Canadian explorer First American Uranium has announced plans to acquire five mineral properties in Quebec’s Grenville province, marking its first entry into one of Canada’s most prospective regions for rare earths and niobium exploration.

The company has entered into a property purchase agreement with a group of arm’s length vendors to acquire a 100% interest in the assets, which are free of any net smelter royalties. The properties, located across the regional municipalities of La Haute-Côte-Nord, La Tuque and Le Fjord-du-Saguenay, host multiple rare earth element (REE), niobium and nickel/copper showings.

Historical grab samples collected by Quebec government geologists have returned values of up to 2.7% total REE and 3 190 parts per million niobium. One of the prospects, the Seigneurie deposit, was originally drilled by SOQUEM in 1978, intersecting pegmatites up to 50 m wide. More recent sampling has revealed additional REE and niobium potential, though the pegmatites have not yet been systematically assayed for critical minerals.

The acquisition includes 39 claims covering 2 240 ha, with First American also staking a further 480 claims spanning 27 696 ha, bringing the company’s total landholding in the region to 29 936 ha. The Grenville province hosts several major projects, including the Niobec mine — sold for $500-million in 2015 — and the Lac Crevier niobium project.

“Our team believes that the Grenville povince of Quebec is the most prospective geological setting in the province for critical mineral deposits,” said First American Uranium CEO Murray Nye. “This acquisition will provide URM with a strategic entrance into a world-class jurisdiction, in close proximity to the US border, where demand for rare earths and other critical minerals continues to accelerate.”

“We view this land package as a cornerstone for our expansion into Quebec and a key step in building long-term value for our shareholders. In addition, URM is aligning its strategy with President Trump’s executive order announced in March 2025 to boost production of critical minerals, including niobium, and intends to pursue non-dilutive funding opportunities, including engagement with the US Department of Energy, Department of Defense, and the Export-Import Bank, to advance development while preserving shareholder value.”

Under the terms of the agreement, the vendors will receive 4 020 000 common shares of First American Uranium at a deemed price of $0.85 a share. The shares will be subject to a four-month hold period.

The transaction remains subject to customary closing conditions, including approval from the CSE.