Purepoint Uranium : Monthly Uranium Exploration Update - January 2023

Brought to you by:

MONTHLY URANIUM EXPLORATION UPDATE

JANUARY 2023

Uranium exploration supported in Canadian Critical Minerals Strategy

Source:World Nuclear News

12-13-2022

The government's newly released strategy maps out how Canada can seize the "genera- tional opportunity" presented by a global energy transition underpinned by the exploration, extraction, processing, product manufacturing and recycling of critical minerals including uranium.

The Canadian Critical Minerals Strategy was released on 9 December by Minister of Natural Resources Jonathan Wilkinson, who said it will position Canada as "the global supplier of choice for the critical minerals and clean technologies needed for the green, digital global economy".

Uranium appears on the list of 31 minerals currently considered by Canada to be "critical". To be on the list, a mineral must either be essential to the country's economic security and its supply is threatened; required for the national transition to a low-carbon economy; or a sustainable source of highly strategic critical minerals for Canadian partners and allies. The strategy is backed by up to CAD3.8 billion (USD2.8 billion) in federal funding to cover industrial activities from geoscience and exploration to mineral processing, manufacturing and recycling applications, including support for research, development and technological deployment.

The strategy considers opportunities at every stage along the value chain, from exploration to recycling, and is informed by "extensive consultations". A new 30% Critical Mineral Exploration Tax Credit will help to support specified exploration expenditures. This tax credit is applicable to specific critical minerals including nickel, lithium, cobalt, graphite, copper, rare earth elements, vanadium and uranium.

The strategy is "clear, focused and action-oriented," Pierre Gratton, president and CEO of the Mining Association of Canada said. "It articulates an end-to-end industrial strategy that starts with early exploration to mining through to critical manufacturing sectors essential to fighting climate change. It is arguably the most significant industrial strategy the country has seen in decades."

The strategy aligns with the federal government's April 2022 budget, in which it promised to establish an investment tax credit for investments in clean technologies, with a focus on net-zero technologies, battery storage solutions, and clean hydrogen, and the Fall Economic Statement released in early November.

View the Canadian Critical Minerals Strategy here.

UxC Consulting Spot Price

(US$)

November 30, 2022	$49.50/lb U3O8
December 31, 2022	$48.00/lb U3O8

Change of -$1.50/lb U3O8

UxC Consulting Long-Term Price

(US$)

November 30, 2022	$51.00/lb U3O8
December 31, 2022	$51.00/lb U3O8

Unchanged

TABLE OF CONTENTS

Uranium Stock Performances

• Producers
• Developers
• Explorers

Top Uranium Exploration News

• Denison Mines
• Fission 3.0
• Azincourt Energy
• Laramide Resources
• CanAlaska
• Standard Uranium
• Skyharbour
• Purepoint Uranium

Top Global News

• Why Silicon Valley is so hot on nucle- ar energy and what it means for the industry
• Support for nuclear energy in Poland almost doubles in a year
• SMR siting work progresses in Canada and Czech Republic
• Chinese SMR project enters installation phase
• India's Power Giant Will Turn to Nuclear in Climate Goal Chase
• Netherlands plans to build two nuclear power plants by 2035
• French nuclear output rises above 40
  GW for first time in 9 months
• First contracts awarded for US strategic uranium reserve

+++ MORE INSIDE ...

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

Monthly Uranium Exploration Update

Month over Month Uranium Stock Performance

(as of December 31, 2022)

Project Regional Focus:

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

January 2023

Monthly Uranium Exploration

Update

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

Uranium Energy (UEC.U)

Peninsula Energy (PEN.A)

Energy Resources of Australia (ERA.A)

PRODUCERS AVERAGE

Cameco Corp. (CCO.T)

Denison Mines (DML.T)

Energy Fuels (EFR.T)

Paladin Energy (PDN.A)

UR-Energy (URE.T)

Bannnerman (BMN.A)

Consolidated Uranium (CUR.V)

Deep Yellow (DYL.A)

Forsys (FSY.V)

NexGen Energy (NXE.T)

Global Atomic (GLO.V)

Encore Energy (EU.V)

Western Uranium (WUC.C)

DEVELOPERS AVERAGE

Fission Uraniumm (FCU.T)

Berkeley Energia (BKY.L)

Anfield (AEC.V)

Goviex (GXU.V)

Laramide (LAM.T)

Toro Energy (TOE.A)

Fission 3.0 (FUU.V)

Valore (VO.V)

ALX Resources (AL.V)

92 Energy (92E.A)

Purepoint Uranium (PTU.V)

EXPLORERS AVERAGE

CanAlaska (CVV.V)

Skyharbour (SYH.V)

Standard Uranium (STND.V)

Forum Energy (FMC.V)

IsoEnergy (ISO.V)

Blue Sky (BSK.V)

Baselode (FIND.V)

-6.0%

-12.7%

-8.7%

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

Click here to receive the Monthly Athabasca Basin Update via email

Follow-us on Twitter

@PurepointU3O8

-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.

