American Future Fuel Announces Grant of Restricted Share Units

Vancouver, British Columbia, Canada – May 23, 2024 – American Future Fuel Corporation (“American Future Fuel” or the “Company”) (CSE: AMPS, OTCQB: AFFCF, FWB: K14, WKN: A3DQFB), announces that its Board of Directors have approved the issuance of 400,000 Restricted Share Units (“RSUs”) to David Suda, CEO and a director of the Company, under the Company’s 20% rolling equity incentive plan (the “Equity Incentive Plan”), as consideration payable pursuant to the consulting agreement dated April 21, 2023 between the Company and Mr. Suda. The RSUs will vest and be settled through the issuance of common shares after a period of four (4) months from the date of issuance.

Further details regarding the Company’s Equity Incentive Plan are set out in the management information circular of the Company dated January 10, 2024, which is available on the Company’s SEDAR+ profile at www.sedarplus.ca. Further details regarding the treatment of RSUs in connection with the proposed plan of arrangement under the Business Corporations Act (British Columbia) (the “Arrangement”) involving, among others, the Company and Premier American Uranium Inc., as previously announced on March 20, 2024, are set out in the management information circular of the Company dated April 25, 2024, which is available on the Company’s SEDAR+ profile at www.sedarplus.ca.

ABOUT AMERICAN FUTURE FUEL

American Future Fuel Corporation is a Canadian-based resource company focused on the strategic acquisition, exploration and development of alternative energy projects. The Company holds a 100% interest in the Cebolleta Uranium Project, located in Cibola County, New Mexico, USA, and situated within the Grants Mineral Belt, a prolific mineral belt responsible for approximately 37% of all uranium produced in the United States of America.

On behalf of the Board of Directors,

AMERICAN FUTURE FUEL CORPORATION

David Suda, Chief Executive Officer and Director

For further information, contact:

David Suda at info@americanfuturefuel.com

Suite 800, 1199 West Hastings Street Vancouver, British Columbia, V6E 3T5 www.americanfuturefuel.com

Cautionary Statement Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to activities, events or developments that the Company expects or anticipates will or may occur in the future including, but not limited to, the vesting and conversion of RSUs, and timing and outcome of the Arrangement. Generally, but not always, forward-looking information and statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof. Such forward-looking information and statements are based on numerous assumptions, including conditions to the closing of the Arrangement, and other expectations and assumptions concerning the Arrangement. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management of the Company at the time, there can be no assurance that such assumptions will prove to be accurate.

Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual events or results in future periods to differ materially from any projections of future events or results expressed or implied by such forward-looking information or statements, including, among others: the failure to obtain shareholder, regulatory, court or stock exchange approvals in connection with the Arrangement, material adverse change in the timing of completion and the terms and conditions upon which the Arrangement is completed, inability to satisfy or waive all conditions to complete the Arrangement as set out in the arrangement agreement, failure to complete the Arrangement, failure to realize the anticipated benefits of the Arrangement or implement the business plan for the combined company following completion of the Arrangement, negative operating cash flow and dependence on third party financing, uncertainty of additional financing, no known current mineral reserves or resources, reliance on key management and other personnel, potential downturns in economic conditions, unanticipated changes in market price, actual results of exploration activities being different than anticipated, changes in exploration programs based upon results, and risks generally associated with the mineral exploration industry, environmental risks, changes in laws and regulations, community relations and delays in obtaining governmental or other approvals, stock market conditions generally, demand, supply and pricing for uranium; and general economic and political conditions in Canada and other jurisdictions where the Company conducts business, and the risk factors with respect to the Company set out in its management’s discussion & analysis for the years ended December 31, 2023 and 2022 and its management information circular dated April 25, 2024, which have been filed with the Canadian securities regulators and are available under the Company’s profile on SEDAR+ at www.sedarplus.ca.

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by 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 forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.

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