Falcon Property

The Falcon property consists of 14 claims totaling 51,557 hectares along the Wollaston trend at the eastern margin of the Athabasca basin in a uranium district that is seeing a surge in exploration activity. In March 2024, North Shore discovered near-surface uranium mineralization at two targets at Falcon during the Company’s maiden drill program.

Falcon Property Overview 11 claims totaling 51,557 hectares

Falcon is located approximately 35 km east of the former Key Lake Mine and the active Key Lake uranium mill which processes ore from the McCarthur River Mine. From 1983-2002, Key Lake produced 209.9M lbs. of U₃O₈ at an average grade of more than 2.0% U₃O₈¹.  Four 100%-owned claims total 12,791 hectares and the remaining ten claims are subject to an option agreement with Skyharbour Resources Ltd.

1: Source: Government of Saskatchewan – Mineral Deposit Query (https://mineraldeposits.saskatchewan.ca/Home/Viewdetails/1130). There is no guarantee that a similar deposit will be discovered at Falcon.

Falcon Property Region Exploration Activity

• The Falcon Property region has seen a surge in exploration activity since 2021.
• Falcon is located approximately 40 km southwest of near-surface uranium discoveries made in 2021, Ackio and GMZ, by Baselode Energy and 92 Energy respectively, and just west of the Fraser Lakes Zone B Inferred Resource.
• Falcon is located approximately 40 km southwest of near-surface uranium discoveries made in 2021, Ackio and GMZ, by Baselode Energy and 92 Energy respectively, and just west of the Fraser Lakes Zone B Inferred Resource.

This map contains information about properties adjacent to Falcon which North Shore does not have the right to explore. Investors are cautioned that mineralization on adjacent properties is not necessarily indicative of mineralization at Falon

Claim information from Saskatchewan database and current on December 17, 2024, technical information on the Falcon property is provided in the 2023 technical report entitled “Technical Report for the Falcon Project, Saskatchewan, Canada” filed under the profile of North Shore Uranium Ltd. at www.sedarplus.ca.

Falcon Property: Previous Work

• Exploration programs between 1969 and 2022 included airborne geophysical surveys, prospecting programs and drilling; multiple “radioactive boulders” and uranium showings were discovered.
• High resolution, heli-borne electromagnetic (“EM”) and magnetic surveys flown in 2006, 2007 and 2013 cover +90% of the property. High-resolution fixed wing gravity-radiometric-magnetic surveys covering +80% of the property were flown in 2022 by North Shore and Skyharbour. Integrating the 2022 data with previous datasets and new interpretation gives North Shore new interpretation insights.
• Approximately 22 exploration holes were drilled on what is now the Falcon property between 1970 and 1981 by several operators. In 2008, JNR Resources drilled 28 holes and uranium values up to 0.235% U₃O₈ were encountered associated with the EWA Showing. North Shore conducted the first drill program on the property since 2008, drilling three holes in March 2024. Uranium mineralization was discovered in the first two holes, P03 and P08, in a zone where there had been no previous drilling.

Falcon Property: 2024 Target Selection

• Multiple potential drill targets associated with EM conductors at the southeastern end of the property were assessed in early 2024.
• Three targets were selected for drilling in March 2024, P03, P08 and P12.

Falcon Property: 2024 Drill Results

• At P03 and P08, the EM fault-related conductor target zones were intersected, previously unknown uranium mineralization was discovered and alteration that includes bleaching, hematite, chlorite and silica was encountered
• At P03 (Drill hole FN24001), within a 10 m wide structural zone from 196 to 206 m, anomalous samples returned up to 378 ppm U₃O₈. In addition anomalous pathfinder elements were identified, 275-525 Ni from 193.0-197.1 m and 143-193 ppm Mo from 200.6-203.2 m.
• At P08 (drill hole FN24002), an interval from 42.3-47.0 m depth returned 316 ppm U₃O₈, with the max. value being 572 ppm.
• Target P12 (drill hole FN24003) was abandoned at 107 m due to unstable ground conditions, prior to reaching the target depth of 125 m.

Falcon Property: Future Work

• Falcon is a highly prospective uranium property, new near-surface uranium mineralization was discovered in North Shore’s maiden drilling program at two targets in March 2024, P03 and P08.
• There are multiple high priority untested EM targets that warrant evaluation based on work done to date and more work is required associated with targets P03, P08 and P12 which were drilled in early 2024.
• The Company is now focused on further assessment of potential targets using available geophysical and geological data in preparation for future prospecting and drill programs. To that end, the property has been divided into three targets zones, 1, 2 and 3. To date, 36 exploration targets have been identified including 11 priority targets in five areas.
• Detailed information on the Company’s target generation efforts is provided in Company news releases dated September 17, October 10 and  November 13, 2024.

• In the South Priority Area, uranium was discovered by North Shore at P03 and P08 (3 intervals with >300 ppm U₃O₈).
• A 3 km long EM conductor trend that includes P03 and P08 is a priority zone for future drilling.
• At FA003, the EM conductor system and an associated magnetic low are disrupted. There is a gravity low associated with the target and elevated uranium in the airborne radiometric data.
• At FA004, the conductor is offset near a fault intersection.
• At FA002, strong parallel EM conductors associated with a linear magnetic low are intersected by an interpreted fault

• The South Walker Area has been the focus of exploration programs in the past. Three holes were drilled in 1979 and six holes from five sites were drilled by JNR Resources in 2008. Structure-associated clay and chlorite alteration and elevated copper, molybdenum, nickel, cobalt and vanadium values were reported in several of the 2008 holes.
• Target FA010 coincides with a gravity low anomaly. Gravity low anomalies can be an expression of alteration that could be associated with uranium mineralization. The centre of the gravity anomaly was not tested by the 2008 drilling.

Summary of Skyharbour Option Agreement Terms

• 100% ownership of four claims totaling 12,791 hectares 
• Option to earn an 80% interest in 11 claims totaling 38,766 hectares over three years from Skyharbour Resources Ltd. for $5.3M in total consideration
• Option to acquire the remaining 20% interest from Skyharbour after earn-in for $5M cash and $5M in stock

SKYHARBOUR OPTION TERM SUMMARY TO EARN AN 80% INTEREST OVER 3 YEARS