Aero Energy Ltd. provided a summary of exploration insights gathered at the Strike Project (Strike or the Project), by operating partner Fortune Bay Corp. ((Fortune Bay), as well as historical data from previous project operators including Cameo Corporation (Cameco). Key Highlights: Uranium Endowment: The Project hosts numerous uranium showings exceeding 1% UO and grading up to 27% UO1 where highly prospective targets remain untested.

Proof of Concept: Historical small-scale mining was conducted at the Tena Zone where approximately 1,000 tons were processed in the 1950's with reported grades of 0.6% to 3.5% UO2 thus confirming the presence of basement-hosted high-grade uranium on the Strike Project. Favourable Host Rocks: Exploration is currently focusing on three conductor corridors of prospective graphitic host rocks covering a combined strike length of over 12 km. No Historical Drilling on Conductors: Preliminary exploration conducted by Cameco at Strike culminated in a recommendation for drill testing3, but the claims were allowed to expire after the post-Fukushima uranium price collapse.

Target Development & Drilling: First-pass drilling conducted by Fortune Bay in 2022 intersected uranium mineralization in 3 holes, and 14 additional on-conductor targets are ready for drill testing. Drill targets on the Strike, Murmac and Sun Dog Projects are currently being finalized and a fully funded drill program testing 20 to 25 targets is scheduled to begin in early June. Pursuant to an option agreement with Fortune Bay, Aero can earn up to a 70% interest in the Strike and Murmac uranium projects from Fortune Bay by funding $6 million in exploration expenditures, making cash payments totaling $1.35 million, and issuing $2.15 million in common shares, over a three-and-a-half-year period.

The Project covers an area of 24,711 acres in four mining claims and is located 25 km from Uranium City on the northern margin of the Athabasca Basin. It hosts the historical small-scale mine at the Tena Zone - over 1,000 tons mined in the 1950's with reported grades of 0.6% to 3.5% UO2. The Project has been previously explored by historical operators.

Most recently between 2005 and 2008, Cameco produced several high-quality datasets from airborne magnetic and electromagnetic (VTEMTM) surveys, ground electromagnetic surveys, and outcrop geochemical sampling programs. Cameco did not conduct any drilling on the project, and despite a recommendation for drill testing, the ground lapsed in 2012 soon after the Fukushima nuclear accident. These publicly available historical datasets acquired by Cameco represent a valuable repository of data for the Project to support drill targeting, augmented by more recent work by Fortune Bay. The extensive 12 km of conductors present on the northern portion of Strike (named the J, K and L conductors) were never drill tested by historical operators and have been subjected to limited first-pass drill testing by Fortune Bay in 2022.

These conductors remain largely unexplored, offering significant potential for future discovery. Recent prospecting efforts have focused on verifying the historical Tena Zone and Point Claims occurrences through geological investigation and confirmatory surface rock sampling. The results demonstrated high uranium grades (up to 3.51% UO) on surface together with anomalous geochemical pathfinder associations indicative of high-grade basement-hosted uranium mineralization on the Project.

Reinterpretation of the historical Cameco VTEM survey resulted in three prominent electromagnetic (EM) conductors being identified on the northern potion of the Project, which were named the J, K and L conductors. In 2022, MWH Geo-Surveys Ltd. carried out a high- resolution ground gravity survey to assist with targeting along these conductors. A total of 2,073 survey stations were collected and the resultant survey data showed that multiple high-amplitude gravity lows (potential clay alteration zones associated with uranium mineralization) are present, and the results also provide valuable structural information confirming the presence of major lineaments noted in satellite photography and magnetic/EM datasets.

During the summer of 2022, Fortune Bay carried out drilling operations which included follow-up at the historical Tena occurrence, and exploration targeting of a variety of geophysical and structural features to test targets present on all three of the EM conductors, none of which had ever previously been drilled. All drilling was helicopter-supported and was carried out by Team Drilling LP using a single drill rig. A total of 9 holes (2,064 m) were completed, 220 drill core samples were sent to the Saskatchewan Research Council for analysis, and 248 chip samples were analyzed for clay species by clay reflectance spectroscopy (PIMA).

New zones of elevated uranium mineralization (>100 ppm U) were intersected in close association with graphitic fault zones in three holes. All of these intersections are shallow, derived from between 60 and 105 m vertically below surface. All holes intersected favorable graphitic units with faulting, variable bleaching and alteration, and indicative clay species (illite, chlorite and kaolinite).

Elevated uranium is associated with enriched pathfinder elements, and other intersections with pathfinder elements of interest are present without elevated uranium, indicating other potential targets for follow-up. Highlights from the 2022 first-pass drill program include: Hole S22-005: 0.42% UO (82.3 to 82.4 m), 0.24% UO (83.5 to 83.6 m) and 0.13% UO (84.0 to 84.1 m); Hole S22-006: 141 ppm U (106.9 to 107.7 m); Hole S22-013: New discovery of mineralization including 0.43% UO (145.7 to 145.8 m) and 0.15% UO (145.6 to 145.7 m), open mineralization warrants follow up drill testing.