Mr. David Suda reports

AMERICAN FUTURE FUEL BEGINS CONFIRMATION DRILLING OF HISTORICAL INFERRED URANIUM RESOURCE OF 18.98 MILLION POUNDS(I) AT CEBOLLETA

American Future Fuel Corp. has commenced phase 1 of its three-phase confirmation drill program at its 100-per-cent-owned flagship Cebolleta uranium project located in the Grants uranium mineral belt, 35 miles (56 kilometres) west of Albuquerque, N.M.

Cebolleta is an advanced uranium exploration project with a historical uranium inferred mineral resource of 5.6 million tons (5.1 million tonnes) at an average grade of 0.17 per cent eU3O8 (triuranium octoxide) containing 18.98 million pounds (Mlb) (8,600 tonnes) U3O8 according to a 2014 National Instrument 43-101 technical report commissioned by previous owner, Uranium Resources Inc. The reliability of the historical estimate is considered reasonable, but a qualified person has not done sufficient work to classify the historical estimate as a current mineral resource and the company is not treating the historical estimate as a current mineral resource.

The confirmation drill program will focus on area I of the project, twinning several generations of historical drill holes that identified seven shallow mineralized horizons across the company's flagship Ceboletta project. The program will be the company's first step toward preparing a current resource estimate, and upon conclusion of the initial phase of the drill program the company will endeavour to complete two additional phases in area III and selected infill drilling that will allow for an updated National Instrument 43-101-compliant resource to be issued.

With the first phase of drilling under way, the company anticipates releasing results from the first confirmation hole in the coming days. Concurrently, the company has already commenced permitting plans for phases 2 and 3 of drilling. Phase 2 is anticipated to allow 20 to 30 confirmation holes in area III of the project. The company anticipates starting phase 2 drilling during the first quarter of 2024. Phase 3 is anticipated in the second half of 2024.

"We are excited to have begun drilling at our flagship property. The property hasn't seen activity in over a decade. With the rising interest in uranium globally, and especially the United States, we are in a unique position to rapidly deliver shareholders real value with this exceptional asset," said David Suda, chief executive officer of American Future Fuel.

Overview of the Cebolleta uranium project

Cebolleta is an advanced uranium exploration project located in Cibola county, New Mexico. The project is approximately 35 miles (56 km) west of Albuquerque and lies within the prolific Grants uranium mineral belt, one of the largest concentrations of sandstone-hosted uranium deposits in the world. The Grants uranium mineral belt has historically produced 347 million pounds of U3O8, or approximately 37 per cent of all uranium produced in the United States.

American Future Fuel has a 100-per-cent lease-hold interest in Cebolleta (6,700 acres mineral rights, 5,700 acres surface rights), which is composed of multiple known uranium deposits and several previously operating uranium mines.

Known deposits at Ceboletta

Cebolleta has been subject to extensive exploration and development from the 1950s through 1980s. Past efforts revealed several significant sandstone-hosted uranium deposits ranging from 200 feet to 800 feet (60 m to 240 m) deep in the Jurassic Jackpile sandstone. These deposits were amenable to both surface and underground mining, which culminated from 1975 to 1981, when over 3.8 Mlb U3O8 was produced from the JJ No. 1 and St. Anthony mines.

The vast majority of known uranium mineralization still exists at Cebolleta -- namely from the Sohio area (mineralization in areas I to V) and the St. Anthony area (mineralization surrounding the St. Anthony Pit North, St. Anthony Pit South and Willie P mines).

The Sohio area of the project is host to a historical uranium inferred mineral resource of 5.6 million tons (5.1 million tonnes) at an average grade of 0.17 per cent eU3O8 containing 18.98 Mlb (8,600 tonnes) U3O8 according to a 2014 technical report commissioned by previous owner, Uranium Resources. The reliability of the historical estimate is considered reasonable, but a qualified person has not done sufficient work to classify the historical estimate as a current mineral resource, and the company is not treating the historical estimate as a current mineral resource.

The company possesses a large database of maps and drilling logs detailing over 3,500 drill holes completed at the project by past owners/operators. This database was the basis for the historical estimate as well as the company's continuing confirmation drilling.

The St. Anthony deposits, in and surrounding the St. Anthony open pits, have not been modelled, as the large amount of historical data for St. Anthony has not yet been synthesized into a useable database for resource estimation. The company believes the St. Anthony area mineralization represents significant resource expansion potential for the project.

Qualified person

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101, and reviewed and approved by Mark Mathisen, CPG, SLR International Corp. of Denver, Colo., an independent geological consultant to the company, and a qualified person as defined in National Instrument 43-101.

About American Future Fuel Corp.

American Future is a Canadian-based resource company focused on the strategic acquisition, exploration and development of alternative energy projects. The company holds a 100-per-cent interest in the Cebolleta uranium project, located in Cibola county, New Mexico, United States, and situated within the Grants mineral belt, a prolific mineral belt responsible for approximately 37 per cent of all uranium produced in the United States.

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