Mr. Dev Randhawa reports

F3 AND TRACTION DISCOVER NEW HIGH GRADE BOULDERS AND URANIUM DISPERSAL PATTERNS AT HEARTY BAY

F3 Uranium Corp. has noted that the Hearty Bay fall 2022 and winter 2023 till sampling and prospecting programs resulted in the discovery of two linear dispersal patterns of uranium in subglacial till on Isle Brochet, and six new radioactive boulders which assayed up to 4.23 per cent U3O8 (triuranium octoxide) (see the table entitled "Hearty Bay boulder sample results"). The program aimed to determine the source area for previously identified Isle Brochet uraniferous boulders (with assay values up 8.23 per cent U3O8) that are interpreted to have been glacially entrained from the Athabasca basin boundary and transported onto the island.

Two thousand twenty-two and 2023 exploration activities

The presence of mineralized basal conglomerate boulders within the Isle Brochet boulder trains strongly suggests the source of the boulders is at the edge of the Athabasca basin or associated with a sandstone outlier beyond the basin edge. The winter 2022 diamond drill program at Hearty Bay tested marine seismic targets interpreted as sandstone outliers or sandstone-filled structures beyond the current basin margin.

Drill testing indicated that the seismic targets did not represent sandstone outliers, and no significant geochemical anomalies were identified. Efforts were, therefore, refocused toward developing drill targets for winter 2024 at the edge of the Athabasca basin. This commenced with the engagement of Palmer, which developed and executed the base-of-till (BoT) program that revealed the two linear dispersal patterns of uranium in subglacial till, confirming the presence of uranium mineralization near Isle Brochet and providing new target areas for drill testing.

In the fall of 2022, F3 retained Palmer's Dave Sacco, principal of surficial geology and exploration, to complete a reconnaissance field visit to Isle Brochet. The purpose of the field visit was to characterize the surficial environment, where high-grade uranium boulders have historically been discovered, and identify suitable exploration strategies that would provide a more robust dataset to supplement continuing exploration efforts and develop reliable drill targets for winter 2024. The F3 team prospected the southern part of the island, discovering new in situ mineralized boulders, as well as the mainland to the west.

It was found that sediments at the surface were ubiquitously reworked by deglacial processes, but suitable subglacial till for sampling was commonly present at depth. As a first derivative from bedrock, subglacial till is an optimal media for exploration and samples collected from 20 locations contained anomalous uranium concentrations. An island-wide base-of-till sampling program was developed by Palmer to follow up on these initial anomalies.

A lidar (light detection and ranging) survey was flown, and detailed mapping of glacial landforms and sediments from the high-resolution data revealed a refined sediment transport history and informed the BoT sampling program that was subsequently completed during the winter of 2023 with Palmer's purpose-built ShockAuger lightweight drilling system. The data from the winter BoT sampling program revealed two discrete linear dispersal patterns in subglacial till composed of uranium and other pathfinder elements (for example nickel (Ni), cobalt (Co) and copper (Cu)).

Raymond Ashley, president, commented:

"We are very pleased that geomorphologist Dave Sacco has concluded that the results from the first till study on Isle Brochet strongly support the presence of uranium mineralization near the island and have provided new target areas for drill testing. An infill base-of-till sampling program is being developed by Palmer, and additional ground geophysical surveys are being considered, to further refine the dispersal patterns and target areas at the margin of the basin, and to develop targets for winter 2024 drill testing."

Qualified person

The technical information in this news release has been prepare in accordance with the Canadian regulatory requirements set out in National Instrument 43-101, and approved on behalf of the company by Mr. Ashley, PGeo, president of F3 Uranium, a qualified person. Mr. Ashley has verified the data disclosed.

About F3 Uranium Corp.

F3 Uranium is a uranium project generator and exploration company, focusing on projects in the Athabasca basin, home to some of the world's largest high-grade uranium discovery. F3 Uranium currently has 18 projects in the Athabasca basin. Several of F3's projects are near large uranium discoveries including Triple R, Arrow and Hurricane.

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