Joint Press Release of Future Fuels Inc And Valore Metals Corp. - Future Fuels Completes Acquisition of Hatchet Uranium Corp.

Future Fuels Inc. has closed the previously announced acquisition of all securities of Hatchet Uranium Corp. (HUC), a 51%‑owned subsidiary of ValOre Metals Corp., via a three‑cornered amalgamation. HUC amalgamated with a Future Fuels subsidiary, becoming Future Fuels Athabasca Inc. As consideration, 14,999,989 Future Fuels shares and 1,104,743 replacement warrants were issued to former HUC securityholders. The acquired portfolio comprises ~97,674 ha of Athabasca Basin uranium properties, including the flagship Hatchet Lake project and optioned interests with Skyharbour Resources. The release details multi‑stage voluntary and TSX‑mandated hold periods on consideration shares, warrant exercise prices of $0.805/$0.966 depending on timing, a 2% net smelter royalty on several properties, and a $250,000 convertible debenture that converted into 5,000,000 HUC shares just before closing. ValOre Metals and other insiders hold small non‑arm’s length positions.

The closing was fully telegraphed by the February 26, 2026 announcement and the March 19 amended offering document. No new financing, resource, or drill results were included. The market absorbed the original acquisition news months ago, and the share price has since fallen from ~$0.70 to $0.40, indicating no fresh enthusiasm.

The details on royalty burdens (2% NSR to Rio Tinto and Skyharbour) and the complex, staggered share‑release schedules (up to 36 months for some shares) were previously outlined in the February release, so they are not new. The conversion of the $250k debenture into equity is immaterial. The transaction eliminates a small working‑capital deficit at HUC and delivers a district‑scale land package, but execution risk remains in exploration and in the overhang from locked‑up shares and warrants.

Thus, the news is positive in the sense that deal‑closing removes contingency, but it is entirely expected and does not alter the company’s fundamental prospects or near‑term share price drivers. It merits a Routine – Positive tag.

Future Fuels Inc. is a Canada‑based uranium explorer. Its principal asset is the 3,407 km² Hornby Basin Project in Nunavut, a district‑scale land package with historical mineralization at Mountain Lake (inferred 3,700 t U₃O₈ at 0.23% U, including historic high‑grade intercepts like 5.19% U₃O₈ over 0.90 m). The company also holds the smaller Corvette property in Quebec. With the Hatchet acquisition, the portfolio now includes five Athabasca Basin projects totalling ~97,674 ha, adding targets in a premier uranium jurisdiction. No current resources are NI 43‑101 compliant.