F4 Receives Approval for Murphy Lake Option Agreement
F4 Receives Approval for Murphy Lake Option
Agreement
Kelowna, British Columbia--(Newsfile Corp. - February 2, 2026) -
F4 Uranium Corp.
(TSXV: FFU)
("
F4
" or "
the Company
") is pleased to announce that pursuant to its press release of July 29, 2025, the
TSX Venture Exchange (the
TSXV
) has granted approval of the
option agreement (the "
Agreement
"),
with Stearman Resources Inc. (the "
Purchaser
") in which the Company has granted the Purchaser the
exclusive option to acquire up to a 70% interest in the Company's Murphy Lake uranium property in
Saskatchewan (the "Property").
The Transaction required the Company to provide documents to the TSXV including a review of the
Company's Financial Statements and property expenditure, the full Terms of the Agreement and impact
on the Company.
Ray Ashley, Chief Executive Officer, noted that "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."
As Previously disclosed the terms of the Agreement include:
In order to complete the acquisition of 50% of the Property, the Purchaser agrees to paying an
aggregate of $800,000 (inclusive of a $50,000 non-refundable payment) over 2 years to the
Company, funding a total of $10,000,000 in expenditures over a period of 42 months, and issuing
common shares of the Purchaser equal to 9.9% of the Purchaser's issued and outstanding shares
within 6 months.
Following the exercise of the initial option, the Purchaser has the option to acquire a further 20%,
for a total of 70% interest of the Property, by paying an aggregate of $500,000 over a period of 3
years, starting from the date of the Agreement and funding an additional $8,000,000 in exploration
expenditures on or before the date that is 5 years of the Agreement.
Following the exercise by Stearman of the Initial Option, Stearman shall grant to F4 a 2.0% net
smelter returns royalty in respect of the Property (the "NSR Royalty") payable to F4 upon
commencement of commercial production at the Property, provided that the Purchaser shall be
responsible only for the percentage of the NSR Royalty equal to its percentage interest in the
Property.
On the earlier of such date as Stearman (i) exercises the additional 20% option; (ii) elects not to
exercise the additional 20% option; and (iii) sixty (60) months from the Initial Payment Date, the
Company and the Purchaser will form a joint venture to further exploration and development on the
Property.
The Property consists of 8 claims located in northeastern Athabasca basin.
There were no Finders fees payable on the transaction.
About the Murphy Lake Property
F4's 609-hectare Murphy Lake Property is located in the north-eastern corner of the Athabasca Basin,
30 km northwest of Orano's McLean Lake deposits, 5 km south of ISOEnergy's Hurricane Uranium
Deposit and 4 km east of Cameco's La Rocque Lake Uranium Zone where drill hole Q22-040
intersected 29.9% U3O8 over 7.0 m. The 2022 maiden drill program at the Murphy Lake Property
consisted of 14 completed drillholes totaling 6,850m; scintillometer results from hole ML22-006
intersected a peak of 2,300 cps (see NR August 10, 2022), which resulted in assay results of 0.065%
U3O8 over 2.5m from 322.5m to 324.5m, including 0.242% U3O8 over 0.5m.
Qualified Person
The technical information in this news release has been reviewed and approved on behalf of the
Company by Sam Hartmann, P.Geo., President & Chief Operation Officer of F4, and a qualified person
as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
This news release also refers to neighboring properties in which F4 Uranium has no interest, and the
Qualified Person has been unable to verify the information from those properties. Mineralization on those
neighboring properties is not necessarily indicative of mineralization on the Murphy Lake Property.
About F4 Uranium Corp:
F4 Uranium is a Canadian uranium exploration company focused on the Athabasca Basin in northern
Saskatchewan, and the latest uranium explorer, lead by the same management and exploration team
with a legacy of discovery successes. The project portfolio includes 17 wholly owned properties totaling
roughly 157,000 ha, many of which are near uranium deposits including Paladin's Triple R, Nexgen
Energy's Arrow and IsoEnergy's Hurricane projects. The assets were spun out of F3 Uranium in 2024,
where the technical and management team made their third, and more recently fourth uranium
discoveries at Patterson Lake North and Broach Lake. F4's core focus will be split between the west
and east sides of the Athabasca Basin as the company is establishing itself as an explorer and project
generator providing shareholders renewed exposure at an early stage.
Contact Information
F4 Uranium Corp.
750-1620 Dickson Avenue
Kelowna, BC V1Y9Y2
Investor Relations
Telephone: 778 484 8030
Email:
ON BEHALF OF THE BOARD,
"Ray Ashley"
Raymond Ashley, CEO
F4 Uranium Corp.
Forward-Looking Statements
This news release contains certain forward-looking statements within the meaning of applicable
securities laws. All statements that are not historical facts, including without limitation, statements
regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions,
expectations or beliefs of future performance, including statements regarding the suitability of the
Properties for mining exploration, future payments, issuance of shares and work commitment funds,
entry into of a definitive option agreement respecting the Properties, are "forward-looking statements".
These forward-looking statements reflect the expectations or beliefs of management of the Company
based on information currently available to it. Forward-looking statements are subject to a number of
risks and uncertainties, including those detailed from time to time in filings made by the Company with
securities regulatory authorities, which may cause actual outcomes to differ materially from those
discussed in the forward-looking statements. These factors should be considered carefully and readers
are cautioned not to place undue reliance on such forward-looking statements. The forward-looking
statements and information contained in this news release are made as of the date hereof and the
Company undertakes no obligation to update publicly or revise any forward-looking statements or
information, whether as a result of new information, future events or otherwise, unless so required by
applicable securities laws.
The TSX Venture Exchange and the Canadian Securities Exchange have not reviewed, approved or
disapproved the contents of this press release, and do not accept responsibility for the adequacy or
accuracy of this release.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/282460