Mr. Dev Randhawa reports

F3 ANNOUNCES REVISED BOUGHT DEAL PRIVATE PLACEMENT FOR GROSS PROCEEDS OF C$17.5 MILLION

Due to significant investor demand, F3 Uranium Corp. has increased the gross proceeds of its previously announced private placement to $17.5-million. Under the revised underwritten offering, the underwriters (as defined herein) have agreed to purchase for resale 36,082,474 flow-through units of the company at a price of 48.5 cents per flow-through unit on a bought deal basis. Red Cloud Securities Inc. is acting as lead underwriter and sole bookrunner on behalf of a syndicate of underwriters.

The company has also increased the potential size of the overallotment option (as defined herein) from $2.25-million to $2.5-million. Under the revised overallotment option, the company will grant to the underwriters an option, exercisable up to 48 hours prior to the closing date (as defined as follows), to purchase for resale up to an additional 5,154,639 flow-through units at the offering price. If the overallotment option is exercised in full, the total gross proceeds of the offering will be $20-million. The flow-through shares will be issued as charitable flow-through common shares of the company.

Each flow-through unit will consist of one common share of the company to be issued as a flow-through share within the meaning of the Income Tax Act (Canada) and one-half of one common share purchase warrant. Each whole warrant shall entitle the holder to purchase one common share at a price of 48.5 cents at any time on or before that date which is 24 months after the closing date (as herein defined).

The flow-through units to be sold under the offering will be offered by way of the accredited investor and minimum amount investment exemptions under National Instrument 45-106, Prospectus Exemptions, in all of the provinces of Canada. The common shares issuable from the sale of the flow-through units will be subject to a restricted period in Canada ending on the date that is four months plus one day following the closing of the offering as defined in Subsection 2.5(2) of Multilateral Instrument 45-102, Resale of Securities.

The offering is expected to close on Sept. 12, 2023. The company will pay to the underwriters a cash commission of 5.5 per cent of the gross proceeds raised in respect of the offering. In addition, the company will issue to the underwriters warrants of the company, exercisable for a period of 24 months following the closing date, to acquire in aggregate that number of common shares which is equal to 5.5 per cent of the number of flow-through units sold under the offering at an exercise price equal to 48.5 cents per common share.

The proceeds of the offering will be used by the company to finance exploration of the company's projects in the Athabasca basin.

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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