Snow Lake Resources (LITM) Provides Corporate Update

Snow Lake Resources Ltd., d/b/a Snow Lake Energy (NASDAQ: LITM) ("Snow Lake"), a uranium exploration company, announces a corporate update regarding its portfolio of clean energy mineral projects.

Highlights

• Public offering of approximately US$6.45 million successfully completed

• Snow Lake fully funded for 2025 exploration programs on its two uranium projects

• Engo Valley Uranium Project Phase 1 drill program now complete

• Engo Valley Phase 2 drill program set to begin in early 2025

• Initial field season completed at Black Lake Uranium Project

• Winter drill campaign at Snow Lake will be completed by the end of December 2024

"We are very pleased with the steady progress made to date with our exploration programs on our Engo Valley and Black Lake uranium projects," commented Frank Wheatley, CEO of Snow Lake. "With a successful public offering behind us, we are now planning our exploration programs for 2025, with our primary focus on our Engo Valley and Black Lake uranium projects."

Engo Valley Phase 1 Drill Program

The Phase 1 drill program at Engo Valley is now complete. The purpose of the Phase 1 program was to twin the historical drill holes completed by Gencor in the 1970's and to begin an in-fill drill program between the historical drill holes. A total of 20 reverse circulation holes were completed for a total of 1,500 meters. Assay results are pending.

A downhole gamma spectrometer probe was inserted in each drill hole, which confirmed both the existence of uranium mineralization and elevated radioactivity in a number of the drill holes. TerraTec Namibia, an independent geophysics consultant that specializes in downhole probing for uranium exploration, completed the downhole radiometrics. Final results from the downhole radiometrics for the Phase 1 drill program are pending.

Engo Valley Phase 2 Drill Program

The Phase 2 drill program is current in the planning stage, pending assay results from Phase 1. The purpose of the Phase 2 program is to continue infill between the historical drill holes, as well as to test a number of targets identified by the radon cup survey completed earlier in 2024.

Downhole radiometrics will also be conducted on each drill hole. Subject to timely receipt of assay results from Phase 1, it is intended to begin the Phase 2 drill program in the early part of the first quarter of 2025.

Black Lake Uranium Project

Our initial field season at Black Lake is now complete and, pending results from the field, preparation for the upcoming field season in 2025 is now underway.

Uranium and Nuclear Energy

• Primary Use of Uranium: Uranium is used primarily to produce fuel for nuclear power plants for the generation of electricity

• Why Nuclear Energy: Nuclear energy provides clean, zero-carbon, zero-emissions, reliable base-load, scalable low-cost energy with greater generating capacity per land footprint than other fuel sources

• Electrification & Big Data: Global electricity demand is estimated to grow by approximately 50% by 2040, driven in large part by the growth in big data, including data centers to support artificial intelligence (AI), cloud storage and social media

• Technology Companies & AI: Google, Microsoft and Amazon are among the technology companies turning to and investing in nuclear energy to power their energy intensive AI ambitions, including Amazon's recent $500 million investment¹

• Shortfall of Primary Uranium Supply: Current uranium supply will not meet forecasted uranium demand over the next decade. New sources of primary uranium supply, including new uranium mines, will need to be developed to meet this demand

Namibia

Namibia is currently the world's third-largest producer of uranium, accounting for 11% of global production in 2022² from three currently operating uranium mines: Rossing, Husab and Langer Heinrich. Current uranium mine developments in Namibia include: Deep Yellow Limited (ASX: DYL), progressing the development of its Tumas Uranium Project, with commercial production projected for 2026 and Bannerman Energy Ltd. (ASX: BMN), undertaking early works activities on its Etango Uranium Project as it advances towards a final investment decision.

Saskatchewan, Canada

Saskatchewan was the second-largest global producer of uranium in 2022 and accounted for 15% of the world's primary uranium production³, and was ranked as the 3^rd overall jurisdiction for mining investment according to the Fraser Institute's 2023 annual survey⁴. Saskatchewan also hosts the world's largest, highest grade uranium deposits, and is the source of almost a quarter of the world's uranium supply for electrical generation.⁵

Snow Lake Lithium Project

We will have completed our most recent drilling campaign at the Snow Lake Lithium Project by the end of December 2024. The purpose of the drill program was to improve the confidence in the deposit through in-fill drilling and testing of some of the extensions of the project.

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