Purepoint Uranium : Monthly Uranium Exploration Update – May 2023

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MONTHLY URANIUM EXPLORATION UPDATE

MAY 2023

Russia's dominance of nuclear-energy supply chain is cause for concern

Source:Globe and Mail

Ending Europe's dependence on Russian oil and gas may be the easy part. It could prove much harder for the continent to replace Russian nuclear fuel and technology after decades of underinvestment in the West's nuclear-energy industry. Russia supplies almost half of the world's enriched uranium and dominates the global market for new reactors. And most of Europe's more than 100 reactors rely on Russian fuel.

This explains why Russian state-owned nuclear energy powerhouse Rosatom has not faced Western sanctions since the country's invasion of Ukraine. It is also why last week Canada joined the United States, Britain, France and Japan in a bid to end Russia's dominance in the field.

At a meeting of their energy ministers in Japan, the five countries announced a "strategic collaboration" to increase "the depth and resilience of our nuclear fuel supply chains, while supporting the wider geostrategic objectives of further reducing reliance on Russia in the nuclear fuel supply chain for the long-term and increasing the availability of commercial free-market alternatives in the supply of civil nuclear technologies to third countries."

Britain's Department of State for Energy Security and Net Zero said the agreement "will be used as the basis for pushing Vladimir Putin out of the nuclear fuel market entirely, and doing so as quickly as possible, to cut off another means for him to fund his barbaric attack on Ukraine and fundamentally leave Russia out in the cold."

Federal Natural Resources Minister Jonathan Wilkinson echoed that sentiment, telling Bloomberg News: "For Canada, there is a real opportunity in terms of supply of uranium. … Many countries in Europe have been using Russian and Belarusian uranium, and all would like to see a pathway to getting off of that."

Saskatoon-based Cameco Corp., one of the world's biggest uranium miners, stands to bene- fit. Last week, it signed a 10-year supply contract with U.S.-based Westinghouse to provide enriched uranium product to Bulgaria's Kozloduy nuclear power station.

Still, Russia's nuclear hegemony could prove resilient. China and India have turned mostly to Russia for nuclear technology as they seek to reduce their dependence on coal-based electricity. So have Turkey, Pakistan, Bangladesh and Egypt. Many of Rosatom's customers have relied on Russian loans for the construction of nuclear power stations. Russia has used its nuclear technology to wield political influence in many developing countries.

Rosatom supplied the technology for 20 of the 53 reactors under construction in 2022, according to the latest World Nuclear Industry Status Report. The only other companies acting as lead contractors on nuclear power plants abroad are French and South Korean.

Both Russia and China have invested heavily in nuclear technology and have built up precious expertise, enabling them to build nuclear power stations more quickly and efficiently.

Not so in the West. Its nuclear energy industry practically entered a coma after the 2011 Fukushima disaster in Japan, with many Western countries shutting down reactors or announcing plans to scale back their dependence on nuclear power.

Many experts insist there is no way to decarbonize global electricity grids without building more nuclear power stations - lots of them. Unfortunately, a decade of post-Fukushima dithering has strengthened Russia's nuclear dominance. It will take more to unwind it than aspirational statements by Western energy ministers. But last week's agreement is a start.

UxC Consulting Spot Price

(US$)

March 31, 2023	$50.65/lb U3O8
April 30, 2023	$53.85/lb U3O8

Change of +$3.20/lb U3O8

UxC Consulting Long-Term Price

(US$)

March 31, 2023	$53.00/lb U3O8
April 30, 2023	$53.00/lb U3O8

Unchanged

TABLE OF CONTENTS

Uranium Stock Performances (MoM)

• Producers
• Developers
• Explorers

Top Uranium Exploration News

• Purepoint Uranium
• Standard Uranium
• Forum Energy
• CanAlaska
• F3 Uranium
• Skyharbour Resources
• Denison Mines
• IsoEnergy
• Laramide Resources

Top Global News

• Germany to turn off nuclear power, but others not ready yet
• Market dynamics under spotlight at WNFC 2023
• T.CCO Signs Nuclear Fuel Agreement to Support Bulgaria's Diversification Efforts
• Pressure mounts on EU to sanction Ro- satom in next Russia sanctions package
• Mass deployment of Holtec SMRs in Ukraine is part of accord's aims
• Kansai seeks to extend lifetime for
  Takahama units
• China Nuclear Chairman Sees Seven- fold Surge in Capacity by 2060

++ MORE INSIDE ...

