F3 hits more Off Scale >65,535 CPS at JR; Increases Prospectivity at B1

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Kelowna, BC – December 18, 2023 – Corp. (“F3 Uranium” or the “Company”) (TSXV: FUU – OTCQB: FUUFF – FRA:X42) is pleased to announce initial scintillometer results from the last eleven drill holes of the fall drill program on the Patterson Lake North (“PLN”) Property, including multiple high grade intercepts. In particular drill hole PLN23-110 tested for mineralization up dip of PLN23-101 (see NR dated October 16, 2023) and intersected mineralization within a 11.5m interval including 1.50m of continuous off scale radioactivity (>65,535 cps). Drill hole PLN23-112 tested mineralization down dip of PLN23-068 (see NR dated August 14, 2023) and intersected mineralization within a 11.5m interval including 1.35m of composite off-scale radioactivity (65,535 cps).

The southern end of the A1 trend features significant vertical displacement; drill holes PLN23-078 and PLN23-093 (section line 2640S, see Map 2) were cored into bedrock with no Athabasca Sandstone present. Drill holes grid south including PLN23-115 and PLN23-111 have approximately 230m of sandstone cover; this indicated the presence of a vertically offsetting and likely cross cutting structure.

At the B1 area, exploration drilling is encountering increasingly prospective geology. PLN23-111 was drilled approximately 200m grid north of PLN23-093 where significant boron values were reported (see NR dated November 27, 2023) and cored a significant section of intensely brecciated, faulted and clay altered Athabasca Sandstone (see Figure 1). The strongly graphitic and clay altered basement hosted B1 shear zone was intersected below. This is indicative of significant reactivated structures favorable for hosting uranium mineralization.

A total of 53 drill holes totaling 19,800 meters have been completed since the summer drill program began in June, and an additional 5 targets have casing already set in anticipation of the upcoming winter 2024 drill campaign slated to begin in early January 2024.

Sam Hartmann, VP Exploration, commented:

“As we break for the holiday season, we would like to thank our staff and contractors for their hard work and dedication over the past six months. Preparation and planning for the winter 2024 program is already underway, and we look forward to receiving exploration geochemistry results from the B1 area, as well as ground resistivity interpretations from the A1 and B1 areas which will drive exploration efforts aimed at discovering additional mineralized zones. Recent JR Zone drilling focused on defining the boundaries of mineralization, but continued to yield high grade intercepts which will be followed up. Phase 1 of the DIAS 3D-DCIP ground resistivity survey is still in progress, and currently working over the B1 area. Recent drill hole intercepts at B1, including sandstone dissolution and silicification, as seen in PLN23-111, as well as basement hosted conductive structures related to the B1 shear, will be used to create constrained 2D and 3D inversions to assist in our winter drill targeting.”

Drilling Highlights:

PLN23-110 (line 015S):

11.5m interval with mineralization from 216.5m – 228.0m, including
- 3.0m mineralization from 216.5m – 219.5m, and
- 4.0m mineralization from 224.0m – 228.0m, including
- 1.50m continuous off-scale radioactivity (> 65,535 cps) between 226.00m and 227.50m

PLN23-112 (line 060S):

11.5m mineralization from 229.0m – 240.5m, including
- 1.35m composite off-scale radioactivity (> 65,535 cps) between 231.80 and 240.00m

Drilling Intercepts:

PLN23-105 (line 3450S): B1 Exploration

No mineralization >300 cps

PLN23-106 (line 120S):

3.5m mineralization from 199.0m to 202.5m, and
4.5m mineralization from 239.0m to 243.5m

PLN23-107 (line 3450S): B1 Exploration

No mineralization >300 cps

PLN23-108 (line 030S):

1.0m mineralization from 256.0m to 257.0m, and
2.0m mineralization from 260.0m to 262.0m

PLN23-109 (line 015S):

