NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Vancouver, British Columbia, March 24, 2022 (GLOBE NEWSWIRE) -- First Uranium Resources Ltd. (the "Company" or "First Uranium") (CSE: URNM) (OTCPK: KMMIF) (FSE:5KA0) is pleased to announce it has increased the size of the previously announced financing to C$8,000,000. The Company will issue subscription receipts of up to $8,000,000 gross proceeds at a price of $0.35 per subscription receipt for a total of up to 22,857,150 subscription receipts. Each subscription receipt is convertible into one common share and one half of a share purchase warrant, each whole warrant being exercisable into a common share for a price of $0.50 per share. The proceeds of the subscription private placement will be utilized for exploration work, and acquisition and development work on the Company's Arkansas project described herein. Conversion of the subscription receipts is subject to the Company entering into a definitive option agreement with the Southwind shareholders and the proceeds from the sale of the subscription receipts will be held in escrow until the condition is satisfied.

The subscription receipt private placement will be brokered by Emerging Equities Inc. of Calgary, Alberta and is anticipated to close on or about March 31, 2022.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or applicable state securities laws, and may not be offered or sold to persons in the United States absent registration or an exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About First Uranium

First Uranium is a resource exploration issuer focused on locating and exploring natural resource projects in North America. The Company has one project in Saskatchewan, Canada.

For further information contact:

Kelvin Lee
Chief Financial Officer
Email: klee@k2capital.ca

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.

FORWARD LOOKING STATEMENTS:

This news release includes certain statements that may be deemed "forward-looking statements". All statements in this news 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. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, and continued availability of capital and financing, and general economic, market or business conditions. 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.