Accelerated Option Agreement Related To Uranium/Vanadium Mineral Claims In Catron County

VANCOUVER - First American Uranium Inc. reported that FirstAmerican Energy Fuels Ltd. which the Company has acquired 60% of its issued and outstanding shares, has entered into an amended and restated option agreement amending and restating the option agreement between FirstAmerican and an arm’s length optionor, pursuant to which FirstAmerican holds an option to acquire a 100% interest in and to certain mineral claims located in Catron County, New Mexico. The Company has assumed all of the obligation of FirstAmerican under the Option Agreement, including paying any cash and issuing any shares contemplated therein.

Pursuant to the Amended and Restated Option Agreement and in order to acquire the 100% undivided right, title and interest in and to the Property, the Company will pay in stages and issue an additional shares upon receipt approval from the Canadian Securities Exchange.   The New Mexico based project is First American Uranium’s initial focus for becoming part of the American domestic uranium supply solution. The Agreement has been amended from a multi-year earn in option agreement, to a 100% acquisition with final payment scheduled for late 2023.

“We’re excited to take this step toward 100% ownership of the Red Basin Uranium/Vanadium Project, with an accelerated timeline for the acquisition,” said Shawn Balaghi, CEO. “America is in serious need of domestic uranium supply sources, and Red Basin has the potential to reliably provide this critical element from its location in New Mexico, roughly 200 miles away from the only operating uranium mill in America.”