Element One closes Hy, Shulaps project acquisition

Executive Summary

• Element One Hydrogen and Critical Minerals Corp. has officially closed the acquisition of the Hy and Shulaps projects from individual claim holders, following the announcement made on September 24, 2025.
• The acquisition involves the purchase of all issued and outstanding shares of Shul-Hy Exploration Corp., granting Element One control over two significant hydrogen and critical mineral properties in British Columbia.
• The transaction consideration consisted of a $10,000 cash payment and the issuance of 1.25 million shares valued at $0.21 per share.

Key Details

• Transaction Structure: Element One entered into a purchase and sale agreement dated September 23, 2025, with arm's-length vendors to acquire all issued and outstanding shares of Shul-Hy Exploration Corp.
• Consideration:
  • Cash payment: $10,000 (one-time payment).
  • Equity issuance: 1.25 million shares of Element One.
  • Deemed price per share: $0.21.
• Hy Project Details:
  • Location: Omineca mining district, British Columbia.
  • Size: 2,758 hectares across nine mineral tenures.
  • Access: Paved road access within 5 km of Fort St. James (approx. 60 km northwest of Prince George).
  • Geology: Underlain by ultramafic rocks with potential for hydrogen production via natural serpentinization; transected by major regional fault systems acting as conduits for hydrogen trapping.
• Shulaps Project Details:
  • Location: Southern Coast Mountains, British Columbia, approx. 48 km northwest of Lillooet in the historic Bridge River mining district.
  • Size: 1,343 hectares across three mineral claims.
  • Geology: Underlain by the Shulaps ultramafic complex (variably serpentinized ultramafic lithologies); previously explored for nickel, copper, and platinum group elements; opportunities for artificial hydrogen production via engineered serpentinization.
• Qualified Person: Scientific and technical information reviewed and approved by Jeremy Hanson, PGeo, independent geologist and Qualified Person under NI 43-101.