Mr. Brooke Clements reports

NORTH SHORE CLOSES NON-BROKERED PRIVATE PLACEMENT

North Shore Uranium Ltd. has closed its non-brokered private placement offering on January 16, 2026, as previously announced on Dec. 11, 2025, and Jan. 14, 2026, for gross proceeds of $3,232,500, through the issuance of 12.93 million units.

The offering consisted of units of the company at a price of 25 cents per unit. Each unit consists of one common share of the company and one-half of one share purchase warrant. Each warrant entitles the holder to purchase one common share of the company at a price of 40 cents per warrant share for a period of two years from closing of the offering.

The warrants are subject to an accelerated expiry provision such that, if the volume-weighted average price of the company's common shares on the TSX Venture Exchange equals or exceeds 80 cents for 10 consecutive trading days, then the warrants will expire 30 days following the date on which the company either provides notice of acceleration to the holders of the warrants or issues a news release announcing the acceleration, in each case at the company's election.

The net proceeds of the offering will be used for exploration of the Rio Puerco uranium project in New Mexico, continued exploration of the company's Saskatchewan uranium properties, the costs of the offering and for general working capital purposes.

In connection with the offering, the company paid cash finders' fees of $18,500 and issued 74,000 non-transferable finders' warrants to certain arm's-length finders. The non-transferable finder's warrant is exercisable to acquire one common share of the company at a price of 25 cents per share for a period of two years from the date of closing the offering.

The securities issued in connection with the offering will be subject to a four-month-and-one-day hold period under applicable securities laws. The offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the TSX-V.

Insider participation

Brooke Clements, director, president and chief executive officer of the company, participated in the offering. Mr. Clements' purchase constitutes a related party transaction pursuant to Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. There has not been a material change in the percentage of the outstanding securities of the company that are individually or beneficially owned by Mr. Clements as a result of his participation in the offering. The company is exempt from the requirements to obtain a formal valuation and minority shareholder approval in connection with the participation of the insiders in the offering in reliance of the exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as the fair market value of the insider participation does not exceed 25 per cent of the company's market capitalization as determined in accordance with MI 61-101.

The company obtained approval by the board of directors of the company of the offering, with Mr. Clements declaring and abstaining from voting on the resolutions approving the offering with respect to his participation in the offering. No materially contrary view or abstention was expressed or made by any director of the company in relation thereto.

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. 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 Rio Puerco in the Grants uranium district of New Mexico, and its Falcon and West Bear properties at the eastern margin of the Athabasca basin in Saskatchewan. In addition, the company continues to evaluate quality opportunities in the United States and Canada to complement its portfolio of uranium properties.

We seek Safe Harbor.