Mr. David Mitchell reports

AMERICAN ATOMICS PARTICIPATES IN THE DOE'S FIRST "DPA DAY" FOR THE NUCLEAR FUEL CYCLE CONSORTIUM

American Atomics Inc. has participated in the inaugural DPA Day convened under the U.S. Department of Energy's (DOE) Defense Production Act (DPA) consortium for the nuclear fuel cycle. As part of the event, American Atomics engaged in the mining and milling committee, collaborating with peers to articulate policy ideas and near-term priorities for DOE counterparts and the administration focusing on efforts to rebuild domestic fuel-cycle capacity from the ground up.

The DPA consortium was established by the DOE's Office of Nuclear Energy to leverage DPA authorities and voluntary agreements with industry, enabling structured consultations aimed at increasing fuel availability and reducing reliance on foreign sources of enriched uranium and other critical inputs across the entire fuel cycle (mining and milling, conversion, enrichment, deconversion, fabrication, recycling, and reprocessing). The Department of Energy has indicated the consortium framework provides a venue for industry to co-ordinate, with appropriate protections and that the first meetings occurred in mid-October following the DOE's info session in early September.

David Mitchell, chief executive officer of American Atomics, said: "We were encouraged to participate alongside other industry stakeholders with a single objective: supporting a strong, independent U.S. nuclear fuel cycle that advances America's energy security and economic goals. Mining and milling are the foundation -- the committee discussions focused on practical, shovel-ready steps to bring capacity on line responsibly and at speed."

The DOE's announcement of the creation of the consortium emphasized closing gaps in the U.S. fuel-cycle infrastructure and using DPA tools to "bring all parties to the table" to accelerate a more secure and independent energy future. Membership in the consortium is open (with no fee) to U.S. companies involved in the nuclear fuel cycle -- as well as end-users -- with and upon DOE approval.

Why mining and milling matter

Rebuilding domestic front-end capacity is a prerequisite for reliable supply of LEU/HALEU and for insulating United States utilities and advanced reactor developers from geopolitical supply shocks. The mining and milling committee discussions centered on priorities such as: (i) streamlined land, environmental and offtake pathways; (ii) catalytic procurement signals; and (iii) co-ordinated permitting and work force development -- complementing the DOE's consortium process and broader policy objectives.

Amendment to Nuvemco option agreement

The company also announces that it has amended the option agreement dated Aug. 20, 2024, with Ventura Uranium LLC (doing business as Nuvemco LLC), 1494402 B.C. Ltd. (the optionee) and Paul Szilagyi. The optionee's obligations under the option agreement were assigned to the company pursuant to an assignment and assumption agreement dated May 8, 2025. The company and the optionors have now entered into a fifth amendment agreement pursuant to which the parties agreed to extend the payment of the second cash payment of $500,000 until the date that is the earlier of:

• Three business days following the date on which the company completes a financing of equity securities with minimum aggregate gross proceeds of no less than $2-million;
• Feb. 4, 2026.

Pursuant to the fifth amendment agreement, the company is also required to complete the final cash payment of $500,000 and complete the issuance of additional common shares as required by the option agreement, on the payment date. Except as amended by the fifth amendment agreement the option agreement remains unamended and continues in full force and effect.

About American Atomics Inc.

American Atomics intends to develop a vertically integrated uranium supply chain across North America -- from exploration and extraction to refinement, conversion and enrichment. The company's project portfolio reflects this full-cycle vision, blending near-term production assets with long-term infrastructure buildout.

We seek Safe Harbor.