Aurwest Resources Executes Option Agreement to Acquire Porter Lake Uranium Project in the Athabasca Basin
Calgary, June 1, 2026 - Aurwest Resources Corp. ("Aurwest" or the "Company") (CSE: AWR) is pleased to announce that it has entered into a Definitive Option Agreement (the "Option Agreement") dated May 29, 2026, with Critical Path Minerals Corp. (the "Optionee"), an arm's-length private company, granting Aurwest the option to acquire a 100% interest in the Porter Lake property ("Property" or "Porter Lake") which is a 10,490 hectare land package with mineralization, situated within the world's principal uranium district - the Athabasca Basin area of Northern Saskatchewan, Canada. Under the terms of the Option Agreement, the Company will complete two years of exploration programs, provide cash and a series of equity payments to earn its interest in the Property (transaction terms set out below) and this transaction remains subject to approval by the Canadian Securities Exchange. No finder's fees were paid as part of the transaction. The Porter Lake property is strategically positioned in a known uranium jurisdiction, along trend with the Athabasca Basin's largest discoveries. The Porter Lake property recent work has confirmed known mineralization which is highly prospective for both basement and structurally-hosted type uranium deposits.
Historical uranium results from the Porter Lake property include trenching, sampling and drilling on the Porter Lake property have returned high-grade uranium values at three priority targets, all of which remain untested by modern drilling. These results are compiled from public Saskatchewan Mineral Assessment Files 74B06-0029, 74B06-0032, 74B06-0030 and 74B06-0001 (1979-1980 work by Mudjatik Exploration Ltd. and earlier operators) and include:
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Porter Creek target (NW): 1979-1980 trenching returned values up to 4,900 ppm uranium (0.58 % U?O?, 11.6 lbs/ton) and 3,200 ppm uranium (0.38 % U?O?, 7.5 lbs/ton). Historical McDougall Claim samples from the same area reported up to 9.8 lbs/ton (0.49 % U?O?), with additional values of 5.0 and 2.14 lbs/ton U?O?.
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Blackstone Lake target (NE): 1979 trenching at the pegmatite-metasediment contact returned up to 3,200 ppm uranium (0.38 % U?O?, 7.5 lbs/ton), with six samples averaging 1,465 ppm U (0.17 % U?O?, 3.5 lbs/ton). A 1955 drill hole (Eric Partridge / NOVA Uranium Mines Ltd.) intersected 0.2 % U?O? over 1.0 ft in migmatite, plus 0.09 % U?O? over 3.3 ft and 0.05 % U?O? over 3.0 ft in gray pegmatite.
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Dragon target (S): 1979 trenching in uraniferous magnetite (iron formation) returned up to 7,600 ppm uranium (0.90 % U?O?, 17.9 lbs/ton), with eight samples averaging 3,418 ppm U (0.40 % U?O?, 8.1 lbs/ton). One sample also carried 1.99 % Ti, 2,900 ppm Pb, 535 ppm Zn, 270 ppb Au and 34,000 ppm Zr. Scintillometer readings reached 25,000 cps in this zone.
All three targets are spatially associated with Max/Min EM conductors and strong radioactive signatures confirmed by the vendor in 2025 airborne high-resolution gamma ray spectrometry survey. Full original reports, maps and assay data are publicly available through the Saskatchewan Geological Survey. These historical results are not necessarily indicative of future exploration outcomes and have not been verified by Aurwest.
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| Figure 1 - General Area Map of Porter Lake Claims |
"Global demand for nuclear energy is set to triple by 2050 to meet net-zero goals, positioning uranium to lead the next era of energy supply. Uranium demand continues to surge as mine supply tightens, underpinning a growing structural supply-demand deficit. Aurwest is expanding its portfolio to include uranium given the global structural shift toward nuclear power generation as a clean, consistent, and secure energy source," said Cameron MacDonald, Interim President & CEO of Aurwest.
Porter Lake Property
The Porter Lake Uranium Project is an early-stage uranium property located 40 kilometers (km) west of Hwy 914 in Saskatchewan, comprising four contiguous mineral claims totaling 10,490 hectares and is located along the southernmost trend of the Wollaston Mujatik Transition Zone ("WMTZ"), which is spatially associated with many of the significant Uranium deposits in Northern Saskatchewan.
Porter Lake Property History
The Porter Lake Uranium property has undergone government and industry exploration during the 1950's, the 1970's and more recently in 2025. This includes detailed geological, mapping, airborne geophysical surveys, and lake sediment sampling. In the 1950's, a 118-meter (m) length drill hole at with the Blackstone target is reported to have intersected 0.2% U3O8 (lb/ton) over 0.30 m (1ft) An electromagnetic ("EM") conductor frequently associated with uranium deposits, was not tested. Conductors are frequently associated with uranium deposits. Selected historical samples from the Porter Lake target identified granitoids with uranium values ranging from 1.2 lb/ton (0.06%) U3O8 to 9.8 lb/ton (0.49%) U3O8.
