$TMRC – Texas Mineral Resources: Relative Projected Market Cap Valuation

@ $65/lb. U308 = $10.01

@ $28/lb. U308 = $4.31

Texas Mineral Resources presently trades at a mere 4.6% of intrinsic value ($4.31) at today’s spot uranium prices, cementing it in the pantheon of U.S. development-stage companies as among the most grossly undervalued.

$TMRC Resource Estimate (Uranium, ex-REEs)

TMRC

Corporate Presentation

NI 43-101

Fahy Capital Management Metals Book — 2018

SYMBOLNAMEENTRY
ABBRFABRAPLATA RESOURCE CORP0.08
ALOALIO GOLD1.85
AXUALEXCO RESOURCE CORP1.30
AAUALMADEN MINERALS0.87
ANGPYANGLO AMERICAN PLATINUM4.39
ARNGFARGONAUT GOLD1.7
ATADFATAC RESOURCES0.44
AUGAURYN RESOURCES1.33
BALMFBALMORAL RESOURCES0.25
BCEKFBEAR CREEK MINING1.56
VNNHFBELO SUN MINING
0.17
BKIRFBLACK IRON0.06
CPPKFCOPPERBANK RESOURCES0.05
CVVUFCANALASKA URANIUM0.27
CNSNFCONSTANTINE METAL RESOURCES0.44
DNNDENISON MINES0.51
DYLLFDEEP YELLOW LTD0.23
DOLLFDOLLY VARDEN SILVER0.45
EXKENDEAVOUR SILVER2.09
UUUUENERGY FUELS1.66
EQXFFEQUINOX GOLD0.86
AGFIRST MAJESTIC SILVER5.62
FCUUFFISSION URANIUM0.56
FOSYFFORSYS METALS0.08
GGGOFGALANE GOLD0.05
GDQMFGOLDQUEST MINING0.16
GLDLFGOLDMINING INC0.74
GVXXFGOVIEX URANIUM0.17
GDLNFGREENLAND MINERALS0.07
HLHECLA MININING3.75
IMPUYIMPALA PLATINUM HOLDINGS2.80
LMRXFLARAMIDE RESOURCES0.20
MGDPFMARATHON GOLD0.75
MUXMCEWEN MINING2.02
MISVFMINCO SILVER0.52
NRGOFNEWRANGE GOLD0.18
NXENEXGEN ENERGY2.22
NSUPFNORTHERN SUPERIOR0.03
NORZFNORZINC0.11
PZGPARAMOUNT GOLD NEVADA1.27
POTRFSOPERIOR FERTILIZER CORP0.05
RVSDFRIVERSIDE RESOURCES0.19
SSPXFSANDSPRING RESOURCES0.22
SYHBFSKYHARBOUR RESOURCES0.35
SBGLSIBANYE-STILLWATER4.54
TMRCTEXAS MINERAL RESOURCES0.20
TSRMFTREASURY METALS0.30
UECURANIUM ENERGY CORP1.27
VGZVISTA GOLD CORP0.66

Fission Uranium: FCM Advanced Resource Stock Valuation

Flagship Property: Triple R = 100% Ownership

Location: Saskatchewan

Market Cap = US $255,440,979

Resource Base = 102,470,000 lbs. U308 (FCM post-PFS Resource Upgrade Estimate)

Share Structure = 532,168,707

Market Cap Valuation Per Resource Lb.

= US $2.49 Market Cap value per lb.

In other words, each lb. in the ground is valued at US $2.49 by Market Cap.

Share Price Valuation by Resources in the Ground

= .19 lbs.

In other words, each share represents .19 lbs. of U308 and each share represents US $5.00 worth of U308.

Resource Valuation as a Percentage of Market Cap

  • Market Cap = US $255,440,979
  • Value of Resources = US $2,664,220,000

The Market Cap is valued at 10% of the resources in the ground. There is room for significant Market Cap growth.

After-tax IRR (@ US $65/lb. U308) = 34.2%

NPV/CapEx = 93%

  • NPV = US $774,928,782
  • CapEx = US $835,707,510

Rough Market Cap Valuation

  • Value of Resources = US $2,664,220,000
  • Value of Resources at 15% = US $399,633,000

The current valuation (US $255,440,979) is lower than the Market Cap valuation based upon the present Value of Resources at 15%.

Near Future Cash Flow Multiple @ $26/lb U308 = 1.6

  • Near Future Cash Flow = US $155,740,000

In other words, with a Near Future Cash Flow Multiple of 1.6, Fission Uranium should be worth US $408,705,566 at $26/lb. U308.

Future Cash Flow = US $662,740,000

Fission Uranium’s Future Cash Flow is ~2.6 times its present Market Cap.

Cost Structure = 22%

Debt = 0 Debt

Future Market Cap @ US $65/lb. U308 = US $999,082,500 … Unrated

Future Market Cap Growth = 291%

Conclusion

Recently, 9 PFS resource upgrade holes targeting the R780E zone intersected wide, high-grade mineralization. Consequently, Fission Uranium’s upcoming PFS will likely reflect an updated resource base of no fewer than 102 Mlbs. U308 (M&I).  As the fundamental picture has changed for Fission, so has our price target: US $1.80