Purepoint Uranium : Monthly Uranium Exploration Update – February 2023

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MONTHLY URANIUM EXPLORATION UPDATE

FEBRUARY 2023

Team forms to build North America's first SMR

Source:Ontario Power Generation

01-27-2023

Four companies to advance new reactor at Darlington site.

Ontario Power Generation (OPG) has partnered with GE Hitachi Nuclear Energy, SNC-La- valin, and Aecon to construct North America's first Small Modular Reactor (SMR) at the Darlington New Nuclear Project site.

The agreement represents an innovative contracting approach for a nuclear project in North America. Under terms of the agreement, GE Hitachi, SNC-Lavalin, Aecon, and OPG will provide a diverse range of expertise and services as part of an integrated project delivery model to develop, engineer and construct a BWRX-300 SMR, with construction to be complete by late 2028.

"Working with these three companies, OPG is leveraging decades of nuclear energy and large project experience to deliver much-needed new, reliable electricity generation to Ontarians." Ken Hartwick, OPG President and CEO

All parties will manage the project as an integrated team and each company will play a specific role in successfully completing the Darlington New Nuclear Project:

• OPG: The license holder; OPG will maintain overall responsibility for the project, includ- ing operator training, commissioning, Indigenous engagement, stakeholder outreach and oversight.
• GE Hitachi: The technology developer; responsible for design, procurement of major components, and engineering and support.
• SNC-Lavalin: The architect engineer; provides design, engineering and procurement support.
• Aecon: The constructor; will provide construction planning and execution.

The Darlington SMR is expected to spearhead similar projects in Saskatchewan, New Brunswick and Alberta, with interest also growing in the U.S. and Europe. Site preparation is now underway at the Darlington site and OPG has applied to the Canadian Nuclear Safety Commission for a License to Construct.

Quick facts

• The Darlington site is the only Canadian location licensed for new nuclear, with an accepted Environmental Assessment and a Site Preparation Licence.
• OPG is currently working with project partners SNC-Lavalin and Aecon on the Darling- ton Refurbishment, one of Canada's largest clean energy projects. More than half-way through its 10-year execution, the project remains on time and on budget.
• In December 2021, OPG announced it will work with GE Hitachi to deploy the BWXR-
  300 at the Darlington site.
• A 2021 Conference Board of Canada study shows strong economic benefit to Ontario from construction and 60 years of operation of a single SMR facility, including:
• • Direct, indirect and spin-off related annual average employment of: 700 jobs during project development; 1,600 jobs during manufacturing and construction; 200 jobs during operations; and 160 jobs during decommissioning.
  • The estimated positive impact on Gross Domestic Product (GDP) could reach more than $2.5 billion and increase provincial revenues by more than $870 mil- lion.

The project will also support Canadian efforts to become a global SMR technology hub in a market estimated to be $150 billion per year by 2040.

UxC Consulting Spot Price

(US$)

December 31, 2022	$48.00/lb U3O8
January 31, 2023	$50.75/lb U3O8

Change of +$2.75/lb U3O8

UxC Consulting Long-Term Price

(US$)

December 31, 2022	$51.00/lb U3O8
January 31, 2023	$52.00/lb U3O8

Change of +$1.00/lb U3O8

TABLE OF CONTENTS

Uranium Stock Performances (MoM)

• Producers
• Developers
• Explorers

Top Uranium Exploration News

• Fission 3.0
• CanAlaska
• Forum Energy
• Purepoint Uranium
• IsoEnergy
• 92 Energy
• Standard Uranium
• Valore
• Skyharbour
• Baselode
• Fission Uranium

Top Global News

• US DOE awards $14 million to US ura- nium converter for reserve program
• Japan, U.S. to cooperate over next-gen- eration nuclear reactors
• 5 Nuclear Energy Stories to Watch in
  2023
• France exports electricity to its Europe- an neighbours again
• Small modular reactors could hold key to electrifying heavy transport
• NRC Certifies First U.S. Small Modular
  Reactor Design
• Nuclear Power Plants Are Pushed to the Limit as Demand Surges
• • MORE INSIDE ...

www.purepoint.ca	TSXV: PTU | OTCQB: PTUUF

Monthly Uranium Exploration Update

Month over Month Uranium Stock Performance

(as of January 31, 2022)

Project Regional Focus:

Red: Canada Blue: USA Green: Africa Orange: Australia Yellow: Spain Gray: Argentina

