Mr. David Greenway reports

URANIUM ONE MINING CORP. EXPANDS CANADIAN CRITICAL MINERALS AND URANIUM PORTFOLIO THROUGH ACQUISITION OF THE FOGHORN AND PASFIELD LAKE PROPERTIES

Uranium One Mining Corp. has entered into a share exchange agreement, dated effective June 19, 2026, with 1583644 B.C. Ltd. (NumberCo), a private corporation incorporated under the laws of British Columbia, and the shareholders of NumberCo, pursuant to which Uranium One will acquire all of the issued and outstanding common shares of NumberCo.

"The acquisition of the Foghorn and Pasfield Lake properties marks another important milestone in expanding Uranium One's Canadian uranium portfolio," said David Greenway, chief executive officer of Uranium One Mining. "These strategic additions provide exposure to two prospective exploration districts and further strengthen our pipeline of high-potential uranium assets. We look forward to advancing both projects and creating long-term value for our shareholders following the successful completion of the transaction."

In connection with the transaction, NumberCo has simultaneously entered into two property purchase agreements to acquire a 100-per-cent undivided legal and beneficial interest in each of: (i) the Foghorn mineral property, located in British Columbia, comprising certain Crown grants and mineral claims, from 0782618 B.C. Ltd.; and (ii) the Pasfield Lake mineral property located in Saskatchewan, comprising certain mineral claims, from Zadar Minerals Corp. The closing of the property purchase agreements shall occur prior to or concurrently with the closing of the transaction. No finders' fees or commissions are payable by the company in connection with the transaction.

Transaction structure

Pursuant to the share exchange agreement, Uranium One will acquire all of the issued and outstanding common shares of NumberCo in exchange for the issuance of an aggregate of 27.06 million common shares of Uranium One to the NumberCo shareholders on a pro rata basis in accordance with their respective shareholdings. In connection with the closing of the property purchase agreements, NumberCo will issue an aggregate of 12.06 million additional common shares as consideration for the acquisition of the Foghorn property and the Pasfield Lake property, of which 8.9 million property purchase shares shall be issued to the designees of 0782618 B.C. in respect of the Foghorn property and 3.16 million property purchase shares shall be issued to Zadar Minerals in respect of the Pasfield Lake property.

In addition, on closing of the transaction, Uranium One will pay an aggregate of $250,000 in cash to one of the arm's-length vendors of the Foghorn property in connection with the acquisition of the Foghorn property. The Foghorn property will be subject to a 3-per-cent net smelter return royalty, with a buyback right for up to 1.5 per cent for an aggregate maximum buyback price of $1.5-million. The Pasfield Lake property is subject to an existing 2-per-cent net smelter return (NSR) royalty in favour of Canterra Minerals Corp., subject to a buydown right to 1 per cent upon payment of $1-million.

Completion of the transaction is subject to a number of conditions, including, without limitation, receipt of all required regulatory, corporate and third party approvals (including approval of the Canadian Securities Exchange), and such other customary closing conditions as set forth in the share exchange agreement. There can be no assurance that the transaction will be completed as proposed or at all.

The properties

The Foghorn property is a historical polymetallic exploration project located in British Columbia comprising approximately 40 Crown-granted mineral claims covering approximately 614 hectares (1,517 acres).

Historical exploration on the property dates back to the early 1900s, and has included reported geological mapping, drilling, underground development and metallurgical testing targeting uranium, fluorite and other critical minerals. The property hosts multiple styles of mineralization and offers potential for modern exploration using contemporary geological and geophysical techniques. The company believes the project represents an attractive opportunity to evaluate historical exploration results through a systematic, multicommodity exploration approach.

The company has not independently verified the historical exploration information relating to the Foghorn property and such information should not be relied upon.

The Pasfield Lake property consists of a prospecting permit covering approximately 4,400 hectares (10,873 acres) in northeastern Saskatchewan. The property is located within a prospective uranium district approximately 100 kilometres northwest of the Collins Bay mining area and 60 kilometres northwest of the Cigar Lake mine. Historical exploration in the broader Pasfield Lake area has identified surface uranium occurrences, while modern exploration has been relatively limited. The property is situated within a region considered prospective for unconformity-related uranium mineralization and provides Uranium One with exposure to one of the world's premier uranium jurisdictions. Mineralization on nearby properties or mines is not necessarily indicative of mineralization on the Pasfield Lake property.

The acquisitions complement Uranium One's strategy of assembling a diversified portfolio of prospective uranium exploration assets across Canada, providing exposure to multiple geological settings with significant exploration upside and long-term discovery potential.

About Uranium One Mining Corp.

Uranium One Mining is a Canadian mineral exploration company focused on the acquisition, exploration and development of uranium projects and select battery metals assets. The company is advancing a diversified portfolio of high-potential projects in Canada, Paraguay and Argentina, with a strategic focus on assets positioned to benefit from the increasing global demand for nuclear energy and secure energy supply chains.

The company's projects include the Quark uranium project, the Yuty Prometeo uranium project and the Nucleon uranium project, each of which offers significant exploration upside and potential for resource expansion.

Uranium One Mining is committed to responsible exploration practices, disciplined capital allocation and the creation of long-term shareholder value through the systematic advancement of its project portfolio.

About 1583644 B.C. Ltd.

1583644 B.C. is a private corporation incorporated under the laws of British Columbia.

We seek Safe Harbor.