Baselode Reports Numerous High-Grade Uranium Intersections Including 0.55% U3O8 Over 13.2 m

• · AK22-032: 0.55% U₃O₈ over 13.2 m at 136.0 m true vertical depth includes 0.99% U₃O₈ over 6.3 m
• · AK22-011: 0.69% U₃O₈ over 3.6 m at 144.6 m true vertical depth includes 1.26% U₃O₈ over 0.5 m
• · AK22-009: 0.28% U₃O₈ over 10.5 m at 107.6 m true vertical depth includes 0.51% U₃O₈ over 2.0 m
• · Of the reported drill holes, five confirm high-grade uranium mineralization in excess of 0.5% U₃O₈ and eight intersected uranium mineralization at less than 200 metres below surface
• · 8 of the 44 drill holes that intersected elevated radioactivity are now reported

TORONTO, Aug. 22, 2022 - Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) ("Baselode" or the "Company") is pleased to announce the geochemical assay results from twenty-one drill holes of the now-complete 2022 diamond drill program (the "Program") on the ACKIO high-grade uranium discovery ("ACKIO"), Hook project, Athabasca Basin area (the "Basin"), northern Saskatchewan (see Table 1 and Figure 1).

"We're very happy to be releasing the first set of uranium assay results from this years 22,485 metre drill program on ACKIO. These results are better than we had anticipated. We're seeing a lot of mineralization in these early Program drill holes that exceed the results from our discovery drill program last year. Five of our drill holes intersected mineralization exceeding 10 metres in core length, and a few drill holes have multiple intercepts. These are significant as they demonstrate a thick, robust, and multi-layered deposit. The mineralization reported herein is shallow, within 100 to 200 metres true vertical depth from the surface. We're confirming grades and other characteristics at ACKIO that are similar to historically mined open pit deposits in the Basin area. We are excited for the assays from the remaining thirty-six drill holes with elevated radioactivity to be received as we believe they will continue to highlight excellent U₃O₈ assay results from shallower depths intersected at ACKIO," said James Sykes, CEO, President and Director of Baselode.

The Company has prepared a video (see link below) that discusses:

• How to understand these ACKIO assay results in context of typical high-grade uranium Athabasca deposits versus historic low-grade uranium Athabasca mines and other global uranium operations

VIEW BASELODE'S WEBINAR DETAILING THE FIRST SET OF ASSAY RESULTS FROM THE 2022 DRILL PROGRAM

Drill hole highlights from this news release include;

• AK22-008: 0.11% U₃O₈ over 8.0 m at 175.65 m (124.2 m true vertical depth)
• AK22-009: 0.28% U₃O₈ over 10.5 m at 136.6 m (107.6 m true vertical depth) includes
• 0.51% U₃O₈ over 2.0 m at 137.1 m and
• 1.32% U₃O₈ over 0.5 m at 144.6 m
• AK22-011: 0.69% U₃O₈ over 3.6 m at 204.2 m (144.6 m true vertical depth) (NOTE: includes 2.1 m core loss over interval) includes
• 1.26% U₃O₈ over 0.5 m at 206.8 m
• 0.17% U₃O₈ over 13.85 m at 214.0 m (151.3 m true vertical depth) includes
• 0.59% U₃O₈ over 0.5 m at 214.0 m and
• 1.14% U₃O₈ over 0.5 m at 217.1 m
• AK22-023: 0.23% U₃O₈ over 13.5 m at 208.0 m (147.1 m true vertical depth) includes
• 0.72% U₃O₈ over 1.5 m at 218.0 m
• 0.21% U₃O₈ over 16.0 m at 234.5 m (165.8 m true vertical depth) includes
• 0.83% U₃O₈ over 1.0 m at 248.0 m
• AK22-025: 0.19% U₃O₈ over 4.9 m at 152.5 m (132.1 m true vertical depth)
• 0.23% U₃O₈ over 13.2 m at 213.5 m (184.9 m true vertical depth) includes
• 0.86% U₃O₈ over 1.5 m at 218.5 m
• AK22-032: 0.55% U₃O₈ over 13.2 m at 192.35 m (136.0 m true vertical depth) includes
• 0.99% U₃O₈ over 6.3 m at 196.0 m

Baselode started the Program on February 9, 2022 (see Company News Release) and completed the Program on August 2, 2022, with 78 drill holes (AK22-005 to AK22-080, and HK22-007), including one abandoned drill hole, for a total of 22,485.85 m (see Figure 1). Forty-four of seventy-six drill holes at ACKIO have intersected elevated radioactivity. A complete list of drill hole collar information, hand-held scintillometer radioactivity composite measurements, and U₃O₈ composite assay results for the twenty-one drill holes reported in this news release (AK22-005 to AK22-011, and AK22-020 to AK22-033) are provided in Table 1.

Geochemical U₃O₈ assay results from these twenty-one reported drill holes were provided by Saskatchewan Research Council's Geoanalytical Laboratory ("SRC") in Saskatoon, Saskatchewan. The assay methodology includes SRCs "U₃O₈ Wt% Assay" analysis package where an aliquot of sample pulp is digested in a concentration of HCL:HNO₃. The digested volume is then made up with deionized water for analysis by ICP-OES. Uranium assay results from the remaining fifty-seven drill holes will be released as they are received from SRC and after being compiled and thoroughly checked by the technical team.

ACKIO measures greater than 375 m along strike, greater than 150 m wide, comprised of at least 5 separate zones, with mineralization starting as shallow as 25 m beneath the surface and down to approximately 300 m depth beneath the surface with the bulk of mineralization occurring in the upper 200 m. ACKIO remains open to the west, south, and along the Athabasca sandstone unconformity to the east and south.

ACKIO is 30 km southeast of well-established infrastructure, including an all-season road and powerline between Cameco Corp.'s (TSX: CCO) and Orano's McArthur River mine and Key Lake uranium mill joint ventures. ACKIO is 70 km northeast of the Key Lake mill. The Program was helicopter-supported to lessen any ground-induced environmental impacts within the project area.

Baselode controls 100% of approximately 227,000 hectares for exploration in the Athabasca Basin area, northern Saskatchewan, Canada. The land package is free of any option agreements or underlying royalties.

Baselode's Athabasca 2.0 exploration thesis is focused on discovering near-surface, basement-hosted, high-grade uranium orebodies outside of 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.

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."

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.sedar.com.

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.

SOURCE Baselode Energy Corp.