Mr. Ross McElroy reports

FISSION ANNOUNCES NEW EXPLORATION AND RESOURCE DRILL PROGRAMS AT PLS HIGH-GRADE URANIUM PROJECT

Preparations are under way for a two-prong drill program at Fission Uranium Corp.'s award-winning PLS high-grade uranium project in Canada's Athabasca basin, with concurrent regional exploration as well as deposit upgrading. A 15-hole (approximately 6,650-metre) regional drill program will follow up on the highest-priority target areas identified during the recent winter exploration program (see news release dated March 25, 2024). Additionally, a 19-hole (approximately 5,830 m) program will focus on infill drilling the R1515W high-grade zone, with the primary goal of upgrading the resource classification of the majority of the zone's inferred resources to indicated for inclusion of the R1515W in the current mine plan. Drilling is expected to commence in early May.

Ross McElroy, president and chief executive officer for Fission, commented: "We have two concurrent drill programs at PLS commencing next month. The first will be further regional exploration, following up on our very encouraging winter drill results which identified four particularly high-priority areas. The second program will focus on upgrading sections of the R1515W high-grade zone with the goal bringing it into the Triple R mine plan and schedule. By doing so, we have the clear potential to further increase our mine reserves and mine life."

Regional exploration target area and drill program details

Saloon target (five holes): Located 4.8 kilometres southwest of Triple R, a minimum of five drill holes will continue to test a parallel shear zone to that which hosts the Triple R deposit. The winter program tested two holes at Saloon (PLS24-638 and PLS24-641). Both holes hit anomalous radioactivity in strongly altered (clay, chlorite, hematite, graphite and silica) structural deformation zones. Anomalous radioactivity and alteration at Saloon has now been identified over 50 metres in the down-dip direction and 220 m along strike, suggesting a major hydrothermal fluid pathway which contains uranium mineralization. The Saloon shear zone is on trend to the west with the recent high-grade PCE discovery (hole RK-24-183) reported at NexGen's SW2 property. The Saloon shear zone target is considered to have excellent exploration potential.

Pistol target (four holes): Drilling at the Pistol target area, 350 m north of the R780E zone, will follow up on a series of stacked graphitic shear zones, wet rock-style alteration, rose quartz and dravite intersected in winter 2024 drilling. These geologic features are interpreted to have a close spatial relationship with uranium mineralization at NexGen's Arrow deposit to the northeast and have not been identified at the Pistol target area in previous drilling.

East extension target (three holes): The target area lies one km east of the R1620E zone. The aim is to extend the zone of anomalous radioactivity cored in all seven winter, 2024, drill holes at this target area. The graphitic shear zone, which hosts the radioactivity at East extension is interpreted to be the eastern continuation of the mineralized corridor that hosts all of the Triple R pods, and represents the only radioactivity intersected by Fission east of the R1620E zone to date.

Saddle target area (three holes): Situated 3.7 km west of the R1515W zone. Drilling will follow up on encouraging geology intersected in PLS24-649, including silicified hanging wall, underlain by a thick sequence of graphite, chlorite, clay and hematite-altered gneissic rocks, which is interpreted to be equivalent to the Triple R host rocks, coincident with prospective geophysical features.

R1515W zone and drill program details

Drilling at the R1515W zone will consist of 19 drill holes totalling 5,830 m. The R1515W zone contains an indicated resource of 67,000 tonnes at an average grade of 1.15 per cent triuranium octoxide (U3O8) totalling 1.7 million pounds (Mlb) U3O8 and an inferred resource of 234,000 tonnes at an average grade of 0.96 per cent U3O8 totalling five Mlb U3O8, using a cut-off grade of 0.25 per cent U3O8. The objective of R1515W drilling will be to convert areas of the R1515W zone currently classified as inferred resources to indicated resources through closely spaced drilling, potentially allowing it to be brought into the current mine plan. Planned drill hole pierce point spacing at the R1515W zone to upgrade the resource classification will be approximately 25 m by 15 m grid north-south by grid east-west, respectively. Additionally, critical geotechnical and hydrogeological information will be collected at the R1515W zone, to be used in the assessment of viability of inclusion in the overall PLS project mine plan and 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 km 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 90 m 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 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 Ross McElroy, PGeo, president and chief executive officer 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.

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