Mr. Colin Healey reports

PREMIER AMERICAN URANIUM ANNOUNCES PRIVATE PLACEMENT FOR PROCEEDS OF AT LEAST C$5.0 MILLION

Premier American Uranium Inc. has entered into an agreement with Red Cloud Securities Inc. to act as lead agent and sole bookrunner with PI Financial Corp. acting as co-agent in connection with a fully marketed private placement of up to 2,040,817 subscription receipts of Premier American Uranium at a price of $2.45 per subscription receipt for gross proceeds of up to $5,000,002. The agents will have an option, exercisable in full or in part up to 48 hours prior to the closing of the offering, to sell up to an additional 408,164 subscription receipts at the offering price for additional gross proceeds of up to $1,000,002. The offering is expected to include lead orders of at least $1.5-million in the aggregate from Sachem Cove Partners and Mega Uranium Ltd.

Colin Healey, chief executive officer of Premier American, commented: "We are excited to be strengthening our balance sheet at a time when uranium fundamentals are extremely robust. [Premier American] was strategically built to acquire, explore and develop uranium assets in the [United States]. Now, with the anticipated closing of the arrangement with American Future Fuel, our scope has expanded to encompass three key uranium mining districts: the Great Divide basin of Wyoming, the Uravan mineral belt of Colorado and the Grants mineral belt in New Mexico. We believe today's financing positions us well to advance our growth strategy, and we extend our gratitude to our cornerstone shareholders, Sachem Cove Partners and Mega Uranium Ltd., and other institutional investors, whose ongoing support provides us the ability to execute our vision."

Each subscription receipt will entitle the holder thereof to automatically receive, upon satisfaction or waiver, as applicable, of certain escrow release conditions, one unit of Premier American. Each unit will comprise one common share of Premier American and one-half of one common share purchase warrant of Premier American. Each whole warrant will entitle the holder to purchase one common share of Premier American at a price of $3.50 for a period of 24 months following the closing of the offering.

The escrow release conditions include the satisfaction of all conditions precedent (other than conditions precedent that, by their terms, cannot be satisfied until closing) to the completion of the pending transaction as announced by the company in a press release dated March 20, 2024, pursuant to which the company has agreed to acquire all of the issued and outstanding common shares of American Future Fuel Corp. (AMPS) by way of a court-approved plan of arrangement under the Business Corporations Act (British Columbia). Completion of the arrangement is subject to, among other things, receipt of applicable regulatory approvals, court approvals, as well as the requisite approval of AMPS shareholders.

The proceeds of the offering, net of the reasonable out-of-pocket expenses of the agents, will be held in escrow and not released to Premier American until the escrow release conditions are satisfied or waived, as applicable. If the escrow release conditions have not been satisfied or waived, as applicable, on or prior Aug. 30, 2024, the aggregate offering price of the subscription receipts (plus any interest earned thereon) will be returned to the holders (net of any applicable withholding taxes), and such subscription receipts will be automatically cancelled and be of no further force and effect. Following the satisfaction or waiver, as applicable, of the escrow release conditions, the net proceeds of the offering are expected to be used to finance the proposed exploration programs for Premier American's projects as well as for working capital and general corporate purposes. The offering is expected to close on or around May 2, 2024.

All securities issued in connection with the offering will be subject to a statutory hold period expiring four months and one day following the date of closing of the offering.

About Premier American Uranium Inc.

Premier American Uranium is focused on the consolidation, exploration and development of uranium projects in the United States. One of the company's key strengths is the extensive landholdings in two prominent uranium-producing regions in the United States: the Great Divide basin of Wyoming and the Uravan mineral belt of Colorado. With a rich history of past production and historic uranium mineral resources, Premier American has work programs under way to advance its portfolio.

Backed by Sachem Cove Partners, Consolidated Uranium and additional institutional investors, and an unparallelled team with U.S. uranium experience, Premier American's entry into the market comes at a well-timed opportunity, as uranium fundamentals are currently the strongest they have been in a decade.

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