Mr. Ross McElroy reports

FISSION REGIONAL EXPLORATION DRILLING AT SALOON EAST HITS STRONGEST RADIOACTIVITY TO DATE OUTSIDE OF THE TRIPLE R DEPOSIT

Fission Uranium Corp. has completed the summer, 2024, regional exploration drill program at its Patterson Lake South (PLS) high-grade uranium project, in the Athabasca basin region of Saskatchewan, Canada. A total of 15 holes (approximately 6,428 metres (m)) were completed, with 14 holes targeting the Saloon shear zone and one hole testing the Far West target. Of note, 13 holes intercepted anomalous radioactivity. Of particular note, three holes (PLS24-680, PLS24-682 and PLS24-684B), located in the Saloon East area approximately four kilometres (km) southeast of the Triple R deposit, hit strongly anomalous radioactivity in multiple zones over significant widths with peaks of 10,428 counts per second (cps), 5,842 cps and 12,777 cps, respectively. Importantly, the results at Saloon East represent the strongest radioactivity intersected on the PLS property to date outside of the Triple R deposit.

Drilling highlights:

• Summer regional exploration drilling tested approximately 8.8 km of the Saloon shear zone with 14 holes, with more than 90 per cent of the holes intersecting anomalous radioactivity in multiple intervals in each hole. These results represent the strongest hydrothermal alteration and radioactivity encountered to date at PLS outside of the Triple R deposit.
• Drilling along the Saloon shear zone intersected anomalous radioactivity along eight km of strike length, with most prospective results at Saloon Main and East areas.
• Saloon Main was tested by five holes and all encountering anomalous radioactivity associated with strong hydrothermal alteration:
  • Hole PLS24-679A intersected a total composite of 65.5 m of anomalous radioactivity with peaks up to 4,077 cps.
  • Hole PLS24-661 intersected a total composite of 137.4 m of anomalous radioactivity over a 394.6 m interval, with peaks up to 3,254.1 cps, suggesting the Saloon Main shear zone remains prospective to a depth of at least 540 m below surface.
• Saloon East was tested by three holes and all encountering anomalous radioactivity associated with strong hydrothermal alteration.
  • Hole PLS24-684B intersected five intervals of anomalous radioactivity over considerable widths, with the strongest results from an 11.6 m wide interval with a peak of 12,677.6 cps and a four m wide interval with peak of 6,737.7 cps.
  • Hole PLS24-680 intersected eight intervals of anomalous radioactivity over a total composite width of 25.9 m, with the strongest results from a 6.8 m wide interval with a peak 10,428.7 cps and a 1.1 m wide interval with a peak of 7,833.6 cps.
  • Hole PLS24-682 encountered six intervals of anomalous radioactivity with the best results from a 5.1 m wide interval returning a peak of 5,841.8 cps.

Ross McElroy, chief executive officer for Fission, commented: "The Saloon shear zone continues to deliver extremely encouraging signs associated with high-grade uranium mineralization. With the 2024 exploration program, we have tested over 8.8 km of strike length of the Saloon shear zone and intersected anomalous radioactivity over eight km. In particular, the exceptional results at the Saloon Main and East areas, located five km to the southeast and approximately four km to the southeast of the Triple R deposit, respectively, give our exploration team a tremendous amount of optimism for the discovery of additional high-grade mineralization. The Saloon trend continues to be considered the top-priority focus for future exploration activity."

Saloon shear zone

The Saloon shear zone is a linear, multikilometre-long, southwest-northeast-trending structural zone up to approximately one km in width that is parallel to and located approximately four km south of the shear zones that host the Triple R deposit and the Arrow deposit within the Patterson Lake corridor. The Saloon shear zone is interpreted to be the same shear zone that hosts high-grade uranium mineralization at the PCE discovery on the Rook1 property to the northeast along strike.

The Saloon shear zone has been a major focus of Fission's 2024 exploration drilling, with 16 holes (two holes during winter and 14 holes during the summer programs), testing along approximately 8.8 km of strike length. Over 90 per cent of the holes (14 of 16 holes) encountered anomalous radioactivity in multiple intervals associated with intense hydrothermal alteration along approximately eight km of strike length of the shear zone. Within this eight km of strike length, two prominent areas have been identified that look to be particularly prospective, the Saloon Main and Saloon East areas.

