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.

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Million lbs. U3O82

2 Indicated Mineral Resource
Based on 2,688,000 tonnes at an average grade of 1.94% U3O8

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Million lbs. U3O82

2 Inferred Mineral Resource
Based on 635,000 tonnes at an average grade of 1.10% U3O8

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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.

Fis Udeposit 240228 Sized

Efficient, Low Risk Mine Plan

Mine Plan 1

PROBABLE RESERVE

INDICATED RESOURCE

INFERRED RESOURCE

ELITE ECONOMICS

“Fission Uranium’s PLS project demonstratesthe potential to be one ofthe lowest operational cost uranium mines in the world”.

Projects 1@2x 1
Mine Life Years10
Construction PeriodYears3
LOM Avg. Head Grade% U3O81.41
LOM ProductionM lbs U3O890.9
Avg. LOM Annual ProductionM lbs U3O89.1
Operating CostsC$/lb U3O8$13.02
All-in Sustaining CostC$/lb U3O8$18.06
Initial Capital CostC$M$1,155
LOM Sustaining Capital CostC$M$384
After-Tax Payback PeriodYears2.6
Pre-Tax Cash FlowC$M$4,508
After-Tax Cash FlowC$M$2,787
After-Tax NPV8%C$M$1,204
After-Tax IRR27.2%

HIGHLY CASH GENERATIVE IN WIDE RANGE OF PRICE ENVIRONMENTS​

Uranium Price (USD)​After-Tax NPV (8%) (billions)After-Tax IRRAvg. Annual EBITA (over life of mine)
$150/lb$4.2755.3%​$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

P15 Image 1
P15 Map 1

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

P16 Image 2
P17 Image 1

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

P18 Timeline 1

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Assays

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