Mr. Scott Frostad reports

PUREPOINT URANIUM INITIATES AIRBORNE MAGNETOTELLURICS AT RUSSELL SOUTH AND OUTLINES UPCOMING ANNOUNCEMENTS

Purepoint Uranium Group Inc. has initiated an airborne mobile magnetotellurics (MobileMT) survey, including total field magnetic and VLF (very low frequency), at its Russell South uranium project which lies on the southeastern edge of the Athabasca basin, Saskatchewan, Canada.

"Russell South is 20 kilometres east-northeast of Cameco's Key Lake mine and adjoins prominent uranium projects, including Rio Tinto's Russell Lake property and Skyharbour Resources Inc.'s Moore Lake project," said Scott Frostad, vice-president, exploration, at Purepoint. "Our previous airborne gravity survey results outlined four high-value target regions on the project and the planned MobileMT resistivity results will allow us to further develop those drill targets."

Highlights:

• The MobileMT survey detects resistivity contrasts of geology structures and boundaries and will cover approximately 1,064 kilometres of flight at 150-metre spacings.
• The results of the airborne survey, carried out by Expert Geophysics of Aurora, Ont., Canada, are expected for release in May, 2024.
• A schedule of exploration activities and announcements for the next six months is summarized in the attached table.

Russell South project

The 100-per-cent-owned Russell Lake project is located near the south-central edge of the Athabasca basin covering an area of 13,320 hectares.

Four target areas have now been identified at the project. The three eastern targets are based on the recent results from the airborne geophysical survey. The target zones are coincident airborne gravity-low and magnetic-low responses, interpreted as favourable rock types and/or alteration zones, that are proximal to north-northwest-trending structures. The western Treleaven target area hosts historic coincident geochemical anomalies possibly related to a dilational zone lying between the interpreted north-south faults.

The Russell Lake project is approximately 20 km east-northeast of the Key Lake mine that produced over 200 million pounds of uranium at a grade averaging 2.3 per cent U3O8 (triuranium octoxide) between 1983 and 1997. In addition, the project adjoins the Moore Lake project owned by SkyHarbour Resources with its high-grade Maverick zone and Rio Tinto's Russell Lake project to the west and south.

Coming exploration announcements

The current 2024 schedule of exploration activities and results are expected to be available for dissemination as noted herein. Any additions or amendments will be noted in subsequent releases.

About Purepoint Uranium Group Inc.

Purepoint actively operates an 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 preeminent uranium explorer in the world's richest uranium district.

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