Saloon Main

The area is located approximately five km to the southwest of the Triple R deposit. In 2024, a total of seven holes tested the Saloon Main area, two during the winter program (PLS24-638 and PLS24-641) and five during the summer program (PLS24-654, PLS24-657A, PLS24-661, PLS24-679A and PLS24-681). Six of the seven holes intersected anomalous radioactivity in multiple intervals associated with intense hydrothermal alteration. Hole PLS24-679A intersected multiple intervals of anomalous radioactivity for a total composite of 65.5 m anomalous radioactivity over 145.4 m interval, with peaks up to 4,077.3 cps. Hole PLS24-661 intersected anomalous radioactivity over a 394.6 m interval, with peaks up to 3,254.1 cps, suggesting the Saloon Main shear zone remains prospective to a depth of at least 540 m below surface.

Saloon East

The area is located approximately four km to the southeast of the Triple R deposit. The Saloon East area boasts the strongest radioactivity intersected on the PLS property to date, outside of the Triple R deposit. Three holes (PLS24-680, PLS24-682 and PLS24-684B) tested the target area and all three intersected multiple intervals of anomalous radioactivity associated with intense hydrothermal alteration. The strongest results were from PLS24-684B, where downhole gamma survey recorded radioactivity ranging from less than 500 cps to peaks up to 12,677.7 cps within an 11.6 m interval.

Far West

The Far West target area is located approximately four km west of the R1515W, along trend of the Triple R deposit. Prospective features present at this target area consists of a major northeast-trending electromagnetic (EM) conductor that is crosscut by an interpreted north-northeast-trending fault. Hole PLS24-683 is the only drill test on the Far West target to date.

Technical summary for all holes

Saloon Main

PLS24-654 was drilled 100 m northeast of the main Saloon target, along the same EM trend that hosts anomalous uranium concentrations at Saloon. The drill hole intersected bedrock at a depth of 152.0 m, consisting of an interfingered mafic, intermediate orthogneiss and quartz-feldspar-biotite-garnet gneiss upper zone. A thick graphitic fault zone was intersected from 243.7 m to 261.8 m, which is a previously untested graphitic fault zone at Saloon. This graphitic fault zone was underlain by a variably silicified sequence of orthogneiss, quartz-feldspar-biotite-garnet gneiss and sheared granitoids to 408.4 m. A second graphitic fault zone was encountered at this depth, which continued to 424.3 m, underlain by quartz-feldspar gneiss and intermediate orthogneiss to a final depth of 502.3 m. The lower graphitic fault zone is associated with two intervals of anomalous radioactivity, from 406.2 m to 406.5 m and 410.0 m to 412.7 m with maximums of 1,118 cps and 2,084 cps, respectively.

PLS24-657A was drilled 300 m northeast of the main Saloon target and tested the southern graphitic fault zone intersected in PLS24-654 along trend. Bedrock was intersected at a depth of 140.0 m and consisted primarily of variably silicified quartz-feldspar-biotite-garnet gneiss, intermediate orthogneiss and mafic gneiss. Two intervals of graphitic mylonite were intersected, from 194.0 m to 203.7 m and 244.4 m to 250.4 m, which likely represent the extension of the southern graphitic fault zone seen in PLS24-654. The drill hole as terminated at a final depth of 464.0 m in a thick sequence of variably silicified quartz-feldspar-biotite-garnet gneiss. Three zones of anomalous radioactivity were identified on the downhole gamma probe, from 367.9 m to 369.4 m, 370.4 m to 371.2 m and 451.5 m to 452.8 m, with maximums of 694.7, 711.0 and 1,016 cps, respectively.

PLS24-661 was drilled directly at the main Saloon target and was planned to drill parallel, downdip, of the main fault zone hosting anomalous uranium concentrations at Saloon. Bedrock was intersected at 115.8 m and consisted of intensely hematite and clay altered, variably silicified breccias and mafic gneisses to 490.7 m, followed by an interfingered sequence of coarse garnet quartz-feldspar-biotite gneiss, sheared granitoid and pegmatites to the end of the hole at 768.2 m. A total of 137.4 m of total composite radioactivity was detected on the downhole gamma probe in 23 separate zones over a 394.6 m long core interval between 145.9 m and 540.5 m. The strongest intersections occurred between 157.8 m and 176.0 m, and 182.6 m and 209.6 m with maximums of 2,344.7 and 3,254.1 cps, respectively.

