Russia’s state-owned nuclear power conglomerate, Rosatom, is suspected of supplying the Russian arms industry with components, technology, and raw materials for missile fuel. The military supplies were delivered to more than a half-dozen major weapon manufacturers, assisting Moscow’s ongoing assault on Ukraine.

This has increased the possibility that the US, and perhaps the European Union, will impose sanctions on Rosatom, which exports uranium for use in nuclear reactors.

The US is heavily reliant on Russian nuclear fuel, but American companies have some options if Rosatom is faced with sanctions.

After the Cold War ended, US and Russian leaders agreed that Russia would dismantle some of its nuclear weapons, downgrade the uranium and send it to the US to be repurposed and used in civilian nuclear reactors in what was known as the megaton to megawatt program. Over the course of the 20-year program, which ended in 2013, up to 10% of US electricity came from fuel made from Russian warheads.

In 2021, the US purchased 14% of its uranium from Russia.

Russia, has the world’s largest uranium enrichment capabilities, accounting for nearly half of global capacity, and its neighbour, over which Russia has huge political influence, is Kazakhstan, a landlocked country that happens to be the largest uranium producer in the world. 

The US is Looking to Canada for Uranium

The US does have some uranium production options of its own but in a world of rising uranium prices and growing demand, the real focus is on its northern neighbor, Canada – the world’s second largest uranium producer and the only country on the planet with large, high-grade deposits. While Kazakhstan-based Kazatomprom announced that production declined in 2022 compared to the prior year, Canada’s uranium major,  Cameco, recently resumed production after a four-year hiatus at its massive MacArthur River/Key Lake complex. There’s no question that Canada is primed to take advantage of the uranium bull market.

Fission Uranium Corp. (TSX:FCU) (OTCQX:FCUUF), a Canadian resource company, is focused on the development of its Patterson Lake South (PLS) property – a proposed high-grade uranium mine and mill. 

PLS is in the renowned Athabasca Basin uranium district, and hosts the region’s only major, high-grade deposit found at shallow depth – a big advantage in terms of construction time, technical risk, and competitive cost. In fact, this advanced uranium project has the potential to become one of the lowest operating cost uranium mines in the world

Fission Uranium recently announced the results of a Feasibility Study (FS) at PLS, which further enhances the robust economics from the previously completed Pre-Feasibility Study. 

Some of the highlights from the FS include a 42% increase in the mine life to 10 years with life of mine production of 90.9 million pounds of U3O8, a much higher after-tax NPV of C$1.204 billion at an 8% discount, and a higher after-tax IRR of 27.2% while maintaining a very low OPEX of C$13.02/lb – which is less than US$10/lb.

For more information on Fission Uranium Corp. (TSX:FCU) (OTCQX:FCUUF) and its PLS project, please visit this link or the company’s website.

SOURCE Fission Uranium Corp. (TSX:FCU) (OTCQX:FCUUF)

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6) This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, “forward-looking statements”), which reflect management’s expectations regarding Fission Uranium Corp.’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to Fission Uranium Corp.’s industry; (b) market opportunity; (c) Fission Uranium Corp.’s business plans and strategies; (d) services that Fission Uranium Corp. intends to offer; (e) Fission Uranium Corp.’s milestone projections and targets; (f) Fission Uranium Corp.’s expectations regarding receipt of approval for regulatory applications; (g) Fission Uranium Corp.’s intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) Fission Uranium Corp.’s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute Fission Uranium Corp.’s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) Fission Uranium Corp.’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) Fission Uranium Corp.’s ability to enter into contractual arrangements with additional Pharmacies; (e) the accuracy of budgeted costs and expenditures; (f) Fission Uranium Corp.’s ability to attract and retain skilled personnel; (g) political and regulatory stability; (h) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (i) changes in applicable legislation; (j) stability in financial and capital markets; and (k) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of Fission Uranium Corp. to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) Fission Uranium Corp.’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact Fission Uranium Corp.’s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing Fission Uranium Corp.’s business operations (e) Fission Uranium Corp. may be unable to implement its growth strategy; and (f) increased competition.

Except as required by law, Fission Uranium Corp. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither does Fission Uranium Corp. nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this document. Neither Fission Uranium Corp. nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this document by you or any of your representatives or for omissions from the information in this document.

7) Any graphs, tables or other information demonstrating the historical performance or current or historical attributes of Fission Uranium Corp. or any other entity contained in this document are intended only to illustrate historical performance or current or historical attributes of Fission Uranium Corp. or such entities and are not necessarily indicative of future performance of Fission Uranium Corp. or such entities.

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