Interview with James Sykes, President & CEO of Baselode Energy Corp.

Recording date: 29th November 2023

Promising Drill Results Position Baseload Energy to Unlock District-Scale Potential as Uranium Bull Market Accelerates

Junior explorer Baseload Energy believes it has barely scratched the surface of its ACKIO project’s upside potential. Located in the world’s highest-grade uranium jurisdiction, recent promising drill results at ACKIO have CEO James Sykes confident that larger-scale discoveries are in the offing.

“We hit better holes in many different areas on many different pods than we thought previously,” said Sygo, speaking at a recent industry conference. “It just shows that ACKIO has still some room to grow and still needs to be interpreted a little bit better."

The most recent highlight hole at ACKIO intersected high-grade uranium mineralization over 8 meters, demonstrating continuity of the deposit’s structure and alteration. Importantly, this intercept remains open for expansion in all directions.

Earlier drilling was focused on infill drilling for initial resource categorization. However, Baseload Energy has now pivoted to step-out drilling aimed at discovery.

“Our Summer’s drill program to try and complete an NI 43101 resource...that’s still our focus moving forward but it’s not so much of what we didn’t learn not to do,” remarked Sykes. “I think it was more successful on the front that we answered a lot of questions but we also, we hit better holes in many different areas.”

The company also sees clear evidence that the depth potential of ACKIO's uranium-bearing structure remains untested.

Sykes explained: “We were hitting better grades at depth...so there's the plumbing system is there and we haven’t fully investigated the depth potentially yet.”

Such high-grade discovery opportunities are arising just as sentiment and momentum continues accelerating across the wider uranium market. With the uranium spot price up 60% over the past year to $80 per pound, investors are taking notice.

Rather than rest on its drilling success, Baseload Energy is crunching the numbers to assess viability of fast-tracking ACKIO into production. The existence of nearby infrastructure and supportive mining policies enhances the asset’s prospects.

“We’ve started things like mineralogy studies and leachability studies because we want to move this,” Sykes said. “We do believe this is a deposit that can be extracted.”

Even while evaluating development potential, the company remains singularly focused on systematic exploration. A fully funded 2024 drill campaign aims to expand ACKIO's resources while testing new targets across Baseload’s regional land package.

“Next year is nothing but drilling. We hope to be drilling on all four projects,” remarked Sykes. “Make another discovery — that’s what we’re all about.”

With drilling having now validated district-scale mineralization, Baseload Energy looks positioned to thrive in an accelerating bull market for uranium.

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