PLS24-679A was drilled at the main Saloon target area, targeting the strongest radioactivity intersected in PLS24-661 30 m along strike to the northeast. Bedrock was reached at a depth of 125.0 m downhole and consisted of alternating extremely silicified to clay-hematite breccia to mylonitic rocks throughout the drill holes entire length to a final depth of 380.0 m. A total of 65.5 m of anomalous radioactivity was detected on the downhole gamma probe, with the best intervals occurring between 205.7 m and 216.9 m, and 285.4 m and 296.9 m, and 323.5 m and 337.9 m, with peaks of 4,077.3 cps, 1,916.2 cps and 1,601.9 cps, respectively.

PLS24-681 was drilled at the main Saloon target area, testing the strongest radioactivity intersected in PLS24-661 30 m along strike to the southwest. Bedrock was intersected at a depth of 114.4 m and like other drill holes in the Saloon area, consisted of alternating very strongly silicified, hematite-clay altered, brecciated to mylonitic rocks to the end of the drill hole at 332.0 m. Five zones of anomalous radioactivity were intersected, with the best occurring from 296.3 m to 302.1 m with a peak of 2,830.5 cps.

Saloon East

PLS24-680 tested a strong EM conductor along the South Patteson trend. It is interpreted that the top 80 m of bedrock in this drill hole, consisting of Cretaceous mudstone and altered bedrock were washed away during drilling, and solid basement was intersected at a depth of 107.3 m. Basement units consisted of an upper sequence of variably chlorite-clay altered intermediate orthogneiss and quartz-feldspar-biotite-garnet gneiss, with wet-rock-style alteration, followed by graphitic cataclasite and an intensely silicified unit. The silicified hangingwall was underlain by a clay altered graphitic fault zone and then mafic gneiss, sheared granitoid and quartz-feldspar-biotite-garnet gneiss to the end of the hole at 410.0 m. Eight zones of elevated radioactivity totalling 25.9 m were intersected between 269.4 m and 360.4 m. Strong radioactivity was detected from 306.7 m to 313.5 m hosted in the clay altered graphitic fault zone with a maximum of 10,428.7 cps, and from 325.3 m to 326.4 m hosted in a hematite-clay altered shear zone with a maximum of 7,833.6 cps.

PLS24-682 was drilled to test 25 m updip of the strong radioactivity intersected in PLS24-680. Bedrock was encountered at 47.0 m downhole and consisted of Cretaceous mudstone to 89.0 m, followed by a similar hangingwall sequence of chlorite-clay altered intermediate orthogneiss and quartz-feldspar-biotite-garnet gneiss, with wet-rock-style alteration, graphitic cataclasite and a strongly silicified hangingwall. The silicified hangingwall was underlain by a clay altered graphitic fault zone and then sheared granitoid, mafic granofels and quartz-feldspar-biotite-garnet gneiss to the end of the hole at 344.0 m. Six zones of anomalous radioactivity were encountered, with the best occurring from 267.7 m to 273.3 m and 296.1 m to 301.2 m returning peaks of 1,950.5 cps and 5,841.8 cps, respectively.

PLS24-684B was drilled to test 25 m downdip of the strong radioactivity intersected in PLS24-680. Bedrock was encountered at 20.0 m downhole and consisted of Cretaceous mudstone to 68.0 m, followed by a hangingwall sequence of chlorite-clay altered intermediate orthogneisses and quartz-feldspar-biotite-garnet gneiss, with wet-rock-style alteration, graphitic cataclasite and a strongly silicified zone. The silicified zone was underlain by a thin clay altered graphitic fault zone and then primarily quartz-feldspar-biotite-garnet gneiss to the end of the hole at 401.0 m. Five zones of anomalous radioactivity were encountered, with the best occurring from 278.0 m to 289.6 m and 315.4 m to 319.4 m returning peaks of 12,677.6 cps and 6,736.7 cps, respectively.

Saloon -- general

PLS24-651 was drilled one km southwest of the main Saloon target area, testing an airborne EM conductivity high coincident with a magnetic low running along the southern flank of a broad magnetic high. The drill hole intersected bedrock at a depth of 122.5 m downhole, consisting of an upper sequence of mafic and quartz-feldspar gneisses to 214.0 m, a variably silicified and graphitic zone to 325.3 m, and quartz-feldspar gneisses to the end of the hole at 458.0 m. Two 0.3 m zones of anomalous radioactivity were detected on a 2PGA-1000 gamma probe, with maximums of 591.7 cps and 745.6 cps at 369.1 m and 442.0 m, respectively.

PLS24-667 tested a northeast-trending EM conductor located south of the main Saloon target, within a broad magnetic low. Bedrock was intersected at a depth of 130.6 m and consisted of an upper package of coarse garnet quartz-feldspar-biotite gneiss and intermediate orthogneiss to 223.2 m, followed by variably graphite altered and structurally deformed mafic gneiss, intermediate orthogneiss and mylonite to the end of the hole at 389.0 m. No anomalous radioactivity more than 500 cps was detected on the downhole gamma probe.

