Vancouver, British Columbia, Canada, July 16, 2024 – Generation Uranium Corp. (the “Company” or “Generation”), (TSXV: GEN) wishes to clarify certain statements made in its June 4, 2024, news release (the “Prior Release”) respecting its engagement of White Rabbit Projects Pte. Ltd. (“White Rabbit”), as requested by the TSX Venture Exchange (the “TSXV”)

As described in the Prior Release, the service agreement entered into on May 31, 2024, provides for White Rabbit’s engagement (the “Engagement”) as the facilitator of a marketing campaign by Generation (the “Campaign”) of up to US$460,000 (the “Spending Cap”) and to provide the Company with assistance related to the organization and coordination of the Company’s investor relations and promotional activities. The Campaign will be coordinated and facilitated by White Rabbit, but carried out by third party investor relations providers that will be introduced to the Company by White Rabbit and cleared with the TSXV. In exchange for the Engagement, the Company will pay White Rabbit a monthly fee of US$10,000 for six months, which fee will be counted towards the Spending Cap. The Spending Cap is designed to facilitate the Company’s investor relations activities across all engagements during the following six-month campaign period and may be allocated to additional investor relations service providers as may be engaged by the Company with the assistance of White Rabbit and subject to customary regulatory approvals. Costs related to the Engagement will be paid from the general working capital of the Company.

White Rabbit, an arm’s length party to the Company, is a Singapore-based investor relations consulting company owned and founded by Hamid Kazemzadeh, an experienced marketing and investor relations professional. White Rabbit focuses on delivering marketing campaigns with compelling storylines that resonate in the capital markets landscape and foster stronger connections and impactful market presence. To the Company’s knowledge, neither White Rabbit nor its principals own, have any interest or have any right to own or have an interest, in securities of the Company.

Additionally, the Offering and issuance of the Units referenced in the press release dated June 4, 2024, will involve related parties (as such term is defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101")) and therefore constitutes a related party transaction under MI 61-101. This transaction will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to 1395-7509-0188, v. 1 36731504v4 sections 5.5(b) and 5.7(1)(a) of MI 61-101, as the Company is not listed or quoted on any of the stock exchanges or markets listed in subsection 5.5(b) of MI 61-101, and the fair market value of the securities to be distributed and the consideration to be received for the securities under the Offering will not exceed 25% of the Company's market capitalization.

FOR FURTHER INFORMATION CONTACT 

Anthony Zelen

President and Chief Executive Officer

[email protected]

778-388-5258

About Generation Uranium

The Company is a natural resource company engaged in the exploration and development of mineral properties. The Company holds a 100% interest in the Yath Uranium Project, located in the Territory of Nunavut.

Forward-Looking Statements

This news release contains certain forward-looking statements, including without limitations, statements related to the Engagement, engagement of any additional investor relations service providers, the costs related to such engagements, the term and any additional material facts related to such engagements, any results that may be achieved in respect of any campaigns undertaken by the Company, all of which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company including, without limitation, assumptions related to the effectiveness of the Company’s investor relations spending, that shareholders and other stakeholders may be receptive to the Company’s business, availability of capital, general market and economic assumptions, and such other risks and assumptions noted in the Company’s continuous disclosure record. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of the Company’s exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR+ at www.sedarplus.ca. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law

Neither 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 1395-7509-0188, v. 1 36731504v4 this release. The TSX Venture Exchange has neither approved nor disapproved the contents of this news release.