Mr. Rennie Morkel reports

SULLIDEN MINING CAPITAL INC. ANNOUNCES INTENT TO ACQUIRE AUSTRALIAN URANIUM LICENSES

Sulliden Mining Capital Inc. has entered into a purchase agreement dated June 27, 2023, pursuant to which the company has agreed to acquire a 75-per-cent interest in the Orange Creek uranium project through the acquisition from a private company of 75 per cent of the issued common shares of Orange Creek Resources Pty. Ltd., another private Australian company (Privco). The project is located in the Northern Territory of Australia, 38 kilometres south of Alice Springs, and is situated adjacent to the Pamela and Angela uranium deposits.

Prior to closing, Privco will hold title to an exploration licence overlying 723.9 square kilometres of the Amadeus basin in the Northern Territory. The exploration licence is considered prospective to the discovery of sandstone-hosted roll-front-style uranium mineralization. The concession is in close proximity to the Angela and Pamela deposits (owned by Elevate Uranium Ltd.) that reported a historical inferred mineral resource of 30.8 million pounds triuranium octoxide at 1,310 parts per million U3O8 (please see Elevate's press release dated July 8, 2021, which is available at Elevate's website and under its Australian Securities Exchange profile). Please note that production results at or around, and information applicable to, the Angela and Pamela deposits are not indications of results that could be obtained at, or information applicable to, the project.

The project has been explored sporadically since 1977. Several kilometres of redox front boundaries have been defined by very shallow drilling of vacuum holes, reverse air blast holes, percussion holes and diamond drill holes between 1997 and 2009 by previous operators. Multiple historical holes returned geochemically anomalous uranium exceeding 200 ppm U3O8 over core lengths of 0.25 to 2.0 metres within 50 m of surface. However, these holes are very widely spaced, and no holes have tested the area below the surface extent of the redox boundary in the sandstone, where possible steps in the front could be anticipated. Such steps are key structural traps in which uranium mineralization occurs at the nearby Angela and Pamela deposits at higher concentrations and over wider intervals.

The transaction

Pursuant to the agreement, Sulliden will acquire a 75-per-cent equity interest in Privco, with the vendor retaining the remaining 25-per-cent interest. As consideration, Sulliden has agreed to pay $400,000 (Australian) to the vendor, $100,000 (Australian) on the date that the agreement is executed and an additional $300,000 (Australian) on the later of the date of closing the acquisition and 45 days following the execution date. As additional consideration, Sulliden has also agreed to finance Privco's continuing statutory obligations and exploration activities proposed by the company during the period from the execution date to the closing and to finance Privco's additional exploration activities over the two-year period following closing to the value of $300,000 (Australian). The acquisition is an arm's-length transaction for purposes of the policies of the Toronto Stock Exchange and remains subject to customary closing conditions. No finders' fees are payable in connection with, and no change of control of Sulliden will result from, the transaction. The transaction is expected to close in July, 2023.

Qualified person

The technical information in this news release has been reviewed and approved by Roger Lemaitre, PEng, PGeo, who is considered to be a qualified person as defined in National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

About Sulliden Mining Capital Inc.

Sulliden is a mining company focused on acquiring and advancing brownfield, development-stage and early-production-stage mining projects in the Americas.

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