Baselode Announces Closing of Second Tranche of Flow-Through Private Placement

• 1,500 metre inaugural Bear drill program scheduled to start in coming weeks
• Catharsis drill program is complete, with results to be released when assays received

Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) ("Baselode" or the "Company") is pleased to provide updates for its Bear ("Bear") and Catharsis ("Catharsis") uranium projects in the Athabasca Basin area, northern Saskatchewan (see Figure 1).

"This is an exciting time as we begin our inaugural drill exploration program on Bear. The geology looks compelling, with an apparent regional structure hosting uranium mineralization already being identified with historic drilling and overlapping geophysical gravity low anomalies associated with bends in EM conductors. A discovery at Bear would be fortuitous as it is located about 30 kilometres south of the Key Lake uranium mill, and 10 kilometres east of the Key Lake haul road.

• The drill program will double in size to 4,000 metres
• Three new target areas will be added
• Baselode is seeking another grassroots discovery on Catharsis
• Early drilling has encountered anomalous radioactivity, strong alteration, and encouraging redox-style alteration within brittle structures

Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) ("Baselode" or the "Company") is pleased to announce that it will increase the ongoing drill program on the Catharsis uranium project ("Catharsis") to 4,000 metres. Early drilling has shown encouraging signs that warrant the additional investment.

"Our first drill hole of this program intersected anomalous radioactivity* within a structural corridor at a favourable lithologic contact. These are important similarities with other uranium deposits. Subsequent drill holes followed the radioactivity up-dip (Figure 3) and intersected quartz-hematite oxidized fluid systems with redox-style and clay alteration characteristics reminiscent of high-grade uranium deposits (see Figures 4, 5 & 6). We will continue drilling the target area down-dip of the radioactivity, and along strike from it. We are encouraged by the results and have decided to increase our Program. We will drill more target areas than previously announced to test for near-surface, high-grade uranium deposits," stated James Sykes, CEO, President, and Director of Baselode.

• New video published detailing uranium targets planned for this drill program
• Multiple untested targets will be drilled with this program
• Drill and crews are on site, ready to start drilling

Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) ("Baselode" or the "Company") is pleased to provide details outlining drill plans for the Catharsis uranium project in northern Saskatchewan's Athabasca Basin area.

"We have completed extensive work to define Tier 1 target areas that share characteristics with other world-class basement-hosted Athabasca uranium deposits, such as NexGen Energy Ltd. (TSX: NXE) and Denison Mines Corp. (TSX: DML) Arrow and Gryphon deposits, respectively. The Catharsis drill program is ready to start, and our focus is to fast-track discovery by drilling multiple target areas with helicopter support," stated James Sykes, CEO, President, and Director of Baselode.

Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) ("Baselode" or the "Company") is pleased to announce the closing of its previously announced "bought deal" private placement (the "Offering") for aggregate gross proceeds of C$6,000,000, which includes the full exercise of the Underwriter's (as defined herein) over-allotment option for gross proceeds of C$1,000,000. Under the Offering, the Company sold the following:

• 2,222,222 units of the Company (each, a "Unit") at a price of C$0.45 per Unit for gross proceeds of C$1,000,000 from the sale of Units; and
• 7,692,308 flow-through units of the Company that were sold to charitable purchasers (each, a "Charity FT Unit", and collectively with the Units, the "Offered Securities") at a price of C$0.65 per Charity FT Unit for gross proceeds of C$5,000,000 from the sale of Charity FT Units.

Red Cloud Securities (the "Underwriter") acted as sole underwriter and bookrunner under the Offering.

• $12,000,000 for uranium delineation and exploration committed for 2024
• Four drill programs planned across Baselode's Uranium Project Portfolio
• The first drill program is scheduled to begin in 2 weeks

Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) ("Baselode" or the "Company") is pleased to provide the 2024 exploration plans for the Company's Bear, Catharsis & Hook uranium projects in northern Saskatchewan's Athabasca Basin area (the "Basin").

"We are fully financed for the Company's largest exploration programs on our Bear, Catharsis, and Hook projects. Our strategy entails a substantial allocation of resources toward discovering new deposits within our 264,000-hectare package. Our team has spent months of preparation to hone in on promising exploration targets with significant potential for discovery. Additionally, we will be expanding the ACKIO discovery near-surface zones. For the first time, we'll also target ACKIO at depth, utilizing cutting-edge ANT technology that could give this project a whole new dimension. We are excited for an aggressive exploration program with the drills starting in a matter of weeks," stated James Sykes, CEO, President, and Director of Baselode.

For more details on the Company's 2024 drill programs and geophysical targets, please watch this video:

Catharsis Drill Program Details
8 to 10 drill holes for 2,000 metres ("m") are planned for 5 different untested target areas. The program is scheduled to start Mid-February. A 10,000 line km high-resolution airborne magnetics and radiometrics survey is planned concurrently with the drill program. The Company has received the necessary permits to complete the program and base camp of operations is currently being installed.

Bear Drill Program Details
6 to 8 drill holes for 1,500 m are planned for 1 to 2 untested target areas. The program is scheduled to start in May. A 2,000 line km gravity and magnetics airborne survey is planned for later in the year. Exploration permits are pending but expected shortly.

ACKIO (Hook) Drill Program Details
35 to 50 drill holes for 12,000 m are planned for delineation and exploration along strike and depth of the ACKIO mineralized structure. The program is scheduled to start early June. In May, the Company will deploy "Exosphere By Fleet®", an innovative high-resolution ground-based, satellite-connected ambient noise tomography ("ANT") survey. The survey will be completed over ACKIO and interpreted prior to diamond drilling. The Company has received the necessary permits to complete the program.

Hook Drill Program Details
16 to 20 drill holes for 4,000 m are planned for five different untested target areas outside of 1 km radius from ACKIO. The program is scheduled to start mid-June. The Company has received the necessary permits to complete the program.

About Baselode Energy Corp.
Baselode controls 100% of approximately 264,172 hectares for exploration in the Athabasca Basin area of northern Saskatchewan, Canada. The land package is free of any option agreements or underlying royalties.

The Company discovered the ACKIO near-surface, uranium prospect in September 2021. ACKIO measures greater than 375 m along strike, greater than 150 m wide, comprised of at least 9 separate uranium Pods, with mineralization starting as shallow as 28 m and 32 m beneath the surface in Pods 1 and 7, respectively, and down to approximately 300 m depth beneath the surface with the bulk of mineralization occurring in the upper 120 m. ACKIO remains open at depth, and to the north, south and east.

Baselode's Athabasca 2.0 exploration thesis focuses on discovering near-surface, basement-hosted, high-grade uranium orebodies outside the Athabasca Basin. The exploration thesis is further complemented by the Company's preferred use of innovative and well-understood geophysical methods to map deep structural controls to identify shallow targets for diamond drilling.

QP Statement
The technical information contained in this news release has been reviewed and approved by Cameron MacKay, P.Geo., Vice-President, Exploration & Development for Baselode Energy Corp., who is considered to be a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."

For further information, please contact:

James Sykes, CEO, President and Director
Baselode Energy Corp.
jsykes@oregroup.ca
306-221-8717
www.baselode.com

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

Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Baselode Energy Corp. assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Baselode Energy Corp. Additional information identifying risks and uncertainties is contained in the Company's filings with Canadian securities regulators, which filings are available under Baselode Energy Corp. profile at www.sedarplus.ca.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available.

FIGURE 1 - Bear, Catharsis, Hook & Shadow projects location map. ACKIO uranium prospect identified by yellow circle.

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