Binding Letter Agreement For Harts Point Uranium Property

VANCOUVER - Kraken Energy Corp. has entered into a binding letter of agreement to acquire up to a 75% interest in the Harts Point Uranium Property in San Juan County, southeast Utah. The Property is located in the center of the Colorado Plateau, referred to by some as "the US version of the Athabasca Basin," and is 64 kilometers ("km") (40 miles) north of the White Mesa Uranium Mill, the only fully licensed and operating conventional uranium mill in the United States.

Garrett Ainsworth, Chairman, said, "Since Kraken's inception in mid-2022, we have been reviewing numerous uranium properties in the western US to acquire or option. This process has led us to selecting the Harts Point Uranium Property based on its potential to host another Lisbon Valley style trend of uranium deposits. Harts Point has been de-risked from an exploration standpoint given that there are three widely spaced historic oil and gas wells that encountered intervals of off-scale radioactivity within the favorable Chinle Formation host rock. Historic uranium mining has taken place 11 km west of the Property where the Chinle Formation outcrops, which confirms that significant uranium mineralization is associated with the flanks of the Harts Point anticline feature."

"We are very excited to bring the Harts Point Property into our current portfolio of prospective US uranium projects,” stated Matthew Schwab, CEO of Kraken. "With drilling permits in place and targets selected at Harts Point, our team is eager to begin work on this property in the most prominent uranium mining jurisdiction in the United States."