February 2023

Monthly Uranium Exploration

Update

Presented by Purepoint Uranium Group Inc. (TSXV: PTU/OTCQB: PTUUF), the Monthly Uranium Explo-

Denison Mines (DML.T)

Paladin Energy (PDN.A)

Cameco Corp. (CCO.T)

Energy Fuels (EFR.T)

PRODUCERS AVERAGE

UR-Energy (URE.T)

Energy Resources of Australia (ERA.A)

Peninsula Energy (PEN.A)

Uranium Energy (UEC.U)

Berkeley Energia (BKY.L)

Goviex (GXU.V)

Anfield (AEC.V)

Toro Energy (TOE.A)

Deep Yellow (DYL.A)

DEVELOPERS AVERAGE

Fission Uraniumm (FCU.T)

NexGen Energy (NXE.T)

Bannnerman (BMN.A)

Laramide (LAM.T)

Encore Energy (EU.V)

Global Atomic (GLO.V)

Consolidated Uranium (CUR.V)

Forsys (FSY.V)

Western Uranium (WUC.C)

CanAlaska (CVV.V)

Blue Sky (BSK.V)

Baselode (FIND.V)

Standard Uranium (STND.V)

ALX Resources (AL.V)

EXPLORERS AVERAGE

Fission 3.0 (FUU.V)

Skyharbour (SYH.V)

Purepoint Uranium (PTU.V)

Forum Energy (FMC.V)

IsoEnergy (ISO.V)

Valore (VO.V)

92 Energy (92E.A)

14.7%

13.6%

28.7%

ration Update is a monthly newsletter that gathers information on what's happening with uranium exploration companies, including its monthly exploration news, stock performances as well as the spot- and long-term uranium prices.

Purepoint Uranium Group Inc.

TSXV: PTU/ OTCQB: PTUUF

Purepoint Uranium Group Inc. is a uranium exploration company focused on precision exploration of its projects in the Athabasca Basin.

Its flagship project is the Hook Lake, a joint venture with two of the largest producers in the world, Cameco Corporation and Orano Canada.

Together with its flagship project, the Company operates 12 projects across approximately 200,000 hectares of claims throughout the Athabasca Basin.

For more information, please visit: www.purepoint.ca.

Be in the Know

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Disclaimer information:

All information provided in this newsletter is based upon sources that Purepoint Uranium Group Inc. (Pure- point Uranium) believes to be reliable. Purepoint Uranium does not guarantee their accuracy or completeness. Any and all statements as of the date of this newsletter are subject to change without notice.

All information provided on this newsletter must be understood as information presented for discussion only and not investment advice. Purepoint Uranium advises all readers and subscribers to seek advice from a registered professional securities representative before deciding to trade in stocks featured on this newsletter or any stocks for that matter. All statements and expressions of the companies featured are not meant to be a solicitation or recommendation to buy, sell, or hold securities. Purepoint expressly disclaims any obligation to update or revise any such forward-looking statements.

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Copyright ©2023 Purepoint Uranium Group Inc. All rights reserved.	Page 2

Monthly Uranium Exploration Update	February 2023

Purepoint Uranium begins winter drill program at Hook Lake Joint Venture

TSXV: PTU | OTCQB: PTUUF

01-11-2023

Market Cap	Price as of	52-Week	52-Week
	01/31/23	High	Low
$33.40MM	$0.08	$0.125	$0.05

Location: Athabasca Basin, Canada

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") announced that drilling has commenced at the Hook Lake Joint Venture located on the southwestern edge of Canada's Athabasca Basin. The Hook Lake Project is a joint venture between Cameco Corporation (39.5%), Orano Canada Inc. (39.5%), and Purepoint (21%) and lies on trend with high-grade uranium discoveries including Fission Uranium's Triple R Deposit and NexGen's Arrow Deposit.

"Our drill program will test numerous electromagnetic targets along the Carter Corridor where we are anxious to see how results compare to the neighbouring Patterson Corridor" said Chris Frostad, President and CEO of Purepoint. "It will be a busy winter for us with our second drill program starting soon on the Eastern side of the Basin".

