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Fission Energy (FIS-TSXV / $0.71, Market Cap $62.5M) - Buy (Speculative): Target $1.25

January 9, 2012

Rob Chang, MBA

2012 Top Pick: Expecting the inevitable consolidation

  • Fission Energy’s flagship Waterbury Lake project is located immediately west of Hathor Exploration’s Roughrider uranium deposit, which is in the heart of a uranium district that hosts over 110 M lbs of U3O8.
  • Hathor was recently subject to a takeover battle between mining giants Cameco Corp. and Rio Tinto, with the latter emerging as the winner.
  • With the recently completed battle for Hathor won by Rio Tinto, it is generally believed that Hathor alone is too small to significantly impact the bottom line for the mining giant.
  • As such, the consolidation of Hathor’s western neighbor that has the shallower mineralization is a likely subsequent step.

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