ALX Resources Corp. Samples 1.77% U3O8 in Outcrop at the Bradley Lake Uranium Project, Saskatchewan

Vancouver, British Columbia--(Newsfile Corp. - May 16, 2023) - ALX Resources Corp. (TSXV: AL) (FSE: 6LLN) (OTC: ALXEF) ("ALX" or the "Company") is pleased to update its shareholders on exploration activities carried out on its Athabasca Basin area uranium projects in late 2022 and early 2023.

Bradley Lake Uranium Project ("Bradley Lake")

Bradley Lake consists of one claim owned 100% by ALX totaling 1,147 hectares (2,834 acres) situated within the Grease River Shear Zone ("GRSZ") approximately 30 kilometres northwest of Stony Rapids, SK. The GRSZ is a major crustal structural feature that defines the western edge of the Tantato Domain in northern Saskatchewan, and is believed to be structurally-associated with the Fond du Lac uranium deposit located 34 kilometres to the southwest. In 2007, a prospecting program in the Bradley Lake area discovered several significant uranium occurrences in outcrop known as the Bradley West and Bradley East showings, with uranium values ranging from 0.08% U₃O₈ to 3.53% U₃O₈ (Source: Saskatchewan Mineral Assessment Database, Report #74O-09-0023). In the fall of 2022, ALX visited the Bradley Lake showings and at Bradley West observed a northeast-southwest trending structure visible on surface for 60 metres, hosting radioactive occurrences along its length, which was cut off by overburden cover in both directions along strike. Four representative samples were collected from radioactive outcrop along the Bradley showings that returned geochemical values ranging from 0.08% to 1.77% U₃O₈, as shown in Figure 1 and Table 1 below.

Figure 1. Bradley Lake Uranium Occurrences

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After a review of historical assessment work records, ALX believes that the full potential of the Bradley Lake showing has not been realized. The Bradley West and East showings area conveys two different styles of mineralization: pitchblende veinlets hosted by pegmatites and potentially much more significant shear zone hosted uranium (Source: Saskatchewan Mineral Assessment Database, Report #74O-09-0023). Both styles of mineralization display a high uranium-thorium ratio indicative of hydrothermal processes related to a structural rather than a magmatic origin (Daubeny, 2009).

Table 1. Bradley Lake 2022 Prospecting Results: >500 parts per million ("ppm") uranium-partial

¹U₃O₈ values are conversions from uranium-partial laboratory results in ppm multiplied by 1.179

In 2007, a magnetic-radiometric-VLF ("Very Low Frequency") airborne survey was flown over Bradley Lake, which detected an approximate 700 metre-long uranium radiometric anomaly that corresponds to a portion of the mineralized zones on surface (see Figure 1). However, no follow-up electromagnetic ("EM") work was carried out over the radiometric anomaly beyond the VLF component of the historical airborne survey, which had a limited depth of investigation.

Two shallow "scissor" holes were drilled in 2011 from one collar location to undercut the presumed sub-surface strike of the Bradley Lake showing at shallow depths, from which the highest-grade interval was a modest 0.047% U3O8 over 0.30 metres from 23.3 to 23.6 metres. The two 2011 holes, totaling only 123.4 metres, were drilled without the benefit of a deep-penetrating ground EM survey, which has the capability to detect deeper targets that may exist beneath the uranium showings on surface.

In May 2023, ALX applied to the Government of Saskatchewan for a surface exploration permit, including ground geophysics, for follow-up exploration at Bradley Lake. The exploration plan includes detailed geological mapping, prospecting and a time-domain EM ("TDEM") survey to seek geophysical targets related to the area of the Bradley Lake showings.

For further information on Bradley Lake, please click here

McKenzie Lake and Javelin Uranium Projects ("McKenzie Lake" and "Javelin")

McKenzie Lake (5 claims totaling 6,916 hectares, or 17,097 acres), and Javelin (9 claims totaling 23,652 hectares, or 58,444 acres) each owned 100% by ALX are located in an emerging uranium exploration district in the southeast Athabasca Basin area after new discoveries by Baseload Energy and 92 Energy in 2021-2022. ALX acquired McKenzie Lake and Javelin in the fall of 2021 by staking, and by the purchase of four McKenzie Lake claims totaling 2,464 hectares (6,098 acres), which are subject to a 2.0% underlying royalty in favour of the arm's length vendor. In April 2023, ALX applied to the Government of Saskatchewan for surface exploration permits on McKenzie Lake and Javelin to include prospecting, geological mapping and ground geophysical surveys, as follow-up to a high resolution magnetic and radiometric airborne survey and initial site visits ALX carried out in late 2021.

For further information on McKenzie Lake click here, and for Javelin click here

Sabre Uranium Project ("Sabre")

Sabre consists of 16 mineral claims owned 100% by ALX encompassing 16,041 hectares (39,637 acres), located along the northern margin of the Athabasca Basin near Richards Lake, SK, approximately 60 kilometres (40 miles) west of Stony Rapids, SK. In September 2022, two radioactive zones were mapped on surface in the Athabasca sandstone by ALX's prospecting team adjacent to an interpreted structural zone of quartz vein brecciation (see ALX news release dated October 25, 2022). In January 2023, ALX carried out a ground TDEM survey at Sabre and defined a previously untested airborne geophysical conductor near a 2006 drill hole that had demonstrated a significant dravite (boron) anomaly in the Athabasca Formation sandstone. Computer modeling of the 2023 TDEM conductor showed that the historical drill hole missed the conductor by approximately 275 metres, as shown in Figure 2 below:

Figure 2. TDEM Survey Results and Proposed Drill Hole at Sabre, January 2023

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Additional work at Sabre in 2023 may include airborne surveys, surface prospecting, geological mapping and Spatiotemporal Geochemical Hydrocarbon ("SGH") soil surveys across the highest-priority areas to optimize potential drill targets.

