Through Fusion Fuel's previously announced planned acquisition of a controlling interest in Royal Uranium, the Company expects to gain capital-efficient royalty exposure to potential future production from the Huemul Project.

As announced by Jaguar, the Huemul Project is situated within the Province of Mendoza, Argentina. Spanning 27,700 hectares, the project represents a district-scale exploration and past-producing asset anchored by the historic Huemul mine, which operated from 1955 to 1975 under Argentina's Comisión Nacional de Energía Atómica (CNEA), processing approximately 130,000 tons of ore and historic head grades of 0.21% uranium, 2.0% copper, and 0.11% vanadium. Production is believed to have ceased in the mid-1970s due in part to low uranium prices.

Jaguar has outlined a two-phase exploration plan for the Huemul Project. Exploration activities are expected to commence following Jaguar's anticipated submission and approval of an environmental baseline study, subject to applicable regulatory approvals.

Fusion Fuel believes that Jaguar's announced exploration plan would further support the long-term value potential of its anticipated royalty platform. Through its anticipated interest in Royal Uranium, Fusion Fuel believes it will gain capital-efficient exposure to exploration and development activity across multiple projects.

Under the NSR royalty structure, Fusion Fuel would be entitled to receive a percentage of revenue from mineral production, net of certain deductions. Fusion Fuel believes this structure aligns with its strategy of building a diversified, capital-efficient royalty platform with exposure to critical energy and resource markets.