Premier American Uranium Combines Assets with Nuclear Fuels - Fortifying the US Pure-Play Uranium Portfolio

• Premier American Uranium has agreed to acquire Nuclear Fuels in a C$102 million all-stock transaction that will create one of America's largest pure-play uranium exploration companies with 12 projects spanning over 104,000 acres.
• The acquisition establishes the combined entity as a leading uranium explorer with estimated mineral resources of 18.6 million pounds U3O8 indicated and 4.9 million pounds U3O8 inferred at the Cebolleta Project, plus significant exploration potential across Wyoming, Utah, and Arizona.
• Nuclear Fuels shareholders will receive 0.33 Premier American Uranium shares for each Nuclear Fuels share held, representing a 54% premium to Nuclear Fuels' closing price and resulting in Premier shareholders owning 59% of the combined company.
• The transaction unites Premier's Cyclone Project in Wyoming's Great Divide Basin with Nuclear Fuels' Kaycee Project in the Powder River Basin, positioning the company as the most active Wyoming-focused in-situ recovery explorer following 2024's 368-hole drilling program totaling 209,490 feet.
• Strategic backing from Sachem Cove Partners (23.2%), enCore Energy Corp. (9.5%), IsoEnergy Ltd. (5.4%), and Mega Uranium Ltd. (2.3%) provides the combined entity with C$14 million in cash and strong institutional support for continued growth and potential additional acquisitions.

A definitive agreement, signed June 4, 2025, establishes Premier American Uranium as a consolidator in the US uranium sector through its acquisition of Nuclear Fuels Inc. Under the arrangement, existing Premier American Uranium and Nuclear Fuels shareholders will own approximately 59% and 41% respectively of the pro forma outstanding shares on closing.

Premier American Uranium maintains extensive land holdings across three prominent uranium-producing regions: the Grants Mineral Belt of New Mexico, the Great Divide Basin of Wyoming, and the Uravan Mineral Belt of Colorado. With strong partnerships from institutional investors including Sachem Cove Partners, IsoEnergy Ltd., and Mega Uranium Ltd., Premier American Uranium's distinguished team brings extensive experience in uranium exploration, development, permitting, and operations.

Enhanced Operational Scale

The acquisition significantly strengthens Premier American Uranium's position in Wyoming's uranium-rich basins. Colin Healey, CEO of Premier American Uranium, commented in the news release:

"Premier American Uranium is proud to pursue this Transaction to combine our assets with those of Nuclear Fuels. Kaycee is an exciting ISR prospect that, in combination with our own Cyclone Project, is expected to position PUR as one of the most active uranium explorers in Wyoming."

The combined companies completed an aggregate of 368 drill holes totaling 209,490 feet in 2024, representing one of the largest in-situ recovery drilling exploration programs in the United States. This operational scale positions the entity as the most active explorer among Wyoming-focused in-situ recovery companies.

The transaction unites two strategically located projects in Wyoming's most productive uranium regions. Premier's Cyclone Project in the Great Divide Basin will be combined with Nuclear Fuels' Kaycee Project in the Powder River Basin, creating synergies through shared technical expertise ahead of the 2025 drill season.

Kaycee Project: A Unique Asset

Nuclear Fuels' flagship Kaycee Project spans a 35-mile trend of altered and mineralized sandstones in Wyoming's prolific Powder River Basin, supported by over 4,200 drill holes and 430 miles of mapped roll fronts. The project represents a unique asset as the only project in the Powder River Basin where all three historically productive formations—Wasatch, Fort Union, and Lance—are known to be mineralized and potentially amenable to in-situ recovery extraction.

Historic exploration has confirmed uranium mineralization over more than 1,000 vertical feet in all three sandstone formations. However, the majority of mineralized trends remain under-explored, with drilling concentrated on approximately 10% of the trend, indicating substantial expansion potential.

A September 2024 NI 43-101 technical report prepared by WWC Engineering identified an exploration target of 9.6 million tons at an average grade of 0.060% to 14.8 million tons at an average grade of 0.101% U3O8, supported by available historical data and recent exploration conducted by Nuclear Fuels.

Development Catalysts

The combined entity benefits from several compelling catalysts to de-risk development. A planned mineral resource update and preliminary economic assessment for the Cebolleta Project is expected to be completed in summer 2025, with potential expansion drilling to follow. Located in the prolific Grants Mineral Belt of New Mexico, which has produced over 347 million pounds U3O8, Cebolleta is strategically positioned for potential future development.

In May 2025, four Grants District uranium projects were added to the US Federal FAST-41 permitting dashboard, underscoring the district's growing strategic significance and potential for streamlined development timelines.

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Strategic Financial Position

The transaction brings together strong strategic ownership with deep development expertise. Greg Huffman, CEO, President & Director of Nuclear Fuels, added:

"We believe this transaction offers numerous merits for NF Shareholders. Primarily, we welcome the diversification and depth of the expanded asset portfolio across the key US uranium jurisdictions, most notably a doubling down on exposure in Wyoming."

Post-transaction ownership includes Sachem Cove Partners LLC (23.2%), enCore Energy Corp. (9.5%), IsoEnergy Ltd. (5.4%), and Mega Uranium Ltd. (2.3%). This strategic shareholder base provides the combined company with sector expertise and a clear mandate for US uranium consolidation.

The boards of directors of both companies have unanimously approved the arrangement, with Nuclear Fuels' board unanimously recommending shareholders vote in favor. Officers and directors of Nuclear Fuels, along with enCore Energy Corp., holding collectively 21.19% of outstanding Nuclear Fuels shares, have entered voting support agreements.

For Investors

This acquisition positions Premier American Uranium as a leading pure-play uranium explorer with enhanced scale, diversified assets, and strong financial backing. The combination creates operational synergies while maintaining focus on high-potential US uranium districts during a period of renewed interest in nuclear energy and domestic uranium production.

Healey concluded, This is the second major acquisition for Premier American Uranium within the last 12 months, and it adheres to our goal of growth during a time of pronounced optimism in the nuclear space. Finally, the joining of strengths and backers of the two companies is a notable merit to the deal, with IsoEnergy, enCore Energy Corp., Mega, and Sachem Cove all on the pro forma share register.

The combined entity will maintain full funding for growth with C$14 million in cash, providing financial flexibility to aggressively advance the portfolio and evaluate further merger and acquisition opportunities. The stronger capital markets profile, with a more diversified shareholder base and enhanced market capitalization, is expected to generate broader institutional, retail investor, and ETF interest.

For investors focused on US uranium exposure, the combined entity offers diversified project risk across proven uranium districts, strong institutional backing, and multiple near-term catalysts for value creation through resource expansion and development advancement.