For further information on Sabre click here.

Carpenter Lake Uranium Project ("Carpenter Lake")

Carpenter Lake consists of 8 claims totaling 16,872 hectares (41,691 acres) located on the southern margin of the Athabasca Basin sandstone formation near Cree Lake, SK. Carpenter Lake is the subject of a joint venture, with ALX holding a 60% interest and Pacton Gold Inc. (formerly Noka Resources Inc.) holding a 40% interest. In December 2022, ALX, as operator of exploration for the joint venture, applied for an exploration permit to include ground geophysics, prospecting and diamond drilling. The permit was granted in April 2023, good to September 30, 2024. ALX is involved in an engagement process with local First Nations and Metis communities, and other area stakeholders, prior to the commencement of exploration activities.

For further information on Carpenter Lake, please click here.

NationaI Instrument 43-101 Disclosure

The technical information in this news release has been reviewed and approved by Robert Campbell, P.Geo., who is a Qualified Person in accordance with the Canadian regulatory requirements set out in National Instrument 43-101.

Historical geochemical results and geological descriptions quoted in this news release were taken directly from assessment work filings published by the Government of Saskatchewan. Management cautions that historical results contained herein were collected and reported by past operators and have not been verified nor confirmed by its Qualified Person, but create a scientific basis for ongoing work in the Bradley Lake and Sabre project areas. Management further cautions that historical results or discoveries on adjacent or nearby mineral properties are not necessarily indicative of the results that may be achieved on ALX's mineral properties.

About ALX

ALX is based in Vancouver, BC, Canada and its common shares are listed on the TSX Venture Exchange under the symbol "AL", on the Frankfurt Stock Exchange under the symbol "6LLN" and in the United States OTC market under the symbol "ALXEF".

ALX's mandate is to provide shareholders with multiple opportunities for discovery by exploring a portfolio of prospective mineral properties in Canada, which include uranium, lithium, nickel-copper-cobalt and gold projects. The Company uses the latest exploration technologies and holds interests in over 220,000 hectares of prospective lands in Saskatchewan, a stable jurisdiction that hosts the highest-grade uranium mines in the world, a producing gold mine, and production from base metals mines, both current and historical.

ALX's uranium holdings in northern Saskatchewan include 100% interests in the Gibbons Creek Uranium Project, the Sabre Uranium Project, the Bradley Uranium Project, and the Javelin and McKenzie Lake Uranium Projects, a 40% interest in the Black Lake Uranium Project (a joint venture with Uranium Energy Corporation and Orano Canada Inc.), and a 20% interest in the Hook-Carter Uranium Project, located within the uranium-rich Patterson Lake Corridor with Denison Mines Corp. (80% interest) as operator of exploration since 2016.

ALX owns 100% interests in eight lithium exploration properties staked in 2022-2023 collectively known as the Hydra Lithium Project, located in the James Bay region of northern Quebec, Canada, a 100% interest in the Anchor Lithium Project in Nova Scotia, Canada, and 100% interests in the Crystal Lithium Project and the Reindeer Lithium Project, both located in northern Saskatchewan, Canada.

ALX also owns 100% interests in the Firebird Nickel Project (now under option to Rio Tinto Exploration Canada Inc., who can earn up to an 80% interest), the Flying Vee Nickel/Gold and Sceptre Gold projects, and can earn up to an 80% interest in the Alligator Lake Gold Project, all located in northern Saskatchewan, Canada. ALX owns, or can earn, up to 100% interests in the Electra Nickel Project and the Cannon Copper Project located in historic mining districts of Ontario, Canada, the Vixen Gold Project (now under option to First Mining Gold Corp., who can earn up to a 100% interest in two stages), and in the Draco VMS Project in Norway.

For more information about the Company, please visit the ALX corporate website at www.alxresources.com or contact Roger Leschuk, Manager, Corporate Communications at: PH: 604.629.0293 or Toll-Free: 866.629.8368, or by email: rleschuk@alxresources.com

On Behalf of the Board of Directors of ALX Resources Corp.

"Warren Stanyer"

Warren Stanyer, CEO and Chairman

FORWARD-LOOKING STATEMENTS

Statements in this document which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward-looking statements in this news release include: ALX's 2023 exploration plans at the Bradley Lake, Sabre, Carpenter Lake, McKenzie Lake and Javelin uranium projects, and ALX's ability to continue to expend funds on those projects. It is important to note that the Company's actual business outcomes and exploration results could differ materially from those in such forward-looking statements. Risks and uncertainties include that ALX may not be able to fully finance exploration on our exploration projects, including drilling; our initial findings at our exploration projects may prove to be unworthy of further expenditures; commodity prices may not support further exploration expenditures; exploration programs may be delayed or changed due to any delays experienced in consultation and engagement activities with First Nations and Metis communities, and local landowners in the region, and the results of such consultations; and economic, competitive, governmental, societal, public health, weather, environmental and technological factors may affect the Company's operations, markets, products and share price. Even if we explore and develop our projects, and even if uranium, lithium, nickel, copper, gold or other metals or minerals are discovered in quantity, ALX's projects may not be commercially viable. Additional risk factors are discussed in the Company's Management Discussion and Analysis for the Year Ended December 31, 2022, which is available under the Company's SEDAR profile at www.sedar.com. Except as required by law, we will not update these forward-looking statement risk factors.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

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