Mr. Peter Berdusco reports

PURECORE PUBLISHES URANIUM MARKET REPORT TRACKING AI-DRIVEN NUCLEAR DEMAND

Purecore Metals Inc. has seen the publication of Uranium and the AI Power Boom, a comprehensive industry report examining projected global uranium supply and demand against the backdrop of accelerating electricity consumption from artificial intelligence and data centre infrastructure.

The report draws on data from the International Energy Agency, International Atomic Energy Agency, U.S. Energy Information Administration, Sprott Asset Management, Cameco Corp. and other recognized industry sources. It highlights a timing imbalance between the rapid development of AI infrastructure and the longer development timelines associated with new uranium mines.

Uranium and the AI Power Boom -- report highlights

The report examines several developments influencing the global uranium industry:

• AI-driven electricity demand: The IEA's projection that data centre electricity consumption could reach 950 terawatt-hours annually by 2030;
• Global nuclear expansion: The IAEA's latest nuclear-generating-capacity projections through 2060;
• Long-term uranium supply: industry scenarios indicating cumulative uranium supply deficits of approximately 700 million to 1.7 billion pounds of triuranium octoxide through 2040;
• Uranium pricing: September, 2026, industry-average spot and long-term indicators of $89.63 (U.S.) and $96.50 (U.S.) per pound, respectively;
• Nuclear utility contracting: EIA data showing approximately 186.3 Mlb of unfilled U.S. utility requirements for 2026 to 2035;
• Global production concentration: Kazakhstan's approximately 40-per-cent share of global uranium mine production;
• Exploration and development: long timelines associated with bringing new mining projects into production;
• Purecore's portfolio: the Yurchison uranium property in Saskatchewan and Bankier property in British Columbia.

Peter Berdusco, president and chief executive officer of Purecore, commented: "Artificial intelligence is introducing another powerful source of electricity demand. The world's largest technology companies are increasingly looking toward nuclear energy as a source of reliable, around-the-clock power capable of supporting the scale and performance requirements of next-generation data centres. We compiled this report because we believe investors should have access to the same underlying industry data that informs our strategic decisions. Understanding the relationship between nuclear expansion, uranium supply and long-term electricity demand is fundamental to understanding why Purecore is building its portfolio around uranium and other critical minerals."

Purecore's uranium and critical mineral strategy

Purecore continues to pursue an acquisition- and exploration-focused strategy targeting uranium and copper opportunities in prospective mining jurisdictions.

The company's Yurchison uranium property, located in the Wollaston domain of Northern Saskatchewan, comprises 22 mineral claims covering approximately 35,029 hectares. Pursuant to its definitive option agreement with Skyharbour Resources Ltd., Purecore holds an option to earn an up-to-100-per-cent interest in Yurchison.

The property is located approximately 75 kilometres south of Cameco's Rabbit Lake operation and is the subject of a continuing historical data compilation and technical review program intended to support future exploration target generation.

Through its existing portfolio and continuing evaluation of additional opportunities, Purecore aims to build a portfolio of critical mineral exploration assets positioned within the broader themes of nuclear energy expansion, electrification and increasing global electricity requirements.

Global nuclear expansion and uranium supply

The IAEA's September, 2026, nuclear power projections provide additional evidence of the potential scale of future nuclear energy expansion. According to the IAEA, approximately 413 nuclear reactors were operating worldwide at the end of 2025, representing 377.1 gigawatts of electrical generating capacity.

Under the agency's high-growth scenario, global nuclear generating capacity could increase to approximately 1,045 gigawatts by 2050 and 1,284 gigawatts by 2060, more than three times the 2025 operating capacity. These figures are scenario-based projections, not assured outcomes.

Sprott's uranium market analysis estimates that cumulative uranium supply deficits could approach 700 Mlb of U3O8 by 2040 under its underlying demand assumptions. Under a scenario incorporating global net-zero commitments, the projected cumulative deficit could reach approximately 1.7 Blb of U3O8 over the same period.

Uranium pricing and utility contracting

According to Cameco's published uranium pricing data, the industry-average uranium spot price was $89.63 (U.S.) per lb U3O8 at Sept. 30, 2026, compared with $24.63 (U.S.) per lb in January, 2020. The industry-average long-term uranium price indicator was $96.50 (U.S.) per lb at Sept. 30, 2026, compared with $35 (U.S.) per lb at the end of 2020.

The report examines how outstanding U.S. nuclear utility contracting requirements, together with potential global nuclear fleet expansion, could influence uranium procurement strategies and future demand for primary uranium production.

Concentration of global uranium production

According to the World Nuclear Association, Kazakhstan accounted for approximately 40 per cent of global uranium mine production in 2025, making it the world's largest uranium-producing country.

Kazatomprom, Kazakhstan's national uranium company and the world's largest uranium producer, reported that its attributable production represented approximately 20 per cent of global primary uranium production in 2025.

About Purecore Metals Inc.

Purecore is a Canadian critical mineral exploration company focused on building a portfolio of uranium and copper assets aligned with the long-term expansion of global electricity demand. The company's strategy focuses on the acquisition, exploration and advancement of critical mineral assets in mining-friendly jurisdictions.

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