Mr. Ross McElroy reports

FISSION COMMENCING GEOTECHNICAL DRILLING IN ADVANCE OF DETAILED ENGINEERING

Fission Uranium Corp. is about to commence geotechnical drilling at its PLS high-grade uranium mine and mill project in Saskatchewan, Canada. The results will be used to support the detailed engineering design of the waste management and landfill facility, tailings management facility, and ventilation shafts. Drilling is scheduled to begin in the first week of April and the company expects to transition from the current front-end engineering design (FEED) stage to detailed engineering by early third quarter 2024.

In the detailed engineering phase, Fission will finalize the details of engineering designs, vendor supply packages and construction work packages to enable the company to proceed with procurement, fabrication, installation and construction of the various components of the PLS project, including mine development, processing plant and infrastructure.

News highlights:

• 32-hole geotechnical drill program to support the detailed design of:
  • Tailings management facility (24 holes) -- 910 metres of sonic drilling;
  • Waste management and landfill facility (four holes) -- 80 m of sonic drilling;
  • Ventilation shafts (four holes) -- 440 m of sonic and diamond core drilling.
• Program will be completed by early May;
• Video featuring development highlights of Fission's PLS project now available.

Ross McElroy, chief executive officer for Fission, commented: "Fission Uranium's high-grade uranium mine and mill project at PLS continues to advance at a strong pace thanks to the vast experience of our in-house development team, and the advantages of having a shallow, decline access mine plan. We are now very close to completing the front-end engineering design and, with the recent submission of our draft environmental impact statement to the Province of Saskatchewan, our timelines for permitting are also on schedule."

PLS mineralized trend and Triple R deposit summary

Uranium mineralization of the Triple R deposit at PLS occurs within the Patterson Lake conductive corridor and has been traced by core drilling over approximately 3.18 kilometres of east-west strike length in five separated mineralized zones, which collectively make up the Triple R deposit. From west to east, these zones are R1515W, R840W, R00E, R780E and R1620E. Through successful exploration programs completed to date, Triple R has evolved into a large, near-surface, basement-hosted, structurally controlled high-grade uranium deposit. The discovery hole was announced on Nov. 5, 2012, with drill hole PLS12-022 from what is now referred to as the R00E zone.

The R1515W, R840W and R00E zones make up the western region of the Triple R deposit and are located on land, where overburden thickness is generally between 55 m and 100 m. R1515W is the westernmost of the zones and is drill defined to approximately 90m in strike length, approximately 68 m across strike and approximately 220 m vertical and where mineralization remains open in several directions. R840W is located approximately 515 m to the east along the strike of R1515W and has a drill-defined strike length of approximately 430 m. R00E is located approximately 485 m to the east along strike of R840W and is drill defined to approximately 115 m in strike length. The R780E and R1620E zones make up the eastern region of the Triple R deposit. Both zones are located beneath Patterson Lake, where water depth is generally less than six metres, and overburden thickness is generally about 50 m. R780E is located approximately 225 m to the east of R00E and has a drill-defined strike length of approximately 945 m. R1620E is located approximately 210 m along strike to the east of R780E and is drill defined to approximately 185 m in strike length.

Mineralization along the Patterson Lake corridor trend remains prospective along strike in both the western and eastern directions. Basement rocks within the mineralized trend are identified primarily as mafic volcanic rocks with varying degrees of alteration. Mineralization is both located within and associated with mafic intrusives with varying degrees of silicification, metasomatic mineral assemblages and hydrothermal graphite. The graphitic sequences are associated with the PL-3B basement electromagnetic (EM) conductor.

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, PGeo, president and CEO for Fission Uranium, a qualified person.

About Fission Uranium Corp.

Fission Uranium is an award-winning 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 TSX Venture 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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