Greenridge Exploration Inc. announced that it has signed an Asset Transfer Agreement dated June 19, 2024 with 15952506 Canada Inc. (the Vendor) for the sale to the Company of all of the Vendor?s right, title and interest to acquire a 100% interest in the Snook Lake and Ranger Lake Uranium Projects, located 100 km northeast of Sault Ste. Marie in Northwest Ontario. The Ranger Lake Uranium project consists of 942 mineral claims covering 20,782 hectares of Uranium prospective ground that occurs near historical Uranium mining district in the Elliot Lake region, in the tier one jurisdiction of Ontario.

The Snook Lake Uranium project consists of 237 mineral claims covering 4,899 hectares and is approximately 75 km north of Kenora in Northwestern Ontario, a region that has attracted early-stage Uranium exploration in the past. Ranger Lake Uranium: The Ranger Lake project lies within the Abitibi Subprovince of the Superior Province of the Canadian Shield. The oldest rocks on the Ranger Lake property consist of granitic rocks and diabase dykes.

These rocks were later intruded by the Seabrook Lake Carbonatite Complex which is to the north of the project area on Seabrook Lake. The Ranger Lake Uranium Mining Company conducted an extensive work Program from 1953-1954 which included trenching, aeroradiometric surveys and 6 diamond drill holes which total 2,240 ft. The showing is in a diabase dike about 60 feet wide where an aplite dike 8 inches wide extends diagonally across it for a length of 30 feet.

The central part of the aplite dike has a 2 to 3 inch wide radioactive zone of carbonate and quartz which has given anomalies up to 5 times background. A selected sample from the most radioactive part of the dike showed 0.30% U3O8 (radiometric equivalent) (OGS 1983 MDC 25 P 41-42). Parts of the Ranger Lake project had an airborne magnetic XDS VLF-EM and gamma ray spectrometer survey over parts of the property totalling 919.8 l-km, which was followed up by another airborne magnetic gradiometer and gamma-ray spectrometric survey in 2019.2 Snook Lake Uranium: The Snook Lake project is at the boundary of the Winnipeg River and English River Subprovinces which is marked by the Separation Lake Greenstone Belt.23 The greenstone belt is typically a thin remnant or septum that is less than 2 m thick.

In the Separation Rapids area, the volcano-sedimentary belt achieves a thickness of several kilometers. The Snook Lake property is located near this trend and is underlain by remnant amphibolitized supracrustal rocks and granitoids of the English River Subprovince. Host rocks for uranium mineralization consist of massive pink to red biotite-bearing coarse grained to pegmatitic granite, quartz monzonite and granodiorite.

The intrusive rocks contain appreciable biotite and horneblende. Anomalous uranium mineralization at Snook Lake occurs in an east-northeast to west-southwest trending corridor over a width of approximately 300 metres and along a strike length of one kilometer. Uranium exploration in the area followed cycles in the industry, with the mid 1950s and the early 1970s being the most active.

The area was mostly overlooked in the early 1980s when uranium exploration focused on high grade unconformity-type targets. Up until the 1970s, access was provided via float plane. In 2007, a prospecting and sampling program was completed; 64 samples collected returned between 497 to 2006 ppm U3O8.

This confirmed the presence of zones of Uranium mineralization in several locales, which outlined an east west corridor of anomalous uranium over 1km strike length. In 2008, an Airborne Magnetic and Radiometric Survey was completed. Agreement Terms: The Agreement was entered into on June 19, 2024 (the Effective Date).

In connection with the Agreement, the Company entered into an assignment and novation agreement with the Vendor, Gravel Ridge Resources Ltd. and 1544230 Ontario Inc. (the Assignment Agreement), whereby the Company acquired the Vendor?s interests under two separate property option agreements (the Original Option Agreements) with Gravel Ridge Resources Ltd. and 1544230 Ontario Inc. (the Optionors) for two separate options to acquire the Projects. In connection with the Assignment Agreement, the Company then entered into an amended and restated option agreement with the Optionors to novate the Original Option Agreements (the Amended and Restated Option Agreement). Pursuant to the Agreement, the Company is required to issue to the Vendor an aggregate of 1,850,000 common shares at a deemed price of $0.96 per Share as follows: 850,000 Shares on or before the date that is thirty business days after the Effective Date (the First Tranche Shares); and 1,000,000 Shares on or before the date that is three months after the Effective Date (the Second Tranche Shares).

Pursuant to the Amended and Restated Option Agreement, the Company is required to make aggregate cash payments of $54,000 to the Optionors in order to earn a 100% interest in the Projects, as follows: $24,000 on or before December 22, 2024; and $30,000 on or before December 22, 2025. Pursuant to the Agreement, the First Tranche Shares and Second Tranche Shares will all be subject to escrow, with both tranches released over a 36-month period. All securities issued in connection with the Agreement will be subject to a statutory hold period of four months and one day.

The Projects are subject to a 1.5% net smelter returns royalty. No finders' fees were paid on the arm's length Agreement, Assignment Agreement and Amended and Restated Option Agreement. The Agreement, the Assignment Agreement and the Amended and Restated Option Agreement are all non-related party transactions.