Fission Uranium is developing the high-grade, basement-hosted, near-surface Triple R uranium deposit – part of the multiple award-winning PLS project.
Located in the renowned southwest Athabasca Basin uranium district, the prolific Patterson Lake Corridor hosts two high-grade, basement hosted deposits – the Triple R (Fission Uranium) and Arrow (NexGen Energy) – which are both advancing development towards production.
Fission’s experienced Management team is headed up by CEO, Ross McElroy – an award-winning geologist with an unrivaled track record in Canadian uranium projects. He is supported by a team of industry leaders in mine engineering, permitting and indigenous relations. Fission recently completed a pre-feasibility study that shows the potential for the Triple R to be among the lowest operating cost uranium mines in the world. The Company has entered the Environmental Assessment phase and is currently advancing the PLS project through a Feasibility Study. Fission has adopted the core principals of ESG as a guideline for how it operates to the highest standards.
The Company has the strategic backing of China’s CGN Mining, which has a 14.3% equity stake in the company.
Institutions – 22%
Retail & Other – 62.7%
China General Nuclear Power – 14.3%
Ross McElroy – President and CEO
Ross McElroy is a professional geologist with 35 years of experience in the mining industry. He is the winner of the 2014 PDAC Bill Dennis award for exploration success and the Northern Miner ‘Mining Person of the Year’. He has comprehensive experience with working and managing many types of mineral projects from the grass roots exploration to feasibility and production.
Mr. McElroy has held positions with both major and junior mining companies, which include BHP Billiton, Cogema Canada, and Cameco. He was a member of the early stage discovery team of the MacArthur River uranium deposit.
Mr. McElroy was part of the hugely successful Fission Energy Corp. team as President, COO and Chief Geologist. He headed up the technical team that made the discovery at Waterbury Lake, SK and Fission Uranium Corp.’s PLS discovery. Mr. McElroy received a Bachelor’s Degree in Science, with a Specialization in Geology from the University of Alberta in 1987 and is a registered professional geologist in Alberta, Saskatchewan, British Columbia and Nunavut/Northwest Territories.
To provide an update on the Company’s plans for advancing the Triple R deposit to feasibility and beyond, and to communicate directly with investors.
31st January 2022: Fission Resource Upgrade Drilling Hits 19.0m @ 18.27% U3O8 in 46.0m @ 8.01% U3O8
25th January 2022: Fission Advances Feasibility Study with New Drill Program
24th January 2022: Fission Uranium Named to 2022 OTCQX Best 50
Continuing to work with locally identified impacted Indigenous groups towards building relationship agreements. Completing the Phase 1 field work for the Feasibility Study “FS” program, including a focus on geotechnical drilling.
Continuation of evaluation of the FS data from field work and continue with completing baseline environmental work and working within Environmental Assessment phase. Work on revision of resource estimate to be used in the FS.
Completing the FS and preparing for the next major phase, that being the Environmental Impact Study “EIS”.
Uranium pricing risk. The uranium price has increased and currently sits at US$43.00 (Feb. 11, 2022). In order to encourage new production of uranium to meet demands for nuclear fuel, it’s estimated the price needs to be substantially higher than current Spot prices.
Operating and technical risk. Fission will continue to de-risk the project as it advances through Feasibility. Fission’s VP of Development will continue to guide the project through Environmental Assessment and Feasibility with the assistance of recently appointed Tetra Tech Canada as lead consultant.
Financing risk: Fission Uranium currently has C$51.8M in its treasury with US$7M debt.
With dozens of new nuclear reactors under construction, uranium demand is forecast to continue rising over the long term. At the same time, years of low prices have led the world’s largest uranium producers to cut production by millions of lbs and even shutter mines.
In addition, research by leading uranium analysis firm, UxC, has stated that by 2025, new sources of uranium production will be required due to falling grades and dwindling reserves at existing operations. With the potential to be one of the lowest cost uranium operations in the world, and located in one of the top ranked mining investment jurisdictions, Fission’s PLS is well positioned as one of the few projects that could be taken into production during the current cycle.
Fission is led by a strong and experienced management group and is making strong, steady progress on advancing towards feasibility and ultimately towards a construction decision.
1. Experienced Team with deep knowledge of uranium project advancement
2. One of the world’s largest and lowest cost uranium projects
3. Clear development path
4. Fission is significantly undervalued vs peers