Mr. Ross McElroy reports

FISSION TO EXPAND OPERATIONS TEAM & PREPARE FOR FEASIBILITY STUDY FOLLOWING SUCCESSFUL $17M FINANCING

Fission Uranium Corp. has provided an update including upcoming development plans for its PLS project in Canada's Athabasca basin. Following the company's recent change of management (see news release dated Sept. 8, 2020), Fission has successfully strengthened its books with the closing of a $17.07-million financing, and is transitioning from explorer to developer. The company will now move to expand its operations team with in-house engineering expertise, and work to commence a feasibility study for the high-grade Triple R uranium deposit.

Ross McElroy, president and chief executive officer, stated: "The Triple R deposit has the potential to become one of the lowest-cost uranium mining operations in the world. With a strengthened treasury now in place, and backed by committed, supportive shareholders, Fission is able to complete the transition from explorer to developer. Thanks to our environmental and social governance to date, as well as a robust prefeasibility study (PFS) using underground mining methods, we are in an excellent position for the next stage of project development. We will now continue building out our operations team and will commence a feasibility study."

Corporate update

Closing of financing

Fission's newly closed $17.07-million financing (see news release dated Nov. 17, 2020) has greatly strengthened the company treasury and will enable Fission to move forward with its next phase in project advancement plans for the Triple R deposit.

Reduction of Sprott credit facility

In addition to providing the funds required to initiate the next stage of project development, the financing has enabled Fission to reduce the principal on the Sprott credit facility (see news release dated April 7, 2020), further strengthening the company's financial position.

Operations update

Fission's Triple R deposit is the Athabasca basin's largest high-grade uranium deposit that is close to surface and, as highlighted by its PFS, has the potential to be among the lowest operating costs for uranium mining operations in the world. The PFS has outlined an underground mining scenario with an opex of just $9.57 per pound, an NPV (net present value) (after tax) at 8 per cent of $702-million and an after-tax IRR (internal rate of return) of 25 per cent. With a robust PFS in place, Fission will now build upon the strength of its technical team as it prepares to enter into the environmental assessment phase and advance with a feasibility study.

Enhanced operations team

Fission recently appointed Mark Wittrup to assist with managing the regulatory and environmental aspects of the development process. Mr. Wittrup has 40 years of experience in the uranium sector and was the project manager and lead author for the McArthur River EIS and licensing process. Mr. Wittrup has also worked as the assistant deputy minister, environmental protection and audit, with the Saskatchewan Ministry of Environment and is currently vice-president, environmental and regulatory affairs, with the Clifton Engineering Group. The company will now look to expand the operations team by adding a senior vice-president, project development.

Environmental approval process

Fission has now completed most of the environmental baseline work necessary to support the regulatory approvals process. There continues to be work on engagement and consultation with local indigenous and community groups that will be important in moving the project forward. Fission, having continued to carry out the required work to support the environmental assessment and CNSC licensing processes, is in a strong position to enter this critical phase of project development.

Feasibility study

Fission will immediately commence the review process in order to select a lead engineering group to head up and commence the feasibility study.

About Fission Uranium Corp.

Fission Uranium is a Canada-based resource company specializing in the strategic exploration and development of the Patterson Lake South uranium property -- host to the class-leading Triple R uranium deposit -- and is headquartered in Kelowna, B.C.

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