$FCUUF : Fission Uranium — Independent Economic Analysis

19-June 2019U/G PFS, 23 September 2019
Long-Term Price Case$65/lb. U308$50/lb. U308
Flagship ProjectPLS (Triple R) PLS (Triple R)
Ownership100%100%
Mineral Reserves90.5M lbs.81.4M lbs.
Shares Outstanding486,014,642486,014,642
Market Cap$179,728,215$141,867,674
Average Annual Production10,937,500 lbs.13.1M lbs.
Recovery96.7%96.8%
Payable Product87.5M lbs.78.7 lbs.
LoM8 years7 Years
True All-in Costs (TAIC)$46.34/lb.$35.26/lb.
Gross Revenue$5,687,500,000$3,935,000,000
Provincial Revenue Royalties($412,343,750) ($287,142,555)
Net Revenue$5,275,156,250$3,647,857,445
Total Operating Costs ($604,625,000)($567,803,677)
Operating Cash Flow$4,670,531,250$3,080,053,768
Provincial Profit Royalties($467,053,125)($328,593,580)
Income Taxes($1,261,043,438)($492,136,715)
Total Capital Costs($1,310,029,112)($1,099,582,645)
Net Income$1,632,405,575$1,159,740,828
Net Profit Margin29%29%
Absolute Cost Structure (ACS)71%71%
MTQ Score (Higher is Better)0.40.4
True Value$3.36/sh.$2.39/sh.
True Value Discount (TVD)89%88%
Cash Flow Multiple10x10x
Annual Cash Flow$204,093,750165,677,261
Future Market Cap$2,040,937,5001,656,772,610
Future Market Cap Growth1,036%1,068%
Target$4.20/sh.$3.41/sh.

Notes: All Values in U.S. Dollars

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