Mr. Cameron MacDonald reports

AURWEST RESOURCES EXECUTES OPTION AGREEMENT TO ACQUIRE PORTER LAKE URANIUM PROJECT IN THE ATHABASCA BASIN

Aurwest Resources Corp. has entered into a definitive 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-per-cent interest in the Porter Lake property, 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 and 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 finders' 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 to 1980 work by Mudjatik Exploration Ltd. and earlier operators) and include:

• Porter Creek target (northwest): Trenching in 1979 to 1980 returned values up to 4,900 parts per million uranium (0.58 per cent U3O8 (triuranium octoxide), 11.6 pounds per ton) and 3,200 ppm uranium (0.38 per cent U3O8, 7.5 pounds per ton). Historical McDougall claim samples from the same area reported up to 9.8 pounds per ton (0.49 per cent U3O8), with additional values of 5.0 and 2.14 pounds per ton U3O8.
• Blackstone Lake target (northeast): Trenching in 1979 at the pegmatite-metasediment contact returned up to 3,200 ppm uranium (0.38 per cent U3O8, 7.5 pounds per ton), with six samples averaging 1,465 ppm uranium (0.17 per cent U3O8, 3.5 pounds per ton). A 1955 drill hole (Eric Partridge/Nova Uranium Mines Ltd.) intersected 0.2 per cent U3O8 over 1.0 foot in migmatite, plus 0.09 per cent U3O8 over 3.3 feet and 0.05 per cent U3O8 over 3.0 feet in gray pegmatite.
• Dragon target (south): Trenching 1979 in uraniferous magnetite (iron formation) returned up to 7,600 ppm uranium (0.90 per cent U3O8, 17.9 pounds per ton), with eight samples averaging 3,418 ppm uranium (0.40 per cent U3O8, 8.1 pounds per ton). One sample also carried 1.99 per cent titanium, 2,900 ppm lead, 535 ppm zinc, 270 parts per billion gold and 34,000 parts per million zirconium. Scintillometer readings reached 25,000 counts per second in this zone.

All three targets are spatially associated with Max/Min EM (electromagnetic) conductors and strong radioactive signatures confirmed by the vendor in a 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.

"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 and chief executive officer of Aurwest.

Porter Lake property

The Porter Lake uranium project is an early-stage uranium property located 40 kilometres west of Highway 914 in Saskatchewan, comprising four contiguous mineral claims totalling 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 1950s, the 1970s and more recently in 2025. This includes detailed geological, mapping, airborne geophysical surveys and lake sediment sampling. In the 1950s, a 118-metre-length drill hole at with the Blackstone target is reported to have intersected 0.2 per cent (pound per ton) U3O8 over 0.30 metre (one foot). An 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 pounds per ton (0.06 per cent) U3O8 to 9.8 pounds per ton (0.49 per cent) 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).

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 3-D 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 3-D resistivity-depth models that will assist in geological modelling, 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-per-cent interest in the Porter Lake property 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:

• On or before the one-year anniversary date of the option agreement, Aurwest must incur at least $455,000 in exploration expenditures on the property (the first expenditure);
• Upon receipt of regulatory approval, payment to the optionee of eight million units (defined below) of Aurwest, subject to a voluntary escrow, with one-fourth of these securities released every six months (the first unit-based payment);
• On or before the two-year anniversary date of the option agreement, Aurwest must incur at least $1.06-million in exploration expenditures on the property (the second expenditure);
• On or before the one-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 volume-weighted average price (defined below) of the common shares of Aurwest at that time (the second unit-based payment).

Each unit issued by Aurwest to the optionee comprises one common share and one-half common share purchase warrant and each warrant is exercisable at a price that is a 25-per-cent premium to the 20-day VWAP (defined below) calculated at the date of issuance, subject to a minimum exercise price of five cents as per CSE policies, and at any time within two 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-per-cent 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-million by Aurwest.

Qualified person

The scientific and technical information contained herein has been reviewed and approved by Bill Dynes, PGeo, a technical adviser to the company, who is a qualified person as defined in National Instrument 43-101, Standards of Disclosure of Mineral Projects.

About Aurwest Resources Corp.

Aurwest is a Canadian-based junior resource company focused on the acquisition, exploration and development of uranium and gold properties in Canada.

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