First American Uranium Inc. to Enter Quebec with Planned Strategic Acquisition of Rare Earth Elements Niobium Properties in the Grenville Province, Quebec
globenewswire.com
October 07, 2025 07:30 ET | Source: First American Uranium Inc.
- This acquisition will mark First American Uranium Inc.’s initial entry into Quebec with five properties in the Grenville Province, one of the most prospective regions for critical minerals in Canada
- Properties host multiple rare earth, niobium and nickel-copper showings, including historical samples returning 2.7% Total Rare Earth Elements (“TREE”) and 3,190 ppm niobium (“Nb”)
Vancouver, BC, Oct. 07, 2025 (GLOBE NEWSWIRE) -- First American Uranium Inc. (CSE: URM) (FSE: IOR) (OTCPK: FAUMF) (“First American Uranium”, or the “Company”) is pleased to announce that it has entered into a property purchase agreement (the “Agreement”) with a group of arm’s length vendors, pursuant to which the Company will acquire a 100% legal and beneficial interest in certain mineral properties free of any NSRs comprising a strategic land package in the Grenville Province of Quebec (the “Properties”), representing the Company’s first entry into the province. The acquisition includes five properties located in the regional municipalities of La Haute-Côte-Nord, La Tuque, and Le Fjord-du-Saguenay — a region recognized for its high concentration of critical mineral occurrences relative to other geological provinces in Quebec. The area also hosts significant projects such as the niobium Niobec Mine, which was sold for US$500 million in 2015, the niobium Lac Crevier project, as well as the phosphurus projects of Bégin–La Marche and Lac à l’Original.
The Properties host a series of rare earth element (REE), niobium (Nb) and nickel-copper (Ni-Cu) projects that demonstrate strong potential for critical mineral exploration and development in the Grenville Province:
Key Showings and Historical Results
- Blanchette-1 (REE): A grab sample collected by Quebec government geologists returned 2.7% TREE, including 4,090 ppm Nd, hosted in a granitic pegmatite.
- Sabot (REE): A grab sample collected by government geologists returned 0.21% TREE, including 365 ppm Nd, within a quartziferous syenite.
- Blanchette-1 bis (Ni-Cu): A nickel-copper quartz vein sample returned 0.25% Cu and 0.1% Ni, hosted in a highly deformed paragneiss associated with gabbro boudins.
- Bardy (REE): A grab sample collected by Quebec government geologists returned 0.68% TREE, including 1,150 ppm Nd, hosted in a granitic pegmatite.
- Seigneurie Deposit (Nb-REE): Originally drilled by SOQUEM in 1978, pegmatites up to 50 metres wide were intersected, containing uneconomic uranium and thorium values. However, in 2010, a local prospector collected grab samples, one of which returned 3,190 ppm Nb and 4,031 ppm TREE. Notably, these pegmatites have not been systematically assayed for rare earths or other critical minerals.
Strategic Significance
The acquisition will provide First American Uranium with a strategic foothold in Quebec, one of the most mining-friendly jurisdictions globally, and will position the Company to capitalize on the Grenville Province’s prospectivity for rare earths and other critical minerals. The Properties to be acquired consist of 39 claims covering 2,240 hectares, and the Company has separately staked an additional 480 claims covering 27,696 hectares in and around the Properties. Collectively, this land package totals 519 claims covering 29,936 hectares. The Niobec Mine, which was sold for US$500 million in 2015, is located approximately 130 kms from the Properties.
Figure 1: Five (5) properties located southwest and east of the Saguenay Lac Saint-Jean area.
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Figure 2: Grenville Province (circled in red) with major mines and projects under development in Quebec.
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The global niobium and niobium-alloy market was valued at approximately US$2.9 billion in 2024 and is projected to reach US$4.6 billion by 2032 (~7% CAGR), with steel remaining the dominant use category while advanced applications are rapidly expanding. Rising demand is being driven by high-strength steels for infrastructure and automotive, heat-resistant superalloys for jet engines, hypersonic missiles and rocket nozzles in defense and aerospace, and superconducting materials—such as qubits and Josephson junctions—for next-generation quantum computing. Against this backdrop, First American believes it is well positioned to unlock significant exploration value across its newly acquired assets and capitalize on these strategic, high-growth markets.
Murray Nye, CEO of First American Uranium, commented:
“Our team believes that the Grenville Province of Quebec is the most prospective geological setting in the province for critical mineral deposits. This acquisition will provide URM with a strategic entrance into a world-class jurisdiction, in close proximity to the U.S. border, where demand for rare earths and other critical minerals continues to accelerate. We view this land package as a cornerstone for our expansion into Quebec and a key step in building long-term value for our shareholders. In addition, URM is aligning its strategy with President Trump’s executive order announced in March 2025 to boost production of critical minerals, including niobium and intends to pursue non-dilutive funding opportunities, including engagement with the U.S. Department of Energy, Department of Defense, and the Export-Import Bank (EXIM), to advance development while preserving shareholder value.”
