Stearman Enters Into Option Agreement with F4 Uranium Ltd. for Murphy Lake Property

Core Viewpoint - Stearman Resources Inc. has entered into an option agreement with F4 Uranium Ltd. to acquire up to a 70% interest in the Murphy Lake uranium property in Saskatchewan, which is strategically located near other significant uranium deposits [1][3]. Financial Terms of the Agreement - Stearman will make a non-refundable cash payment of $50,000 as an initial payment [3]. - To acquire a 50% interest, Stearman must pay a total of $750,000 in cash over 24 months, with specific payment milestones of $150,000 at various intervals [3]. - Stearman is also required to fund $10,000,000 in exploration expenditures over 42 months, with $1,500,000 due at 12 and 24 months [3][7]. - Following the initial option, Stearman can acquire an additional 20% interest by paying $500,000 over 36 months and funding an additional $8,000,000 in expenditures [7]. Joint Venture and Royalty Agreement - Upon exercising the options, a joint venture will be formed for further exploration and development of the property [7]. - Stearman will grant F4 a 2.0% net smelter returns royalty upon the commencement of commercial production at the property [7]. Company Background - Stearman Resources Inc. is focused on mineral exploration and currently owns a 100% interest in the NeoCore Uranium Property in Saskatchewan, along with an option on the Miniac Property in Quebec [5].