520 ppm U, 425 ppm thorium and 8,670 ppm Mo. In 1980, three holes were drilled by AGIP Canada Ltd. associated with the D zone. Also in 1980, AGIP drilled nine shallow holes totalling 810 metres approximately one kilometre northeast of the Big Sandy boulder field. One radioactive interval between 18 and 22 m in one of the nine holes returned a maximum of 87 ppm U. Examples of three target areas that are being considered for future work in zone 3 are FA025, FA029/FA024 and FA026.

Brooke Clements, president and chief executive officer of North Shore, stated: "We have a pipeline of uranium targets to choose from for our next drill program at Falcon. Zone 3, like zones 1 and 2, has attracted uranium explorers in the past. We believe there is potential to make a significant uranium discovery at Falcon using new data and interpretation. With the world's attention increasingly focused on nuclear power and uranium, we look forward to advancing our top targets."

(1) Source: government of Saskatchewan mineral deposit query. There is no guarantee that a uranium deposit similar to Key Lake will be discovered on the Falcon property.

FA025

Target FA025 includes the D zone showing, a complex and an isolated approximately one-kilometre-long anomalous electromagnetic response defined by variable conductor strength that is, in part, coincident with a magnetic low feature. The D zone showing was discovered in 1978 by field inspection of an anomaly identified from an EM survey flown by AGIP in 1978 that was interpreted to be a graphitic conductor. The D showing and associated work programs are described in Saskatchewan assessment files 74A14-0034 and 74A14-0035. The showing is described as a uraniferous vein with associated molybdenite and pyrite. A breccia zone was also sampled. The best sample returned 1.26 per cent U and 0.8 per cent Mo. AGIP reported four additional samples from the D zone area with greater than 1,000 ppm U. The area around the showing was mapped in detail, and a ground EM survey was completed. In 1978, a lake sediment sample collected from a small lake 800 m northwest of the D showing returned 38 ppm U. In 1980, three shallow holes with a cumulative depth of 350 m were drilled by AGIP. One-metre sample intervals in zones of anomalous radioactivity in core from two drill holes were analyzed. One of the intervals returned 54 ppm U, and the other returned 36 ppm. Minor hematite, chlorite and kaolinite alteration was encountered throughout the core. In 2022, a North Shore crew identified elevated radioactivity in one outcrop area coincident with the D zone location, but the vein was not located. The company intends to model the EM conductors at FA025, integrate these models with the shallow historic drilling and geologic mapping, and determine if the drilling of additional and deeper holes is warranted. Over all, the isolated EM conductor on land that is coincident with a magnetic low response and proximal to a known uranium showing is a highly prospective target.

FA024 and FA029

Targets FA024 and FA029 are associated with a 6.5-kilometre-long, northeast-trending EM response associated with northeast-southwest-trending magnetic gradients that is interpreted to represent a subvertical conductor. Along the southern portion of the feature, the conductor is offset by approximately 400 m at target FA024. FA029, a priority uranium target selected by Condor and Earthfield, was identified at the northeastern end of this system, where the conductor is intersected by an interpreted northwest-trending fault. Coincident with this fault-conductor intersection is a gravity low anomaly. Gravity lows can be indicative of hydrothermal alteration related to uranium mineralization. Possible near-term work prior to drilling could include detailed 3-D modelling of the conductor system, prospecting and mapping at FA029 where the conductor is entirely on land, and ground geophysics.

FA026

Target FA026 is represented by strong isolated EM responses that are entirely on land. There is a strong magnetic gradient on the west side of the target. A prospecting and mapping program is currently planned for FA026.

Next steps

North Shore will continue prioritizing targets at Falcon in pursuit of maximizing the chances of encountering uranium mineralization in its next drill program. As currently planned, that drill program would have two components: follow-up in areas with previous drilling including the 3.0-kilometre trend within zone 1 where North Shore discovered near-surface uranium mineralization in early 2024, and the potential testing of new targets identified in zones 1, 2 and 3. Additional updates on the company's target prioritization efforts will be provided on a continuing basis.

Background information

Falcon consists of 15 mineral claims. Four of the claims comprising 12,791 hectares are 100 per cent owned by the company, and the remaining 11 claims totalling 42,908 hectares are subject to an option agreement with Skyharbour Resources Ltd. Under the terms of the option agreement, North Shore has the option to earn an up-to-100-per-cent interest in the 11 claims by completing certain payments, exploration work and other commitments by October, 2026.

About North Shore Uranium Ltd.

The nuclear power industry is in growth mode as more nuclear power will be required to meet the world's ambitious carbon dioxide emission reduction goals and the needs of new power-intensive technologies like artificial intelligence. In this environment, new discoveries of economic uranium deposits will be very valuable. The near-term business objective of North Shore is to become a major force in exploration for economic uranium deposits at the eastern margin of Saskatchewan's Athabasca basin, a Tier 1 jurisdiction for discovering new minable high-grade uranium deposits. The company is working to achieve this goal by conducting exploration programs at its Falcon and West Bear properties and by evaluating opportunities to complement its portfolio of uranium properties. The company went public in November, 2023, and its experienced team includes uranium experts and mining industry professionals.

QUalified person

Brooke Clements, MSc, PGeol, a qualified person as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects), and the president and chief executive officer of North Shore, has reviewed and approved the scientific and technical disclosure in this press release.

We seek Safe Harbor.