Mr. Murray Nye reports

FIRST AMERICAN URANIUM ANNOUNCES CLOSING OF OVERSUBSCRIBED $2.86M FLOW-THROUGH FINANCING

Further to First American Uranium Inc.'s news release of Nov. 6, 2025, the company has closed the previously announced non-brokered private placement of flow-through common shares in the capital of the company by the issuance of 2,073,262 flow-through shares at $1.38 per flow-through share for gross proceeds of $2,861,101.56, exceeding the proposed amount previously announced.

The gross proceeds from the issuance of the flow-through shares will be used to incur eligible Canadian exploration expenses in Quebec that qualify as flow-through critical mineral mining expenditures as such terms are defined in the Income Tax Act (Canada). The company has agreed to renounce such qualifying expenditures with an effective date of no later than Dec. 31, 2025, in an amount of not less than the total amount of the gross proceeds raised from the issuance of flow-through shares and incur such expenses by Dec. 31, 2026.

In connection with the oversubscribed offering, the company paid finders' fees to eligible finders consisting of $194,674.31 in cash and 141,068 common share purchase warrants. Each finder warrant is exercisable to acquire one common share in the capital of the company at an exercise price of $1.38 per for a period of 24 months from the date of issuance.

Additionally, an insider of the company subscribed for a total of 36,000 flow-through shares under the oversubscribed offering. The insider subscription constitutes a related party transaction within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company has relied on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(1)(a), respectively, in respect of the insider subscription as the company is not listed on a specified market and the fair market value of the flow-through shares issued pursuant to the insider subscription does not exceed 25 per cent of the market capitalization of the company, as determined in accordance with MI 61-101. The company did not file a material change report in respect of the related party transaction at least 21 days before the closing of the oversubscribed offering, which the company deems reasonable in the circumstances in order to complete the oversubscribed offering in an expeditious manner.

All securities issued in connection with the oversubscribed offering are subject to a statutory hold period of four months plus one day ending on March 18, 2026, in accordance with applicable securities legislation and policies of the Canadian Securities Exchange.

The company intends to use the net proceeds from the oversubscribed offering to finance exploration work programs, mineral property acquisitions and marketing and for general working capital purposes.

"The overwhelming demand for this financing is an exciting validation of the work we're doing and the potential that our Quebec exploration portfolio continues to show," said Murray Nye, chief executive officer of First American Uranium. "Our primary objective during this period is to generate substantial value for our shareholders in the coming months through focused and strategic exploration efforts. We are confident that this next phase will yield promising results. We will keep you informed of our progress as we move forward."

About First American Uranium Inc.

First American Uranium is a North American mineral exploration company focused on the acquisition and development of precious, base and critical mineral assets. Its portfolio includes the Silver Lake property in British Columbia's Omineca mining division and a recently acquired land package in Quebec's Grenville province. The Quebec properties add exposure to rare earth elements (REEs), niobium and nickel-copper occurrences, expanding the company's footprint into critical minerals that are strategically important for energy and defence applications.

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