Greenridge Exploration Inc. announce it has entered into an Option Agreement with three optionors to acquire a 100% interest in the Nut Lake Uranium Project located in the Thelon Basin in Nunavut. The Project covers 4,036 hectares near the Northern Tip of the Yathkyed Basin, a sub-basin of the Thelon Basin. The Project is located approximately 55km north of the Angulak Uranium Deposit² or 180Km southwest of Baker Lake, Nunavut in the Yathkyed Basin (a sub-basin of the prolific Thelon Basin) in Nunavut Territory, Canada.

The Project consists of three contiguous mineral licences encompassing a total land area of approximately 4,036 hectares (40km²). Nut Lake Property Previous Work: In 1979, Pan Ocean Oil Ltd. performed an exploration program consisting of ground geophysics, geological mapping, prospecting and Winkie drilling as follow up to previous sampling with elevated uranium in dyke swarms, fractures and contacts between syenites and trachytes. The geology of the Project area consists of basal sedimentary rocks of the South Channel Formation, composed of white quartzites and pink to grey arkose and arkosic rocks.

The sedimentary sequences of the lower Dubawnt Group are unconformably or disconformably overlain by volcanic rocks of the Christopher Island Formation. The Project hosts high grade vein hosted grab samples of up to 4.36% U3O8, 53.16 oz/t Ag, 1.15% Pb and 7.0% Ni¹. During the 1979 field season, geological mapping at a scale of 1:1,000 was completed on a major portion of the Project.

This was concurrent with prospecting on, and in the immediate area of the Project. Results from prospecting were the discovery of two (41 m wide) syenite dikes and a frost heaved area of felsic gneiss with up to 3,000 cps on fracture surfaces. Two significant Uranium bearing showings were discovered, the ?Lake Showing?

and the ?Heartbreak Showing?. The most noteworthy was the Heartbreak showing which revealed a 3.0? and 3.5? samples across a fracture that assayed 2.11% U3O8 and 4.36% U3O8 respectively. The results were followed up with a radon gal survey, a VLF-EM survey and an overburden sampling program.

The radon survey results showed that the response is irregular with several good highs and the VLF-EM survey showed a series of northwesterly trending anomalies. It was concluded that further drilling of the Lake Showing is recommended. The Project and surrounding proximal area has seen approximately 805ft of Winkie Drilling and 6,920ft of diamond drilling completed on it.

Multiple holes interesected significant uranium mineralization, with the most noteworthy being at the ?Tundra Showing? Hole Winkie AX W-24 intersected 9ft of 0.69% U3O8 including 4.90% U3O8 over 1ft from 8ft depth (Pan Ocean Oil Ltd., 1979 Assessment Report #81075). Option Agreement DetailsOn January 17, 2024, the Company entered into the Agreement to acquire an option from the Optionors to earn a 100% interest in the Project through a combination of cash payments and common share issuances, as follows: (1) paying the Optionors an aggregate of 40,000 in cash as follows: a. 15,000 on or before the date that is five (5) calendar days after January 17, 2024 (the ?Effective Date?); andb.

25,000 on or before the date that is forty-five (45) calendar days after the Effective Date; and (2) issuing to the Optionors an aggregate of 3,500,000 common shares (?Shares?) as follows: a. 1,000,000 Shares on or before the date that is forty-five (45) calendar days after the Effective Date (the ?First Tranche Shares?);b. 1,000,000 Shares on or before the date that is one (1) calendar year after the Effective Date (the ?Second Tranche Shares?);c. 750,000 Shares on or before the date that is two (2) calendar years after the Effective Date (the ?Third Tranche Shares?); and d. 750,000 Shares on or before the date that is three (3) calendar years after the Effective Date. Pursuant to the Agreement, the First Tranche Shares, Second Tranche Shares and Third Tranche Shares will all be subject to escrow, with the First Tranche Shares released over a 36-month period, the Second Tranche Shares released over a 24-month period and the Third Tranche Shares released over a 12-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 Optionors will retain a 2% net smelter returns royalty on the Nut Lake Property. No finders' fees were paid on this arm's length Agreement.