Future Fuels Announces Brokered Offering for Gross Proceeds of Up to C$8 Million

Future Fuels Inc. announced a brokered private placement for up to C$8.0 million in gross proceeds. The offering consists of standard Units priced at C$0.32 and Flow-Through Units priced at C$0.38. Each standard Unit includes one common share and one common share purchase warrant exercisable at C$0.45 for 36 months. Flow-Through Units include one flow-through share and half a warrant, also exercisable at C$0.45. Proceeds will fund exploration at the Hornby Basin Project (Nunavut) and Hatchet Lake properties (Saskatchewan), plus working capital. The offering closes on October 22, 2026, subject to TSX Venture Exchange approval and customary conditions.

Future Fuels Inc. (FTUR) is executing a financing at a steep discount to prior capital raises. The October 2025 LIFE Offering priced at C$0.75, and the February/April 2026 LIFE Offerings priced at C$0.81. The current C$0.32/C$0.38 pricing represents a ~50-60% discount, reflecting significant stock depreciation and dilutive pressure.

The company explicitly flagged going concern risks in its Q3 2026 MD&A due to zero revenue and negative operating cash flows. This raise is necessary to extend the cash runway and fund the planned 2026 drill programs.

While the capital injection mitigates immediate insolvency risk, the high dilution and low pricing signal weakness. The market has already priced in the need for capital, making this a routine follow-up financing rather than a transformative event.

The use of proceeds aligns with management's stated exploration priorities, but the heavy reliance on equity financings without a revenue stream remains a structural drag on shareholder value.

Future Fuels Inc. is a mineral exploration company focused on Canadian uranium projects. Its flagship asset is the Hornby Basin Uranium Project in Nunavut, a 3,407 km² land package centered on the historic Mountain Lake uranium system, which holds an 8.2 million lbs U3O8 inferred resource. Recent work on the project includes AI-assisted prospectivity mapping using the VRIFY DORA platform and 3D gravity inversion, which identified new drill targets such as Lambda and South-Anom-1.

In May 2026, the company acquired Hatchet Uranium Corp., adding approximately 97,674 hectares in Saskatchewan's Athabasca Basin. This acquisition includes the Hatchet Lake, Highway, CBX/Shoe, Usam, and Genie properties. The company is led by CEO Rob Leckie and CFO Jody Bellefleur. Future Fuels has partnered with VRIFY Technology for AI targeting and engaged marketing firms MCS and Zimtu Capital for investor relations.