Mr. Ross McElroy reports

FISSION ANNOUNCES 2024 PROJECT DEVELOPMENT PROGRAM AT PLS

Fission Uranium Corp. has provided details of the 2024 project development program, advancing toward construction and operation of a mine and mill for its Patterson Lake South (PLS) high-grade uranium project in Saskatchewan, Canada. The 2024 program will include submission of the environmental impact assessment (EIS), resource expansion, continuing community engagement, completion of the front-end engineering and design (FEED) phase, and the commencement of detailed engineering.

2024 development program highlights

Submission of environmental impact assessment: The draft environmental impact statement will be submitted to the Province of Saskatchewan in Q1 2024. This is a culmination of all the data collected since 2013 and is an independent assessment of the potential environmental and socio-economic impacts of the PLS project. The feasibility study (FS), released in January, 2023, addressed many of the required mitigations and the updated mine plan from the FS has been incorporated into the EIS. Fission will maintain its longer-term environmental data collection activities for the project as it continues to gain information to support construction and operations activities.

Completion of FEED and construction permitting: The FEED phase commenced June, 2023, and is on track to be completed by June, 2024. The design documentation produced by FEED will enable Fission to advance the licensing application to construct a mine and mill facility for the federal regulatory agency, the Canadian Nuclear Safety Commission. Additionally, the documentation will allow the company to submit construction permits to the Province of Saskatchewan, pending EIS approval and a ministerial decision, to commence early works construction.

Commencement of detailed engineering: Expected to commence in July, 2024, this is the final engineering phase to advance mine, mill and related infrastructure design, to the point of construction. By the end of this phase of the project, Fission expects to have full construction approval for the project from the Province of Saskatchewan and the CNSC and will have the necessary documentation to finalize the application to operate a mine and mill facility for the CNSC.

Community engagement: Community engagement work is continuing and will continue through the life of the project. In early 2024 Fission will commence local community meetings to discuss outcomes and mitigation plans from the draft EIS. This feedback from communities will inform the final EIS to be submitted in Q2 2024. Fission will continue to build upon its community investment program for 2024 and is looking to support local communities with cultural programs, youth initiatives, health and wellness, and community development.

Resource growth: The R1515W high-grade zone, the westernmost zone of the Triple R deposit, will be targeted for infill drilling designed to upgrade and convert inferred resource to a majority indicated resource classification. The intent is to be in a position to bring the R1515W zone into the current mine plan with the potential of adding additional reserve size and mine life to the PLS project. The current resource classification of the R1515W is indicated of 1.7 million pounds U3O8 (triuranium octoxide) at a grade of 1.15 per cent in 67,000 tonnes and an inferred resource of five million lb U3O8 at a grade of 0.96 per cent in 234,000 tonnes at a cut-off of 0.25 per cent U3O8.

Ross McElroy, president and chief executive officer for Fission, commented: "We are anticipating another milestone year for Fission in 2024 as we advance the Triple R deposit towards production on time and on budget. In early 2024, we intend to submit the draft environmental impact assessment to Saskatchewan's Ministry of Environment for review, and we anticipate the start of detailed engineering. Furthermore, we will be increasing our community engagement and outreach, in line with our focus on responsible development as an integral part of our commitment to the highest standards of environmental, social and governance practices, and we aim to complete an inaugural sustainability report later in the year. Fission has the most experienced uranium mine development team in the business, and I'm extremely pleased with the strong rate of progress towards building one of the Athabasca basin's next high-grade uranium mines."

Additionally, the company has staked a new, 958.6-hectare property in the eastern Athabasca basin region of Northern Saskatchewan. The La Rocque property is prospective for high-grade uranium and is located five kilometres south of Cameco's La Rocque uranium zone and 10 km south of IsoEnergy's Hurricane uranium deposit.

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 person

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 Mr. McElroy, PGeol, president and CEO for Fission Uranium, a qualified person.

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. 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.

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