Follow-us on LinkedIn

@PurepointU3O8

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

Monthly Uranium Exploration Update

Year over Year Uranium Stock Performance

(as of December 31, 2022)

Project Regional Focus:

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

January 2023

Disclaimer information:

Uranium Energy (UEC.U)

Cameco Corp. (CCO.T)

UR-Energy (URE.T)

PRODUCERS AVERAGE

Denison Mines (DML.T)

Energy Fuels (EFR.T)

Paladin Energy (PDN.A)

Peninsula Energy (PEN.A)

Energy Resources of Australia (ERA.A)

Berkeley Energia (BKY.L)

NexGen Energy (NXE.T)

Fission Uraniumm (FCU.T)

Global Atomic (GLO.V)

Deep Yellow (DYL.A)

DEVELOPERS AVERAGE

Anfield (AEC.V)

Encore Energy (EU.V)

Bannnerman (BMN.A)

Laramide (LAM.T)

Western Uranium (WUC.C)

Forsys (FSY.V)

Consolidated Uranium (CUR.V)

Goviex (GXU.V)

Toro Energy (TOE.A)

Fission 3.0 (FUU.V)

CanAlaska (CVV.V)

IsoEnergy (ISO.V)

Skyharbour (SYH.V)

Purepoint Uranium (PTU.V)

EXPLORERS AVERAGE

92 Energy (92E.A)

Forum Energy (FMC.V)

Baselode (FIND.V)

Valore (VO.V)

ALX Resources (AL.V)

Blue Sky (BSK.V)

Standard Uranium (STND.V)

-10.8%

-25.9%

-32.5%

All information provided in this newsletter is based upon sources that Purepoint Uranium Group Inc. (Purepoint 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.

-75%-65%-55%-45%-35%-25%-15%-5% 5% 15% 25% 35% 45%

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

Monthly Uranium Exploration Update	January 2023

Purepoint Uranium completes fall 2022 Program at Red Willow and Turnor Lake Projects

TSXV: PTU | OTCQB: PTUUF

12-22-2022

Market Cap	Price as of	52-Week	52-Week
	12/31/22	High	Low
$27.14MM	$0.065	$0.125	$0.05

Location: Athabasca Basin, Canada

Purepoint Uranium announced today the completion of the Fall 2022 drill program at the 100%-owned Red Willow and Turnor Lake projects within the eastern uranium mine district of the Athabasca Basin, Saskatchewan Canada. A total of 6 drill holes were completed on these two projects and one hole was lost for a total of 2,080 metres.

"To date, the Red Willow drilling has been advancing in large 400 metre step outs to define the extent of the known Osprey uranium min- eralization. With the completion of this four-hole program, we are ready to conduct refined follow-up drill testing during the cost-effective winter months." said Chris Frostad, President and CEO of Purepoint. "Our first two holes along Turnor Lake's Serin conductor were designed to test for mineralization and understand the geologic setting of the uranium-rich LaRocque corridor as it extends across the northern portion of the property. Drilling this season confirmed our conductor is associated with favourable rock types and alteration and that more drilling is certainly warranted".

Highlights

• At Red Willow, we have defined the northern boundary of the uranium mineralization hosted by the Osprey conductor. The 2 km long target section of the Osprey conductor is highlighted by RW22-06 that intersected 0.47% U3O8 over 0.9 metres.
• At Turnor Lake, the initial hole, SL22-02, encountered favourable graphitic pelitic rock and clay alteration associated with radioactive spikes on trend with IsoEnergy Ltd.'s Hurricane deposit.
• Purepoint will be mobilizing a drill crew to return to Red Willow in January and begin follow-up drilling of the most prospective uranium mineralization signatures.
• The results of the two Turnor Lake holes completed this year will be used to re-interpret our airborne and ground geophysical data before designing a follow-up program for the summer of 2023.

The objective of the Red Willow drill program this Fall was to define the extent of anomalous uranium mineralization associated with the Osprey conductor towards the northern property boundary. Four drill holes tested over 800 metres of strike length of the Osprey conductor for a total of 942 metres. The electromagnetic (EM) conductor continued to be explained by the intersection of a strong graphitic shear zone within all holes. Notable radioactivity was intersected in all holes returning peak downhole gamma readings between 350 and 470 counts per second, however, radioactivity and associated alteration was weaker than observed towards the south.

