Mr. Chris Frostad of Purepoint reports

PUREPOINT URANIUM ENTERS INTO OPTION AGREEMENT WITH FORAN MINING CORPORATION FOR THE DENARE WEST PROJECT

Purepoint Uranium Group Inc. has entered into an option agreement with a wholly owned subsidiary of Foran Mining Corp., pursuant to which Purepoint granted options to Foran to acquire up to 100-per-cent interest in Purepoint's Denare West project located in east-central Saskatchewan, approximately 55 kilometres west-southwest of Flin Flon, Man. tTe property is adjacent to and on trend with Foran's McIlvenna Bay project.

Concurrently with the execution of the option agreement, Foran has agreed to invest $350,000 in a non-brokered private placement of seven million common share units of Purepoint at a price of five cents per unit. Each unit comprises one common share of Purepoint and one common share purchase warrant exercisable at a price of seven cents per share for a term of two years from the date of issue. The closing of the private placement is subject to approval by the TSX-V. Purepoint intends to use the net proceeds of the private placement for general working capital purposes.

"We are excited to contribute to the Foran narrative, particularly their development of the region's largest undeveloped VHMS [volcanic-hosted massive sulphide] deposit. We look forward to the work they will be carrying out on the Denare West property and its potential to add value to this already-significant mining project," said Chris Frostad, president and chief executive officer of Purepoint. "We also appreciate Foran's investment in the equity of our company as part of this transaction and mutual exposure to our respective efforts here in Saskatchewan."

Pursuant to the option agreement:

• Foran has been granted the option to acquire a 51-per-cent beneficial interest in the property by incurring a total of $3-million in qualifying exploration expenditures on the property over a period of up to four years from the effective date of the option agreement.
• Following the exercise of the first earn-in option, Foran will have the option to acquire an additional 29-per-cent beneficial interest in the property by incurring an additional $3-million in expenditures on the property over a period of up to two years following the end of the first expenditure period.
• Following the exercise of the second earn-in option, Foran will have the final option to acquire the remaining 20-per-cent interest in the property by making a payment in the amount of $10-million to Purepoint and granting a 2-per-cent net smelter return (NSR) royalty to Purepoint.
• Foran has a multistage option to buy back the NSR royalty from Purepoint: initially, it can repurchase 1-per-cent NSR royalty for $1-million at any time before deciding to operate a mine commercially on the property. Following this, subject to exercising the first royalty option and after 60 months of NSR payments, it has the option to buy an additional 0.5-per-cent NSR royalty for another $1-million. Finally, after 120 months of NSR royalty payments and exercising the second royalty option, it can acquire the remaining 0.5-per-cent NSR royalty for $1-million.
• Subject to the stock exchange approval and satisfaction of certain other conditions set out in the option agreement, Foran may pay the final purchase option price, the first royalty option price, the second royalty option price and the final royalty option price by issuing common shares to Purepoint at a deemed price per share that is equal to the 20-trading-day volume-weighted average price of Foran shares immediately preceding the date of the notice of exercise of the applicable option.
• At the end of the earn-in phases, if Foran does not elect to acquire Purepoint's remaining interest in the property, Foran and Purepoint will form a joint venture, whereby Foran will finance all operations of the joint venture until it completes a prefeasibility study with respect to the property.

The transactions contemplated in the option agreement constitute a reviewable transaction under the policies of the TSX-V and remain subject to approval by the TSX-V. The option agreement shall become effective upon closing of the private placement and receipt of all requisite approvals from the TSX-V.

About Purepoint Uranium Group Inc.

Purepoint Uranium Group actively operates a uranium exploration pipeline of nine advanced projects in Canada's Athabasca basin. In addition to its flagship joint venture project at Hook Lake with partners Cameco and Orano and a second joint venture with Cameco at Smart Lake, Purepoint also holds seven 100-per-cent-owned projects with proven uranium-rich targets. With an aggressive exploration program under way on multiple projects, Purepoint is emerging as the pre-eminent uranium explorer in the world's richest uranium district.

About Foran Mining Corp.

Foran Mining is a copper-zinc-gold-silver exploration and development company, committed to supporting a greener future, empowering communities and creating circular economies that create value for all its stakeholders while also safeguarding the environment. The McIlvenna Bay project is located entirely within the documented traditional territory of the Peter Ballantyne Cree Nation. Foran Mining also owns the Bigstone project, a resource-development-stage deposit located 25 kilometres southwest of its McIlvenna Bay project.

McIlvenna Bay is a copper-zinc-gold-silver-rich VHMS deposit intended to be the centre of a new mining camp in a prolific district that has already been producing for 100 years. McIlvenna Bay sits just 65 kilometres west of Flin Flon, Man., and is part of the world-class Flin Flon greenstone belt that extends from Snow Lake, Man., through Flin Flon to Foran Mining's ground in eastern Saskatchewan, a distance of over 225 kilometres.

McIlvenna Bay is the largest undeveloped VHMS deposit in the region. Foran Mining announced the results from its feasibility study on Feb. 28, 2022, outlining that current mineral reserves would potentially support an 18-year mine life producing an average of 65 million pounds of copper equivalent annually. Foran Mining filed a National Instrument 43-101 technical report for the McIlvenna Bay feasibility study on April 14, 2022, and its NI 43-101 technical report for the Bigstone deposit resource estimate on Feb. 11, 2022.