Kirkstone Metals Acquires Sampson Lake Property, Saskatchewan

• Acquisition Details: Kirkstone Metals Corp. has entered a share purchase agreement to acquire 100% of Samson Metals Corp., gaining rights to two mineral claims in Saskatchewan totaling approximately 823 hectares (Sampson Lake and Cluff Lake Road Project).
• Consideration: The transaction is funded entirely through the issuance of 4,100,000 common shares of Kirkstone Metals Corp. No cash consideration was paid for the acquisition itself.
• Property Rights: The acquired properties are located in the eastern and southwestern Athabasca Basin. The Cluff Lake Road Project is near the historic Cluff Lake Mine (produced ~62 million lbs U3O8) and Shea Creek Uranium Deposit.
• Obligations: Samson Metals requires staged cash payments of C$370,000 and $400,000 in exploration expenditures over two years. There is a 2% Net Smelter Returns (NSR) royalty granted to each vendor.
• Regulatory Status: Closing is subject to TSX Venture Exchange approval. No finder's fees are payable.

• Asset Expansion vs. Dilution: While the acquisition adds significant land in a premier uranium district, it is funded via share issuance (4.1M shares). Given the recent private placement of 10M units at $0.20 and the current price of ~$0.34, this represents substantial dilution for existing shareholders without immediate cash inflow to cover the acquisition obligations ($770k total spend required over two years).
• Context of Price Collapse: The news arrives after a catastrophic price correction from a high of $13.99 (Dec 2025) to a low of $0.24 (Feb 2026), with the stock currently recovering slightly to $0.34. This acquisition is consistent with the company's strategy of land assembly but does not address the fundamental lack of new drill results or revenue generation that likely contributed to the price crash.
• Liquidity and Capital: The company recently closed a $2M non-brokered private placement (April 2, 2026) at $0.20/unit. While this provides working capital, the share issuance for this acquisition further dilutes that recent capital raise. The market has already priced in significant risk given the volatility; this news is incremental rather than transformative.
• Geological Merit: The properties are located near historic producers (Cluff Lake Mine) and high-grade deposits (Shea Creek). This de-risks the geological location but does not guarantee discovery without drilling, which has yet to be completed on these specific new claims.

• Company Profile: Kirkstone Metals Corp. is a uranium exploration company focused on the Athabasca Basin in Saskatchewan, Canada.
• Flagship Projects:
  • Gorilla Lake Uranium Project: Permitting initiated for up to 7,000m of diamond drilling (Jan 2026).
  • Key Lake Road Project: Optioned and permits filed for IP surveys and drill pads in the Wollaston-Mudjatik Transition Zone.
  • Sampson Lake Property: Newly acquired via Samson Metals Corp., adding ~823 hectares near historic production zones.
• Development Stage: Exploration/Permitting. No production revenue is currently generated. All activities are funded through equity financing and exploration expenditures.