Vancouver, British Columbia, Canada, March 8, 2024 – Generation Uranium Inc. (the “Company” or “Generation”), (TSXV: GEN) is pleased to announce the closing of its non-brokered Private Placement (the “Offering”) of the Company and made public on SEDAR on February 7, 2024. The Offering closed with the issuance of 4,000,000 Units at a price of $0.10 per Unit for aggregate proceeds of CAD$400,000. Subject to TSX Venture Exchange approval, a Finders’ fee based on the nominal value of the Offering totaling eight (8) percent in Generation Shares and eight (8) percent in Warrants will be paid upon closure. The Finders Warrants entitle the holder to purchase one common share at an exercise price of $0.10 for 24 months following the completion of the Offering.

The Company intends to use the net proceeds to help define new drill targets on the Yath Project, a high-grade uranium property situated in the Thelon Basin in Nunavut, Canada, and general working capital.

All securities issued under the Offering will be restricted from transfers to fifty percent (50%) on each of the following days: a hold period expiring six (6) months and eight (8) months after closing from the date of issuance.

The Offering remains subject to receipt of all required approvals, including the approval of the TSX Venture Exchange, as well as execution of formal documentation.

About Generation Gold Corp.

The Company is a natural resource company engaged in the exploration and development of mineral properties.

The Company has an option to acquire a 60% interest in and to the Arlington Property located within the Arrow Boundary District of south-central British Columbia.

Contact Information

Anthony Zelen, CEO and Director

Tel: 778-388-5258

Forward-Looking Statements

This news release contains certain statements that may constitute forward-looking information under applicable securities laws. All statements, other than those of historical fact, which address activities, events, outcomes, results, developments, performance or achievements that the Company anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” (or other variations of the forgoing) be taken, occur, be achieved, or come to pass. Forward-looking information is based on currently available competitive, financial and economic data and operating plans, strategies or beliefs as of the date of this news release, but involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors may be based on information currently available to the Company, including information obtained from third-party industry analysts and other third-party sources, and are based on management’s current expectations or beliefs regarding future growth, results of operations, future capital (including the amount, nature and sources of funding thereof) and expenditures. Any and all forward-looking information contained in this press release is expressly qualified by this cautionary statement. Trading in the securities of the Company should be considered highly speculative. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.

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