Highlights

• Approximately 3,200 metres of diamond drilling across 8 holes to test the Carter Corridor
• The Carter corridor is a long lived, reactivated graphitic fault zone that lies between the Clearwater Domain granitic intrusives to the west and runs parallel to the Patterson structural corridor to the immediate east.
• The 25-kilometre strike length of the Carter structural/conductive corridor is almost entirely located within the Hook Lake JV project.
• A current National Instrument 43-101 compliant technical report on the flagship Hook Lake Joint Venture project can be found at https://purepoint.ca/projects/hook-lake/- "Technical Report on the Hook Lake Project, Northern Saskatchewan, Canada April 19, 2022".

Hook Lake - The Carter Corridor

The Hook Lake JV Project is owned jointly by Cameco Corp. (39.5%), Orano Canada Inc. (39.5%) and Purepoint Uranium Group Inc. (21%) as operator and consists of nine claims totaling 28,598 hectares situated in the southwestern Athabasca Basin. The Hook Lake JV Project is considered one of the highest quality uranium exploration projects in the Athabasca Basin due to its location along the prospective Patter- son Lake trend and the relatively shallow depth to the unconformity.

The Patterson Lake area was recently flown by an airborne gravity survey (Boulanger, Kiss and Tschirhart, 2019) that was funded by the Targeted Geoscience Initiative (TGI), a collaborative federal geoscience program. The gravity results show the southern portion of the Carter corridor as being associated with the same gravity high response as the Triple R and Arrow uranium deposits. The gravity low response west of the Carter corridor reflects the geologically younger, Clearwater Domain intrusions. The TGI (Potter et al., 2020) consider the Clearwater Domain intrusions as being high-heat-producers that warmed and circulated hydrothermal fluids over the structural corridors. Prolonged interaction of oxidized uranium-bearing fluids with basement rocks via reactivated faults is thought to have formed the high-grade uranium deposits.

Purepoint completed three drill holes in the southern portion of the Carter corridor (HK08-01 to 03) during 2008. HK08-01 intersected very strong sericite and silica alteration and returned a maximum of 17 ppm U within basement rock but missed the conductor source. HK08-02 returned locally elevated radioactivity from 20 to 30 metres below the unconformity while HK08-03 intersected 60 metres of intense hematite alteration below the unconformity.

About Purepoint

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) actively operates an exploration pipeline of 12 advanced projects in Canada's Athabasca Basin. In addition to its flagship joint venture project at Hook Lake with partners Cameco and Orano and a second joint venture with Cameco at Smart Lake, Purepoint also holds ten, 100% owned projects with proven uranium rich targets. With an aggressive exploration program underway on multiple projects, Purepoint is emerging as the preeminent uranium explorer in the world's richest uranium district.

Scott Frostad BSc, MASc, PGeo, Purepoint's Vice President, Exploration, is the Qualified Person responsible for technical content of this release.

Copyright ©2023 Purepoint Uranium Group Inc. All rights reserved.	Page 3

Monthly Uranium Exploration Update	February 2023

Purepoint Uranium begins drill program at Red Willow

TSXV: PTU | OTCQB: PTUUF

01-18-2023

Market Cap	Price as of	52-Week	52-Week
	01/31/23	High	Low
$33.40MM	$0.08	$0.125	$0.05

Location: Athabasca Basin, Canada

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") announced the commencement of drilling at its 100%-owned Red Willow project within the eastern uranium mine district of the Athabasca Basin, Saskatchewan, Canada.

"At our Osprey Zone and the nearby Radon Lake Zone, we are continuing to follow-up on significant uranium signatures identified across much greater strike length than we typically see elsewhere." said Chris Frostad, President and CEO of Purepoint. "We anticipate drilling numerous holes this winter since we are located on the shallow eastern edge of the Athabasca Basin and our target depths are less than 200 metres".

Highlights

• Approximately 2,800 metres of diamond drilling across 15 holes are anticipated during this program
• Drill and crew mobilized at the Red Willow camp last week and commenced drilling this past weekend at the Osprey Zone that re- turned 0.47% U3O8 over 0.9 metres in hole OSP22-06
• Details of the Red Willow project and the Osprey and Radon Lake Zones can be found in the Company's NI 43-101 compliant Techni- cal Report available on our website at: https://purepoint.ca/projects/red-willow/
• A second drill program is currently underway at the Hook Lake Joint Venture project in the southwestern edge of Canada's Athabasca
  Basin

Red Willow Project

The 100% owned Red Willow property is situated on the northern edge of the eastern Athabasca Basin mine corridor in Northern Sas- katchewan, Canada. The property is near several uranium deposits including Orano Resources Canada Inc.'s JEB mine, approximately 10 kilometres to the southwest, and Cameco's Eagle Point mine that is approximately 10 kilometres due south.

