Rankings Commodities & uranium F3 Uranium
F3 Uranium
46
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Margin−11
- Dilution and overhang−8
- Resource and studies−6
Strengths
- Strategic investor+2
Speculative profile
A penny stock under DKK 3. The asymmetry rating is separate from the Bjarvik score and is not a recommendation.
- Asymmetry (1–10)
- 4
- Price
- 0.56 DKK
- Market value
- DKK 352m
- Cash runway
- 16 months
- Cash / debt
- 21.9 / 12.2m CAD
- Dilution, 12 months
- +20%
Bull case
The Tetra zone or JR's extension gives new high-grade intercepts, and the resource grows from 11.8 to 25–30m lb. McElroy has previously sold a neighbouring discovery (Fission/Triple R) to Paladin. In a takeover at CAD 10–15/lb for 25–30m lb, the company would be worth CAD 250–450m vs a market cap of about CAD 76m, i.e. 3–6x.
Bear case
The summer and winter drilling disappoints, and after the reverse split money must be raised at a far lower valuation. The CAD 15m bond (about 20% of market cap) must be refinanced by 2028 at the latest. A price around CAD 0.05 (pre-consolidation) is realistic if the resource does not grow.
Catalysts
- 28 Oct 2026Annual accounts for financial year 2026 (estimated date) – cash after the summer programmegradual stockanalysis.com
- Q4 2026Remaining results from the 2026 summer programme (about 4,000 m; the A4 conductor, Broach Lake, JR's south-eastern extension and the Tetra area)binary cruxinvestor.com
- Q4 20261:10 consolidation of the shares once TSXV accepts it (631.8m to approx. 63.2m shares)gradual mugglehead.com
- Winter 2026/27First drilling season under new CEO Ross McElroy (former CEO of Fission Uranium, which was sold to Paladin for 1.14 bn C$)gradual theglobeandmail.com
Risk of going to zeromedium – there is a real high-grade resource and cash for approx. 16 months from March, but the convertible debt of C$15m ranks ahead of shareholders, and burn is approx. C$17m a year.
Next financingCash of C$21.9m at 31/3-2026 (approx. C$23m according to the company at the start of summer) vs spending of approx. C$4.2m per quarter. According to the company there is money until the end of 2027, but after the summer program the cash is lower. Expect a flow-through issue for the 2027/28 winter program, probably after the merger. The biggest item is the C$15m bond falling due in October 2028.
Warrants & convertibles71.1m warrants and 91.8m options/RSUs (at 24/9-2026; strike and expiry not stated). Convertible bond to Denison of C$15m, 9% interest, conversion at C$0.56, maturity 18/10-2028; up to one third of the interest can be paid in shares at the 20-day VWAP. A 1:10 consolidation is approved but awaits the TSXV.
Insiders, last 12 monthsNo purchases or sales found (not systematically checked). Insiders own c. 2.9% (stockanalysis). Management change 24/9-2026: Ross McElroy is the new CEO, and Dev Randhawa has become executive chairman.
Largest ownersNot examined in detail. Institutions c. 17%, insiders c. 2.9% (stockanalysis). Denison is a creditor via the C$15m debenture.
Circio check(1) Small market cap: yes – approx. DKK 352m, EV approx. DKK 305m. (2) Hot theme: yes – Athabasca uranium next to Arrow and Triple R. (3) Upcoming milestones: yes – results from the summer drilling and the winter program, but the first holes were weak. (4) Major partner: partial – Denison is a creditor, not a co-owner of the project. (5) Funding for 2+ years: no – approx. 16 months from March, and the bond matures in 2028. (6) Price near the bottom: yes – −50% in a year, RSI 27.
Why this asymmetryA real high-grade resource at about C$5.6/lb and a management with a track record of selling neighbouring discoveries give some upside. But the C$15m bond, an overhang of 26% and weak first summer holes mean that a new issue after the merger is the most likely next step.
How the score is built
From 100 to 46, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 0.10 CAD
- Median analyst target
- 0.44 CAD
- Upside to median
- +340.0%
- Analysts
- 5
- Target range
- 0.30 – 0.60 CAD
- 52-week change
- −41%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−22 of −30
- −11MarginNo revenue. FCF was −C$18.6m TTM, −29.7m in fiscal 2025 and −38.8m in 2024 (almost all drilling). The operating loss TTM looks low (−C$3.3m), but only because share compensation was reversed in one quarter (−4.35m). The loss is counted only here.
- −6Resource and studiesFirst NI 43-101 resource on the JR Zone: 11.8 m lb U3O8 at 4.39% (indicated), of which a core of 10.8 m lb at 12.23%. Very high grade, but small and without a PEA. It can realistically only become satellite ore for a neighboring mine, not a mine in its own right.
- −5Capital allocationShare-based pay of about C$10.5m in fiscal year 2024 and about C$6m in 2025, and 91.8m outstanding options/RSUs (about 15% of shares). The drilling is also partly financed with a convertible bond at 9% interest – expensive capital for an exploration company.
Price
Today's multiples against the company's own history and its peers. · 1 finding−5 of −35
- −5Valuation vs history and resourceP/B 0.96 vs 0.78–2.80 in 2021–25 and EV approx. CAD 66m, i.e. approx. CAD 5.6 per lb of indicated resource. That is cheap for high-grade Athabasca uranium, but book value is capitalised drilling, and the resource is too small to carry a mine alone.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−23 of −35
- −8Dilution and overhangThe share count rose about 20% over a year to 631.8m. In addition there are 71.1m warrants and 91.8m options/RSUs (about 26% on top). The planned 1:10 consolidation often precedes a new issue.
- −6DebtDenison has an unsecured convertible bond of C$15m with 9% interest (C$1.35m a year, up to a third in shares) and maturity 18/10-2028. The conversion price of C$0.56 is five times the share price, so it will probably have to be repaid or refinanced – equal to about 20% of the market cap.
- −6Exploration risk and sentimentThe first holes from the 2026 summer drilling were weak: 950 m east of the Tetra zone alteration was seen but no elevated radioactivity, and the A4 conductor gave only 480 cps over 0.5 m. The stock is −50% over 52 weeks (RSI 27), and the CEO was changed on 24/9-2026.
- −3FundingCash was C$21.9m at 31/3-2026 vs spending of about C$4.2m per quarter, i.e. about 16 months of runway from March. The company says it is funded to the end of 2027, but that requires lower drilling activity.
Plus
Only documented strengths. · 1 finding+2 of +15
- +2Strategic investorDenison (owner of Wheeler River) has invested C$15m – a real validation from a major player in the basin, but via debt and not by buying shares.
Caveats
What the score does not capture, or where the data is weak.
Penny analysis (Under DKK 3). Exploration company in the southwestern Athabasca Basin (the PLN project, about 25 km from NexGen's Arrow and Paladin's Triple R) with no revenue. Has a small but very high-grade NI 43-101 resource (JR Zone, 11.8m lb indicated), but no PEA. Fiscal year July–June; the latest published figures are as of 31/3-2026 – the annual report at 30/6-2026 comes about 28/10-2026, so cash today is lower than the C$21.9m used here. Share count: the company reports 631.8m shares (24/9-2026), stockanalysis 661m. A 1:10 consolidation has been approved by shareholders, but awaits TSXV. Insider trades and the largest shareholders have not been investigated systematically. Compared with CanAlaska (same basin), F3 has a resource, but also convertible debt and a large warrant/option overhang.
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