Element One Closes Acquisition of the Hy and Shulaps Projects

Executive Summary

• Element One Hydrogen and Critical Minerals Corp. completed the acquisition of the HY Project (2,758 ha) and Shulaps Project (1,343 ha) in British Columbia.
• The purchase price consisted of a $10,000 cash payment plus issuance of 1,250,000 common shares at a deemed price of $0.21 per share to the vendors.
• Both projects are positioned for hydrogen production via natural or engineered serpentinization and contain ultramafic mineral tenures with potential critical‑metal (Ni, Cu, PGE) exposure.

Key Details

• Projects Acquired
• HY Project: 9 mineral tenures, total 2,758 ha; located ~5 km from Fort St. James, BC; ultramafic geology favorable for natural hydrogen generation through serpentinization and fault‑controlled fluid pathways.

• Shulaps Project: 3 mineral claims, total 1,343 ha; situated ~48 km NW of Lillooet in the historic Bridge River district; ultramafic complex previously explored for nickel, copper, PGEs; targeted for engineered hydrogen production via stimulated serpentinization.

• Transaction Structure

• Purchase and Sale Agreement dated September 23 2025 with arm’s‑length vendors (shareholders of Shul‑Hy Exploration Corp.).

• Consideration: $10,000 cash plus issuance of 1,250,000 Element One common shares at a deemed price of $0.21 per share.

• Regulatory & Closing Conditions

• Completion subject to receipt of all required regulatory approvals and satisfaction of customary conditions precedent.

• Qualified Person

• Technical information reviewed and approved by Jeremy Hanson, P.Geo., qualified under NI 43‑101.

• Strategic Rationale

• Expands Element One’s land base for hydrogen generation projects in BC, leveraging natural serpentinization (HY) and engineered processes (Shulaps).
• Provides exposure to critical mineral resources (Ni, Cu, PGEs) that may support future battery‑metal supply chains.

Notable Quotes

• “The acquisition of the HY and Shulaps Projects significantly strengthens our portfolio of hydrogen‑focused assets in British Columbia and aligns with our strategy to develop both natural and engineered hydrogen resources,” – Brad Kitchen, CEO.