F3 Uranium (TSXV:FUU) - Lines Up Drilling, Exploration Catalysts Under New Leadership

Ross McElroy (0:00)

Hi, I'm Ross McElroy. I'm the CEO of F3 Uranium Corp.

F3 is a uranium explorer in the Athabasca Basin. We are focused exclusively on the western side of the basin, on our PLN property, where we have a deposit already outlined, and we continue to explore for further recurrences of high-grade uranium.

Matt (0:23)

Ross, good to see you, good to see you. And of course, we've heard the news. You stepped in as CEO of Dev Moving Through to Exec Chairman.

I think people understand your track record and relationship with Dev over the years, but what's changed? What needed fixing? Why now?

Ross McElroy (0:41)

Yeah, I don't know if anything particularly needed fixing, Matt.

I think that we're very complimentary. Dev and I, as you mentioned, worked together probably for the last 20 years.

Together, we co-founded Fission Uranium out of Fission Energy. This is back in 2012 We did the spin out of F3 Uranium in 2014 So I've been involved with the company from 2014 to 2020 I stepped off the board back in 2020 to focus exclusively on Fission Uranium, the mother company of F3. And with the sale of that to Paladin in 2024, really I became available. And the opportunity to work with Dev and the F3 team again really excited me. I think there's some tremendous opportunities. The Uranium sector continues to be good. And the property, it's showing some real merit. So I just think with my skill set, as a geologist with nearly 40 years in the Uranium business, particularly Athabasca Basin and going from exploration to development stages, I think it's kind of the right time for me to get involved in this company.

Matt (2:08)

Okay, but I couldn't help notice obviously Sam Hartmann and Ray Ashley kind of come in, you come in as a geologist as well. So does that mean you guys will be reviewing the drill plan and the drill budgets? And if so, what do you think is going to change?

Ross McElroy (2:23)

Sure. Well, first of all, Ray Ashley has been involved since the very beginning.

He was originally the exploration manager for F3 when we first spun it out. When I left the company, Ray took over as president of F3. So he's been involved all the way along. I think now with Sam Hartmann departing the company, the beginning of September, Ray's taken more of a role of basically focusing almost exclusively, we'll say, on the technical side. I run both sides with corporate leadership and strategies, as well as being able to oversee and give some ideas too on the technical front for where we might drill and what various strategies are. So I kind of play both sides of the game, if you will, on the corporate and the technical side. But yeah, our whole team, you know, still strongly technical and a great success record.

Matt (3:27)

Okay, and then where does that leave Dev, in terms of the executive chairman with you in that, does he take a little bit of a backseat on the day to day or complete backseat? I mean, how do we view his involvement?

Ross McElroy (3:38)

I think that that's probably a fair statement, Matt.

Dev will step away from the day to day management of the company. That becomes my responsibility. I think where Dev has some great strengths, he's a very strong networker, he's a good promoter for the industry, a great promoter for the, and champion for the company. So he's got a really good network of people and a good overall sense, but we'll leave the running of the company up to me and basically with Ray being in charge of the technical side. So I think with the skill set of the three of us in executive management, I think we cover all bases.

Matt (4:24)

Okay. Well, look, let's get into the meat of what's in front of you, okay?

JR sitting at nearly 12 million pounds have indicated, Tetra, no resource as of yet. The central commercial issue for F3 is, well, you're telling me if I'm wrong, is turning existing resource and exploration into potential asset that someone can develop and acquire. Given your track record, I sense that that's what you want to do. So how do you view the opportunity in front of you?

Ross McElroy (4:53)

Yeah. I mean, the first goal, I think, for F3 is to continue to explore and make new discoveries. So Tetra is a great example for that. We're on essentially a completely separate trend than that, which hosts the JR deposit. Tetra is its own new discovery. I think we're just starting to get a good sense of where that trend might be going. So you will see exploration efforts along the trend that hosts Tetra and look for occurrences. We have yet to find true high-grade uranium on the Tetra discovery. It really shows great potential.