Mr. David Suda reports

AMERICAN FUTURE FUEL ANNOUNCES CLOSING OF PRIVATE PLACEMENT

American Future Fuel Corp. has closed its brokered private placement, in which it issued 12,777,777 units of the company at a price of 27 cents per unit for aggregate gross proceeds $3.45-million, which reflects an exercise of the agent option in full. Red Cloud Securities Inc. ("Red Cloud") acted as agent and sole bookrunner under the Offering on behalf of a syndicate of agents that included Canaccord Genuity Corp. (together with Red Cloud, the "Agents").

Each Unit consists of one common share of the Company (each, a "Unit Share") and one common share purchase warrant (each, a "Warrant"). Each Warrant entitles the holder to purchase one common share of the Company (each, a "Warrant Share") at a price of C$0.42 at any time on or before that December 21, 2026.

In consideration for their services, the Agents received a cash commission of $179,000 and were issued an aggregate of 662,963 compensation options, with each compensation option entitling the holder to purchase one common share of the Company at a price of $0.27 per share until December 21, 2026.

The Units were sold to purchasers resident in Canada pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 (the "Listed Issuer Financing Exemption"). The Unit Shares and Warrant Shares are expected to be immediately freely tradeable under applicable Canadian securities legislation if sold to purchasers resident in Canada.

The net proceeds from the Offering will be used for the advancement of the Company's Cebolleta uranium project as well as for working capital and general corporate purposes.

The Company has also issued 255,555 common shares ("Admin Fee Shares"), equal to 2.0% of the number of Units issued in the Offering, to Amalfi Corporate Services Ltd. ("Amalfi") as an administrative fee for Amalfi's assistance with the Offering. Amalfi is a private company controlled by Geoff Balderson, Chief Financial Officer of the Company, and the issuance of Admin Fee Shares to Amalfi is considered to be a "related party transaction" as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company relied upon the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the issuance of the Admin Fee Shares issued to Amalfi does not exceed twenty-five percent (25%) of the market capitalization of the Company, as determined in accordance with MI 61-101. The Admin Fee Shares are subject to a statutory hold period until April 22, 2024 in accordance with applicable securities laws.

ABOUT AMERICAN FUTURE FUEL

American Future Fuel Corporation is a Canadian-based resource company focused on the strategic acquisition, exploration and development of alternative energy projects. The Company holds a 100% interest in the Cebolleta Uranium Project, located in Cibola County, New Mexico, USA, and situated within the Grants Mineral Belt, a prolific mineral belt responsible for approximately 37% of all Uranium produced in the United States of America.

We seek Safe Harbor.