VANCOUVER, BRITISH COLUMBIA – July 29, 2025 – TheNewswire - Stearman Resources Inc. (CSE:STMN) (“Stearman” or the “Company”) is pleased to is pleased to announce that it has entered into an option agreement dated July 29, 2025 (the “Option Agreement”) with F4 Uranium Ltd. (“F4”) pursuant to which F4 has granted Stearman the exclusive option to acquire up to a 70% interest in F4’s Murphy Lake uranium property in Saskatchewan (the “Property”). The Property is located in the northeastern Athabasca Basin, 5 km south of ISOEnergy’s Hurricane Uranium Deposit, 15km north of Purepoint Uranium and Iso Energy’s Nova Discovery, and 4 km east of Cameco’s La Rocque Lake Uranium Zone.
For more information on the Murphy Lake Property, see the news release of July 29, 2025 of F4 Uranium Ltd. (TSXV: FFU) (OTCQB: FFUCF).
Pursuant to the terms of the Option Agreement:
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Stearman shall forthwith pay to F4 a non-refundable cash payment in the amount of $50,000 (the “Initial Payment Date”).
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F4 has granted to Stearman the option (the “Initial Option”) to acquire a 50% interest in the Property by:
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Paying to F4 an aggregate of $750,000 in cash over a period of twenty-four (24) months from the Initial Payment Date in accordance with the following schedule:
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$150,000 on or before the date that is forty-five (45) days after the Initial Payment Date;
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$150,000 on or before the date that is six (6) months after the Initial Payment Date;
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$150,000 on or before the date that is twelve (12) months after the Initial Payment Date;
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$150,000 on or before the date that is eighteen (18) months after the Initial Payment Date; and
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$150,000 on or before the date that is twenty-four (24) months after the Initial Payment Date;
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Funding a total of $10,000,000 of exploration expenditures on the Property (“Expenditures”) over a period of forty-two (42) months from the Initial Payment Date in accordance with the following schedule:
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$1,500,000 of Expenditures on or before the date that is twelve (12) months after the Initial Payment Date;
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$1,500,000 of Expenditures on or before the date that is twenty-four (24) months after the Initial Payment Date; and
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$7,000,000 of Expenditures on or before the date that is forty-two (42) months after the Initial Payment Date; and
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Stearman shall complete one or more equity financings to raise aggregate gross proceeds totaling at least $3,000,000 on or before such that that is six (6) months after the Initial Payment Date, on completion of which Stearman shall issue to F4 such number of common shares of Stearman (“Stearman Shares”) equal to 9.9% of the total number of issued and outstanding Stearman Shares as of such issuance date.
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Following the exercise of the Initial Option, Stearman shall have the option (the “Bump-Up Option”) to acquire an additional 20% interest in the Property (for a total interest in the Property of 70%) by:
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Paying to F4 an aggregate of $500,000 in cash over a period of thirty-six (36) months from the Initial Payment Date in accordance with the following schedule:
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$250,000 on or before the date that is thirty (30) months after the Initial Payment Date; and
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$250,000 on or before the date that is thirty-six (36) months after the Initial Payment Date; and
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Funding additional Expenditures totaling $8,000,000 on or before the date that is sixty (60) months from the Initial Payment Date.
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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.
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On the earlier of such date as Stearman (i) exercises the Bump-Up Option; (ii) elects not to exercise the Bump-Up Option; and (iii) sixty (60) months from the Initial Payment Date, F4 and Stearman will form a joint venture pursuant to which the parties will agree to the terms which shall apply to the further exploration and development of the Property.
The parties to the Option Agreement are at arm’s length and there are no finder’s fees payable. Pursuant CSE Policy 4.6, the transactions, including the $3 million of financings once terms have been settled, may require Stearman shareholder approval. The transactions contemplated under the Option Agreement remain subject to the approval of the TSX Venture Exchange for F4 and the Canadian Securities Exchange for Stearman.
The Company is a mineral exploration company focused on the acquisition, exploration and development of mineral properties in Canada and the USA. The Company currently owns a 100% interest in the NeoCore Uranium Property (the “Property”) consisting of 6 mineral claims covering 13,012 hectares, located in the Athabasca Basin in northern Saskatchewan. The Company also has an option on the Miniac Property in Quebec. consisting of 78 claims over 4,110 hectares located 35 kms north of Amos, Quebec, prospective for gold, zinc, copper and silver.
Contact:
Stearman Resources Inc.
Howard Milne, CEO
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Telephone: (604) 377-8994
Website: www.stearmanresources.com
Forward Looking Statements: This press release may contain “forward‐looking information or statements” within the meaning of Canadian securities laws, which may include, but are not limited to statements relating to its future business plans. All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. 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 from those in the forward-looking statements. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.
The CSE has neither approved nor disapproved the contents of this press release. Neither the CSE nor its regulation services provider accepts responsibility for the adequacy or accuracy of this release.
