Fission Uranium (FCU) Q3 2024 earnings summary

Executive summary

• Entered a definitive agreement for Paladin Energy to acquire 100% of shares; Fission shareholders to receive 0.1076 Paladin shares per Fission share and own 24% of the combined entity with a pro-forma market cap of ~US$3.5B.

• Advanced the PLS project: completed Front End Engineering Design, transitioned to Detailed Design, and submitted updated Environmental Impact Statement (EIS) with permitting decision expected in Q4 2024.

• Closed a $75M bought deal financing in February 2024 and staked four new highly prospective properties in the Athabasca Basin.

• Released inaugural Sustainability Report and maintained engagement agreements with six Indigenous rightsholders.

Financial highlights

• Net loss for Q3 2024 was $3.2M (Q3 2023: $0.4M); net loss for nine months ended September 30, 2024 was $8.1M (2023: $6.1M).

• Basic and diluted loss per share was $0.00 for Q3 2024 and $0.01 for the nine months ended September 30, 2024.

• Working capital at September 30, 2024 was $135.5M, up from $71.9M at December 31, 2023, mainly due to financing proceeds.

• Cash and cash equivalents at September 30, 2024 were $44.8M, with $90M in short-term investments.

• Exploration and evaluation assets increased to $409.9M at September 30, 2024 (December 31, 2023: $378.4M).

Outlook and guidance

• PLS project advancing toward construction and operation, with focus on de-risking, resource expansion, and ongoing regulatory and community engagement.

• EIS permitting process expected to conclude in Q4 2024; project requires only provincial approval, streamlining advancement.

• Management continues to seek strategic opportunities to monetize the PLS property and add shareholder value.