F4 Receives Approval for Murphy Lake Option Agreement

Executive Summary

• F4 Uranium Corp. received TSX Venture Exchange approval for its option agreement with Stearman Resources Inc., granting Stearman an exclusive right to acquire up to a 70 % interest in the Murphy Lake uranium property.
• The initial option requires Stearman to pay $800,000 (including a $50,000 non‑refundable payment) and fund $10 million of exploration over 42 months; it also includes issuance of common shares equal to 9.9 % of Stearman’s outstanding shares.
• A second optional tranche allows Stearman to acquire an additional 20 % for $500,000 and fund another $8 million in exploration, with a 2.0 % NSR royalty payable to F4 upon commercial production.

Key Details

• Agreement Approval: TSX Venture Exchange approved the option agreement on July 29 2025 (approval confirmed February 2 2026).
• Initial Option (up to 50 % interest):
• Aggregate payment of $800,000 (including a $50,000 non‑refundable portion) payable over 2 years.
• Funding commitment of $10,000,000 in exploration expenditures over 42 months.
• Issuance of Stearman common shares equal to 9.9 % of its issued and outstanding shares within 6 months of payment.
• Additional Option (up to 20 % more, for a total 70 % interest):
• Additional payment of $500,000 payable over 3 years from the agreement date.
• Funding commitment of an extra $8,000,000 in exploration expenditures, to be completed before the fifth anniversary of the agreement.
• Royalty Provision: Upon commercial production, Stearman will pay F4 a 2.0 % net smelter return (NSR) royalty, with Stearman responsible only for the portion proportional to its ownership interest.
• Joint Venture Trigger: A joint venture between F4 and Stearman will be formed on the earlier of:
• Stearman exercising the additional 20 % option,
• Stearman electing not to exercise it, or
• 60 months after the initial payment date.
• Property Description: Murphy Lake Property comprises 8 claims in the northeastern Athabasca Basin (609 ha). Nearby high‑grade uranium deposits include Orano’s McLean Lake, ISOEnergy’s Hurricane, and Cameco’s La Rocque Lake (29.9 % U₃O₈ over 7 m).
• Historical Drill Results (2022):
• Hole ML22‑006: 0.065 % U₃O₈ over 2.5 m (peak scintillometer 2,300 cps).
• Adjacent La Rocque Lake hole Q22‑040 intersected 0.242 % U₃O₈ over 0.5 m.
• No Finder’s Fees: The transaction did not involve any finder’s fees.
• Qualified Person: Technical information reviewed and approved by Sam Hartmann, P.Geo., President & COO (NI 43‑101 qualified).

Notable Quotes

“The agreement is considered as an arms‑length transaction. The transaction reflects F4's focused strategy to unlock the project's potential through a committed partnership and establishes a clear path forward for exploration and development at Murphy Lake.” – Ray Ashley, CEO