F4 Uranium Reclaims Full Ownership of Hearty Bay Property After Traction Uranium Ends Option Agreement

Traction Uranium Voluntarily Terminates Option Agreement

On July 15, 2026, F4 Uranium received formal notice from Traction Uranium Corp terminating the mineral property option agreement for the Hearty Bay Property. This voluntary termination under Section 10.1(b) becomes effective July 30, 2026, ending an agreement originally signed on December 9, 2021, with amendments on February 28, 2023 and July 22, 2025.

Traction's decision to terminate suggests a strategic shift in exploration priorities or capital deployment. The termination returns full rights to F4 Uranium, removing any operational uncertainties related to the option arrangement.

F4 Uranium Regains Complete Control of Hearty Bay

Following Traction's termination, F4 Uranium now holds 100% ownership of the Hearty Bay Property, regaining full authority over exploration strategies, expenditures, and project direction. Previously, Traction's option rights limited F4's independent control and development options.

CEO Raymond Ashley commented: "We appreciate Traction's contributions to the Hearty Bay Project. With 100% ownership restored, F4 will evaluate the best approach to advance exploration. We remain optimistic about the project's potential, focusing on discovering the bedrock source of the high-grade mineralized boulder train on Isle Brochet, where assays reached up to 8.23% U8O8. Future exploration may proceed independently or with a new strategic partner."

Hearty Bay Property Overview and Location

The Hearty Bay Property includes 7 mineral claims totaling 11,173 hectares on the northern edge of Saskatchewan's Athabasca Basin, approximately 20 kilometres west of the Fond-du-Lac uranium deposit. This region is recognized for significant uranium mineralization and hosts several major discoveries and producing mines.

The property features the historic Isle Brochet boulder field, containing two notable radioactive boulder trains: Wolfe and Jackfish. These mineralized boulder concentrations have historically yielded assays up to 3.54% U8O8 and serve as key exploration indicators for locating bedrock uranium sources.

Recent High-Grade Boulder Discoveries and Prospecting

In 2019, F3 Uranium's prospecting identified 45 new mineralized boulders on Hearty Bay exceeding prior assay grades. These samples reached up to 8.23% U8O8, significantly higher than historic values. Over 24% of these samples surpassed 1% U8O8, indicating a substantial presence of economic-grade mineralization.

These high-grade boulder findings underpin F4's exploration focus on locating the primary bedrock source, potentially representing a major uranium deposit.

Exploration Drilling and Glacial Indicator Studies

F4 Uranium has implemented a multi-faceted exploration program including a 14-hole drill campaign in 2022 to test anomalies and subglacial till sampling from 2022-2023 to map glacial transport pathways. In 2024, analysis of 84 till samples revealed a uranium dispersal fan and refined ice-flow directions toward the Athabasca Basin margin. A gravity survey also identified new drill targets based on density contrasts indicative of mineralized structures.

However, a 2024 winter drill program was limited to one hole due to poor ice conditions, leaving many targets untested and emphasizing the need for expanded drilling in future seasons.

Strategic Exploration Options Ahead

With full ownership restored, F4 Uranium can now pursue exploration independently or seek strategic partnerships without constraints from prior agreements. The company’s management has expressed openness to either path, allowing flexibility in capital deployment and technical collaboration.

Investors should monitor forthcoming announcements regarding F4’s exploration strategy, which will impact capital requirements, potential dilution, and market perception of the project’s value.

Qualified Person Oversight and Technical Validation

All technical information has been reviewed and approved by Sam Hartmann, P.Geo., President and COO of F4 Uranium, a qualified person under National Instrument 43-101. This ensures compliance with regulatory standards and technical accuracy in disclosed exploration data.

F4 Uranium’s Broader Project Portfolio and Market Position

F4 Uranium focuses on uranium exploration within the Athabasca Basin, northern Saskatchewan. Spun out from F3 Uranium in 2024, the company’s management has experience with multiple basin discoveries including Patterson Lake North and Broach Lake.

The company holds 16 wholly owned properties totaling approximately 157,000 hectares, many near established uranium deposits such as Paladin’s Triple R, NexGen Energy’s Arrow, and IsoEnergy’s Hurricane. This diversified portfolio provides exposure to multiple exploration targets across the Athabasca Basin’s west and east sides.

Implications for Shareholders and Market Participants

Traction Uranium’s option termination removes ownership uncertainty, enabling F4 Uranium to fully control exploration and development of the Hearty Bay Property. Shareholders may view this positively as it consolidates asset control within a prolific uranium district.

While immediate share price impact is unclear, market reaction will depend on investor confidence in F4’s exploration plans, capital allocation, and uranium market conditions. The announcement marks a strategic turning point, with future communications expected to clarify exploration timelines and funding strategies.