Great Northern Energy Metals Announces Brokered Private Placement

Not for distribution to United States Newswire Services or for dissemination in the United States

VANCOUVER, British Columbia, June 02, 2025 (GLOBE NEWSWIRE) -- Great Northern Energy Metals Inc. (“GNEM” or the “Company”) (CSE: GNEM) is pleased to announce that it intends to proceed with a brokered private placement of up to 5,715,000 common shares in the capital of the Company (the “Shares”) at a price of $0.35 per Share (the “Issue Price”), for gross proceeds of up to approximately $2,000,250 (the “Offering”).

The Company has entered into an engagement letter dated May 29, 2025 (the “Engagement Letter”) with Haywood Securities Inc. (“Haywood”) whereby Haywood will act as lead agent and sole bookrunner for the Offering on a reasonable best-efforts basis. Haywood has the right to invite other investment dealers to act as agents (together with Haywood, the “Agents”) in connection with the Offering. The Company will pay cash commissions to the Agent(s) equivalent to 7% of the gross proceeds of the Offering and will also pay to Haywood a corporate finance fee in the amount of $25,000 plus applicable taxes. The terms of the Engagement Letter are expected to be superseded by the terms of a definitive agency agreement to be entered into between GNEM and Haywood.

The Company has granted the Agents an option (the “Agents’ Option”) to offer for sale up to an additional 571,000 Shares at the Issue Price. The Agents may exercise the Agents’ Option by providing notice to GNEM at any time up to 48 hours before the closing of the Offering.

The Company intends to use the net proceeds from the Offering as follows:

(a) to make certain cash payments as they become due:

(i) under the previously-announced option agreement (the “Nuvemco Option Agreement”) with Ventura Uranium LLC (dba Nuvemco, LLC) and Paul Szilagyi, dated August 20, 2024, pursuant to which the Company, as the assignee of the original optionee, 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 newly formed Colorado limited liability company, NUV2C, LLC (“Holdco”), which holds legal and beneficial title to the Property; and

(ii) under the previously-announced option agreement (together with the Nuvemco Option Agreement, the “Option Agreements”) with UREnergy, LLC, dated February 6, 2025, which entitles the Company, as the assignee of the original optionee, to earn a 100% interest in a package of mineral claims and leases located in San Miguel County, Colorado, including the Slickrock Lease (together with the Property, the “Properties”); and

(b) for general working capital purposes.

The Shares will be offered for sale to eligible purchasers resident in each of the Provinces of Canada and/or in jurisdictions other than Canada that are mutually agreed to by the Company and Haywood, subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – Prospectus Exemptions. Closing of the Offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals. All Shares issued in connection with the Offering 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. The Offering is not subject to a minimum aggregate amount of subscriptions.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the Shares in the United States. The Shares 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 U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. “United States” and “U.S. person” are as defined in Regulation S promulgated under the U.S. Securities Act.

On Behalf of the Board of Great Northern Energy Metals Inc.

"David Mitchell”

CEO & Director

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.” Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words such as "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements appearing in this news release include, without limitation, statements relating to the Offering and the intended use of proceeds therefrom, and statements related to interests that the Company may earn in the Properties under the Option Agreements. All forward-looking statements in this press release are made as of the date of this press release. The forward-looking statements contained herein are also subject generally to assumptions and risks and uncertainties that are described from time to time in the Company's public securities filings with the Canadian securities commissions. 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 forward looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. 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 Market Regulator accepts responsibility for the adequacy or accuracy of this release.

Contact

David Mitchell
Chief Executive Officer
Great Northern Energy Metals Inc.
416-574-4818
david@greatnorthernenergymetals.com
www.greatnorthernenergymetals.com

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