Tees River Uranium Fund / Tees River Critical Resources Fund Increases Stake In Azarga Uranium to 10.9%

WHITE ROCK, March 11, 2021 - Azarga Uranium Corp. (TSX:AZZ)(OTCQB:AZZUF)(FRA:P8AA) ("Azarga Uranium" or the "Company") is pleased to announce that AK Jensen Investment Management Ltd through its Tees River Uranium Fund and Tees River Critical Resources Fund has increased its ownership of the Company to 10.94% of the issued and outstanding common shares on a non-diluted basis and 12.58% on a fully diluted basis.

Blake Steele, Azarga Uranium President and CEO stated: "we are very pleased that a strategic, institutional investor continues to see solid value in our shares and has increased their ownership interest in Azarga Uranium as we advance our portfolio of high quality uranium assets in the United States. Our flagship asset, the low-cost Dewey Burdock Project, is one of the preeminent undeveloped in-situ recovery uranium projects in the USA, boasting robust project economics, and we are aggressively moving towards construction."

Sean Benson, Chief Investment Officer of the Tees River Uranium and Critical Resources Funds, stated: "as the sentiments towards nuclear power improve among policy makers and investors, we continue to see substantial upside in the uranium sector. Companies such as Azarga Uranium, with low-cost, advanced stage projects are well positioned to significantly benefit from the structural uranium deficit and we are happy to be a long-term supportive shareholder."

About Azarga Uranium Corp.

Azarga Uranium is an integrated uranium exploration and development company that controls ten uranium projects and prospects in the United States of America ("USA") (South Dakota, Wyoming, Utah and Colorado), with a primary focus of developing in-situ recovery uranium projects. The Dewey Burdock in-situ recovery uranium project in South Dakota, USA (the "Dewey Burdock Project"), which is the Company's initial development priority, has been issued its Nuclear Regulatory Commission License and final Class III and Class V Underground Injection Control ("UIC") permits from the Environmental Protection Agency (the "EPA") and the Company is in the process of completing regulatory permit approvals necessary for the construction of the Dewey Burdock Project.

For more information please visit www.azargauranium.com.

Follow us on Twitter at @AzargaUranium.

For further information, please contact:

Blake Steele, President and CEO
+1 303 790-7528
E-mail: info@azargauranium.com

Disclaimer for Forward-Looking Information

Certain information and statements in this news release may be considered forward-looking information or forward-looking statements for purposes of applicable securities laws (collectively, "forward-looking statements"), which reflect the expectations of management regarding its disclosure and amendments thereto. Forward-looking statements consist of information or statements that are not purely historical, including any information or statements regarding beliefs, plans, expectations or intentions regarding the future. Such information or statements may include, but are not limited to, statements with respect to the Company aggressively moving towards construction, seeing substantial upside in the uranium sector, companies such as Azarga Uranium being well positioned to significantly benefit from the structural uranium deficit and the Company being in the process of completing regulatory permit approvals necessary for the construction of the Dewey Burdock Project. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits Azarga Uranium will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions, which may prove to be incorrect. A number of risks and uncertainties could cause actual results to differ materially from those expressed or implied by the forward-looking statements, including without limitation: the risk that the Company does not aggressively move towards construction or at all, the risk that substantial upside in the uranium sector does not exist, the risk that companies such as Azarga Uranium are not well positioned to significantly benefit from the structural uranium deficit, and the Company does not complete regulatory permit approvals necessary for the construction of the Dewey Burdock Project, the risk that such statements may prove to be inaccurate and other factors beyond the Company's control. These forward-looking statements are made as of the date of this news release and, except as required by applicable securities laws, Azarga Uranium assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements. Additional information about these and other assumptions, risks and uncertainties are set out in the "Risks and Uncertainties" section in the most recent AIF filed with Canadian security regulators.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.

SOURCE: Azarga Uranium Corp.