Mr. Dev Randhawa reports

F3 EXPANDS PLN PROJECT WITH ACQUISITION OF PW PROPERTY FROM CANALASKA

F3 Uranium Corp. has entered into a property swap agreement with Canalaska Uranium Ltd., pursuant to which F3 will receive Canalaska's Patterson West property (the PW property) in exchange for F3's Hobo Lake property, both properties of which are located in the Athabasca basin, Saskatchewan. The north end of the Patterson West property is located just 7.5 kilometres to the south of F3's JR zone high-grade uranium discovery on its Patterson Lake North property and it is immediately to the west and contiguous with the F3 Broach Lake property. The company will incorporate the PW property claims into its Broach Lake property, which together with the PLN and Minto properties will collectively become the PLN project.

The PW property is located in the Patterson Lake area of the Athabasca basin, and approximately 12 km west of the Triple R and Arrow uranium deposits. The PW property claims, totalling 3,015 hectares, are ideally situated in relation to F3's other PLN project properties and through incorporation into the Broach Lake property will further the company's objective to maintain a singular focus on its PLN project and to expand upon the JR zone discovery. The Hobo Lake property was not contemplated to be among the 14 exploration projects that will form the basis of the F4 Uranium Corp. spinout (see the company's news release dated Jan. 16, 2024).

Property swap details

Pursuant to the property swap agreement, each party will retain a 2.5-per-cent net smelter return (NSR) royalty on all minerals mined, produced or otherwise recovered from the property it swapped, and the counterparty shall have a repurchase right for 1 per cent of the NSR royalty from the royalty holder for $3-million.

F3 Uranium agreed to sell its 100-per-cent ownership in 37 mineral claims totalling 14,854 ha comprising the Hobo Lake project to Canalaska in consideration for the Patterson West property, while retaining the above mentioned NSR royalty. Under the same agreement Canalaska agreed to sell its 100-per-cent ownership in the two mineral claims totalling 3,015 ha comprising the Patterson West property to F3 in consideration for the Hobo Lake property, while retaining the above mentioned NSR royalty.

The property swap is an arm's-length transaction for the purposes of the TSX Venture Exchange and qualifies as an exempt transaction under TSX-V Policy 5.3. No finder's fees were paid in connection with the property swap.

Qualified person

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

About F3 Uranium Corp.

F3 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 discoveries. F3 currently has 18 projects in the Athabasca basin. Several of F3's projects are located near large uranium discoveries, including Triple R, Arrow and Hurricane.

We seek Safe Harbor.