HomeMarket NewsMining Fission Secures $55m to Propel PLS Uranium Project in Athabasca...

Fission Secures $55m to Propel PLS Uranium Project in Athabasca Basin

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The hot embers of Fission’s PLS uranium project glow with potential, stoking investor confidence with a $55 million infusion. A tangible step towards the radiant future of the Athabasca Basin. A feasibility study filed in March 2023 maps out a three-year, C$1.16 billion construction timeline for a mine forecasted to span 10 years. During this period, the mine is set to yield a staggering 90.9 million lb. of uranium oxide (U3O8).

The PLS project boasts robust post-tax economics, including a sizzling internal rate of return at 27.2%, a net present value at an 8% discount of C$1.20 billion, and a lithe payback period of 2.6 years.

Tapping into the shallow, high-grade Triple R deposit forms the bedrock of the mine plan. The initial focus will be on the R780E and R840W zones, with potential future upgrades in resources projected for the R1515W and R1620E zones – although these have not been incorporated into the current plan.

The indicated resource is rich, housing 114.9 million lb. U3O8 within 2.7 million tonnes of material, which grades at an ample 1.94% U3O8. Nestled within this resource lies a probable reserve of 3.0 million tonnes, graced with 1.41% U3O8. A firm cut-off grade of 0.25% U3O8 was utilized. Despite the bountiful inferred reserves, they remained beyond the pale of consideration in mine planning.

The bright horizon sees production targeted by the year 2029.


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