First American to acquire five properties in Quebec

Executive Summary

• First American Uranium Inc. entered a definitive property purchase agreement to acquire 100 % of five mineral properties in Quebec’s Grenville province, marking the company’s first entry into the jurisdiction.
• Consideration will be paid with an issuance of 4.02 million common shares at a deemed price of $0.85 per share, subject to a statutory hold period of four months and one day.
• The newly acquired lands (519 claims covering ~29,936 ha) host historic rare‑earth element (REE), niobium (Nb) and nickel‑copper (Ni‑Cu) showings, including notable grab samples such as 2.7 % TREE (4,090 ppm Nd) at Blanchette‑1 and 3,190 ppm Nb with 4,031 ppm TREE at the Seigneurie deposit.

Key Details

• Properties Acquired: Five parcels in La Haute‑Côte‑Nord, La Tuque and Le Fjord‑du‑Saguenay municipalities; total of 39 claims (2,240 ha) plus an additional 480 claimed area (27,696 ha) previously staked by the company.
• Historical Assays / Showings:
• Blanchette‑1 (REE): 2.7 % TREE, 4,090 ppm Nd.
• Sabot (REE): 0.21 % TREE, 365 ppm Nd.
• Blanchette‑1 bis (Ni‑Cu): 0.25 % Cu, 0.10 % Ni.
• Bardy (REE): 0.68 % TREE, 1,150 ppm Nd.
• Seigneurie deposit (Nb‑REE): Pegmatite intercepts with 3,190 ppm Nb and 4,031 ppm TREE (grab sample).
• Consideration: Issuance of 4.02 million common shares at a deemed price of $0.85 per share, allocated among vendors proportionally to their ownership interests. Shares issued under exemption from prospectus requirements; statutory hold period applies.
• Closing Conditions: Subject to customary conditions, including approvals from the Canadian Securities Exchange; no anticipated changes to board or management.
• Strategic Rationale: Provides a foothold in Quebec—a mining‑friendly jurisdiction—positioning the company to explore critical minerals (REE, Nb, Ni‑Cu) near the U.S. border and align with U.S. policy encouraging domestic critical mineral production.
• Market Context: Global niobium market valued at ≈ $2.9 bn in 2024; projected to reach $4.6 bn by 2032 (≈7 % CAGR).

Notable Quotes

“This acquisition will provide URM with a strategic entrance into a world‑class jurisdiction… We view this land package as a cornerstone for our expansion into Quebec and a key step in building long‑term value for our shareholders.” – Murray Nye, CEO, First American Uranium Inc.