- Business
- Fission Uranium Corp. (FCU.TO) engages in the acquisition, exploration, and development of uranium resource properties in Canada, with a focus on high-grade, near-surface deposits in the Athabasca Basin region of Saskatchewan. The company owns 100% of its flagship Patterson Lake South (PLS) property, comprising 17 contiguous mineral claims spanning 31,039 hectares and hosting the Triple R deposit, one of the Basin's largest undeveloped high-grade uranium deposits suitable for a conventional underground mine and mill with a projected 10-year life producing 9.1 million pounds U3O8 annually; it also recently staked four additional prospective greenfield properties—Typhoon, Corsair, Merlin, and Seahawk—in the same region. Incorporated in 2013 and previously headquartered in Kelowna, British Columbia, the company targets uranium exploration and development for nuclear fuel markets, primarily serving clean energy sectors amid rising global demand.
In December 2024, Fission Uranium was acquired by Paladin Energy Ltd. in a C$1.14 billion transaction via a court-approved plan of arrangement, after which it operates as a wholly-owned subsidiary renamed Paladin Canada, enhancing Paladin's portfolio with diversified production across Canada, Namibia, and Australia and targeting multi-asset output by 2029. This deal, initially announced in June 2024 and approved following a Canadian national security review, provides Fission shareholders with 0.1076 Paladin shares per Fission share, equating to 24% ownership in the combined entity, while delisting Fission from the TSX, OTCQX, and Frankfurt exchanges. The acquisition de-risks PLS advancement using Paladin's operational expertise from the Langer Heinrich mine and established offtake contracts, alongside exploration upside from Paladin's Michelin project in Newfoundland and Labrador.