Disclosure: F3 Uranium Corp has paid FRC a fee for research coverage and distribution of reports. See last page for other important disclosures, rating, and risk definitions.
Key Risks
Price and Volume (1-year)
*QP: Raymond Ashley, P.Geo., President & COO of F3 Uranium Corp. F3 Uranium Corp. has paid FRC a fee for research coverage and distribution of reports. See last page for other important disclosures, rating, and risk definitions. All figures in C$, except for commodity prices, which are in US$.
Management Track Record
We believe F3 is led by one of the best uranium exploration teams in North America
Source: FRC/Company
Portfolio Summary
The Patterson Lake North p roject comprises three properties located in the Patterson Lake area, an emerging uranium mining district within the Athabasca Basin. Situated immediately south of these properties are two of the basin’s most significant uranium discoveries: Paladin Energy's Triple R deposit (discovered by the team now leading F3 Uranium), and NexGen Energy's Arrow deposit.
Portfolio Summary and Location
Owns three uranium properties in the Athabasca Basin of northern Saskatchewan
The Athabasca Basin hosts some of the world’s highest-grade uranium deposits
Source: Company
The properties form a contiguous land package in the Patterson Lake North area, highlighting management’s conviction in this underexplored district
Year-round road access, nearby labour and services, and established infrastructure in a proven uranium district
History and Mineralization
Exploration dates back to 1978, with uranium first identified in 2014, and a major discovery made in 2022. The project hosts multiple basement-hosted uranium prospects, a deposit style known for high grades, and strong geological continuity.
Drill Hole Location Map
~250 drill holes have been completed across the three properties between 1978 and 2025
Two high-grade uranium discoveries have been made since 2022:
- PLN22-035 at the JR Zone (PLN property)
- PLN25-205 at the Tetra Zone (Broach property)
JR zone (~23 km) and Tetra zone (~7 km) from Paladin’s Triple R
Source: Company/FRC
The following section outlines the three properties in detail.
PLN Property (100% interest)
The PLN p roperty is F3's flagship asset, hosting the A1 Main Shear Zone (MSZ) and the B1 Shear zone, along a prospective 5 km mineralized corridor.
At the A1 MSZ, F3 discovered the JR z one in 2022, with the discovery hole returning 15 m of 7.0% U₃O₈ . Between 2022 and 2025, the company completed 89 holes (29,414 m), including a standout 2024 intercept of 4.5 m grading 50.1%, the best grade-thickness intersection drilled to date. In late 2025, F3 published a maiden resource estimate of 11 Mlbs U₃O₈ grading 12% U₃O₈ vs typical uranium deposits of 10 – 5 0 Mlbs grading 0.10–0.50%.
2025 Resource Estimate – JR Zone
While modest in size, the JR Zone's exceptional grade makes it a highly attractive uranium asset, particularly as high-grade deposits are highly sought after for their potential to support higher production rates at lower operating costs
Mineralized Domains - JR Zone Deposit
* The red area represents the high-grade core of the deposit while the pink shape represents the low-grade zone
Source: Company
The JR zone measures 165 m long x 20 m wide x 150 m deep
We believe the property offers significant resource growth potential, with the JR zone not yet fully defined, mineralization remaining open in multiple directions, and four additional targets identified across both the A1 and B1 shear zones.
High-Priority Targets
B1 Main Shear Zone, A1 Southeast Extension, North Horse, and Harrison Fault
Source: Company
The JR zone deposit (165 m strike length) represents just ~3% of a 5 km-long trend, suggesting potential for additional discoveries
Drilling along the 2.7 km-long B1 Main Shear zone has identified uranium mineralization and key pathfinder elements (boron and dravite), suggesting the presence of a uranium system similar to those found elsewhere in the Athabasca Basin
Source: Company
Exploration will focus on identifying new targets along the A1 and B1 zones, with near-term drilling targeting B1
Broach Property (100% interest)
EM Conductors
*The red (high priority) and purple lines represent targets, highlighting conductive zones often associated with uranium mineralization
Source: Company
The property hosts six priority EM conductors (BL-01 to BL-06) within the western PW target area. Such conductors are often associated with uranium mineralization, and represent compelling drill targets
Long intervals of radioactivity may indicate a large uranium-bearing system
In 2025, drilling at the BL-03 target led to the discovery of the Tetra zone, highlighted by 1.0 m grading 2.50% U₃O₈. Structural and mineralogical studies in combination with age dating suggests the Tetra zone is genetically linked to the JR zone, increasing the potential for a broader multi-deposit discovery.
