Plenty of Acreage to still be ExploredFission's land holdings alone in the basin should propel the SP over $1. The Athabasca Basin holds some of the richest high grade uranium deposits in the world. Fission's 840 zone could significantly increase their deposit with more exploration work and the 1515 has plenty of upside too. Their PLS is very much undervalued when compared to others in the same areas.
“Fission Uranium (FCU-T, BUY, C$1.50 TP), which neighbours NXE on the west side of the Athabasca basin (and we think is an attractive earlier-stage alternative) and currently trades cheaply at 0.34x P/NAV. We think this discount (vs. our developer peer group avg. of 0.57x P/NAV) could subside in the near term as the company returns assays from its ongoing exploration program (>12,000m), which aims to expand resources at the 780 and 840 zones of the flagship PLS deposit. We think this expansion should extend the 7 year LOM contemplated in the 2019 PFS towards double digits in an upcoming FS guided for 2022. The underground-only option contemplated in the PFS should streamline permitting for annual production of roughly 11.2 MM lbs U3O8 (supported by current reserves of 81.4 MM lbs U3O8 grading 1.61%). We expect FCU is roughly one year behind NXE in the development process and therefore could come online as early as 2026. Near-term catalysts include ongoing drill results from spring through fall 2021, FS in 2022, and submission of the EIS in 2023.”