Mr. Matthew Schwab reports

KRAKEN ENERGY DRILLING RETURNS SHALLOW URANIUM MINERALIZATION IN EXPLORATION HOLES AT GARFIELD HILLS URANIUM PROPERTY, NEVADA

Kraken Energy Corp. has released geochemical assay results from its maiden drilling program at the Garfield Hills uranium property in west-central Nevada.

A total of 1,697.2 metres (m) were drilled in the 2022 and early 2023 phase I exploration program. The 11 completed holes over a surface area of 400 m by 900 m confirmed historical drilling and extended the mineralization at the Garfield Hills property. Of the 11 completed holes, seven holes encountered shallow, flat-lying uranium mineralization, highlighted by hole GH22-01 which intersected a broad 12.5-metre interval of 0.036 per cent U3O8 (triuranium octoxide) starting from a depth of 23.0 m and hole GH23-04 which returned seven m of 0.029 per cent U3O8 from 17.5 m.

Additionally, the company announces that regional exploration and new soil sampling continues to encounter high-grade surface and soil samples of up to 1.007 per cent U3O8 along strike to the east of phase I drilling and up to 0.320 per cent U3O8 to the west of phase I drilling, identifying a mineralized trend of over four kilometers (km).

Matthew Schwab, chief executive officer of Kraken Energy, stated: "We are pleased with the initial results showing continuity of shallow, flat-lying uranium mineralization over a large 400-metre-by-900-metre area. These results confirm our geological model and, coupled with recent surface sampling over a four-kilometre strike length, it furthers our confidence in Garfield Hills as the project continues to provide an exceptional exploration opportunity for our shareholders. We are eager to plan and execute a phase II drilling program on the property in the coming year."

Highlights and geochemical assay results:

• New surface sampling grids include samples of 0.275 per cent, 0.320 per cent and 1.007 per cent U3O8:
  • Along strike east and west from phase I area of drilling extending the target area to over four km.
• Drill hole GH22-01 intersected a total of 12.5 m of mineralization at 0.0357 per cent U3O8 (between 23.0 to 42.0 m):
  • Including one m at 0.0942 per cent U3O8 and one m at 0.0830 per cent U3O8 in two separate intervals.
• Drill hole GH23-04 intersected a total of seven m of mineralization at 0.0294 per cent U3O8 (between 17.5 to 26.5 m):
  • Including one m at 0.0940 per cent U3O8.
• Drill hole GH22-02 intersected a total of two m of mineralization at 0.0287 per cent U3O8 (from 42.0 to 44.0 m).
• Drill hole GH23-06 intersected a total of seven m of mineralization at 0.0258 per cent U3O8 (between 16.5 to 27.0 m).
• Drill hole GH23-02 intersected a total of 4.5 m of mineralization at 0.0202 per cent U3O8 (from 15.5 to 20.0 m).
• Drill hole GH22-03 intersected a total of 10.0 m of mineralization at 0.0169 per cent U3O8 (between two to 26.5 m).
• Drill hole GH22-05 intersected a total of four m of mineralization at 0.0161 per cent U3O8 (from 59.5 to 63.5 m).

The 1,238-hectare (3,060 acres) Garfield Hills property is located within the jurisdiction of Nevada's Bureau of Land Management (BLM), 19 kilometres (12 miles) east of Hawthorne in Mineral county, Nevada.

Technical information

All scientific and technical information in this news release has been prepared by or reviewed and approved by Mr. Schwab, PGeo, president and chief executive officer of the company, and Garrett Ainsworth, PGeo, chairman of the company. Each of Mr. Schwab and Mr. Ainsworth is a qualified person for the purposes of National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

All depth measurements reported are downhole and true thicknesses are yet to be determined. Samples from the drill core are split in half on site in 0.5-metre to one-metre intervals with one-half of the slit sample being sent for analysis. All samples were submitted to American Assay Laboratories (an SCC ISO/IEC 17025: 2017 accredited facility) in Sparks, Nev., for lithogeochemical analysis using its IM-4AB28 package.

About Kraken Energy Corp.

Kraken Energy is a new energy company advancing its portfolio of high-grade uranium properties in the Unites States. The company is advancing its 100-per-cent-owned Apex uranium property, located 280 km (174 miles) east from Reno, Nev., which is recognized as Nevada's largest past-producing uranium mine.

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