The Tetra zone is located ~13 km south of the JR zone, and ~7 km north from Paladin’s Triple R and NexGen’s Arrow deposits
Tetra Zone Drill Highlights
Source: Company/FRC
Drilling at the Tetra zone has confirmed uranium mineralization over at least 135 m within the broader 1.2 km-long BL-03 target
Given that the JR zone extends 165 m along strike, we believe Tetra could host a similarly sized uranium resource
Tetra Zone Map
Source: Company
Positive results from PLN25-207 and PLN25-201, south of the Tetra zone, support additional mineralization along the BL-03 conductor
Geophysical survey underway to map out the Tetra zone
Minto Property (100% interest)
Minto Conductors
Source: Company
Located directly north of the JR zone, and ~28 km south of Uranium Energy Corp.‘s (NYSE: UEC) Shea Creek deposit, which hosts a large ~47 Mlbs resource at 1.0-1.5% U₃O₈
Geophysical surveys identified an 8 km-long conductor, highlighting a large prospective corridor for uranium exploration
Management is prioritizing PLN and Broach, with no immediate drilling planned at Minto
FRC Preliminary/Speculative Estimates
While the 2025 resource estimate is limited to the JR zone, we believe drilling, radiometric anomalies, and geological continuity point to significant resource expansion potential. The following table presents our speculative resource estimates for the primary targets.
Source: FRC
We believe the primary targets could collectively host 19–45 Mlbs
The wide range reflects the speculative nature of our assumptions given the early stage of exploration
For valuation purposes, we use the midpoint estimate of 32 Mlbs
Management and Board
Source: S&P Capital IQ / FRC
Management and board own ~3% of shares outstanding
The company is led by a proven uranium team behind multiple major Athabasca Basin discoveries
Brief biographies of the management team and board members follow.
Dev Randhawa – Chairman & CEO: MBA • Founder of Strathmore Minerals • Former CEO of Fission Uranium • Led the PLS uranium discovery • Key transactions: $1.1B Paladin/Fission deal, $85M Denison asset sale, major JV deals with Sumitomo, KEPCO, and CGN.
Raymond Ashley - President & Director: P.Geo • 40+ years in exploration • Key contributor to the J Zone, Triple R, and JR Zone uranium discoveries • Expert in exploration, discovery, and project advancement.
Ryan Cheung – CFO: CPA, CA • Public company finance and compliance specialist • Serves as officer/director of multiple listed companies • B.Comm , University of Victoria.
Sam Hartmann - VP Exploration: P.Geo • 15+ years focused on Athabasca uranium deposits • Part of the Triple R discovery team • Led discovery of the Tetra Zone • President & COO of F4 Uranium.
Jamie Bannerman - VP Corporate Development: Capital markets consultant • 31 years in sales and marketing at Kraft Canada • VP Corporate Development at F3 Uranium • Director of Shine Minerals and Genesis AI.
John DeJoia - Independent Director: Geologist with 40+ years in uranium • Experience across mining, exploration, development, engineering, environmental management, and remediation • Former senior executive and chief geologist.
Terrence Osier - Independent Director: P.Geo • 18 years in uranium exploration • VP Exploration at Strathmore Plus Uranium • Former lead geologist for Strathmore Minerals’ Wyoming operations.
Rebecca Greco – Independent Director: 15+ years in corporate communications and investor relations • Experience across resource, technology, biotech, and aerospace sectors • Led global branding and strategic communications initiatives.
Financials
Strong balance sheet with sufficient cash to fund exploration for the next 12–24 months, reducing the likelihood of near-term equity dilution
Source: FRC / Company
FRC Valuation & Rating
We value F3 using the average EV/resource multiple of comparable uranium juniors
Source: FRC / S&P Capital IQ / Various
Based on the midpoint of our speculative estimate (32 Mlbs), F3 is trading at $2/lb vs a comparables average of $8/lb, a 75% discount
Applying the comparables average implies a fair value estimate of $0.44/share
We initiate coverage with a BUY rating, and a fair value estimate of $0.44/share. We believe F3 offers a compelling combination of a proven discovery team, a high-grade uranium resource, significant exploration upside in the world-class Athabasca Basin, and exposure to a supportive uranium market backdrop.
Recent drilling success beyond the JRZ suggests potential for a larger multi-deposit system that we do not believe is fully reflected in the current share price. Our preliminary/speculative resource estimate provides an early indication of the project's potential scale.
Risks
We believe the company is exposed to the following key risks (not exhaustive):
We are assigning a risk rating of 5 (Highly Speculative)
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