Mr. Brad Kitchen reports

ELEMENT ONE CLOSES ACQUISITION OF THE HY AND SHULAPS PROJECTS

Element One Hydrogen and Critical Minerals Corp. has closed its acquisition of the Hy project and the Shulaps project from individual claim holders, as previously announced on Sept. 24, 2025.

HY project

The HY project, located in the Omineca mining district, consists of nine mineral tenures totalling 2,758 hectares. The property lies on paved road access within five kilometres of the village of Fort St. James, a long-standing industrial service town with a skilled work force and established infrastructure located approximately 60 kilometres northwest of Prince George, which has been identified as an emerging hub for hydrogen development in British Columbia.

Geologically, the property is underlain by ultramafic rocks with potential to produce hydrogen through the stimulation and acceleration of the natural process of serpentinization. The project area is transected by major regional fault systems that may act as conduits to the subsurface, creating favourable conditions for the trapping and accumulation of natural hydrogen.

Shulaps project

The Shulaps project consists of three mineral claims covering 1,343 hectares, located in the southern Coast Mountains of British Columbia, approximately 48 kilometres northwest of Lillooet in the historic Bridge River mining district.

The claims are underlain by the Shulaps ultramafic complex, which has previously been explored for nickel, copper and platinum group elements. The Shulaps complex is composed of variably serpentinized ultramafic lithologies, which present opportunities for artificial (stimulated) hydrogen production through engineered serpentinization processes.

Transaction details

The company entered into a purchase and sale agreement dated Sept. 23, 2025, with the arm's-length vendors pursuant to which the vendors agreed to sell and the company agreed to purchase all of the issued and outstanding shares of Shul-Hy Exploration Corp. Pursuant to the purchase and sale agreement, the company has paid the vendors a one-time payment of $10,000 and issued an aggregate of 1.25 million shares of the company at a deemed price of 21 cents per share.

Qualified person

The scientific and technical information in this news release has been reviewed and approved by Jeremy Hanson, PGeo, an independent geologist to the company who is a qualified person under the meaning of National Instrument NI 43-101.

About Element One Hydrogen and Critical Minerals Corp.

Element One is a Canadian company focused on the exploration, development and commercialization of geologic hydrogen and critical mineral resources, as well as breakthrough hydrogen generation technologies. The company's projects include the Foggy Mountain critical mineral project, as well as projects in Alaska and British Columbia that are prospective for hydrogen production through stimulation in the subsurface, as well as critical and battery metals.

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