The hottest uranium discovery stock in the world is Fission Uranium, with its Patterson Lake South project shaping up to be an incredible uranium asset, in an albeit unloved time for the commodity.
This afternoon, Warren Stanyer and Kurt Bordain, two directors resigned from the company. The men were on Fission’s board as a result of the takeover of Alpha Minerals last year. Concurrently, Fission announced that Jeremy Ross has been reappointed to the board of directors. Mr. Ross was on Fission’s board before the Alpha merger.
“There’s nothing sinister about it,” Fission CEO Dev Randhawa says by phone Friday afternoon.
Randhawa says Mr. Bordain and Mr. Stanyer were transition directors from the Alpha period, and that there was some “repetitiveness” between Mr. Boardain and fellow Fission board member Frank Estergaard, both financial executives. In the case of Mr. Stanyer, Randhawa said he had some potentially conflicting business desires. “Warren wanted to keep staking properties in the area and compete against us. We can’t have that.”
Mr. Stanyer and Mr. Bordain were unable to be reached for comment at press time Friday, but if there was some tension between the Alpha and Fission board members, it doesn’t surprise us. The former 50/50 partners on the Patterson Lake South project differed considerably in their approach.
Randhawa says that it’s business as usual for his team and he’s optimistic potential Australian sanctions of Russian uranium could help the commodity’s spot price, which is now trading near decade lows (roughly $28.75 per pound at press time).
The Fission CEO will be in Toronto and New York next week marketing his company to investors, with a particular focus on explaining how new drilling is thickening the deposit to the north and south, Randhawa informs.
“The problem is people are so fixated on the spot price, they don’t see this project maybe doubled in width, tripled in width, you know. They don’t see that.”