Fission Uranium


Developing the High-Grade Triple R Uranium Deposit in the Athabasca Basin

Press Releases


The world’s energy requirements are increasing, and this energy growth is set to continue over the coming decades, as is the global movement to decarbonize power generation.

Along with renewable energy, nuclear energy is a front runner for the decarbonization of electricity, thanks to its minimal carbon footprint and low operating costs. In fact, positive uranium demands positioned this metal as one of the best-performing commodities of 2020, climbing by up to 37 percent at its peak. The most recent World Nuclear Association’s Fuel Report showed a 26 percent increase in uranium demand over the next decade, thanks to new reactors coming online and it’s important to note that there are a limited number of suppliers to fill that demand. This all means that uranium resource companies are an important part of a carbon-free energy future.

Fission Uranium (TSX:FCU,OTCQX:FCUUF) is developing the high-grade Triple R uranium deposit in Saskatchewan’s renowned Athabasca Basin uranium district. The Triple R uranium deposit, which is part of the Patterson Lake South (PLS) project, is located in a safe, stable jurisdiction with a long history, beginning in 1949 history of uranium mining. Saskatchewan is consistently ranked amongst the top mining investment jurisdictions on the world. Significantly, the company’s prefeasibility study shows the potential for the Triple R to be one of the lowest cost operating uranium mines in the world.

In 2019, Canada supplied 13.2 percent of the world’s uranium. The country is known for uranium grades reported at 10 to 20 times the global average, and its mining-friendly government and rich uranium deposits make the Athabasca Basin one of the most prospective mineral basins. Operating out of this unique position places Fission Uranium as a competitive player in the green future.

The flagship PLS uranium project is the Basin’s only high-grade, undeveloped project where the high grade starts near surface. According to the company’s underground mine plan, construction time hovers around three years with bottom quartile OPEX costs of US$7.18 per pound of uranium. With straightforward permitting processes and a skilled management and operations team, the project is currently advancing towards feasibility.

In September 2020, Fission Uranium appointed Ross McElroy as Chief Executive Officer of the company. McElroy is an award-winning geologist with over 30 years of experience in the mining industry. His appointment opens an exciting new chapter for the company and its PLS uranium project. This change in management has primed the company for the effective development of what could potentially be one of the premier uranium mines in the world.

Fission Uranium’s team includes dedicated and specialized professionals with years of experience in uranium exploration, project development and mining and capital markets. Likewise, its broad shareholder portfolio spans retail companies, major utilities CGN, and a number of institutions. Alongside Ross McElroy, fellow leadership has primed the company for success and feasibility moving forward.

Going into 2021, Fission Uranium is in an advantageous position to deliver on its development goals. It is firmly committed to sustainability and environmental leadership, using mining best practices and cooperating closely with rights holders and stakeholders Indeed, the management and operations teams have relationships with the local communities stretching back more than 30 years. The company offers investors an entry opportunity that takes advantage of the potentially bullish uranium market and demand for nuclear energy.

Fission Uranium’s Company Highlights

  • Fission Uranium is a Canadian uranium development company focused on developing the advanced-stage Triple R uranium deposit hosted by its PLS project in the world-class Athabasca Basin, Saskatchewan.
  • A 2019 pre-feasibility study focusing on underground mining only, outlines the potential for robust economics, emphasizing the opportunity for some of the lowest operating costs in the world, high-grade yield, fast payback and highly attractive IRR and NPV.
  • The PLS uranium project is 100 percent owned by Fission Uranium.
  • The Athabasca Basin is home to the highest grade uranium deposits in the world and constitutes all of Canada’s uranium production industry. Fission’s adjacent neighbour, NexGen (TSX:NXE,NYSE:NXE), is also advancing a major uranium deposit to feasibility.
  • Fission Uranium has a clear plan to advance Triple R and, in doing so, to leverage the growing demand for uranium, which is expected to grow by 26 percent by the end of 2030.
  • Company management and key members of the operations team have a long history and strong connections with northern Indigenous First Nation and Metis groups and local communities. Collaboration with local rightsholders and stakeholders and is a major focus as the company moves forward. In addition, Fission has pursued a robust approach to the environment from the start and will continue to do so.
  • Recent financings attracted substantial institutional interest, and the company has a major strategic shareholder in the form of CGN Mining — part of the giant power utility CGN — which has to date invested approximately $82 million in Fission.
  • Management is headed up by award winning geologist and uranium veteran Ross McElroy. The broader team includes Mark Wittrup, who is one of the foremost experts on permitting and ESG in the uranium sector, as well as Gary Haywood, who has joined Fission as VP Project Development and previously worked for Cameco as General Manager at the McArthur River and Senior Mine Engineer at the Eagle Point uranium mining operations in Saskatchewan, Canada.

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