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

Monthly Uranium Exploration Update

Month over Month Uranium Stock Performance

(as of April 30, 2022)

Project Regional Focus:

Red: Canada

Blue: USA

Green: Africa

Orange: Australia

Yellow: Spain

Gray: Argentina

Cameco Corp. (CCO.T)

Energy Fuels (EFR.T)

Paladin Energy (PDN.A)

Denison Mines (DML.T)

PRODUCERS AVERAGE

-

5.6%

Uranium Energy (UEC.U)

UR-Energy (URE.T)

Peninsula Energy (PEN.A)

Western Uranium (WUC.C)

NexGen Energy (NXE.T)

Toro Energy (TOE.A)

Bannnerman (BMN.A)

Global Atomic (GLO.V)

Encore Energy (EU.V)

Berkeley Energia (BKY.L)

Deep Yellow (DYL.A)

DEVELOPERS AVERAGE

-6.4%

Fission Uranium (FCU.T)

Anfield (AEC.V)

Consolidated Uranium (CUR.V)

Laramide (LAM.T)

Forsys (FSY.V)

Goviex (GXU.V)

Skyharbour (SYH.V)

Azincourt Energy (AAX.V)

Valore (VO.V)

Blue Sky (BSK.V)

CanAlaska (CVV.V)

F3 Uranium (FUU.V)

EXPLORERS AVERAGE

-9.5%

92 Energy (92E.A)

IsoEnergy (ISO.V)

Baselode (FIND.V)

Forum Energy (FMC.V)

Purepoint Uranium (PTU.V)

ALX Resources (AL.V)

Standard Uranium (STND.V)

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

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.

May 2023

Monthly Uranium Exploration Update

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

Click here to receive the Monthly Athabasca Basin Update via email

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

Monthly Uranium Exploration Update	May 2023

Purepoint Uranium provides update on its winter exploration programs

TSXV: PTU | OTCQB: PTUUF

April 26, 2023

Market Cap	Price as of	52-Week		52-Week
	04/30/23	High		Low
$20.88MM	$0.05	$0.10		$0.04
Location: Athabasca Basin, Canada

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") today provided an update on the recently completed winter uranium exploration programs at its 100% owned Red Willow Project, its 100% owned Tabbernor Project and the Hook Lake Joint Venture all in Northern Saskatchewan Canada.

"We are pleased to report that our winter session this year was both busy and highly productive. In addition to the outstanding results, we previously announced from the Hook Lake JV, we are happy to share that our drilling efforts at the Osprey, Geneva, and Radon Lake Zones on the Red Willow Project continue to show that uranium mineralization and alteration is present throughout the property," said Scott Frost- ad, Vice President of Exploration at Purepoint. "We have also made significant progress with our Tabbernor Project by utilizing the results of our recent VTEM survey to secure additional prospective ground. The recently staked claims cover a strong east-west conductive system and have consolidated our north-south claims thereby expanding the project to 70,598 hectares in size."

Highlights

• 3,854 metres of diamond drilling were completed in 15 holes at the Red Willow Project across the Osprey, Geneva and Radon Lake zones.
• Given the property size and number of targets yet untested, a newly completed, National Instrument 43-101 compliant technical re- port on the Red Willow project will be filed on Friday and can be found at https://purepoint.ca/projects/red-willow/ - "Technical Report on the Red Willow Project, Northern Saskatchewan, Canada April 28, 2023".
• The Company is now planning programs at Red Willow to conduct first-pass drill testing of geophysical targets in the Dancing Lake, Long Lake, Topping Island, Golden Eye, Ghost Lake, Horse Lake, Boundary, Jeffrey, Dominic and Cunning Bay areas (46 kilometres of combined conductors).
• An additional 12,957 hectares of property were staked, connecting the Tabbernor Block and securing the entire length of the target conductors identified this past summer. Additional information regarding the Tabbernor Project will be provided in a separate release.

