Mr. Ross McElroy reports

FISSION ANNOUNCES $8 MILLION BOUGHT DEAL FINANCING

Fission Uranium Corp. has entered into an agreement with Canaccord Genuity Corp. and SCP Resource Finance, on behalf of a syndicate of underwriters, pursuant to which the underwriters have agreed to purchase, on a bought deal basis, 6,722,689 flow-through common shares of the company that will qualify as flow-through shares (within the meaning of Subsection 66(15) of the Income Tax Act (Canada)) at a price of $1.19 per flow-through share for gross proceeds of $8-million.

The company has granted the underwriters an option, exercisable at the offering price at any time and from time to time for a period of 30 days following the closing date (as defined herein), to purchase up to an additional 15 per cent of the number of flow-through shares sold under the offering to cover overallotments, if any, and for market stabilization purposes. The offering is expected to close on or about Oct. 4, 2023, and is subject to the company receiving all necessary regulatory approvals.

The gross proceeds of the offering will be used by the company to incur eligible Canadian exploration expenses that will qualify as flow-through mining expenditures, as such terms are defined in the Income Tax Act (Canada), related to the company's PLS project, located in Saskatchewan, Canada, on or before Dec. 31, 2024. All qualifying expenditures will be renounced in favour of the subscribers, effective Dec. 31, 2023.

The flow-through shares will be offered by way of a prospectus supplement in each province of Canada (other than the province of Quebec) and may also be offered by way of private placement in the United States and such other jurisdictions as agreed between the parties. The flow-through shares will be issued as charitable flow-through common shares of the company.

About Fission Uranium Corp.

Fission Uranium is an award-winning, Canadian-based resource company specializing in uranium exploration and development. The company is the owner and developer of the PLS uranium project -- a proposed high-grade mine and mill located in the Athabasca basin, Saskatchewan, Canada. The company is headquartered in Kelowna, B.C.

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