Great Northern Energy Metals Announce Fourth Amendment Agreement to Nuvemco Option Agreement

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

CSE: GNEM

VANCOUVER, BC, July 14, 2025 /CNW/ - Great Northern Energy Metals Inc. ("GNEM" or the "Company") (CSE: GNEM) announces that it has amended the option agreement dated August 20, 2024 (the "Option Agreement") with Ventura Uranium LLC (dba Nuvemco, LLC) ("Nuvemco"), 1494402 B.C. Ltd. (the "Optionee") and Paul Szilagyi ("PS", and together with Nuvemco, the "Optionors"). The Optionee's obligations under the Option Agreement were assigned to GNEM pursuant to an assignment and assumption agreement dated May 8, 2025 (the "Assignment Agreement"). The Company and the Optionors have now entered into a fourth amendment agreement, dated July 11, 2025, pursuant to which the date for the first cash payment and the first common share payment has been extended to July 18, 2025 (the "Fourth Amendment Agreement").

Under the terms of the Option Agreement, the Company has the exclusive right to acquire up to a 100% interest in a Colorado-based uranium project (the "Property") through a two-stage option to acquire all of the membership interests in a Colorado limited liability company, NUV2C, LLC ("Holdco"), which holds legal and beneficial title to the Property. Nuvemco currently owns 99% of Holdco, and PS owns the remaining 1% of Holdco.

Except as amended by the Fourth Amendment Agreement, the Option Agreement and Assignment Agreement remain unamended and continue in full force and effect. Please see the Company's news releases dated May 9, 2025, June 2, 2025, June 4, 2025 and July 2, 2025.

Finder's Fee Agreement

The Company also announces the details of a finder's fee agreement previously entered into with an arm's length finder (the "Finder") whereby the Company engaged the Finder as an independent contractor to assist the Company in locating mineral projects (the "Finder's Agreement"). The Finder assisted the Company in discovering the opportunity to enter into the Assignment Agreement and to acquire the membership interests in Holdco. Pursuant to the terms and conditions of the Finder's Agreement, the Company is obligated to pay the Finder a finder's fee worth 5% of the value of the total number of common shares to be issued pursuant to the Option Agreement (the "Finder's Fee"). It is currently contemplated that the Finder's Fee will be paid in common shares in the capital of the Company.

All securities to be issued under the Option Agreement and Finder's Agreement will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation. None of the securities to be issued under the Option Agreement or Finder's Agreement have been or will be registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

About Great Northern Energy Metals Inc.

GNEM is a Canadian-based exploration and development company focused on securing and developing critical energy metals, including uranium. The Company's mission is to support the global transition to clean energy through responsible resource development.

Cautionary Note Regarding Forward-Looking Statements

This news release includes certain statements that may be deemed "forward-looking statements", including but not limited to: the payments to be made under the Finder's Agreement and Option Agreement, the development potential of the Property, and GNEM's strategic objectives. All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

SOURCE Great Northern Energy Metals Inc.

David Mitchell, Chief Executive Officer, Great Northern Energy Metals Inc., [email protected], www.greatnorthernenergymetals.com