The winter drill program at Red Willow continued to follow up on radioactivity along EM conductors, that are shared with the neighbouring Orano/Denison Wolly project to the west, for both basement and unconformity hosted economic uranium mineralization. As we continue to identify favourable geology, widespread alteration and elevated radioactivity across the project, the Company will extend its efforts to the additional ten targets zones defined on the property.

2023 Red Willow Significant Drill Results

Hole #	From	To	Width	U (ppm)
	(m)	(m)	(m)
GEN23-08	231.0	232.9	1.9	126
GEN23-08	239.4	239.9	0.3	1380
GEN23-09	192.3	192.5	0.2	697
GEN23-10	211.8	212.2	0.4	208
GEN23-10	219.3	219.8	0.5	478
GEN23-11	198.5	199.4	0.9	236
RAD23-01	197.1	197.5	0.4	195

Red Willow Project

The 100% owned Red Willow property is situated on the northern edge of the eastern Athabasca Basin mine corridor in Northern Saskatche- wan, 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.

Tabbernor Project

The 100% owned Tabbernor Project was staked along three major trends of the Tabbernor Fault System, a deep seated, 1,500 kilometre crustal shear system that runs north through the Athabasca Basin. The system not only hosts over 80 historic mines and gold occurrences but as well cross cuts the Basin's mine trend aligning itself with 8 of the Basin's largest uranium discoveries.

The Tabbernor Project consists of 31 claims that total 70,598 hectares. The original block of three north-south claim groups (23 claims) that covered Tabbernor structures have now been joined by an additional 8 claims that cover a strong east-northeast trending belt of conductive rocks.

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

Monthly Uranium Exploration Update	May 2023

Standard Uranium completes winter drill program at Sun Dog

TSXV: STND

April 3, 2023

Market Cap	Price as of	52-Week		52-Week
	04/30/23	High		Low
$6.37MM	$0.035	$0.155		$0.03
Location: Athabasca Basin, Canada

Standard Uranium announced that the winter drill program at its 100% owned Sun Dog Projecthas been completed and crews demobilized prior to ice road closure April 1st.

Highlights

• Elevated radioactivity over a total of 1.5 metres up to 1,300 counts per second (cps) intersected in drill hole SD-23-013 at the
  Haven discovery.
• Significant structure and alteration intersected in drill holes SD-23-011 and SD-23-012 at the Walli showing, including dravite-clay alteration halo associated with oxidized fault breccia and shear zones.
• Quartz-hematitebreccias and dravite alteration intersected on Stewart Island in drill hole SD-23-010.
• Winter 2023 drilling intersected several characteristics of a uranium-bearing mineralized system in previously untested target areas, extending the known footprint of dravite and clay alteration associated with uranium mineralization in the Haven and Walli target areas.
• Sun Dog diamond drill program completed on March 31st, totalling 1,227.1 metres.
• Follow-updrill holes and new mainland target areas are planned to be tested during a possible fall 2023 program.

Forum Energy's drilling intersects anomalous uranium at the Wollaston Project

TSXV: FMC

April 3, 2023

Market Cap	Price as of	52-Week		52-Week
	04/30/23	High		Low
$16.06MM	$0.085	$0.185		$0.08
Location: Athabasca Basin, Canada

Forum Energy announced that it has completed seven holes for 2,031 metres on its 100% owned Wollaston Lake Projected located 10 km southeast of Cameco's Rabbit Lake mill and 30 km southeast of Orano/Dennison's McClean Lake mill.

Highlights

• Complete ground gravity coverage over prospective conductive trends.
• Anomalous uranium and boron in two drill holes along Gizmo trend requires follow-up drilling.
• Follow-updrilling required along newly identified coincident electromagnetic conductor/gravity trends and at historical uranium mineralization encountered on Burman Island.

CanAlaska drills elevated radioactivity at Key Extension Project

TSXV: CVV

April 4, 2023

Market Cap	Price as of	52-Week		52-Week
	04/30/23	High		Low
$41.13MM	$0.335	$0.65		$0.265
Location: Athabasca Basin, Canada

CanAlaska announced successful completion of the 2023 drilling program at the Key Extension project. The program focused on initial drill testing of newly defined targets generated through a series of geophysical programs completed in 2022. The Company reports the objectives of the program were met, identifying multiple graphitic packages with large reactivated and brecciated fault zones, associated hydrothermal alteration, and elevated radioactivity.

