Rua Gold Inc. — M&A Activity 2023

Jan 13, 2023

FIRST URANIUM RESOURCES LTD. 1500 – 1055 WEST GEORGIA STREET VANCOUVER, BRITISH COLUMBIA V6E 4N7

FIRST URANIUM RESOURCES LTD. SIGNS DEFINITIVE AGREEMENT TO SELL HATHOR EXPLORATION LTD.

Vancouver, British Columbia, January 13, 2023 –First Uranium Resources Ltd. (the "Company" "First Uranium") (CSE: URNM, OTCQB: KMMIF) is pleased to announce it has signed a share purchase agreement dated January 11, 2023 (the "Definitive Agreement") among the Company, Hathor Exploration Ltd. ("Hathor") and Stallion Gold Corp. (“ Stallion ”) to sell all of the issued and outstanding securities of Hathor (the "Transaction").

Hathor is a wholly owned subsidiary of First Uranium with strategic claims in the heart of the Athabasca Basin in proximity to industry leading Uranium discoveries. Hathor is the beneficial owner of multiple mineral property located in the province of Saskatchewan: (i) the Saskatchewan Project, which includes 17 mineral claims totaling 49,558 hectares.

Share Purchase Agreement Terms

In consideration for the Transaction and pursuant to the terms of the Definitive Agreement, and on closing thereof ("Closing"), Stallion will pay the First Uranium the sum of $380,000 for all of the issued and outstanding shares of Hathor. Stallion will pay First Uranium an additional $20,000 45 days following Closing. There can be no assurance that the Transaction will be completed as proposed or at all.

None of the securities to be issued pursuant to the Transaction have been or will be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and any securities issued pursuant to the Transaction are anticipated to be issued in reliance upon available exemptions from such registration requirements pursuant to Rule 506(b) of Regulation D and/or Section 4(a)(2) of the U.S. Securities Act and applicable exemptions under state securities laws. In addition, the securities issued under an exemption from the registration requirements of the U.S. Securities Act wilI be "restricted securities" as defined under Rule 144(a)(3) of the U.S. Securities Act and will contain the appropriate restrictive legend as required under the U.S. Securities Act.

About First Uranium

First Uranium is a resource exploration issuer focused on locating and exploring natural resource projects in North America.

For further information, please contact the Company at 604-687-7130 or by email at: info@firsturaniumresources.com.

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this news release

CAUTION REGARDING FORWARD-LOOKING INFORMATION This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

LEGAL_40363051.1