First American closes Quebec property buy for shares

Executive Summary

• First American Uranium Inc. has completed the acquisition of a 100% interest in rare earth element (REE) and niobium properties in Quebec's Grenville Province, marking its initial entry into the jurisdiction.
• The transaction was settled via the issuance of 4.02 million common shares at a deemed price of $0.85 per share, subject to a statutory hold period.
• The acquired land package consists of 39 claims (2,240 hectares) plus an additional 480 staked claims (27,696 hectares), totaling 519 claims and 29,936 hectares, featuring historical high-grade grab samples for REEs, niobium, and nickel-copper.

Key Details

• Transaction Structure: 100% legal and beneficial interest in mineral properties transferred free and clear of encumbrances.
• Consideration: 4.02 million common shares issued to arm's-length vendors.
• Share Price: Deemed issuance price of $0.85 per share.
• Share Restrictions: Shares issued pursuant to prospectus exemptions; subject to a statutory hold period of four months and one day from issuance.
• Land Package Size:
  • Acquired: 39 claims covering 2,240 hectares.
  • Additional Stakes: 480 claims covering 27,696 hectares.
  • Total: 519 claims covering 29,936 hectares.
• Property Highlights & Historical Sampling:
  • Blanchette-1 (REE and Ni-Cu): Grab sample returned 2.7% total rare earth elements (including 4,090 ppm neodymium); nickel-copper quartz vein sample returned 0.25% copper and 0.1% nickel.
  • Blanchette-2 (REE): Grab sample returned 0.17% total rare earth elements, with notable cerium, neodymium, zirconium, niobium, thorium, and yttrium.
  • Bardy (REE): Grab sample returned 0.68% TREE (including 1,150 ppm Nd) hosted in granitic pegmatite.
  • Seigneurie deposit (Nb-REE): Pegmatites up to 50m wide; 2010 grab sample returned 3,190 ppm Nb and 4,031 ppm total rare earth elements.
• Strategic Context: Company intends to explore non-dilutive funding opportunities with U.S. agencies (Department of Energy, Department of Defence, Export-Import Bank) to align with critical mineral policies.

Notable Quotes

• "This acquisition marks an important step for our company as we look to deliver critical minerals and rare earth elements supply into North America... These Grenville province properties allow us to extend our strategy into the critical minerals space in a time where the need to secure domestic supply chains has never be greater." — Murray Nye, Chief Executive Officer