Red Willow consists of 17 mineral claims having a total area of 40,116 hectares. Geophysical surveys conducted by Purepoint have included airborne magnetic and electromagnetic (VTEM) surveys, an airborne radiometric survey, ground gradient array IP, pole-dipole array IP, fixed-loop and moving-loop transient electromagnetics, and gravity. The detailed airborne VTEM survey provided magnetic results that are an excellent base on which to interpret structures while the EM results outlined over 70 kilometres of conductors that in most instances represent favourable graphitic lithology.

About Purepoint

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) actively operates an exploration pipeline of 12 advanced projects in Canada's Athabasca Basin. In addition to its flagship joint venture project at Hook Lake with partners Cameco and Orano and a second joint venture with Cameco at Smart Lake, Purepoint also holds ten, 100% owned projects with proven uranium rich targets. With an aggressive exploration program underway on multiple projects, Purepoint is emerging as the preeminent uranium explorer in the world's richest uranium district.

Scott Frostad BSc, MASc, P.Geo., Purepoint's Vice President, Exploration, is the Qualified Person responsible for technical content of this release.

Copyright ©2023 Purepoint Uranium Group Inc. All rights reserved.	Page 4

Monthly Uranium Exploration Update	February 2023

Fission 3.0 commences mobilization for step- out drilling at PLN Project

TSXV: FUU

01-03-2023

Market Cap	Price as of	52-Week	52-Week
	01/31/23	High	Low
$131.00MM	$0.40	$0.51	$0.065

Location: Athabasca Basin, Canada

Fission 3.0 announced that mobilization for winter drilling has commenced at its 100% owned Patterson Lake North ("PLN") project. A 20- hole program of step out drilling is planned to expand on the highly successful drill results from November 2022 where assays confirmed shallow depth, wide and continuous mineralization in basement rock with 15.0 m @ 6.97% U3O8 including a high-grade 5.5 m interval averaging 18.6% U3O8 (PLN22-035).

Drill holes are designed to test for continuation of mineralization along strike, and up and down dip, where four holes drilled in the fall 2022 outlined a very significant zone of high-grade uranium, which remains open in all directions.

The plan will include additional holes on section lines 00N and 15S to establish the extent of the mineralization that has already be intersected on those 2 lines before stepping out along strike. Holes will also test up-dip for unconformity and sandstone hosted mineralization.

Assay results from the remaining drill holes of the fall 2022 program will be released as they become available and finalized.

CanAlaska commences West McArthur winter drill program

TSXV: CVV

01-10-2023

Market Cap	Price as of	52-Week	52-Week
	01/31/23	High	Low
$72.28MM	$0.65	$0.73	$0.265

Location: Athabasca Basin, Canada

CanAlaska announced its mobilization of drill crews and equipment as part of the $10 million 2023 program on the West McArthur Joint Venture project in the eastern Athabasca Basin. The 2023 West McArthur drill program will focus on advancing the Company's new high- grade Pike Zone uranium discovery. The West McArthur project, a Joint Venture with Cameco Corporation, is operated by CanAlaska that currently holds a 79.4% ownership in the project. With cash of approximately $18 million the Company is fully funded to complete its

2023 exploration programs. CanAlaska will fund the 2023 West McArthur program entirely, further increasing its majority ownership in the project.

Scheduled for this month, two drills will focus on the new high-grade Pike Zone discovery. The primary goals of the 2023 winter drill program are drill testing the Pike Zone unconformity target and continued definition of the dimensions and controls of the Pike Zone basement mineralization. The first drillholes of the season will target where the controlling-structure, hosted within a 40- to 50-metre-wide graphitic horizon, intersects the ideal target at the unconformity. This target has not been drill-tested and will be the main priority for the start of the program. In addition, during the winter 2023 drilling program, the Company will begin to step out along strike from the Pike Zone to test the unconformity and basement potential near the known mineralization. The first step-out target will under-cut WMA073 which intersected a 40 metre wide strongly altered sandstone-hosted structure 200 metres above the ideal unconformity target approximately 160 metres northeast of the Pike Zone. The Company expects to complete the winter portion of the 2023 exploration program in early April.

Copyright ©2023 Purepoint Uranium Group Inc. All rights reserved.	Page 5