Fission and Hathor Drilling Cameco Goes Hostile for Hathor; Positive for Fission • Cameco has announced that it intends to make an all-cash offer for Hathor Exploration in an all-cash deal worth $530M. • The $3.75/share offer represents a 40% premium over Hathor’s closing share price and a 33% premium over its 20-day VWAP. • The offer is subject to receipt of all required regulatory approvals, termination or waiver of Hathor's shareholder rights plan and 66 2/3% of the Hathor shares being tendered to the Offer • Based on its global 43-101 compliant resource of 57.9 MM lbs of U3O8, Cameco’s offer represents an EV/Lb multiple of $9/Lb. • While this is significantly higher than the global exploration average of $1.47/lb, Hathor’s multiple has historically been at or near the highest among its peers and has been as high as over $12/lb. • We believe this bid from Cameco is the positive catalyst many have been waiting for to reignite interest in the uranium space. • This news is particularly interesting for Fission Energy, which is located directly adjacent to Hathor’s Roughrider Zone. • It’s J-Zone East is the likely western extension of the Roughrider Zone and a series of highly mineralized zones are lined up in a string of pearls formation west of Roughrider and which are closer to surface. We reiterate our Buy (Speculative) rating for Fission Energy. Versant Partners- Rob Chang, MBA (416) 849-5008