Mr. Ross McElroy reports

FISSION SUBMITS APPLICATION FOR LICENSE TO CONSTRUCT URANIUM MINE AND MILL FACILITY AT THE PLS PROJECT, SASKATCHEWAN

Fission Uranium Corp. has applied to the Canadian Nuclear Safety Commission (CNSC) for a licence to construct a uranium mine and mill facility at the PLS high-grade uranium project in Canada's Athabasca basin, Saskatchewan. Additionally, Fission has commenced the front-end engineering design (FEED) and continues to advance the PLS project on schedule, including the completion of the geotechnical drilling, hydrogeological holes, test pits as well as downhole vertical seismic profiling (VSP) geophysical surveys.

Ross McElroy, president and chief executive officer for Fission, commented: "I am very pleased to confirm that the construction licence application for the PLS project has been submitted. Additionally, we have successfully completed our winter field program, and the front-end engineering design work is well under way. Our development path to production is progressing on schedule and, at the same time, the fundamentals for uranium continue to strengthen in line with the global reactor construction boom."

Highlights

• An application for a licence to construct has been submitted to the CNSC per the requirements of the Nuclear Safety and Control Act;
• The environmental assessment of the project is continuing on schedule with community engagement, baseline assessment reporting and data compilation;
• FEED phase advancing on schedule with board approval of the 2023 budget;
• Feasibility study (FS) concluded a construction timeline of three years with a projected mine life of 10 years and life-of-mine production of 90.9 million pounds of triuranium octoxide;
• FS determined an average unit operating cost of below $10 (U.S.) per pound U3O8 (approximately $13.02 (Canadian)/lb U3O8).

FEED progress details

Geotechnical drill holes to support the design of the waste rock stockpiles and mill area facilities have been completed. Data from seven holes totalling 772.6 metres of drilling have been collected to confirm feasibility-level assessment and to inform future detailed design assessment.

Twenty test pits along planned road allowances, the waste stockpile area and the mill area were completed to assess and support earthworks planning at detailed design.

Downhole vertical seismic profile geophysical surveys at the planned decline location and mill area have been completed. Results from this survey will be used to inform future detailed design assessment.

Hydrogeological holes to gather additional data on the hydraulic conductivity of the basement rock have been completed. Installation of three monitoring wells and two pumping wells totalling 962.8 m of drilling were drilled in close proximity to the R780E crown pillar and on the hangingwall and footwall of the deposit. One pumping well was pressure grouted and redrilled to determine the effectiveness of grouting on reducing hydraulic conductivity within the basement rock. These additional data will be used to update the hydrogeologic model to inform underground mine planning at detailed design.

The company is compiling the FS recommendations to formalize a scope of work for FEED and intends to appoint a lead consultant in Q2.

Patterson Lake South property

The 31,039-hectare PLS project is 100 per cent owned and operated by Fission Uranium. PLS is accessible by road with primary access from all-weather Highway 955, which runs north to the former Cluff Lake mine.

Qualified persons

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by Ross McElroy, PGeo, president and chief executive officer for Fission Uranium, a qualified person.

About Fission Uranium Corp.

Fission Uranium is a Canadian uranium project developer and 100-per-cent owner of the Patterson Lake South uranium property -- a proposed high-grade uranium mine and mill in Canada's Athabasca basin region. Fission's common shares are listed on the Toronto Stock Exchange under the symbol FCU and trade on the OTCQX marketplace in the United States under the symbol FCUUF and on the Frankfurt Stock Exchange under the symbol 2FU.

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