Fission Uranium


Primary tickers: TSX:FCU, OTCQX:FCUUF, FSE:2FU
Stage of development: Exploration, Development
Primary mineral: Uranium
Project to promote: Patterson Lake South (PLS) – Triple R Deposit
Project location: Athabasca Basin, Canada

Fission Uranium is developing the high-grade, basement-hosted, near-surface Triple R uranium deposit – part of the multiple award-winning PLS project. Located on the southwestern edge of the renowned Athabasca Basin uranium district in northern Saskatchewan, Canada, PLS hosts the largest mineralized trend in the region, and is one of the few uranium projects advanced enough to enter production this cycle.


Fission’s experienced Management team is headed up by President and 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, including VP of project development, Gary Haywood – a talented mine engineer with 35 years of experience and a track record of key roles including GM of Cameco’s McArthur River mine.


Fission has entered the Environmental Assessment phase and on January 17th 2023, announced the results of a Feasibility Study. The impressive FS results further enhance the robust economics outlined in the 2019 pre-feasibility study. Highlights include a longer mine life of 10 years, greatly increased after-tax NPV of $1.204B at 8% discount, higher after-tax IRR of 27.2% while still maintaining a very low OPEX of $13.02 /lb. The results confirm the economic strength of the PLS project as well as its minimal environmental footprint.


Fission has developed strong relationships with all local rightsholders and stakeholders thanks to consistent, transparent communication and a robust approach to environmental stewardship. It has adopted the core principals of ESG as a guideline for how it operates to the highest standards.


Cash: Approx. C$44.7M (as of Apr 30, 2023)

Debt: NIL


Major shareholders:

Retail ~45.4%

Institutions ~39.6%

China General Nuclear Power – 13.5%

Management Profile

Ross McElroy – President and CEO


Mr. McElroy is a professional geologist with over 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 senior technical and executive 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 giant MacArthur River uranium deposit.


Mr. McElroy was a key 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 Triple R deposit at its PLS project.  Mr. McElroy assumed the role of CEO in September 2020.  


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 Saskatchewan, British Columbia and Nunavut/Northwest Territories.

What is your rationale for taking part in 121 Mining Investment?

To provide an update on the Company’s plans for advancing the Triple R deposit following the feasibility study announcement and beyond, and to communicate directly with investors.

What recent news would you like to highlight to investors attending?

April 27, 2023 – Fission Submits Application for License to Construct Uranium Mine and Mill Facility at the PLS Project, Saskatchewan
March 2, 2023 – Fission Files Feasibility Study Highlighting Tier 1 Economics for PLS High-Grade Uranium Project
February 9, 2023 – Fission Appoints Sustainable Mining Expert to the Board
January 26, 2023 – Fission Announces Winter Program to Advance PLS; Stakes New Uranium Property in Western Athabasca Basin
January 23, 2023 – Fission Hires Environment and Regulatory Expert to Lead Environmental Assessment Process
January 17, 2023 – Fission Announces Tier 1 Economics for PLS with Feasibility Study: 
Lower Initial CAPEX, Increased Mine Life, NPV and IRR

What are your key goals for the next 3, 6 and 12 months?

3 Months:
Continue to advance Environmental Impact Assessment

6 Months:
Continue to advance the Environmental Assessment phase and permitting stage

12 Months:
Continue to communicate with shareholders, Indigenous Rightsholders and ESG activities

What do you think makes your company such a compelling investment?

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.

What are the top 3 key investor takeaways?

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