Virginia Energy Resources Inc. announced that it has signed an option agreement with a solar development company to evaluate the feasibility of a solar energy generation facility on approximately 1,000 acres of the Company's land. If the option is exercised, this solar project would generate low carbon energy for the local community, Pittsylvania County, and the Commonwealth of Virginia. An energy project of this type would utilize services of local businesses and provide both temporary and permanent jobs to the local community.

This solar project further demonstrates the commitment of Virginia Energy to enhancing the community in which operate, long term commitment to the local economy and the responsible steps taken toward the development of the Coles Hill uranium project. A solar project could provide the company with an onsite source of low carbon power that could be utilized for future processing facilities at Coles Hill. It is an important infrastructure step for the project.

In the meantime, this solar project will provide low cost low carbon energy to the local area while providing future cash flow contributions for sustaining general and administrative costs of the company. Virginia Energy is of the belief that this solar project aligns well with ESG and net-zero carbon goals. If developed, Coles Hill uranium project will provide energy dense uranium that is responsibly produced locally for the nuclear energy industry both in the United States and in the Commonwealth of Virginia.

As the journey continues in the global energy transition, the need for low carbon high quality base load energy is becoming increasingly critical. Better understanding of nuclear energy by the public along with development of advanced nuclear reactors in the United States is increasingly positive. The Coles Hill project is uniquely positioned to provide a longer term supply of local American made energy rich uranium that can be supplied to serve this energy transition while providing much needed economic contribution to local community and to the state.

work to implement this solar project is another step toward that future.