Mr. Rob Leckie of Future Fuels reports

Joint Press Release of Future Fuels Inc. and Valore Metals Corp. – Future Fuels completes acquisition of Hatchet Uranium Corp.

Further to Future Fuels Inc.'s and Valore Metals Corp.'s previous joint news release dated Feb. 26, 2026, and the news releases of Valore dated April 16, 2026, and May 19, 2026, and pursuant to an amalgamation agreement dated Feb. 25, 2026, as amended among the company, Hatchet Uranium Corp. (HUC) and 1564470 B.C. Ltd. (Subco), a wholly owned subsidiary of the company, the company has acquired all of the issued and outstanding securities of HUC by way of a three-cornered amalgamation under the Business Corporations Act (British Columbia). The amalgamated entity will continue as a wholly owned subsidiary of Future Fuels under the name Future Fuels Athabasca Inc. (amalco).

Rob Leckie, chief executive officer of Future Fuels, stated: "The closing of this acquisition marks an exciting new chapter for Future Fuels as we expand our portfolio into a celebrated uranium exploration jurisdiction. While the Hornby basin remains the cornerstone of our long-term vision, the addition of HUC's Athabasca basin assets positions us in proximity to several significant uranium discoveries and producing operations. The Athabasca also affords us a more extended field season, allowing our teams to maintain operational momentum and advance exploration activities throughout much of the year. We believe this complementary asset base will enhance shareholder value while we continue to unlock the considerable potential we see in the Hornby. We look forward to advancing both frontiers and keeping the market updated as our work programs progress."

Jim Paterson, chairman, Valore Metals, and director of HUC, stated: "In 2024, Valore formed a plan to derive value from its Saskatchewan uranium exploration project in order to focus on its 100-per-cent held Pedra Branca PGM property located in Brazil. Upon closing of this transaction, Valore will become a significant shareholder of Future Fuels Inc., a company with a strong team, a large and prospective project portfolio, and a highly financeable corporate structure."

Summary of mineral claims

On closing of the acquisition, the company, through amalco, acquired a broad, district-scale uranium exploration portfolio comprising five project areas, Hatchet Lake, Highway, CBX/Shoe, Usam and Genie, totalling approximately 97,674 hectares in Northern Saskatchewan. The portfolio combines a mix of wholly owned claims and optioned interests, including a flagship core property, a large earn-in project with no prior drilling, and several ancillary projects with historical work and modern follow-up. Across the properties, exploration to date has included historical surveys and drilling supplemented by recent target generation, airborne surveys, prospecting and sampling, which together have identified multiple areas of uranium mineralization and strong surface anomalies.

The Hatchet Lake property is subject to a 2-per-cent net smelter return royalty in favour of Rio Tinto Exploration Canada Inc., subject to the right of International Gold Corp. to purchase 0.5 per cent of such net smelter return royalty (thereby reducing such 2-per-cent net smelter return royalty to a 1.5-per-cent net smelter return royalty) for $750,000. If amalco exercises its option on the Highway property, the Highway property will be subject to a 2-per-cent net smelter return royalty payable to Skyharbour Resources Ltd. The Genie, Usam and CBX/Shoe uranium projects are also subject to a 2-per-cent net smelter return royalty payable to Skyharbour.

Certain claims within the mineral portfolio to be held by amalco are currently not in good standing. However, HUC has made all required payments and reported all required expenditures with the government of Saskatchewan, and the parties expect that upon completion of administrative processing, the claims will be in good standing going forward. The company and amalco will be responsible for maintaining the claims following the closing of the acquisition.

Terms of the amalgamation agreement

Under the terms of the amalgamation agreement, HUC amalgamated with Subco and Future Fuels acquired all of the outstanding securities of HUC on the following basis: (i) each common share of HUC was exchanged for 0.760836 of a common share in the capital of Future Fuels; and (ii) each common share purchase warrant of HUC was exchanged for 0.760836 of a common share purchase warrant of Future Fuels.

In connection with the acquisition, HUC entered into a financial advisory consulting agreement dated Oct. 24, 2025, as amended, with an arm's-length third party pursuant to which the consultant or its assignee acquired an unsecured convertible debenture (the HUC convertible debenture) in the principal amount of $250,000, bearing interest at 0 per cent per annum. The HUC convertible debenture automatically converted into five million HUC shares immediately prior to the completion of the acquisition.