Transaction Details
Under the terms of the Agreement, the vendors will transfer to the Company a 100% interest in the Properties, free and clear of all encumbrances. As consideration, the Company will issue an aggregate of 4,020,000 common shares (the “Consideration Shares”) at a deemed issuance price of $0.85 per Consideration Share to the vendors upon closing. The Consideration Shares will be allocated among the vendors in varying amounts, corresponding to their respective ownership interests in the Properties.
The Consideration Shares will be issued pursuant to exemptions from the prospectus requirements of applicable Canadian securities laws and will be subject to a statutory hold period of four months and one day from the date of issuance.
Completion of the transaction is subject to customary closing conditions, including receipt of all necessary approvals from the Canadian Securities Exchange (the “CSE”). The transaction constitutes an arm’s length transaction, and no changes to the board of directors or management of the Company are anticipated in connection with its completion.
ABOUT FIRST AMERICAN URANIUM INC.
First American Uranium Inc. is engaged in the business of mineral exploration and the acquisition of mineral property assets in North America. Its objective is to locate and develop economic precious and base metal properties of merit and to conduct its exploration programs on the Silver Lake property. The Silver Lake property is situated around Goosly Lake and approximately 30 km southeast of the town of Houston, in the Omineca Mining Division, British Columbia.
ON BEHALF OF THE BOARD OF DIRECTORS:
Murray Nye
Chief Executive Officer
1055 West Georgia Street, Suite 1500
Vancouver, BC V6E 0B6
Canada
For further information, please contact:
Murray Nye, CEO
Email: finance@firstamericanuranium.ca
Phone: +1 (416) 300-7398
CSE:URM
OTCPK:FAUMF
FSE:IOR
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any applicable state securities laws, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws, or pursuant to an available exemption from such registration requirements.
Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements in this release, other than statements of historical fact, that address events, results, outcomes or developments that the Company expects, anticipates or intends to occur in the future, or that otherwise reflect management’s expectations or beliefs about future events, are forward-looking statements. Forward-looking statements are generally, but not always, identified by the use of words and phrases such as “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential,” “opportunity,” “strategy,” “target,” “forecast” and similar expressions, or statements that events, conditions or results “will,” “would,” “may,” “could,” or “should” occur or be achieved.
Forward-looking statements in this release include, but are not limited to: (i) statements regarding the Properties and their mineral prospectivity; (ii) the Company’s planned exploration, development and evaluation activities on the Properties; and (iii) the potential for the Grenville Province to host significant rare earth element, niobium, nickel-copper or other critical mineral deposits. Such forward-looking statements are based on the Company’s current plans, intentions, expectations and beliefs and are subject to certain assumptions, including, without limitation, assumptions that required regulatory approvals will be obtained in a timely manner, that financing will be available on reasonable terms, and that exploration results will continue to support the prospectivity of the Properties.
Although the Company believes the expectations expressed in such forward-looking statements are reasonable, such statements are not guarantees of future performance or outcomes and actual results may differ materially from those expressed or implied in the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated include, but are not limited to: the timing and receipt of required regulatory approvals; changes in commodity prices and market conditions; the availability of capital and financing on acceptable terms; general economic, business and political conditions; risks inherent in mineral exploration and development, including operational risks, geological uncertainties, environmental risks and accidents; changes in government regulation or policy; and the speculative nature of mineral exploration and development. Additional information regarding risks and uncertainties faced by the Company is available in the Company’s public disclosure record on SEDAR+ ( www.sedarplus.ca).
Readers are cautioned that forward-looking statements are not guarantees of future performance, and undue reliance should not be placed on them. The forward-looking statements contained in this release are made as of the date hereof and are based on information currently available and management’s beliefs, estimates, expectations and opinions at that time. Except as required by applicable securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Qualified Person
The scientific and technical information contained in this news release has been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Clyde McMillan, P.Geo., a consultant to the Company and a Qualified Person as defined under NI 43-101, has reviewed and approved the technical information contained herein.
This news release references other projects in the region of the Properties. The Company cautions that mineralization hosted on adjacent, nearby or geologically similar properties, is not necessarily indicative of mineralization hosted on the Properties.
This news release also references the result of grab sampling work done on the Properties by prior parties. Readers are cautioned that grab sampling is selective by its nature, and not necessarily indication of mineralization hosted on the Properties.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release and has neither approved nor disapproved the contents of this press release |
