April 28, 2023
Fission Uranium Corp. (TSX:FCU, Not Rated, David A. Talbot) has applied to the Canadian Nuclear Safety Commission (CNSC) for a license to construct a uranium mine and mill facility at its 100%-owned PLS uranium project located near the southwestern edge of the Athabasca Basin. An Environmental Assessment for the project is continuing to progress with community engagement, basement assessment reporting, and data compilation. The company also noted that advancement of the PLS project remains on schedule and that the board has approved the 2023 budget, and thus Front-End Engineering Design (FEED) has begun. FEED work includes geotechnical drilling, hydrogeological holes, test pits, and downhole Vertical Seismic Profiling (VSP) surveys. The winter field season has also been completed. This should provide enough information to support the design of roads, waste rock stockpiles, and mill area facilities. Monitor wells should also help gather information around the crown pillar and other areas in this underground mine. Fission is compiling the FS recommendations to formalize a scope of work for FEED and intends to appoint a lead consultant in Q2/23. The company’s Triple R deposit is a large, high-grade, and world-class uranium asset. The FS suggests a three-year construction timeline and mine life of 10 years with production of 90.9M lb U3O8, while operating costs are estimated below US$10/lb. We anticipate further exploration to expand resources and extend the life of mine. Read more
Company Specific Disclosure Details
Fission Uranium Corp. – TSX:FCU – 1,2
- The analyst has visited the head/principal office of the issuer or has viewed its material operations.
- The issuer paid for or reimbursed the analyst for a portion, or all of the travel expense associated with a visit.
- In the last 12 months preceding the date of issuance of the research report or recommendation, Red Cloud Securities Inc. has performed investment banking services for the issuer.
- In the last 12 months, a partner, director or officer of Red Cloud Securities Inc., or an analyst involved in the preparation of the research report has provided services other than in the normal course investment advisory or trade execution services to the issuer for remuneration.
- An analyst who prepared or participated in the preparation of this research report has an ownership position (long or short) in, or discretion or control over an account holding, the issuer’s securities, directly or indirectly.
- Red Cloud Securities Inc. and its affiliates collectively beneficially own 1% or more of a class of the issuer’s equity securities.
- A partner, director, officer, employee or agent of Red Cloud Securities Inc., serves as a partner, director, officer or employee of (or in an equivalent advisory capacity to) the issuer.
- Red Cloud Securities Inc. is a market maker in the equity of the issuer.
- There are material conflicts of interest with Red Cloud Securities Inc. or the analyst who prepared or participated in the preparation of the research report, and the issuer.
Analysts are compensated through a combined base salary and bonus payout system. The bonus payout is determined by revenues generated from various departments including Investment Banking, based on a system that includes the following criteria: reports generated, timeliness, performance of recommendations, knowledge of industry, quality of research and client feedback. Analysts are not directly compensated for specific Investment Banking transactions.