Immediately prior to the completion of the acquisition, there were 19,715,165 HUC shares and 1,452,013 HUC warrants issued and outstanding. Upon the completion of the acquisition, 14,999,989 consideration shares and 1,104,743 consideration warrants were issued to the former securityholders of HUC. The consideration warrants are exercisable at a price of (a) 80.50 cents per share if exercised on or before Feb. 10, 2027, and (b) 96.6 cents per share if exercised from Feb. 11, 2027, up to and including the expiry date of Feb. 10, 2028.

The consideration shares and consideration warrants issued to the HUC securityholders are subject to escrow and/or resale restrictions under the policies of the TSX Venture Exchange and applicable securities laws. In addition, the following restrictions on transfer will apply to such securities:

• 2,353,905 of the consideration shares will be subject to the following voluntary contractual hold periods: one/12th of such shares will be released every 30 days, with the first such release occurring on the date that is 60 days following the closing date of the acquisition;
• 8,841,904 of the consideration shares will be subject to the following voluntary contractual hold periods: 25 per cent of such shares will be released every six months, with the first such release occurring on the date that is 12 months following the closing date;
• 3,804,180 of the consideration shares will be subject to the following exchange mandated hold periods: 25 per cent of such shares will be released on the date that is 12 months following the closing date, 25 per cent of such shares will be released on the date that is 18 months following the closing date, 20 per cent of such shares will be released on the date that is 24 months following the closing date, 15 per cent of such shares will be released on the date that is 30 months following the closing date and 15 per cent of such shares will be released on the date that is 36 months following the closing date;
• The common shares of Future Fuels to be issued upon due exercise of the first 16 per cent of the consideration warrants to be exercised by each holder thereof, if any, will be subject to the following voluntary contractual hold periods: one/12th of such shares will be released every 30 days, with the first such release occurring on the date that is 60 days following the closing date;
• The common shares of Future Fuels to be issued upon due exercise of the remaining 84 per cent of the consideration warrants to be exercised by each holder thereof, if any, will be subject to the following voluntary contractual hold periods: 25 per cent of such shares will be released every six months, with the first such release occurring on the date that is 12 months following the closing date.

The acquisition was not subject to shareholder approval requirements under the policies of the exchange.

Under the amalgamation agreement, Valore is not responsible for any obligations of HUC, which obligations will be assumed by amalco after closing.

Skyharbour obligations

Following satisfaction of the first-year option requirements, the company is required to complete the remaining option payments and exploration expenditures on or before the second and third anniversaries of the effective date of the option agreement with Skyharbour dated Oct. 29, 2024, as amended, in order to earn its 80-per-cent interest in the Highway property. On or before the second anniversary of the effective date, the company must make a cash payment of $20,000, issue common shares to Skyharbour having a deemed value of $25,000 and incur $300,000 in additional exploration expenditures on the Highway property.

On or before the third anniversary of the effective date, the company is required to make a further cash payment of $200,000, issue common shares having a deemed value of $1-million (together with the initial option shares, the option shares) and incur an additional $1.5-million in exploration expenditures on the Highway property. Exploration expenditures incurred in excess of the minimum required amounts in any period may be carried forward and applied to future expenditure requirements under the option agreement.

The option shares will have a deemed price per share equivalent to the greater of (a) the 20-day volume-weighted average price of such shares at the time of issuance, and (b) 10 cents. The maximum number of option shares issuable by the company to Skyharbour pursuant to the option payments is 10.25 million option shares.

Non-arm's-length parties

IsoEnergy Inc. is a non-arm's-length party of the company under TSX Venture Exchange definitions by virtue of being a greater than 10-per-cent shareholder of the company. Two of the HUC securityholders are also considered non-arm's-length parties of the company under TSX-V definitions by virtue of being officers of IsoEnergy. Additionally, Mega Uranium Ltd. is a non-arm's-length party of the company under TSX-V definitions by virtue of having a common director or officer with IsoEnergy. None of the non-arm's-length party HUC securityholders are related parties as defined in Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions.

Pursuant to the acquisition, the non-arm's-length party HUC securityholders were issued 755,916 consideration shares, representing 0.7 per cent of the issued and outstanding shares of the company on a non-diluted basis.

About Future Fuels Inc.

Future Fuels' principal asset is the Hornby project, covering the entire 3,407-square-kilometre Hornby basin in northwestern Nunavut, a geologically promising area with over 40 underexplored uranium showings, including the historic Mountain Lake system. Additionally, Future Fuels holds the Covette project in Quebec's James Bay region, comprising 65 mineral claims over 3,370 hectares.

About Valore Metals Corp.

Valore Metals is a Canadian company with a team aiming to deploy capital and knowledge on projects which benefit from substantial prior investment by previous owners, existence of high-value mineralization on a large scale, and the possibility of adding tangible value through exploration and innovation.

We seek Safe Harbor.