Interview with Ross McElroy, Director & CEO of F3 Uranium
Our previous interview: https://www.cruxinvestor.com/posts/f3-uranium-tsxvfuu-lines-up-drilling-exploration-catalysts-under-new-leadership-12242
Recording date: 6th November 2026
F3 Uranium Corp. has expanded its fall drilling at the Patterson Lake North (PLN) Project in Saskatchewan’s western Athabasca Basin after a step-out hole about 1 km east of the Tetra Zone discovery returned new radioactivity. One hole intersected 5 discrete intervals of anomalous radioactivity, each 0.5 m to 1.0 m wide, between 352.0 m and 649.5 m downhole in strongly altered basement rock. The peak of 4,400 cps, recorded from 610.5 m to 611.0 m, is the highest handheld reading F3 has logged in an exploration hole on PLN outside the JR and Tetra zones. Assays are pending.
The hole tested up-dip of an earlier step-out that had shown encouraging alteration without radioactivity. CEO Ross McElroy said the follow-up confirmed the same alteration and structural preparation and added radioactivity. He is not expecting high grade, offering a loose estimate of around 0.25% U3O8, and F3’s release cautions that handheld readings do not reliably correlate with assay grades. Two other holes, about 1.3 km southeast and 1.6 km south of Tetra, hit strong alteration but no radioactivity above 300 cps. The approximately 3,350 m winter program around Tetra returned one reportable interval of 0.5 m at 0.06% U3O8.
F3 has added a second rig dedicated to the new area through the December freeze-up, while the first rig tests regional targets. The summer and fall program started at about 4,000 m in roughly half a dozen holes and is now targeting about 5,500 m to 6,000 m, with crews returning by mid-January. McElroy said the direction of the controlling structure can only be found by drilling, and that continued spending depends on hole-by-hole improvement. Results will shape the 2027 program.
Geologically, McElroy expects any mineralization east of Tetra to be a separate occurrence on a shared east-west corridor. Tetra itself turned out to have east-west controls despite north-south conductors, and conductors farther east in the Broach area also run east-west. He pointed to the Carter corridor, which hosts the Lightning occurrence outside F3’s ground, as a possible link.
F3 held about $16.8 million in cash on November 3, 2026, against a market capitalization of about $70 million. Flow-through funds must be spent by the end of 2027, and McElroy is looking at a minimum of about $8 million in 2027 ground spending. Denison Mines’ $15 million convertible debenture carries a 9% quarterly coupon, convertible at $0.56. McElroy expects to keep paying about a third of interest in shares.
The JR Zone holds 11.8 Mlb of Indicated U3O8 at 4.41%, including 10.8 Mlb at 12.23%. McElroy said PLN needs about 2 to 3 times that scale, roughly 30 Mlb or more, and sees JR as potential satellite feed for mills NexGen and Paladin are expected to build in the early 2030s. Watch items include the step-out assays, second-rig results through mid-December, the January restart, and the consolidation.
View F3 Uranium's company profile: https://www.cruxinvestor.com/companies/f3-uranium-corp
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