Fission Uranium

What Fission Uranium does

Fission Uranium Corp. was a Canadian uranium exploration and development company headquartered in Saskatoon, Saskatchewan, focused on the Patterson Lake South (PLS) project in the Athabasca Basin. Its core asset, the Triple R deposit, hosts 93.7Mlb U3O8 of Probable Mineral Reserve at 1.41% grade, with mineralization starting approximately 50m from surface. The project targets roughly 9Mlb per year of U3O8 production over a 10-year mine life at a planned 1,000tpd processing rate, using conventional hard-rock underground mining methods and a processing flowsheet modeled on existing Athabasca Basin uranium operations.

The company's business model was pre-revenue and centered on advancing PLS through exploration, feasibility, permitting, and ultimately mine construction, with future revenue intended to come from uranium concentrate (U3O8) sales to nuclear power utilities through long-term offtake agreements and spot market transactions. The company was 100% exposed to uranium market pricing. Between 2023 and early 2024, Fission executed three bought-deal financings totaling over C$92 million to fund exploration and development, signed Mutual Benefits Agreements with the Clearwater River Dene Nation and Buffalo River Dene Nation, released a feasibility study in April 2024, and secured Saskatchewan Ministerial Environmental Impact Statement approval in February 2026. In December 2024, Fission was acquired by Paladin Energy Ltd for approximately C$1.14 billion and renamed "Paladin Canada," becoming a wholly-owned subsidiary within Paladin's diversified uranium production portfolio spanning Namibia, Canada, and Australia.

Name

Fission Uranium

Legal name

Fission Uranium Corp.

Website

https://fissionuranium.com

Company type

Public

Founded year

2011

Operating status

Acquired

Headcount range

11–50 employees

Short description

Fission Uranium Corp. was a Canadian uranium exploration and development company focused on the Patterson Lake South project and Triple R deposit in Saskatchewan's Athabasca Basin, acquired by Paladin Energy in December 2024 for C$1.14 billion.

Ownership category

akta.pro rank

Product category

Uranium Mining

NAICS

Other Metal Ore Mining (21229)

SIC

Miscellaneous Metal Ores (1090)

akta.pro primary industry

Uranium Exploration & Resource Development (EUAKACAA)

akta.pro secondary industry

Nuclear Fuel Cycle for Power Generation (Uranium, Conversion, Enrichment, Fuel Fabrication) (EUACADAK)

Keywords

• Uranium exploration
• Uranium mining
• Mineral development
• Nuclear fuel supply
• Athabasca basin uranium

Headquarters

HQ city

Kelowna

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Supply Chain, Others

Revenue model

1. Uranium Production and Sales: Once in production, the company generates revenue from the sale of uranium concentrate (U3O8) to nuclear utilities under long-term offtake agreements and spot market sales. The PLS project targets approximately 9Mlb per year U3O8 production over a 10-year mine life.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Fission Uranium Corp. is a uranium exploration and development company focused on acquiring and advancing the Patterson Lake South (PLS) project in Saskatchewan's Athabasca Basin. The flagship Triple R deposit contains 93.7Mlb U3O8 of Probable Mineral Reserve at 1.41% grade, hosted in basement rock starting just 50m from surface, with a target production of approximately 9Mlb per year U3O8 over a 10-year mine life using conventional underground mining methods.

Product overview

Fission Uranium Corp. was acquired by Paladin Energy Ltd. in December 2024 and renamed Paladin Canada. The company's product portfolio centers on the Patterson Lake South (PLS) Project, an advanced uranium development project in Saskatchewan's Athabasca Basin. PLS hosts the high-grade Triple R deposit with 93.7Mlb U3O8 probable reserves at 1.41% U3O8, featuring shallow mineralization starting 50m from surface. The project targets approximately 9Mlb per year uranium production over a 10-year mine life using conventional underground mining methods and a 1,000tpd processing rate. The portfolio also includes the Michelin Project and early-stage exploration assets across the Athabasca Basin.

Differentiator

Problem solved

Functional benefit

Products and services

• Patterson Lake South (PLS) Project
• Michelin Project Uranium project in Canada, part of Paladin Canada's portfolio of advanced-stage uranium development assets in Saskatchewan.
• Athabasca Basin Early-Stage Exploration

Quantifiable outcome

• 93.7Mlb U3O8 Probable Mineral Reserve at 1.41% grade
• +2 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Three partnerships are on record, tiered flagship and core.

• Paladin Energy LtdflagshipStrategic or Co-development Partner · 1 December 2024Paladin Energy acquired Fission Uranium Corp. in December 2024 for C$1.14 billion. Fission was renamed Paladin Canada. The acquisition positioned Paladin as a diversified uranium producer with assets in Namibia, Canada, and Australia.
• Clearwater River Dene Nation (CRDN)coreStrategic or Co-development PartnerMutual Benefits Agreement signed covering collaboration throughout the project life from development to decommissioning and reclamation. Agreement establishes framework for working together on the Patterson Lake South project.
• Buffalo River Dene Nation (BRDN)coreStrategic or Co-development PartnerMutual Benefits Agreement signed covering collaboration throughout the project life from development to decommissioning and reclamation. Agreement establishes framework for working together on the Patterson Lake South project.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• NexGen Energy: NexGen Energy is a direct peer advancing the Rook I/Arrow high-grade uranium project in the southwestern Athabasca Basin, Saskatchewan, with a comparable resource scale and end-market exposure to U3O8 production for nuclear utilities.
• Denison Mines: Denison Mines is a direct Athabasca Basin uranium developer with the Wheeler River project, sharing the same Saskatchewan jurisdiction, uranium commodity exposure, and pre-construction development profile as Fission.

Broad incumbents

• Cameco Corporation: Cameco is the world's largest pure-play uranium producer and a broad incumbent operating multiple producing Athabasca Basin mines (Cigar Lake, McArthur River), with similar customer base of nuclear utilities but at a much larger, diversified scale.
• Uranium Energy Corp: Uranium Energy Corp is a broad incumbent U.S.-listed uranium producer and developer with ISR-focused assets across the Americas, sharing the same U3O8 commodity and nuclear utility customer base but operating outside the Athabasca Basin.
• Energy Fuels: Energy Fuels is a U.S.-based uranium and rare earths producer with conventional mill assets, broadly comparable as a North American uranium miner serving nuclear utilities but operating in different jurisdictions and with diversified commodity exposure.
• Paladin Energy: Paladin Energy is the parent company that acquired Fission Uranium in December 2024; as a diversified uranium producer with the Langer Heinrich mine in Namibia and Australian exploration assets, it is the natural reference for PLS within a multi-asset uranium portfolio.

Emerging players

• IsoEnergy: IsoEnergy is an emerging Athabasca Basin uranium developer focused on the Hurricane zone at the Larocque East project, sharing the same Saskatchewan uranium exploration and development thesis as Fission but at an earlier stage.
• Skyharbour Resources: Skyharbour Resources is an emerging uranium exploration company with a portfolio of Athabasca Basin projects, directly comparable as a junior uranium developer in the same premier jurisdiction but with a less advanced flagship asset.
• Fission 3.0 Corp: Fission 3.0 is an early-stage uranium exploration company founded by members of the original Fission Uranium team, sharing the same Athabasca Basin focus but at an earlier exploration stage without an advanced project comparable to PLS.
• Baselode Energy: Baselode Energy is an early-stage uranium exploration company with Athabasca Basin assets, providing a comparable junior developer reference though at materially smaller scale and earlier stage than PLS.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/FissionUranium
• LinkedInlinkedin.com/company/fission-uranium-corp

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds7 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Fission Uranium