In 2025, an airborne high-resolution gamma ray spectrometry survey, combined with further compilation of shallow basement-hosted data and analysis, confirmed previous surface sampling and indicates significant surface area expansion of those uraniferous exposures. These results identified and confirmed exposed granitoids exhibiting significant radioactive signatures of uranium, thorium and potassium on all three targets (Blackstone, Dragon, and Porter Lake).
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| Figure 2 - Porter Lake Property showing Ground-Based Scintillometer total count at Porter Creek, Blackstone & Dragon Targets.
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Figure 3 - Porter Lake 2025 Grid Survey Data Uranium (eU)
The Optionee has made significant investment in the Property, and under the Option Agreement, Aurwest will receive access to all the current and historical data - reducing capital costs and exploration risk for future programs at Porter Lake. Aurwest is planning to further advance the Property with additional ground prospecting and an Airborne Versatile Time Domain Electromagnetic ("VTEM") geophysical survey to detect deep metallic mineralization which will produce accurate 3D resistivity-depth images to support future drilling activities. The VTEM survey will confirm and further define the geometry the known radioactive conductors with in the target areas and search for new conductors in unexplored areas of the Property. It will also provide 3D resistivity-depth models that will assist in geological modeling including extrapolation-projection of the uraniferous granitoids that exhibit "ore grades" for a potential bulk mining situation.
Transaction Summary
Under the terms of the Option Agreement, Aurwest has the sole and exclusive right and option to acquire up to a 100% interest in the Porter Lake property (the "Porter Lake Option") in consideration for incurring a minimum of $1,515,000 in exploration expenditures and making the securities issuances set out below (in each case subject to and in accordance with the rules and policies of the Canadian Securities Exchange (the "CSE")):
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On or before the 1-year anniversary date of the Option Agreement, Aurwest must incur at least $455,000 in exploration expenditures on the Property (the First Expenditure");
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Upon receipt of regulatory approval, payment to the Optionee of 8,000,000 Units (defined below) of Aurwest, subject to a voluntary escrow with ¼ of these securities released every six months (the "First Unit Based Payment");
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On or before the 2-year anniversary date of the Option Agreement, Aurwest must incur at least $1,060,000 in exploration expenditures on the Property (the Second Expenditure");
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On or before 1-year anniversary date of the Option Agreement, payment to the Optionee of $150,000 in Units (defined below) of Aurwest, calculated on the anniversary date using a 20-day VWAP (defined below) of the common shares of Aurwest at that time (the Second Unit Based Payment").
Each unit (the "Units") issued by Aurwest to the Optionee is comprised of one common share and one-half common share purchase warrant and each warrant is exercisable at a price that is a 25% premium to the 20 day VWAP (defined below) calculated at the date of issuance, subject to a minimum exercise price of $0.05 as per CSE Policies, and at any time within 2 years from the date of issuance, and the Units shall be priced using a 20 day Volume Weighted Average ("VWAP") at the anniversary date of the common shares of Aurwest as listed on the CSE. Following exercise of the Option. The Optionee will also retain a 2.0% net smelter return royalty on the Porter Lake property, half of which may be repurchased at any time prior to commercial production for a one-time cash payment of $1,000,000 by Aurwest.
Qualified Person
The scientific and technical information contained herein has been reviewed and approved by Mr. Bill Dynes, P.Geo., a technical advisor to the Company, who is a "Qualified Person" as defined in National Instrument 43-101 - Standards of Disclosure of Mineral Projects.
On Behalf of Aurwest Resources Corporation
"Cameron MacDonald"
Interim President and Chief Executive Officer
For Additional Information Please Contact
Cameron MacDonald
Telephone: (403) 585-9875
Email: cmacdonald@aurwestresources.com
Website: www.aurwestresources.com
About Aurwest Resources Corporation
Aurwest is a Canadian-based junior resource company focused on the acquisition, exploration, and development of uranium and gold properties in Canada.
Disclaimer for Forward-Looking Information
This news release contains certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the future operations and activities of the Company, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved.
Forward-looking statements in this news release relate to, among other things, completion of the Option Agreement and the transactions contemplated therein, including the Company's Property, exploration thereon, and the results of such exploration. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions, and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the receipt of any required regulatory or CSE approvals to complete the Option Agreement and transactions contemplated therein, the ability to complete exploration work, the results of exploration, continued availability of capital, and changes in general economic, market and business conditions, and the receipt of any required governmental approvals for continued exploration. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Readers are urged to refer to the Company's reports for a more complete discussion of such risk factors and their potential effects, publicly available at SEDAR+, the Canadian Securities Administrators' national system that all market participants use for filings and disclosure, at www.sedarplus.ca. The Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.
Neither the Canadian Securities Exchange nor the 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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