PLS Project
The advanced stage PLS project is located in Canada’s Athabasca Basin, home to the world’s richest uranium mines.
PLS is located in the Athabasca Basin, in Saskatchewan, Canada, home to the world’s richest uranium mines. The project hosts the Triple R deposit — the region’s largest high-grade deposit at shallow depth and is accessible via all-weather Highway 955 which continues north through the area of the UEX-AREVA Shea Creek deposits to the past producing Cluff Lake uranium mine. Fission has published a Feasibility Study outlining the potential for the Triple R to become one of the lowest cost uranium mines in the world and has also submitted its draft EIS to the regulators. The Company is on schedule to continue developing PLS through the permitting and licensing phase and on to construction and production by 2029.
title
Million lbs. U3O82
2 Indicated Mineral Resource
Based on 2,688,000 tonnes at an average grade of 1.94% U3O8
title
Million lbs. U3O82
2 Inferred Mineral Resource
Based on 635,000 tonnes at an average grade of 1.10% U3O8
title
Million lbs. U3O82
2 Probable Reserves
Based on 3,007,000 tonnes at an average grade of 1.41% U3O8
Mineral Resources & Reserves are reported at a cut-off grade of 0.25%
THE BASIN’S ONLY SHALLOW, HIGH-GRADE, UNDEVELOPED PROJECT
Fission’s Triple R deposit starts 50 metres from surface and sits entirely within basement rock.
Efficient, Low Risk Mine Plan
PROBABLE RESERVE
93.7 MIb U3O8 at an
average grade of 1.41% U3O8
3.0 million tonnes
INDICATED RESOURCE
114.9 MIb U3O8 at an
average grade of 1.94% U3O8
2.69 million tonnes
INFERRED RESOURCE
15.4 MIb U3O8 at an
average grade of 1.10% U3O8
0.64 million tonnes
Mineral Resources and Reserves are reported within an underground design at a cut-off grade of 0.25% U3O8.
ELITE ECONOMICS
“Fission Uranium’s PLS project demonstratesthe potential to be one ofthe lowest operational cost uranium mines in the world”.
JANUARY 2023 FS MINE SCENARIO (Based on uranium price of $65/lb)
| Mine Life | Years | 10 |
| Construction Period | Years | 3 |
| LOM Avg. Head Grade | % U3O8 | 1.41 |
| LOM Production | M lbs U3O8 | 90.9 |
| Avg. LOM Annual Production | M lbs U3O8 | 9.1 |
| Operating Costs | C$/lb U3O8 | $13.02 |
| All-in Sustaining Cost | C$/lb U3O8 | $18.06 |
| Initial Capital Cost | C$M | $1,155 |
| LOM Sustaining Capital Cost | C$M | $384 |
| After-Tax Payback Period | Years | 2.6 |
JANUARY 2023 FS MINE SCENARIO (Based on uranium price of $65/lb)
| Pre-Tax Cash Flow | C$M | $4,508 |
| After-Tax Cash Flow | C$M | $2,787 |
| After-Tax NPV8% | C$M | $1,204 |
| After-Tax IRR | – | 27.2% |
HIGHLY CASH GENERATIVE IN WIDE RANGE OF PRICE ENVIRONMENTS
Sensitivity Analysis and Average Annual EBITA
| Uranium Price (USD) | After-Tax NPV (8%) (billions) | After-Tax IRR | Avg. Annual EBITA (over life of mine) |
|---|---|---|---|
| $150/lb | $4.27 | 55.3% | $1.34 Billion |
| $100/lb | $2.47 | 40.7% | $0.87 Billion |
| $75/lb | $1.57 | 31.6% | $0.63 Billion |
FS Base Case$65/lb | $1.20 | 27.2% | $0.54 Billion |
| $60/lb | $1.02 | 24.8% | $0.49 Billion |
| $55/lb | $0.83 | 22.2% | $0.45 Billion |
| $50/lb | $0.64 | 19.4% | $0.40 Billion |
UNIQUE DEVELOPMENT & PRODUCTION ADVANTAGES
Hard Rock Setting
Hosted in basement rock; avoids the costly water issues faced by Cigar Lake and other eastern Athabasca unconformity mines
HIGH EFFICIENCY
Shallow, plunging ore body allows decline ramp access – less costly, more efficient than production shafts used by deep mines
SUPERB METALLURGY
High ore purity supports fast, efficient processing, and high-quality end product
HIGH PRODUCTIVITY
Mine design and shallow depth = very high tonnes-per-vertical-metre
EXCELLENT ACCESS
Mine site is just 2 km from all-season Highway 955
Simple Tailings
Easy-to-manage tailings system
DESIGNED FOR SUSTAINABLE MINING
Surface Tailings
1,000 TPD processing facility and surface Tailings Management Facility designed for high efficiency, small footprint, reliable and easy to manage.
LOW IMPACT
Close proximity to highway means little on site road construction; low impact on fauna and flora
CLEAN ORE
In contrast to most Athabasca Basin deposits, mineralization at PLS has extremely low levels of contaminants
WASTE ROCK RETURN
Ramp access & long-haul open stoping means waste rock can be returned underground
COLLABORATIVE, SUPPORTIVE DEVELOPMENT
Fission Uranium continues to strengthen its social license with all rights holders and stakeholders by collaborating on the shared goals of environmental and cultural protection, and economic prosperity.
Holistic Environmental & Social Approach: Development strategy integrates local, traditional, generational knowledge with western techniques.
Collaborative Site Work: Fission has prioritized local contractors and workers from the start of work at PLS in 2011.
Community investment strategy: As part of Fission’s goal of being a supportive member of the community, the company invests in a range of locally-run educational, community development, cultural initiatives.
LOCAL & PROVINCIAL ECONOMIC IMPACT
ECONOMIC BENEFITS TO DATE
1,000 TPD processing facility and surface Tailings Management Facility designed for high efficiency, small footprint, reliable and easy to manage.
FUTURE NEW EMPLOYMENT
Ramp access & long-haul open stoping means waste rock can be returned underground
PROVINCIAL AND FEDERAL ECONOMIC BENEFITS
Will generate an estimated ~$1.3B2 in Provincial royalties and $992M2 in Federal taxes during the current 10-year mine life.
TRAINING AND CAREERS
Local staff will be prioritized and provided with training programs and career development.
1. As per Jan, 2023 Feasibility Study. 2. As per Jan, 2023 Feasibility Study based on $65/lb U3O8
TIMELINE TO PRODUCTION
