Key comparables to consider for Fission:

• Hathor Acquisition - Hathor was acquired towards the end of 2011 after Rio Tinto (RIO-N, Not Rated) outbid Cameco (CCO-T, Buy, C$24.00 Target) in a back and forth battle following CCO's initial bid premium of 40%. The final offer of $654 MM for Roughrider translates to an EV/lb of US$10.84 for 58 MM lbs at 4.73% U3O8. The uranium price at the time of announcement was US$52/lb. Both projects are tabular with flat to modestly dipping sections. Other than that the projects are quite different: PLS is basement-hosted, shallow at ~50m depth and located on the East side of the Basin; while Roughrider is unconformity type, deeper at 190m and on the East side. Admittedly we are in a far less bullish market environment for both uranium and resource stocks as a whole, but it’s not farfetched to believe PLS should demand a similar multiple. PLS already has a size advantage, and its high grade zone of 58 MM lbs is the exact size of Roughrider during takeout but at four times the average uranium grade. If Triple R was to receive a Roughrider take-over valuation of US$10.84/lb, it would be valued at C$1.2 B or ~C$3.31/sh.