Element One Reports on Field Program at Union Bay

Executive Summary

• Element One reports completion of the 2025 field program on the Union Bay Property, confirming ultramafic rock types associated with PGE mineralization and natural hydrogen potential.
• The program validates the company’s dual‑pathway model for critical minerals and geologic hydrogen, supporting continued exploration in 2026.
• Key terms of the Rockshield option agreement were disclosed, including cash payments, required exploration expenditures, and share issuances.

Key Details

• Fieldwork: Conducted by Piton Exploration LLC; two‑person crew collected 52 rock samples over a two‑day helicopter‑supported visit.
• Geochemical Results: Samples analyzed by Bureau Veritas Laboratories confirmed presence of dunite, wehrlite, clinopyroxenite, and gabbro with PGE enrichment consistent with historic data (up to 17.49 g/t Pt in surface samples; 10.59 g/t Pt over 0.49 m in drilling).
• Hydrogen Potential: Identified olivine‑ and pyroxene‑rich ultramafic rocks conducive to serpentinization‑driven natural hydrogen generation.
• Option Agreement (Rockshield):
• Cash payments: USD $175,000 total over two years (USD $50,000 already paid).
• Exploration expenditures required: $1.2 million over three years.
• Share issuances: 2,750,000 Rockshield common shares in staged tranches; 200,000 shares issued to date.
• Milestone: Completion of the field program satisfies a key condition under the Union Bay option, allowing Rockshield to maintain its right to acquire a 100 % interest subject to a Gross Overriding Royalty (GOR).
• Qualified Person: Jeremy Hanson, P.Geo., reviewed and approved the technical information in accordance with NI 43‑101.

Notable Quotes

“Rockshield's work program at Union Bay validates three aspects of Element One's operating model… acquiring early stage critical mineral and stimulated hydrogen projects, using the Company's expertise in exploration and research and advancing projects in partnership with other parties.” – Brad Kitchen, CEO

Materiality Assessment: Material – Positive (the release provides substantive operational progress and clarifies option terms that are material to shareholders).