Vancouver, British Columbia--(Newsfile Corp. - August 24, 2026) - Pure Energy Minerals Limited (TSXV: PE) (OTCQB: PEMIF) ("Pure Energy" or "the Company") is pleased to announce that it has entered into a non-binding letter of intent (the "LOI") dated August 20, 2026, with Ameriwest Critical Metals Inc. (CSE: AWCM) (OTCQB: AWLIF) (FSE: 5HV) ("Ameriwest"). Under the terms of the LOI, Pure Energy will acquire a 100% interest in Ameriwest's Railroad Valley Property (the "Property") located in Nye County, Nevada.

The Property consists of 213 unpatented mineral claims covering a prospective lithium brine target in the prospective Railroad Valley basin.

Terms of the Transaction

Upon closing, consideration for the Transaction will consist of the following:

1. Share Consideration: Pure Energy will issue 8,000,000 common shares of the Company to Ameriwest at a deemed price per share equal to the lowest price permitted under the policies of the TSX Venture Exchange (the "TSXV").

2. Royalty: Pure Energy will grant a 2.0% Net Smelter Returns (NSR) royalty in favor of Ameriwest (or its designee) on the claims, which will include an area of influence extending 1-mile perimeter beyond the existing property boundary

Following the execution of the LOI, Pure Energy and Ameriwest will work in good faith toward negotiating and executing a definitive agreement (the "Definitive Agreement") within 30 days. The transaction is subject to regulatory approval, including the approval of the TSXV. Regulatory approvals are anticipated within 90 days, with final transfer of the Property claims to be completed within 30 days following closing.

William Morton, CEO of Pure Energy, commented: "The acquisition of the Railroad Valley Property is a natural fit for Pure Energy as we continue to expand our footprint in Nevada's premier lithium basins. We look forward to working closely with Ameriwest to finalize the definitive agreement and welcome them as a significant shareholder in Pure Energy."

About Pure Energy

Pure Energy is a TSX Venture Exchange-listed mineral exploration company transitioned toward a new phase of corporate growth. Following the successful option-out of its Clayton Valley Project, the Company is currently focused on the evaluation of new strategic prospects. The Company is committed to a disciplined acquisition strategy aimed to create long-term shareholder value.

On behalf of the Board of Directors,

"William Morton"
President and CEO, Pure Energy Minerals Limited

Cautionary Statements and Forward-Looking Information

This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". This information and these statements, referred to herein as "forward‐looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding the the LOI, the Definitive Agreement and the Transaction, and the fact that the Transaction is subject to certain conditions and may not be successfully completed. Such forward-looking information is based on a number of material factors and assumptions, including, without limitation, the Company's ability to negotiate the Definitive Agreement; the receipt of any required permits and approvals; and the Company's ability to carry out its exploration plans as currently contemplated.

These forward‐looking statements involve numerous risks and uncertainties, and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, that the Offering may not close as anticipated or at all, that the Company may not receive the required regulatory approvals, that unforeseen events may cause the Company to reallocate the proceeds of the Offering, that the Company will not grow the Company, advance the development of resources and that the Company will not create shareholder value.

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/310918