The objective of the 2022 Turnor Lake drill program was to initiate first-pass testing of the 2.3 km long Serin EM conductor which lies adjacent to and on trend with IsoEnergy Ltd.'s Hurricane Zone along the LaRocque corridor. The Hurricane deposit is located approximately 10 km west-southwest of the Turnor Lake project boundary and has an Indicated Mineral Resource of 48.61 million lbs of U3O8 based on 63,800 tonnes grading 34.5% U3O8 (IsoEnergy PR; Jul 18, 2022). Two drill holes were completed along the Serin EM conductor, approximately 750 metres apart, and one hole was lost for a total of 1,138 metres. The initial hole, SL22-02, encountered the unconformity at 290 metres and intersected graphitic-pyritic pelitic gneiss between 336 to 365m that returned 745 cps over 0.4m from the downhole gamma probe. The hole also intersected radioactive pegmatite dykes, one returning an average of 825 cps over 14.6 metres, that will be assayed for uranium and rare earths. Drill hole SL22-03 failed to explain the targeted EM conductor or intersect notable radioactivity.

Geochemical Assaying

Core samples are submitted to the Saskatchewan Research Council (SRC) Geoanalytical Laboratories in Saskatoon. The SRC facility is ISO/ IEC 17025:2005 accredited by the Standards Council of Canada (scope of accreditation #537). The samples are analyzed using partial and total digestion inductively coupled plasma methods, for boron by Na2O2 fusion, and for uranium by fluorimetry. All drill intercepts are core width and true thickness is yet to be determined.

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

Monthly Uranium Exploration Update	January 2023

Denison announces 97% recovery from long-term Phoenix ISR core leach test

TSX: DML

12-08-2022

Market Cap	Price as of	52-Week	52-Week
	12/31/22	High	Low
$1,274.43MM	$1.55	$2.32	$1.18

Location: Athabasca Basin, Canada

Denison announced highly successful results from long-term core leach metallurgical testing completed to further support the Feasibility Study ("FS") underway for the Phoenix In-Situ Recovery ("ISR") uranium mining operation proposed for the Company's 95% owned Wheeler River project. To support the establishment of ISR production and recovery curves to be used in the FS, the Company completed a long- term test of a representative intact core sample using specialized equipment to replicate the in-situ leaching conditions of the Phoenix deposit.

The results from long-term core leach testing of Core 4A are highlighted by the following:

• Overall recovery of uranium in excess of 97% - demonstrating excellent recovery of uranium from intact high-grade core, without the use of permeability enhancement.
• Average recovered solution uranium head grade of 18.3 grams per litre ("g/L") - exceeding the assumed 15 g/L uranium head grade being used in FS plant designs.
• Continuous intact core leach testing over a period of 377 days, with uranium recovery head grades consistently maintained above 5 g/L during the final stages of the production curve and then declining during the ramp-down stage.
• Maximum recovered solution uranium head grade of 49.8 g/L achieved using similar lixiviant concentrations as to those used during the Feasibility Field Test ("FFT").

Fission 3.0 step-out drilling intersects high-grade radioactivity at PLN TSXV: FUU

12-12-2022

Market Cap	Price as of	52-Week	52-Week
	12/31/22	High	Low
$101.11MM	$0.315	$0.34	$0.065

Location: Athabasca Basin, Canada

Fission 3.0 announced the results of the second and third follow up holes as well as an additional fourth follow up hole to the new high- grade discovery hole PLN22-035 at the A1 Conductor. Two of the three holes intersected significant radioactivity; PLN22-040 along strike from the discovery hole, and PLN22-041up-dip from PLN22-038. This completes the PLN fall drill program on the Company's 100% owned Patterson Lake North "PLN" project in the southwest Athabasca Basin region of Saskatchewan, Canada. Drilling at A1 is scheduled to restart in early January and a large drill program is being planned.

Highlights:

• PLN22-040was a 23 m step out targeting along strike and grid south from discovery hole PLN22-035 and intersected the radioactive structure over 11.5 m between 260.0 m and 278.0 m.
• • 8.5 m total composite mineralization >300 cps (between 260.0 m to 268.5 m), including2.5 m of total composite mineralization >10,000 cps over a 3.0 m interval (between 261.0 m and 264.5 m) with a peak of 63,400 cps at 262.5 m
  • 1.0 m >300 cps (between 272.0 to 273.0) and 2.0 m >300 cps (between 276.0 m to 278.0 m)
• PLN22-041intersected the radioactive structure up-dip from PLN22-038 at a vertical depth of 200m.
• • 12.0 m continuous mineralization >300 cps (between 198.5 m to 210.5 m), including 1.85 m of total composite mineralization >10,000 cps over a 5.25 m interval (between 204.5 to 209.75 m) with a peak of 18,800 cps at 208.5 m
• PLN22-039was planned to target on section and 15 m down-dip from the discovery hole PLN22-035. Unfortunately, due to signif- icant drill hole deviation the hole steepened excessively, and the target was missed. A structure was intersected 42m down dip from 274.5 m to 283.0 m. No anomalous radioactivity was recorded.

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