Mr. David Suda reports

AMERICAN FUTURE FUEL APPLAUDS HISTORIC PARTNERSHIP BETWEEN ROMANIA AND THE UNITED STATES: ESTABLISHING THE EUROPEAN NATION AS THE FIRST TO EMBRACE SMALL MODULAR REACTOR TECHNOLOGY

American Future Fuel Corp. has applauded the Sept. 11, 2023, announcement, as reported in EuroNews, that Romania has become the first European nation to embrace small modular reactor (SMR) technology through an unprecedented collaboration with the United States under its Project Phoenix.

The Project Phoenix, a visionary initiative first unveiled by U.S. special presidential envoy for climate John Kerry during the UN Climate Change Conference in Sharm El-Sheikh, Egypt (COP27), in November, 2022, represents a monumental stride toward expediting the global transition to a clean energy future. The project's core mission is to facilitate the conversion of coal-fired power plants into cutting-edge small modular reactor (SMR) nuclear energy generation facilities. These state-of-the-art SMRs, designed with advanced safety, security and non-proliferation features, offer numerous benefits, including flexibility in land use, reduced capital investment and the capacity to address diverse energy needs.

Romania's pivotal role as the first country outside of the United States to embrace SMR technology is commendable. This groundbreaking initiative will seek to replace outdated coal-fired power stations with advanced, environmentally friendly nuclear reactors. The project in Doiceti, located just north of Bucharest, is set to create over 2,000 jobs and mitigate the production of a staggering four million tonnes of carbon dioxide annually. Romania's commitment to clean energy sets a remarkable example for the world.

Furthermore, American Future acknowledges the concurrent and integral role to be played by the Polytechnic University of Bucharest in the groundbreaking step toward a greener future as the university will become the European hub for training future nuclear energy specialists from all over Europe.

American Future applauds all stakeholders involved in Project Phoenix for their dedication to advancing clean energy solutions and creating a brighter, more sustainable world for generations to come. The company remains steadfast in its support of these efforts and looks forward to witnessing the positive impact of these groundbreaking initiatives.

This groundbreaking partnership ushers in a new era of sustainable energy and solidifies Romania's commitment to a greener future.

Grant of stock options

The company announces that its board of directors has approved the grant of 7.95 million incentive stock options to directors, officers and consultants of the company in accordance with the company's equity incentive plan. These options entitle the recipients to purchase an aggregate of up to 7.95 million common shares of the company. The options are exercisable on or before Sept. 14, 2028, at an exercise price of 38 cents per common share. The options, and any common shares issued upon exercise of such options, are subject to a four-month-and-one-day hold period, expiring on Jan. 15, 2024.

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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