Fission Uranium (FCU) Q2 2024 earnings summary

Executive summary

• Entered definitive agreement for acquisition by Paladin Energy, offering a 30% premium and 24% pro forma ownership for Fission shareholders; transaction subject to approvals.

• Advanced PLS project with ongoing exploration, engineering, and permitting; submitted draft Environmental Impact Statement in March 2024.

• Completed significant financings, including a $75M bought deal in February 2024, strengthening liquidity for ongoing development.

• Continued strong engagement with Indigenous rightsholders and stakeholders, with multiple agreements in place.

Financial highlights

• Net loss for Q2 2024 was $3.4M ($0.01/share), compared to $2.4M ($0.00/share) in Q2 2023; six-month net loss was $4.9M, down from $5.7M year-over-year.

• Interest income rose to $1.97M in Q2 2024 from $0.59M in Q2 2023, reflecting higher treasury balances and rates.

• Share-based compensation increased to $5.3M for the six months ended June 30, 2024, from $4.6M in the prior year.

• Cash and cash equivalents at June 30, 2024 were $56.0M, with working capital of $141.9M, up from $71.9M at December 31, 2023.

• Exploration and evaluation assets grew to $402.4M at June 30, 2024, from $378.4M at year-end 2023.

Outlook and guidance

• Focus remains on advancing the PLS project towards production, including detailed engineering and regulatory approvals.

• Anticipates completion of the Paladin transaction, providing access to a diversified uranium portfolio and enhanced funding.

• Ongoing exploration and in-fill drilling at PLS to upgrade resource classification and support mine planning.