Mr. Brooke Clements reports

NORTH SHORE ANNOUNCES BINDING TERM SHEET FOR RIO PUERCO URANIUM PROJECT IN NEW MEXICO, USA

North Shore Uranium Ltd., on June 23, 2025, signed a binding term sheet with Resurrection Mining LLC, an arm's-length party, to acquire up to 87.5 per cent of the Rio Puerco uranium project in northwestern New Mexico.

Transaction and project highlights:

• Historical resource estimate of 6.0 million tonnes at an average grade of 0.09 per cent equivalent U3O8 (eU3O8) for 11.4 million pounds (lb) of U3O8 reported in 2009;
• Substantial historical data set to guide and optimize future exploration programs;
• Preliminary review of historical data suggests the potential for in situ recovery (ISR) mining, the lowest-cost method for producing uranium;
• Located in the Grants uranium district, the largest producer of uranium in the United States and near two significant active uranium projects, Marquez-Juan Tafoya (Anfield Energy Inc.) and Cebolleta (Premier American Uranium Inc.);
• Strong U.S. government support for nuclear power and uranium mining projects, and a stated objective to reduce reliance on foreign nuclear fuel:
  • Executive orders issued by President Trump in late May, 2025, include a call for quadrupling U.S. nuclear capacity by 2050, accelerating new reactor development, strengthening the U.S. nuclear fuel supply chain and reforming the U.S. regulatory environment;
• Staged earn-in structure allows the company to optimize exploration programs;
• Would provide North Shore with uranium exposure in two North American jurisdictions, the Athabasca basin in Saskatchewan, Canada, and the Western United States.

Brooke Clements, president and chief executive officer of North Shore, stated: "The Rio Puerco project in New Mexico offers us exposure to a uranium project in the USA with excellent upside and significant historical exploration data, including a historical resource estimate. The U.S. government has recently enacted policies designed to accelerate nuclear power and uranium mining activity in the country. In the 1970s, Kerr-McGee commenced mine construction at Rio Puerco, but activity was halted after a short trial mining phase due to low uranium prices. The project offers a great opportunity to confirm and expand upon previous work through drilling, modern 3-D modelling and continued assessment of the ISR potential. On completion of the transaction with Resurrection, we will have uranium exposure in two North American jurisdictions that have seen significant uranium production, the Grants uranium district and the Athabasca basin, at a time when future supply-demand fundamentals look great for the industry."

Rio Puerco is located at the eastern end of the Grants uranium district, approximately 60 kilometres northwest of Albuquerque, New Mexico. Mines that operated between 1950 and 2002 contributed to make the Grants uranium district, the leading historical uranium producing district in the U.S.

Rio Puerco project summary

Rio Puerco consists of 37 Bureau of Land Management mining claims and significant historical exploration and mining data, as well as the rights to a water well. Historical exploration and development work by Kerr-McGee Corp. in the 1960s and 1970s, and geologic and resource modelling work completed by two Australian companies in 2009 and 2011 validate the potential for Rio Puerco to host a significant uranium resource.

Uranium was first discovered at Rio Puerco in 1968. The claims covering the discovery were ultimately optioned to Kerr-McGee, which drilled over 1,000 holes. Based on the results of that work, Kerr-McGee began the development of the Rio Puerco mine in the 1970s. The uranium mineralization is hosted in sandstone of the Jurassic-aged Morrison formation, host to almost all of the significant uranium deposits in the Grants uranium district. The mine was intended to be a room and pillar underground mine but was never put into production. Activity ceased after a short trial mining phase likely due to low uranium prices at the time. The underground mine infrastructure included a 260-metre vertical shaft, ventilation shafts, mining adits and support buildings. The mining shaft remains at the site and road access to the site is excellent.

In 2009, Monaro Mining NL commissioned an independent geological review and resource estimate for Rio Puerco using exploration data generated by Kerr-McGee in the 1960s and 1970s. The data used for the resource estimate consisted of historical maps and data from 764 drill holes, including downhole gamma-ray data converted to percent eU3O8, geological logs and drill hole survey data. A JORC 2004-compliant inferred resource of 6.0 million tonnes at an average grade of 0.09 per cent eU3O8 using a cut-off grade of 0.03 per cent eU3O8 for 11.4 million lb of contained U3O8 (the historical resource) was report. JORC is the Australian Joint Ore Reserves Committee, a professional code of practice that sets minimum standards for public reporting of mineral resources.

In 2011, Australian-American Mining Corp. Ltd. commissioned a technical report on Rio Puerco. This most recent report validated and confirmed the historical resource.

No significant exploration or development work has occurred at Rio Puerco since the 1970s.

