The syndicate is underwritten by Eight Capital and Sprott Capital Partners. The underwriters have been granted over-allotment up to an additional 15% of the units for 30 days after closing.

The Triple R deposit is located on the Patterson Lake South property in the Athabasca Basin. The pre-feasibility study envisions a project with a pre-production capital outlay of C$1.18 billion and a total capital cost of C$1.46 billion. It would have a post-tax net present value with an 8% discount of C$702 million, and a post-tax internal rate of return of 25%. The post-tax payback period would be 2.5 years.

The resources are estimated to be 2.2 million indicated tonnes at an average grade of 2.10% uranium oxide, and 1.2 million inferred tonnes at 1.22% U3O8. Over the seven-year life of the mine, Fission will recover approximately 78.7 million lb. U3O8.

The Patterson Lake South property also has tremendous exploration potential, the company says, as only 25% of the area has been tested.

(This article first appeared in the Canadian Mining Journal)





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