Uranium One Mining Corp. Announces Amendment to Share Exchange Agreement in Connection with Acquisition of the Foghorn and Pasfield Lake Properties
(TheNewswire)
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Vancouver, BC – October 28, 2026 – TheNewswire - Uranium One Mining Corp. (“Uranium One” or the “Company”) (UUU: CSE | UUUFF: OTCID | SL51: Frankfurt) is pleased to announce that it has entered into an amending agreement (the “Amending Agreement”) dated effective October 27, 2026, with 1583644 B.C. Ltd. (“NumberCo”), a private corporation incorporated under the laws of British Columbia, and the shareholders of NumberCo (the “NumberCo Shareholders”), amending the share exchange agreement dated effective June 26, 2026 (the “Share Exchange Agreement”) among the Company, NumberCo and the NumberCo Shareholders, pursuant to which Uranium One will acquire all of the issued and outstanding common shares of NumberCo (the “Transaction”) in exchange for an aggregate of 27,060,000 common shares of Uranium One (the “Consideration Shares”).
The Amending Agreement provides for, among other things: (i) a revised allocation of the aggregate 8,900,000 common shares of NumberCo issuable pursuant to the Foghorn Purchase Agreement (as defined below), being 6,700,000 common shares to 0782618 B.C. Ltd. and 2,200,000 common shares to Bua Capital Management Ltd., subject to approval of the Canadian Securities Exchange; (ii) a reduction in the deemed price per Consideration Share from $0.35 to $0.20; (iii) an extension of the termination date under the Share Exchange Agreement from September 30, 2026 to October 31, 2026; and (iv) corrections to the description of the Foghorn Property (as defined below) set out in Schedule “C” to the Share Exchange Agreement. The aggregate number of NumberCo shares issuable in respect of the Foghorn Property and the C$250,000 cash amount previously disclosed in connection with its acquisition remain unchanged. The Amending Agreement confirms that this cash amount represents assignment fees already paid by the Company on behalf of NumberCo in connection with the Foghorn Purchase Agreement.
As previously disclosed in the Company's news release dated June 26, 2026, in connection with the Transaction, NumberCo simultaneously entered into the Property Purchase Agreements to acquire the Foghorn Property from 0782618 B.C. Ltd. pursuant to the Foghorn Purchase Agreement and the Pasfield Lake Property from Zadar Minerals Corp. The closing of the Property Purchase Agreements shall occur prior to or concurrently with the closing of the Transaction. No finder’s fees or commissions are payable by the Company in connection with the Transaction.
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 Foghorn Property will be subject to a 3% net smelter returns royalty, with a buyback right for up to 1.5% for an aggregate maximum buyback price of C$1,500,000. The Company believes the project represents an attractive opportunity to evaluate historical exploration results through a systematic, multi-commodity exploration approach.
Historical records describe geological mapping, drilling, underground development and metallurgical testing targeting uranium, fluorite and other minerals at the Foghorn Property. The Company has not independently verified this historical information.
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. The Pasfield Lake Property is subject to an existing 2% net smelter returns royalty in favour of Canterra Minerals Corporation, subject to a buy-down right to 1% upon payment of C$1,000,000. 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 Corp. 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 project portfolio includes the Quark Uranium Project, the Yuty Prometeo Uranium Project and the Nucleon Uranium Project, which remain subject to ongoing exploration and evaluation.
Uranium One Mining Corp. 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.
1583644 B.C. Ltd. is a private corporation incorporated under the laws of British Columbia.
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by Lawrence Segerstrom, a consulting geologist who is a “Qualified Person” as such term is defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
On behalf of the Board of Directors of Uranium One Mining Corp.
“David Greenway”
David Greenway, CEO
For further information, please contact:
Uranium One Mining Corp. Brent Rusin
Phone: +1 672-533-0348
Email: info@uraniumone.com Website: www.uraniumone.com
Cautionary Note Regarding Forward-Looking Statements and Information
This news release may contain certain forward-looking statements and forward-looking information (collectively, “Forward-Looking Statements”) within the meaning of the applicable Canadian and U.S. securities laws. All statements, other than statements of historical fact, included herein are Forward-Looking Statements. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target”, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify Forward-Looking Statements.
Forward-Looking Statements in this news release include, without limitation, statements relating to: the anticipated completion of the Transaction and the Property Purchase Agreements on the terms contemplated by the Share Exchange Agreement, as amended by the Amending Agreement; the Company’s plans with respect to the Foghorn Property and the Pasfield Lake Property following the Transaction; the satisfaction of conditions precedent to the closing of the Transaction, including receipt of CSE approval and other regulatory approvals, on or before the extended termination date of October 31, 2026; and the Company’s broader business objectives, exploration plans, and strategic direction.
Forward-Looking Statements are based on the reasonable assumptions, estimates, expectations, and opinions of management of the Company as of the date of this news release, and are necessarily subject to a number of known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements of the Company to be materially different from those expressed or implied by such Forward-Looking Statements, including but not limited to: the risk that the Transaction, the Property Purchase Agreements, or either of them, may not be completed on the terms contemplated by the Share Exchange Agreement, as amended by the Amending Agreement, or at all; the risk that conditions precedent to the closing of the Transaction may not be satisfied or waived on or before the extended termination date; the risk that CSE approval of the amended terms may not be obtained; the potential dilution to existing shareholders of the Company resulting from the issuance of the Consideration Shares to the NumberCo Shareholders, including as a result of the revised allocation of common shares of NumberCo issuable pursuant to the Foghorn Purchase Agreement and the reduction in the deemed price per Consideration Share; risks relating to the mineral exploration industry, including the inherent uncertainty of mineral exploration and development; risks related to the title, ownership, and condition of the mineral claims; the impact of existing royalty obligations on the future economics of the properties; fluctuations in commodity prices, including uranium prices; changes in applicable laws, regulations, or government policies in Canada or any other relevant jurisdiction; general economic, market, and business conditions; and any other risks and uncertainties described from time to time in the Company’s public disclosure documents filed on SEDAR+. Although the Company believes that the assumptions underlying the Forward-Looking Statements are reasonable, undue reliance should not be placed on these statements, which apply only as of the date of this news release. The Forward-Looking Statements contained herein are expressly qualified in their entirety by this cautionary note. The Company does not undertake any obligation to publicly update or revise any Forward-Looking Statements, whether as a result of new information, future events, or otherwise, except as required by applicable securities laws.
Readers are cautioned that the foregoing list of risks and uncertainties is not exhaustive. Additional information about these and other risks and uncertainties is available in the Company’s public disclosure documents filed on SEDAR+ at www.sedarplus.ca.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
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