#Fission uranium corp finances upgrade
An opportunity exists to upgrade to Indicated Mineral Resource with future planned drilling. Mineralization Upgrade: The FS mine plan does not include areas of Inferred Mineral Resources in the R00E, R840W and R780E zones.Additional Zones: The FS mine plan has a future opportunity to accommodate the potential conversion of Inferred Resources to Indicated Resources at two high-grade, on-strike zones - R1515W and R1620E – that are not yet part of Mineral Reserves.Further opportunity exists to grow the resource in those directions, potentially extending the underground mine life even further. Both the R780E and R840W zones are open at depth and along the plunge to the east. Mine Life and Zone Expansion: The FS mine plan has increased the mine life to 10 years.As a result, there is a clear path for growing the deposit, potentially leading to an increased resource as well as a longer mine life. As proven by the Company's drilling at the Triple R deposit's R780E, R840W and R00E zones, Fission has an excellent track record of converting Inferred-category resources to Indicated-category.
The majority of mineralization at these two on-strike, high-grade zones is currently defined as Inferred Mineral Resource classification and thus not considered for inclusion in the FS mine plan.
While the FS only considers Indicated Resources from the R780E, R840W and R00E zones, the mine plan has been deliberately designed to easily accommodate additional material from the R1515W and R1620E zones based on the potential future conversion of Inferred Resources to Indicated Resources. Going forward, thanks to the strength of this feasibility study and the success of our ongoing social engagement, we will continue advancing through the Environmental Assessment and on towards a construction decision. Beyond the economics, the shallow, high-grade nature of our deposit gives us a very small environmental footprint – an advantage that we have built on with comprehensive monitoring since the start of drilling in 2012 and increasing Indigenous engagement. Showing CAPEX to be lower than in the 2019 Prefeasibility report, particularly with the pressures of high global inflation, is a remarkable achievement and speaks volumes regarding the team's design and planning abilities. Ross McElroy, President and CEO of Fission, commented, " With greatly enhanced economics, including an increase of 42% to the mine life, an incredible 71.5% increase in post-tax NPV and a 10.2% growth in post-tax IRR, this feasibility study confirms the Tier 1 PLS project as one of the most economically significant and elite uranium development projects in the world. The FS has an effective date of January 17, 2023. With nuclear energy and the uranium sector strengthening year on year, Fission is ideally positioned to continue developing PLS through the environmental assessment and licensing phase. The results confirm the economic strength of the PLS project as well as its minimal environmental footprint. Of additional note, initial CAPEX is marginally lower (~2%) than the PFS for a total of $1.155B – a remarkable achievement given current global inflation. The exchange rate used is 0.75 US$/ C$1.00. All currency figures are expressed in Canadian dollars unless denoted otherwise. 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.
These impressive FS results further enhance the robust economics outlined in the 2019 pre-feasibility study (the "PFS"). ("Tetra Tech") and titled "Feasibility Study on the Patterson Lake South Property" (the "FS") for its PLS property in Canada's Athabasca Basin region.
("Fission" or "the company") is pleased to announce the results of a Feasibility Study conducted by Tetra Tech Canada Inc. 17, 2023 /PRNewswire/ - FISSION URANIUM CORP. Results confirm PLS as one of the world's elite uranium projects
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