Mr. Ross McElroy reports

FISSION SUBMITS DRAFT ENVIRONMENTAL IMPACT STATEMENT FOR THE PLS HIGH-GRADE URANIUM PROJECT, SASKATCHEWAN

Fission Uranium Corp. has submitted the draft environmental impact statement (EIS) for the PLS project to the Saskatchewan Ministry of Environment (SK-ENV). As the most important phase of the provincial permitting process, the EIS describes the environmental and socio-economic impacts of the proposed high-grade uranium mine and mill facility at PLS, located in the Athabasca basin region of Saskatchewan, Canada.

News highlights

• Fission has submitted the draft EIS to the province of Saskatchewan for review.
• Provincial review of Fission's submission is expected to conclude during 2024.
• Fission is not required to undertake a federal impact assessment.

Ross McElroy, president and chief executive officer for Fission, commented: "The submission of our draft EIS to the government of Saskatchewan is a tremendous milestone for Fission and marks the completion of our multiyear environmental assessment phase at the PLS high-grade uranium project. It is a crucial component of the permitting process and proves that PLS can be developed, operated and decommissioned in a manner that provides sustainable environmental protection, maintains human health and maximizes local community economic benefits.

"I would like to thank everyone involved in this process for their hard work and their dedication. This includes our in-house uranium mining experts, our talented environmental partners, our supportive rightsholders and stakeholders and the traditional knowledge holders from our local communities. PLS is a remarkable project that is on track to deliver major benefits to clean energy fuel and to the local communities, within the next five years."

EIS scope and provincial review process

Fission initiated the environmental assessment phase in 2021 by submitting the PLS project's terms of reference and project description to the province, which accepted those documents commencing 2022. In 2023, Fission conducted an environmental impact assessment (EIA) per guidelines published by SK-ENV, which included preparation of the EIS by Fission's team of uranium industry experts, in consultation with local indigenous nations, communities and stakeholders.

The draft EIS focuses on interactions between the project and the environment and includes over 10 years of environmental data collection and analysis. Of key importance, the EIS clearly shows that potential environmental impacts of the project will be minimal and manageable. Where required, controls or processes to mitigate potential effects have been developed and planned for implementation. This process ensures that any environmental risks are comprehensively managed and controlled in alignment with Fission's health, safety, environment and communities policy and objectives.

Following Fission's submission, the review process by SK-ENV will commence. This process may include requests for clarification, further information or comments that Fission will be required to disposition prior to the submission of the final EIS and a regulatory decision on the project. This process is expected to conclude in 2024.

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.

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