Mr. David Suda reports

AMERICAN FUTURE FUEL SUCCESSFULLY DRILLS SECOND HOLE, WITH POSITIVE RESULTS: CONFIRMING HISTORICAL DATA

American Future Fuel Corp. has released additional downhole radiometric survey results from the phase 1 drilling program at the company's flagship Cebolleta uranium project located in the Grants uranium mineral belt.

Results continue to be very encouraging as the radiometric equivalent triuranium octoxide grade values for two additional confirmation holes closely match historical data from near the same locations. Century Wireline Services completed the downhole radiometric survey (that is, natural gamma log) of the company's completed boreholes and reported the results that are attached.

These holes are two of 21 planned drill holes comprising phase 1 of a three-phase confirmation drilling program designed to test multiple generations of historical data in support of a new mineral resource estimate calculation to be completed at Cebolleta. Key elements to evaluate current results with historic data are lithology along with depth, amplitude and peaks of mineralization. Thus far, reported results are remarkably good matches to the company's historic database. It is both a testament to the quality of the deposit at Cebolleta and Sohio's previous work from over 50 years ago that is the foundation of the historical resource.

As part of the confirmation program, the company is also evaluating the radiometric equilibrium of uranium mineralization using chemical assays of core samples to compare with radiometric results. Sohio completed extensive equilibrium studies at the project and determined there was a consistent trend of chemical assays exceeding radiometric assays.

David Suda, chief executive officer of the company, stated: "We are highly encouraged but not surprised by the results of our drilling thus far. With more drilling and results to come, our confidence grows in an ability to deliver significant shareholder value. Cebolleta is a rare opportunity to invest in near-surface uranium in a strengthening market for the sought-after commodity."

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 containing 18.98 million pounds (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.

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., Denver, Colo., an independent geological consultant to the company, a qualified person as defined in National Instrument 43-101.

Warrant repricing

The company also announces that it will amend the exercise price of a total of 10,113,000 share purchase warrants, which are exercisable to acquire common shares in the capital of the company. The warrants were originally issued on May 24, 2022, and are currently exercisable at a price of $1.25 per share. Subject to the consent of the holders of the warrants, the company will reduce the exercise price of the warrants to 55 cents per share. All other terms of the warrants will remain unchanged.

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.

We seek Safe Harbor.