Fission Uranium Corp.
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| Company type | Public |
|---|---|
| TSX: FCU | |
| Industry | Uranium mining |
| Founded | 2013 |
| Founder | Dev Randhawa |
| Headquarters | , |
Key people |
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| Owner |
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Number of employees | 39 (2016) |
| Website | fissionuranium.com |
Fission Uranium Corp. is a mineral exploration company engaged in the exploration and development of uranium assets. Its sole project is the Patterson Lake South (PLS) Project located in Canada's Athabasca Basin District.[2]
On December 23, 2024, it was announced that Paladin Energy had acquired full control of the Canadian company.[3]
Fission's history can be traced directly to Strathmore Minerals Corp., a firm founded in 1996 by Dev Randhawa.[4] Under his leadership, Strathmore Minerals spun out Fission Energy Corp in 2008,[5] and time Randhawa left Strathmore to run Fission Energy. Ross McElroy joined Fission Energy and led the company's technical team to its first major discovery: the J Zone at Waterbury Lake in Saskatchewan's Athabasca Basin.
A second discovery, at PLS in the Athabasca Basin, was made in November 2012. In 2013, Fission Uranium Corp. was spun out of Fission Energy b after a deal was made with Denison Mines Corp to acquire all assets except PLS.[6] In January, 2015, Fission Uranium announced a major resource estimate in the indicated and inferred categories which, at that time, was the largest undeveloped resource in the Athabasca Basin region.[7]
In Fall 2015, Fission Uranium became embroiled in a dispute with a small group of dissident shareholders over an attempted merger with Denison Mines Corp. The deal was opposed by some of the company's shareholders, who staged an attempted ‘proxy fight’ [8] The attempt failed and Fission's incumbent board of directors received an overwhelming majority of the shareholder vote [9][10]
In January 2016, Fission Uranium Corporation entered into an agreement with Hong Kong-based utility subsidiary CGN Mining, which took a 19.9% share in the company and purchased up to 35% of annual production from the Patterson Lake South project for the investment of $82 million at a price of $0.85.[11]