Kirkstone firms up Key Lake Road option

Nov 11, 2025

2025-11-11 11:09 ET – News Release

Mr. Clive Massey reports

KIRKSTONE METALS EXECUTES DEFINITIVE AGREEMENT TO OPTION KEY LAKE ROAD URANIUM PROJECT, ATHABASCA CANADA

Kirkstone Metals Corp. has successfully completed its comprehensive due diligence review of the Key Lake Road (KLR) uranium project, located within the Athabasca basin region of Northern Saskatchewan, and has now formally executed a definitive property option agreement dated Nov. 11, 2025, with an arm’s-length vendor to acquire a 100-per-cent interest in the project subject to a royalty interest.

The option agreement follows the signing of a non-binding letter of intent announced on Oct. 5, 2025, and a subsequent due diligence update issued on Nov. 3, 2025. The successful completion of this process marks a important step forward in Kirkstone’s strategy to build a portfolio of uranium assets that will contribute to the world’s transition to reliable, carbon-free energy.

A strategic step toward global clean energy leadership

Clive Massey, president and chief executive officer of the company, commented: “Finalizing the option on the Key Lake Road project represents an important development for Kirkstone. This project strengthens our strategic position within the Athabasca basin — one of the world’s premier uranium jurisdictions — and reinforces our commitment to helping meet the world’s growing demand for clean, reliable baseload power.

“As the global transition toward decarbonization accelerates, nuclear power is reclaiming its place at the forefront of the clean energy mix. We are proud to play a role in advancing that future through disciplined development and a commitment to responsible resource growth.”

Positioned for growth in a transforming energy landscape

The KLR project, located approximately 90 kilometres south of Cameco’s historic Key Lake mine and mill, lies within the Wollaston-Mudjatik transition zone (WMTZ), a structural corridor that hosts some of the world’s highest-grade uranium deposits. Kirkstone’s comprehensive due diligence included field verification, technical review and third party geological analysis confirming the project’s robust exploration potential.

Global energy trends continue to underscore the critical role of nuclear power. According to the World Nuclear Association, uranium demand is projected to grow by 5 to 7 per cent annually through 2040, while existing mine production will meet only about 40 per cent of expected requirements. “A global uranium shortfall threatens to slow the nuclear energy renaissance,” reported the Financial Times, highlighting the urgency of new project development in stable jurisdictions such as Canada.

At the same time, advancements in small modular reactor (SMR) technology are poised to dramatically accelerate nuclear deployment worldwide. Reuters recently noted that SMRs are expected to “redefine the energy landscape by providing scalable, low-carbon solutions that can support national power grids and industrial growth.”

As data centres, AI (artificial intelligence) infrastructure and electrification drive soaring global electricity demand, Investor’s Business Daily has emphasized that nuclear producers like Cameco are “positioned to literally fuel AI data centres as one of the few 24/7 low-emission power sources available.”

North American resource security and energy independence

With the KLR project situated in Northern Saskatchewan, Kirkstone’s operations contribute to the nationalization and resilience of the North American power grid. As governments in Canada and the United States intensify efforts to secure domestic energy supply chains, uranium sourced from stable, transparent jurisdictions is expected to become increasingly vital to future energy independence initiatives.

Commitment to responsible and collaborative development

Kirkstone remains deeply committed to conducting all exploration and development work in accordance with the highest environmental, safety and governance standards. The company will continue to engage with local stakeholders and indigenous communities to ensure that future programs are designed and executed collaboratively, with transparency and respect for local values and land stewardship.

Option agreement

Pursuant to the terms of the option agreement, the company has been granted an option to acquire the KLR project from the vendor in consideration for completing a series of cash payments and incurring certain exploration expenditures over a four-year term, as follows.

Upon exercise of an option, the company will acquire all right, title and interest to the KLR project, subject to a 3-per-cent royalty on net smelter returns from commercial production, of which the company will have the right to acquire up to 2 per cent of the royalty any time through cash payments of $1-million per percentage point.

The company is at arm’s length from the vendor. No finders’ fees or commissions are payable by the company in connection with the entering into of the option agreement, nor does the option agreement contemplate that any securities of the company will be issued. The acquisition of an interest in the project does not constitute a fundamental acquisition for the company within the meaning of the policies of the TSX Venture Exchange.

About Kirkstone Metals Corp.

Kirkstone Metals is a Canadian mineral exploration company focused on uranium assets that support the global transition to clean energy. The company is committed to technical excellence, disciplined capital allocation and responsible development of projects aligned with long-term energy security priorities.

Qualified person

The technical information in this news release has been reviewed and approved by Tim Henneberry, PGeo, a director of the company and a qualified person as defined under National Instrument 43-101, Standards of Disclosure for Mineral Projects.

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https://www.kirkstonemetals.com/