VANCOUVER, British Columbia — February 26, 2026 — Leads & Copy — Future Fuels Inc. (TSXV: FTUR; FSE: S0J) and ValOre Metals Corp. (TSXV: VO; OTCQB: KVLQF; Frankfurt: KEQ0) have announced an amalgamation agreement in which Future Fuels will acquire all of the issued and outstanding securities of Hatchet Uranium Corp. (HUC), a 51% owned subsidiary of ValOre. The acquisition will be completed via a three-cornered amalgamation under the Business Corporations Act (British Columbia).
Upon completion of the Acquisition, the amalgamated entity will continue as a wholly-owned subsidiary of Future Fuels and is expected to change its name to “Future Fuels Athabasca Inc.”.
Rob Leckie, Chief Executive Officer and a director of Future Fuels, said the acquisition of HUC strengthens Future Fuels’ portfolio of prospective uranium exploration properties. Leckie noted that HUC’s assets are located in the Athabasca Basin and are near existing uranium mines and recent exploration discoveries.
Jim Paterson, Chairman of ValOre Metals Corp. and director of HUC, said he was happy his company would become significant shareholders of Future Fuels. He added that the transaction creates a powerhouse in the Canadian uranium exploration sector with a strong team, a large and prospective project portfolio and a highly financeable corporate structure.
HUC holds interests in five claim blocks (Hatchet Lake, CBX/Shoe, Usam, Genie and Highway) totaling approximately 97,674 ha, located in the Wollaston Lake area of northern Saskatchewan, along the eastern Athabasca Basin margin and largely within the Wollaston–Mudjatik Transition Zone.
The properties have been explored since the late 1960s with airborne and ground geophysics, geological mapping, prospecting, geochemical sampling and limited diamond drilling. Recent work included data compilation and target generation using VRIFY artificial intelligence, airborne Mobile MT surveys, ground geophysics, and prospecting and rock sampling completed in 2025.
The Hatchet Lake Property consists of six mineral claims totaling approximately 13,711 hectares located north of Wollaston Lake within the northeastern extension of the WMTZ, approximately 75 km east of the Athabasca Basin margin. The property has been explored since 1968. Recent work included VRIFY AI target generation, ground magnetics, VLF-EM and radiometrics at Scrimes Lake, and prospecting and rock sampling. Scrimes Lake returned spectrometer readings up to 22,000 CPS and 1,637 ppm U, with rock sample assays up to 0.498 wt% U₃O₈.
The Highway Property consists of an option to acquire an 80% interest in nine mineral claims totaling approximately 17,606 hectares located south of Wollaston Lake along Highway 905, outside the main WMTZ but within the eastern Athabasca Basin region and near regional fault systems. Recent work included VRIFY AI target investigation, a 1,226 line-km airborne Mobile MT survey, and prospecting and rock sampling, identifying uranium-bearing pegmatite and granite boulders with spectrometer readings up to 4,366 CPS and 230 ppm U.
The Ancillary Properties consist of 25 mineral claims totaling approximately 66,358 hectares comprising the properties known as the Genie, Usam and CBX/Shoe uranium projects, located peripheral to the Athabasca Basin, in northern Saskatchewan, Canada.
The CBX / Shoe properties are comprised of eight mineral claims totaling 9,386 ha. Recent work included VRIFY AI target investigation, a 273 line-km airborne Mobile MT survey, and prospecting and rock sampling, returning boulder spectrometer readings up to 2,240 CPS and 121 ppm U.
The Usam property is comprised of 12 mineral dispositions totaling 40,041 ha. Recent work included VRIFY AI target investigation, a 2,261 line-km airborne Mobile MT survey, and prospecting and rock sampling, returning uranium values up to 683 ppm U and spectrometer readings exceeding 3,000 CPS in the south-central islands and Broughton Bay areas.
The Usam property is comprised of five mineral dispositions totaling 16,930 ha. Recent work included VRIFY AI prospectivity modelling and prospecting and rock sampling in lake sediment anomaly and historical showing areas, returning spectrometer readings up to 3,262 CPS with elevated thorium values in pegmatite and granite.
Under the terms of the Amalgamation Agreement, HUC will amalgamate with Subco, and Future Fuels will acquire all of the outstanding securities of HUC on the following basis: (i) each common share of HUC will be exchanged for 0.760836 of a common share in the capital of Future Fuels; and (ii) each common share purchase warrant of HUC will be exchanged for 0.760836 of a common share purchase warrant of Future Fuels.
In connection with the Amalgamation Agreement, HUC has also entered into a financial advisory consulting agreement dated October 24, 2025, as amended, with an arm’s length third party pursuant to which the Consultant or its assignee will acquire an unsecured convertible debenture in the principal amount of $250,000, bearing interest at 0% per annum and automatically convertible into 5,000,000 HUC Shares immediately prior to the completion of the Acquisition, subject to certain conditions.
It is expected that there will be 19,715,165 HUC Shares and 1,452,013 HUC Warrants issued and outstanding immediately prior to the completion of the Acquisition, and that approximately 15,000,007 Consideration Shares and 1,104,743 Consideration Warrants will be issued to the former securityholders of HUC upon completion of the Acquisition.
Completion of the Acquisition is subject to certain conditions precedent, including Exchange approval, shareholder approval, dissent rights not being exercised by HUC shareholders holding more than 10% of HUC Shares, and HUC having a working capital deficit of not more than $200,000 and no long-term debt as at the Closing Date.
Future Fuels’ principal asset is the Hornby Project, covering the entire 3,407 km² Hornby Basin in north-western Nunavut. Additionally, Future Fuels holds the Covette Project in Quebec’s James Bay region, comprising 65 mineral claims over 3,370 hectares.
Hatchet Uranium Corp. was incorporated by ValOre on February 7, 2024. Jim Paterson, ValOre’s Chairman serves as HUC’s Chief Executive Officer and sole director.
ValOre Metals Corp. aims 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.
Source: Future Fuels Inc.