3.0m mineralization from 220.5m to 223.5m

PLN23-111 (line 3240S): B1 Exploration

No mineralization >300 cps

PLN23-113 (line 3240S): A1 Exploration

No mineralization >300 cps

PLN23-114 (line 030S):

3.5m mineralization from 219.0m to 222.5m, and
2.0m mineralization from 230.0m to 232.0m, including
- 0.35m of continuous radioactivity >10,000 cps between 321.15m and 231.50m

PLN23-115 (line 2955S): B1 Exploration

No mineralization >300 cps

Natural gamma radiation in the drill core that is reported in this news release was measured in counts per second (cps) using a handheld Radiation Solutions RS-125 scintillometer. The Company considers greater than 300 cps on the handheld spectrometer as anomalous, >10,000 cps as high grade and greater than 65,535 cps as off-scale. The reader is cautioned that scintillometer readings are not directly or uniformly related to uranium grades of the rock sample measured and should be used only as a preliminary indication of the presence of radioactive materials. Samples from the drill core are split in half on site and are standardized at 0.5m lengths. One half of the split sample will be submitted to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) in Saskatoon, SK. for lithogeochemical analysis using their "Uranium Package".

All depth measurements reported are down-hole and true thickness are yet to be determined but the Company estimates true thickness of the reported intervals in this news release to be close to reported interval widths.

Table 1. Drill Hole Summary and Handheld Spectrometer Results

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Figure 1: PLN23-111

Several wooden crates with different materials

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Handheld spectrometer composite parameters:

1: Minimum Thickness of 0.5m

2: CPS Cut-Off of 300 counts per second

3: Maximum Internal Dilution of 2.0m

About Patterson Lake North:

The Company’s 4,078-hectare 100% owned Patterson Lake North property (PLN) is located just within the south-western edge of the Athabasca Basin in proximity to Fission Uranium’s Triple R and NexGen Energy’s Arrow high-grade world class uranium deposits which is poised to become the next major area of development for new uranium operations in northern Saskatchewan. PLN is accessed by Provincial Highway 955, which transects the property, and the new JR Zone uranium discovery is located 23km northwest of Fission Uranium’s Triple R deposit.

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 Raymond Ashley, P.Geo., President COO of F3 Uranium Corp, a Qualified Person. Mr. Ashley has verified the data disclosed.

About F3 Uranium Corp.:

F3 Uranium is advancing the newly discovered high-grade JR Zone on the PLN Property in the Western Athabasca Basin. This area of Saskatchewan is poised to become a major uranium producing region and is home to large deposits including Triple R, Arrow and Shea Creek. F3 Uranium currently holds 18 projects across the Athabasca Basin.

On behalf of the Board
Dev Randhawa
Chief Executive Officer

F3 Uranium Corp.

750-1620 Dickson Avenue

Kelowna, BC, V1Y9Y2

Contact Information

[email protected]

www.f3uranium.com

+1 778 484-8030

www.twitter.com/F3Uranium

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Forward Looking Statements:

This news release contains "forward-looking information or statements" within the meaning of applicable securities laws, which may include, without limitation, statements with respect to the closing of the Debenture issuance and the ability to satisfy the conditions thereof, including receipt of all necessary regulatory approvals and/or the acceptance of the TSXV, the use of proceeds, the participation by others in a similar financing, and the potential for development of new uranium operations in northern Saskatchewan. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of metals, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner and that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company's views with respect to future events and is subject to risks, uncertainties and assumptions, including those filed under the Company's profile on SEDAR+. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, adverse weather conditions, failure to obtain the necessary equipment or machinery, failure to maintain all necessary government permits, approvals and authorizations, failure to maintain community acceptance (including First Nations), increase in costs, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward-looking statements or forward-looking information, except as required by law.

The TSX Venture Exchange has not reviewed, approved or disapproved the contents of this press release, and do not accept responsibility for the adequacy or accuracy of this release.

See plan maps below and cross sections at PLN JR Zone| F3 Uranium Corp. under “Sections”

A map of a mining area

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