Mr. Lawrence Hay reports

OBERON URANIUM EXECUTES AGREEMENT TO ACQUIRE MINERAL CLAIMS IN SASKATCHEWAN

Oberon Uranium Corp. has signed a share purchase agreement dated March 28, 2024, with Carbon Markets Inc. and the Carbon shareholders pursuant to which Oberon will acquire all of the issued and outstanding shares of Carbon from the Carbon shareholders. Carbon holds three mineral claims totalling 365 hectares in Saskatchewan, Canada. With this acquisition the company now controls ground that surrounds the historic Leonard mine (estimated production of 50,000 tons at a grade of 0.20 per cent triuranium oxide) and the workings of St. Micheal mine (250 tons at a grade of 0.15 per cent U3O8) and is adjacent to the past producing Smitty mine (produced ore containing 600,000 pounds U3O8 between 1952 and 1960). The type of deposits hosted here consist of pitchblende forming in veins, shears, breccias and open-spaced fillings. Historic sampling conducted in the northeastern part of the claims has reported uranium values of 1.6 per cent and 3.02 per cent U3O8 which samples from the Aurora Yellowknife mines uranium showing No. 44.

Pursuant to the SPA, to acquire all of the issued and outstanding Carbon shares from the Carbon shareholders, Oberon will issue an aggregate of 17.6 million Class A common shares of Oberon to the Carbon shareholders at a deemed price per consideration share of five cents, representing an aggregate purchase price of $880,000. The proposed transaction will be completed pursuant to available prospectus exemptions in accordance with applicable securities legislation, and the consideration shares, when issued, will be subject to a hold period of four months and a day.

The transaction is subject to receipt of all necessary regulatory approvals, including, as applicable, approval of the CSE. The transaction would be an arms-length transaction for Oberon and would not constitute a fundamental change or result in a change of control of the company, within the meaning of the policies of the CSE. Oberon anticipates closing to take place on or about April 5, 2024, and will provide an update respecting the transaction in due course.

Qualified person

Warren Robb, a qualified person for the purpose of National Instrument 43-101, has reviewed and approved the scientific or technical information included in this news release. While Mr. Robb considers sampling results from the Aurora Yellowknife mines uranium showing No. 44 and production data from the Leonard, St. Micheal and Smitty mines to be accurate, he was unable to verify the laboratory involved in the analysis of these samples, and no documentation was available regarding quality control procedures utilized in the analysis.

About Oberon Uranium Corp.

Oberon Uranium is a mineral exploration company with a 100-per-cent interest in the past producing Lucky Boy uranium property located in Arizona, United States. Oberon also owns a 100-per-cent interest in the Fusion uranium zone project located in the Athabasca region of Saskatchewan, Canada. For further information, please refer to the company's disclosure record on SEDAR+.

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