Urenco and Ubaryon to Form Strategic Partnership

Winnipeg, Manitoba--(Newsfile Corp. - May 5, 2025) - Snow Lake Resources Ltd., d/b/a Snow Lake Energy (NASDAQ: LITM) ("Snow Lake"), a uranium exploration and development company, advises that Ubaryon Pty Ltd ("Ubaryon") has provided a shareholder update to announce that it has signed a Term Sheet with Urenco Limited ("Urenco") to form a strategic partnership. This is a significant milestone which will materially assist the future commercialization of Ubaryon's uranium enrichment technology.

Highlights

• Ubaryon achieves a major milestone forming a strategic partnership with Urenco to advance its Uranium Enrichment Technology

• Urenco is a global uranium enrichment company with enrichment facilities in Germany, the Netherlands, the UK and the USA

• Ubaryon is a private Australian company which owns 100% of a unique and innovative technology for uranium enrichment

• Urenco to invest A$5.0m to advance the technology over the next 3 years, providing strategic validation of Ubaryon's technology as well as significant resources and expertise to help de-risk steps towards commercialization

• Global Uranium and Enrichment Limited ("GUE") is the largest shareholder in Ubaryon (21.9%) and will remain the largest shareholder post the transaction

• Ubaryon independently assessed at technology readiness level of TRL-4 which highlights the development done to date and the strong platform for this new partnership to build on

• Snow Lake holds a cornerstone 19.9% interest in GUE, which in turn holds a 21.9% interest in Ubaryon

Urenco Strategic Investment

Ubaryon has signed a non-binding Term Sheet with Urenco, a global uranium enrichment company, to form a strategic partnership. The agreement was reached after a comprehensive process involving a targeted group of potential investors and partners, conducted within the controls of the security legislation that Ubaryon's technology is regulated by. Under the terms of the agreement, Urenco will invest a total of A$5.0 million in Ubaryon over the next 3 years for a 13% stake in Ubaryon. The Term Sheet is subject to the usual and reasonable conditions precedent for completion of an investment of this nature including receiving Ubaryon shareholder approval for the transaction, Foreign Investment Review Board approval and execution of binding transaction documentation.