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March 31, 2026
Acquisition of Ameranium Energy Corp. delivers a 4,087-acre, drill-permitted uranium project with two stacked target horizons on the Colorado Plateau
TORONTO, ON, March 31, 2026 – UraCore Energy Corp. (“UraCore” or the “Company”), a privately held uranium exploration company focused on the United States, is pleased to announce that it has completed the acquisition of all of the issued and outstanding shares of Ameranium Energy Corp. (“Ameranium”) from Ameranium Resources Corp. (“ARC”) (the “Acquisition”). Ameranium holds 100% of the Powerline Uranium Project (“Powerline” or the “Project”) in Grand County, Utah, and is now a wholly owned subsidiary of UraCore.
The Acquisition was completed under a definitive agreement dated March 6, 2026 (the “Definitive Agreement”), following a letter of intent signed on May 21, 2025, and was approved by ARC’s shareholders on March 20, 2026. Powerline becomes UraCore’s founding U.S. asset, giving the Company a large, permitted land position in one of America’s most historically productive uranium regions.
“Closing Powerline gives UraCore a serious foundation: a large, permitted land package in proven uranium country, with two targets stacked on top of each other and historic wells already lighting up on gamma logs,” said Peter Kim, Chief Executive Officer of UraCore. “The groundwork has been done by the people who came before us. Our job now is to put modern eyes and, ultimately, a drill bit on it.”
Powerline lies within the Paradox Basin of the Colorado Plateau, straddling the Salt Wash Anticline (West Block) and the Courthouse Syncline (East Block and State Lease), near the northern end of the Moab Fault system. The Project is underlain by the Triassic Chinle Formation, at depths of approximately 600 to 1,100 metres, and by the shallower Jurassic Morrison Formation. Deposits in these settings are sandstone-hosted, and the depth of the Chinle target makes in situ recovery the most likely extraction method if a deposit were defined.
Within the 35.4-metre anomalous zone in the Samson Powerline 12-1 well, a 19.0-metre interval at approximately 827 to 862 metres depth was estimated at 0.0258% eU₃O₈ from gamma-ray logs.¹ ² These are equivalent grades estimated from oil and gas logging tools, not chemical assays.
The Project is the subject of a technical report, dated April 8, 2025, prepared under NI 43-101 by Seymour M. Sears, P.Geo., for Ameranium. The Company has engaged Dr. Jon P. Thorson to update the technical report, including the Salt Wash target.
The scientific and technical information has been reviewed and approved by Seymour M. Sears, B.A., B.Sc., P. Geo, a “qualified person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Seymour M. Sears is independent of the Company.
UraCore Energy Corp. is a privately held uranium exploration company advancing its Powerline Project in Utah. The Company continues to evaluate additional uranium assets in established, mining-friendly U.S. jurisdictions to grow its portfolio and support a secure domestic nuclear fuel supply.On behalf of the Board of Directors
URACORE ENERGY CORP.
Peter Kim, Chief Executive Officer
Peter Kim, Chief Executive Officer | p.kim@uracoreenergy.com
www.uracoreenergy.com
Technical information. ¹ Mineralization information for Powerline is derived from gamma-ray logs of oil and gas wells drilled by third parties between 1966 and 2007. Those logging tools were not calibrated for uranium, and equivalent grades (eU₃O₈) are estimates that may be affected by radioactive disequilibrium; they are not a substitute for chemical assays. ² This information is historical in nature, a qualified person has not verified it, and it should not be relied upon. Seismic interpretations are not indicative of mineralization. No mineral resource or mineral reserve has been estimated on the Powerline Project, and no drilling has been carried out by the Company. There is no certainty that further exploration will result in the discovery of an economic deposit, or that in situ recovery would be technically or economically feasible.
No offer of securities. This news release is for information purposes only and does not constitute an offer to sell, or the solicitation of an offer to buy, any securities of the Company in any jurisdiction. The Company is a private company: its shares are not listed on any stock exchange and there is no public market for them. Any offering of securities will be made only by way of available prospectus exemptions, to eligible investors, and under formal offering documents. The Company’s securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to U.S. persons without registration or an applicable exemption. No stock exchange, securities commission or other regulatory authority has reviewed or approved the contents of this news release or accepts responsibility for its adequacy or accuracy.
Date of information. The information in this news release is current only as at March 31,2026. This news release was prepared for posting on the Company’s website and was posted on March 6,2025; it was not disseminated through a newswire service. Later developments, including exploration results, are or will be reported separately. Readers should review the Company’s most recent disclosure and should not rely on this release as a complete or current description of the Company or its projects.
Forward-looking information. This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws, including statements regarding the anticipated benefits of the Acquisition; the posting of the reclamation bond and the use of the BLM Notice; planned technical work, including the review of historic drill cuttings; the preparation and timing of an updated NI 43-101 technical report; the design, financing and timing of drilling; the potential of the Chinle and Salt Wash targets; and the potential use of in situ recovery; the Company’s proposed public listing; and the Company’s business strategy and plans. Words such as “plans”, “expects”, “intends”, “targets”, “potential”, “may”, “could”, “will” and similar expressions identify forward-looking information. Forward-looking information is based on management’s assumptions as at the date of this release, including the availability of financing, contractors and laboratories, the timely receipt of permits and land access, and uranium market conditions. It is subject to known and unknown risks that may cause actual results to differ materially, including: risks inherent in mineral exploration; the risk that the anticipated benefits of the Acquisition are not realized; the risk that historical or log-derived information proves unreliable; the risk that drilling does not confirm mineralization; title risk, including with respect to the Utah State mineral lease; the risk that the BLM Notice lapses or that bonding cannot be posted; title, claim-maintenance and land-access risks; permitting and regulatory risks; the Company’s ability to raise capital on acceptable terms or at all; the risk that the proposed public listing is not completed on the expected timeline or at all; uranium price volatility; dependence on key personnel and consultants; and changes in law or government policy. Readers should not place undue reliance on forward-looking information. The Company disclaims any obligation to update forward-looking information except as required by applicable securities laws.