Historical resource estimates for the Rio Puerco project

The historical resource outlined in this news release has not been verified and should not be relied upon. It is a historical estimate and not current, and does not comply with Canadian National Instrument 43-101 guidelines for the reporting of mineral resources. A qualified person has not verified the historical resource on behalf of the company and North Shore has completed no work programs at Rio Puerco. Though not current, the company views the historical resource estimates as reliable and sufficient to justify the initiation of work programs aimed at validating and potentially expanding upon the estimates. There is no guarantee that the work programs envisioned by North Shore will ultimately result in the definition of NI 43-101-compliant resources.

Rio Puerco term sheet

Completion of the transaction is contingent on North Shore completing satisfactory due diligence, execution of a definitive agreement, completion of a minimum $750,000 financing by North Shore and approval by the TSX Venture Exchange. A finder's fee may be payable to an arm's-length third party upon completion of the transaction. The following highlights key terms of the term sheet executed by North Shore and Resurrection (all currency references are in Canadian dollars):

• Milestone 1: upon completion of the transaction, a $125,000 cash payment and issuance of 9.99 per cent of the issued and outstanding shares of the company, postfinancing;
• Milestone 2, to earn a 40-per-cent interest in the project: on or before 18 months after completion of the transaction, a $250,000 payment in cash or common shares, at the option of North Shore, and $750,000 in exploration expenditures;
• Milestone 3, to earn an aggregate 65-per-cent interest in the project: on or before 36 months after completion of the transaction, a $375,000 payment in cash or common shares, at the option of North Shore, and $1-million in additional exploration expenditures;
• Milestone 4, to earn an aggregate 87.5-per-cent interest in the project: on or before 60 months after completion of the transaction, a $500,000 payment in cash or shares, at the option of North Shore, and $1.5-million in additional exploration expenditures;
• North Shore may elect to not continue to sole-finance exploration expenditures at any time after earning a 40-per-cent interest in Rio Puerco, at which time North Shore and Resurrection will enter into a joint venture agreement to govern the financing of Rio Puerco on a proportional basis;
• Carried interest: on completion of milestone 4, North Shore will provide Resurrection with a 12.5-per-cent free-carried interest in the project through completion of an NI 43-101-compliant preliminary economic assessment, at which time Resurrection can elect to form a participating joint venture or convert their interest into a 1.0-per-cent net smelter return royalty. North Shore will be granted a right of first refusal on Resurrection's 12.5-per-cent interest;
• Bonus payments: for the 78-month period after completion of the transaction, North Shore will pay Resurrection a $100,000 bonus for each million pounds of uranium estimated in current resources defined by the company above five million and up to 20 million pounds, in accordance with NI 43-101 standards, if and when such resources are defined;
• Other terms: Resurrection shall have a participation right to maintain its 9.99-per-cent interest in the common shares of North Shore for five years from completion of the transaction and the right, but not the obligation, to appoint one nominee to the North Shore board of directors. All share issuances will be subject to Canadian and U.S. securities law, and will be priced in accordance with exchange policies.

Next steps

After completion of the transaction, North Shore will begin working toward defining the first NI 43-101-compliant uranium resource at Rio Puerco. The company's initial work will aim to verify historical data and determine whether a resource can be defined in accordance with NI 43-101. First, geologic models of the previously defined deposit will be prepared using drill hole summary logs containing the interpreted zones of uranium mineralization. A number of confirmation drill holes are required to confirm the historical uranium grade and uranium disequilibrium, and for metallurgical testing. For the first program, 20 to 40 holes are contemplated, a combination of diamond core holes and rotary holes, where a downhole gamma ray probe is used to determine uranium content. After the results of that program are received and interpreted, a comprehensive drilling plan would be developed aimed at defining a resource. Data from the drill programs will be used to further evaluate the amenability of ISR mining.

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 CO2 (carbon dioxide) emission reduction goals and the needs of new power-intensive technologies like AI (artificial intelligence). In this environment, new discoveries of economic uranium deposits will be very valuable, especially in established uranium-producing jurisdictions like Saskatchewan and New Mexico. North Shore is well positioned to become a major force in exploration for economic uranium deposits. The company is working to achieve this goal by exploring its Falcon and West Bear properties at the eastern margin of the Athabasca basin in Saskatchewan, expanding its exploration efforts to include the Grants uranium district in New Mexico, and by evaluating other quality opportunities in the United States and Canada, to complement its portfolio of uranium properties. North Shore summarized its exploration efforts at its Falcon property in a May 27, 2025, news release.

Qualified person

Brooke Clements, MSc, PGeol, a qualified person as defined by NI 43-101, Standards of Disclosure for Mineral Projects, and the president and CEO of North Shore, has reviewed and approved the scientific and technical disclosure in this news release.

We seek Safe Harbor.