Highlights

• Multiple graphitic fault structures with hydrothermal alterations intersected
• 16 km of new uranium target corridor identified
• Drilling continues at West McArthur JV and Moon Lake South Projects
• Geochemical assay results for the 2023 winter drilling program are pending

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

Monthly Uranium Exploration Update	May 2023

Standard Uranium announces results from 2022 geophysical surveys on Eastern Athabasca Basin Properties

TSXV: STND

April 6, 2023

Market Cap	Price as of	52-Week		52-Week
	04/30/23	High		Low
$6.37MM	$0.035	$0.155		$0.03
Location: Athabasca Basin, Canada

Standard Uranium announced the results of geophysical surveys completed on each of the Company's three eastern Athabasca basin projects. High-resolution ground gravity, induced polarization / direct current resistivity, and airborne time domain electromagnetic surveys were completed on Standard Uranium Ltd.'s Atlantic, Canary, and Ascent properties,. Key drill target areas have been defined for each project based on positive survey results and historical exploration data.

Highlights

• Standard Uranium has defined multiple drill-ready target areas on the Atlantic, Canary, and Ascent projects situated in the prolific east- ern Athabasca Basin.
• Strong EM conductors coupled with regional-scale faults and potential alteration signatures outline high-priority target areas on all three eastern Athabasca projects.
• ALS Goldspot Discoveries is currently working on providing additional targeting layers based on regional and local information, while incorporating the newly acquired geophysical data.
• Planning for inaugural drill programs designed to follow up on prospective historical results coupled with newly identified geophysical anomalies is underway.

F3 Uranium hits 57.6% U3O8 over 1m within 9.4% over 14.5m in 60m step-out from A1 Discovery

TSXV: FUU

April 17, 2023

Market Cap	Price as of	52-Week	52-Week
	04/30/23	High	Low
$118.58MM	$0.35	$0.51	$0065

Location: Athabasca Basin, Canada

F3 Uranium announced initial assay results from 12 drill holes, including drill hole PLN23-060 at Patterson Lake North where the strongest radioactivity to date was previously reported. The analysis for PLN23-060 returned one continuous 14.5m interval averaging 9.4% U3O8 including an ultra-high-grade 5.0m interval averaging 26.7% U3O8, which further includes a 2.5m interval which assayed 45.6% U3O8.

Drilling Highlights:

• PLN23-060(line 060S): mineralized intervals: 14.5m @ 9.4% U3O8 (238.5m to 253.0m), including: 5.0m @ 26.7% U3O8 (243.0m to 248.0m), further including 2.5m @ 45.6% U3O8 (244.0m to 246.5m)
• Main Intercepts: PLN23-044 (line 015S): mineralized intervals: 1.0m @ 2.27% U3O8 (227.5m to 228.5m), and: 2.5m @ 0.276% U3O8
  (233.5m to 236.0m)
• PLN23-046(line 015S): mineralized intervals: 4.0m @ 2.6 % U3O8 (261.0m to 265.0m), including: 1.5m @ 6.5 % U3O8 (263.0m to 264.5m)
• PLN23-047(line 00N): mineralized intervals: 10.0m @ 0.8% U3O8 (199.0m to 209.0m), including: 1.0m @ 3.55% U3O8 (206.0m to
  207.0m)
• PLN23-048(line 030S): mineralized intervals: 13.5m @ 5.3% U3O8 (247.0m to 260.5m), including: 4.0m @ 17.3% U3O8 (249.0m to
  253.0m)
• PLN23-049(line 015N): mineralized intervals: 7.0m @ 0.62% U3O8 (245.5m to 252.5m), including: 2.0m @ 1.24% U3O8 (247.0m to 249.0m)
• PLN23-050(line 045S): mineralized intervals: 15.5m @ 2.1% U3O8 (249.5m to 265.0m), including: 4.0m @ 7.2% U3O8 (252.0m to
  256.0m)
• PLN23-051(line 00N): mineralized intervals: 0.5m @ 0.054% U3O8 (209.0m to 209.5m)
• PLN23-052(line 060S): mineralized intervals: 6.5m @ 3.2% U3O8 (249.0m to 255.5m), including: 1.5m @ 12.7% U3O8 (253.0m to 254.5m)

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