VANCOUVER, BC — February 26, 2026 — Leads & Copy — Future Fuels Inc. (TSXV:FTUR)(FSE:S0J) will acquire all issued and outstanding securities of Hatchet Uranium Corp. (HUC) via a three-cornered amalgamation under the Business Corporations Act (British Columbia).
According to an amalgamation agreement, Future Fuels, Hatchet Uranium Corp. (HUC), a 51% owned subsidiary of ValOre Metals Corp. (“ValOre”), and 1564470 B.C. Ltd. (“Subco”), a wholly-owned subsidiary of Future Fuels, have entered into the agreement.
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.”.
Future Fuels’ CEO Rob Leckie stated that the acquisition of HUC strengthens the existing portfolio of prospective uranium exploration properties. He added that HUC’s assets are located in the Athabasca Basin and are near existing uranium mines and recent exploration discoveries, which makes them targets for further exploration.
ValOre Metals Corp. Chairman and HUC director Jim Paterson said that he is happy to become a significant shareholder of Future Fuels. Paterson stated that the transaction creates a powerhouse in the Canadian uranium exploration sector, with a strong team, a large and prospective project portfolio, and a 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 “WMTZ”).
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 (“AI”), airborne Mobile MT surveys, ground geophysics, and prospecting and rock sampling completed in 2025.
The terms of the Amalgamation Agreement state that 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 (each, a “HUC Share”) will be exchanged for 0.760836 of a common share in the capital of Future Fuels (each whole share, a “Consideration Share”); and (ii) each common share purchase warrant of HUC (each, a “HUC Warrant”) will be exchanged for 0.760836 of a common share purchase warrant of Future Fuels (each whole warrant, a “Consideration Warrant”).
HUC has entered into a financial advisory consulting agreement dated October 24, 2025, as amended, with an arm’s length third party (the “Consultant”) pursuant to which the Consultant or its assignee will acquire an unsecured convertible debenture (the “HUC 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.
The completion of the Acquisition is subject to certain conditions precedent, including the Exchange conditionally approving the Acquisition, the shareholders of HUC approving the Acquisition and Amalgamation at a special meeting, rights of dissent with respect to the amalgamation not having been exercised by HUC shareholders holding more than 10% of the outstanding HUC Shares, and HUC having a working capital deficit of not more than $200,000 and no long-term debt (other than the HUC Convertible Debenture) 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. HUC’s head and registered office is located at Suite 1020 – 800 West Pender Street, Vancouver, BC V6C 2V6.
ValOre Metals Corp. aims to deploy capital and knowledge on projects which benefit from 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.
The technical information in this news release has been prepared on behalf of ValOre and HUC in accordance with Canadian regulatory requirements set out in National Instrument 43-101 Standards of Disclosure for Mineral Projects and reviewed and approved by Thiago Diniz, P.Geo., ValOre’s QP and Vice President of Exploration.
Source: Future Fuels Inc.
