AWR.CN · 2026-06-23 12:00:00

Aurwest Resources Closes Option Agreement On Porter Lake Uranium Property

Mergers & Acquisitions

Calgary, Alberta (June 23, 2026) – TheNewswire – Aurwest Resources Corporation (“Aurwest” or the “Company”) (CSE: AWR) is pleased to announce that is has closed its previously announced option agreement (the “Option Agreement”) with Critical Path Minerals Corp. (the “Optionee”) pursuant to which the optionee has granted Aurwest the exclusive right and option to acquire a 100% interest in the Porter Lake property (the “Property”) located in Saskatchewan’s Athabasca Basin.

Under the terms of the Option Agreement, Aurwest has the sole and exclusive right and option to acquire up to a 100% interest in the Porter Lake property in consideration for incurring a minimum of $1,515,000 in exploration expenditures and making the securities issuances set out below (in each case subject to and in accordance with the rules and policies of the Canadian Securities Exchange (the “CSE”)):

On or before the 1-year anniversary date of the Option Agreement, Aurwest must incur at least $455,000 in exploration expenditures on the Property (the First Expenditure”);
Upon receipt of regulatory approval, payment to the Optionee of 8,000,000 Units (defined below) of Aurwest, subject to a voluntary escrow with ¼ of these securities released every six months (the “First Unit Based Payment”);
On or before the 2-year anniversary date of the Option Agreement, Aurwest must incur at least $1,060,000 in exploration expenditures on the Property (the Second Expenditure”);
On or before 1-year anniversary date of the Option Agreement, payment to the Optionee of $150,000 in Units (defined below) of Aurwest, calculated on the anniversary date using a 20-day VWAP (defined below) of the common shares of Aurwest at that time (the Second Unit Based Payment”).

Each unit (the “Units”) issued by Aurwest to the Optionee is comprised of one common share and one-half common share purchase warrant and each warrant is exercisable at a price that is a 25% premium to the 20 day VWAP (defined below) calculated at the date of issuance, subject to a minimum exercise price of $0.05 as per CSE Policies, and at any time within 2 years from the date of issuance, and the Units shall be priced using a 20 day Volume Weighted Average (“VWAP”) at the anniversary date of the common shares of Aurwest as listed on the CSE. Following exercise of the Option. The Optionee will also retain a 2.0% net smelter return royalty on the Porter Lake property, half of which may be repurchased at any time prior to commercial production for a one-time cash payment of $1,000,000 by Aurwest.

Qualified Person

The scientific and technical information contained herein has been reviewed and approved by Mr. Bill Dynes, P.Geo., a technical advisor to the Company, who is a “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure of Mineral Projects.

On Behalf of Aurwest Resources Corporation

“Cameron MacDonald”

Interim President and Chief Executive Officer

For Additional Information Please Contact

Cameron MacDonald

Telephone: (403) 585-9875

Email: [email protected]

Website: www.aurwestresources.com

About Aurwest Resources Corporation

Aurwest is a Canadian-based junior resource company focused on the acquisition, exploration, and development of uranium and gold properties in Canada.

Disclaimer for Forward-Looking Information

This news release contains certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the future operations and activities of the Company, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”, “may”, “could”, or “should” occur or be achieved.

Forward-looking statements in this news release relate to, among other things, completion of the Option Agreement and the transactions contemplated therein, including the Company’s Property, exploration thereon, and the results of such exploration. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions, and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the receipt of any required regulatory or CSE approvals to complete the Option Agreement and transactions contemplated therein, the ability to complete exploration work, the results of exploration, continued availability of capital, and changes in general economic, market and business conditions, and the receipt of any required governmental approvals for continued exploration. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Readers are urged to refer to the Company's reports for a more complete discussion of such risk factors and their potential effects, publicly available at SEDAR+, the Canadian Securities Administrators' national system that all market participants use for filings and disclosure, at www.sedarplus.ca. The Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.

Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

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