PLS24-670 tested northeast of the main Saloon target area, along a strong EM conductor coincident with a magnetic low. A 1.4 m thick lens of Cretaceous mudstone was intersected at 110.6 m downhole and basement units consisted primarily of intermediate orthogneiss and mafic gneiss to the final depth at 364.0 m. Two broad fault zones with moderate to strong clay and graphite alteration were intersected between 194.1 m and 223.4 m, and 251.4m and 275.0 m. Four thin zones of anomalous radioactivity were detected on the downhole gamma probe associated with the graphitic damage zones, with a peak of up to 2,668 cps between 245.8 m and 246.4 m.

PLS24-672 tested the clay altered, graphitic fault zones intersected in PLS24-670 updip near the top of bedrock. Bedrock was intersected at a depth of 115.3 m downhole and consisted primarily of variably altered intermediate orthogneiss and mafic gneiss to the final depth at 252.7 m. Strong graphite-clay alteration was intersected in a fault zone between 191.0 and 227.8 m. Three zones of anomalous radioactivity were detected on the gamma probe, including a continuous 4.7 m thick interval between 185.1 m and 189.8 m with a peak of 2,860.9 cps.

PLS24-674 was drilled 290 m north of PLS24-670 and PLS24-672 testing a parallel northeast-trending EM conductor system, termed the South Patterson trend. A 15.2 m thick lens of Cretaceous mudstone was intersected starting at 97.8 m, followed by a complex, interfingered sequence of variably chloritic, silicified quartz-feldspar-biotite-garnet gneiss, intermediate orthogneiss and mafic gneiss cut by numerous strongly graphitic shear zones to a final depth of 486.6 m. Interpreted dravite breccia, occurring as centimetre (cm) veins to tens of cm thick breccia was intersected throughout the drill hole. Five thin zones of anomalous radioactivity were intersected with peaks up to 1,522.7 cps between 425.1 m and 425.6 m.

PLS24-678 tested the same trend as PLS24-670 and PLS24-672, two km to the northeast. Bedrock was intersected at a depth of 115.6 m, and consisted of an interfingered sequence of weakly to moderately chlorite altered intermediate orthogneiss, quartz-feldspar-biotite-garnet gneiss, granitoid and mafic gneiss to the end of hole depth at 506.0 m. Numerous zones of graphite alteration or graphitic fault zones were intersected throughout the length of the drill hole. Two thin zones of radioactivity were detected, between 173.3 m and 173.9 m, and 232.3 m and 232.5 m, with peaks of 689.3 and 585.3 cps, respectively.

Far West

PLS24-683 was drilled at the Far West target area and represents the farthest west exploration drilling the company has performed along the PLG-3B main trend, which also hosts the Triple R deposit. Bedrock was intersected at a depth of 98.0 m, and consisted of a similar sequence of rocks that host Triple R, quartz-feldspar-biotite-garnet gneiss, which gradually becomes more silicified underlain by a main graphitic shear zone, and finally footwall quartz-feldspar-biotite-garnet gneiss with sheared granitoid to the final depth of 371.0 m. Moderate chlorite and clay alteration was pervasive throughout all of the basement units and is deemed prospective by the company, however, no anomalous radioactivity was detected.

Natural gamma radiation that is reported in this news release was measured in counts per second using a Mount Sopris 2PGA-1000 single gamma probe, which allows for accurate measurements of downhole radioactivity. The reader is cautioned that gamma probe readings are not directly or uniformly related to uranium grades of the rock sample measured and should be used only as a preliminary indication of the presence of radioactive materials.

All intersections are downhole depths. All depths reported of core interval measurements including radioactivity and mineralization intervals widths are not always representative of true thickness.

Samples from the drill core will be split in half sections on site and, where possible, samples will be standardized at 0.5 m downhole intervals. One-half of the split sample will be sent to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 accredited facility) in Saskatoon, Sask., for analysis, which includes U3O8 (wt per cent) and fire assay for gold, and includes a 63-element ICP-OES (inductively coupled plasma-optical emission spectroscopy) analysis and boron. The other half of the split core remains on site for reference.

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 intrusive 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 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 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 Toronto Stock Exchange under the symbol FCU, trade on the OTCQX marketplace in the United States under the symbol FCUUF and trade on the Frankfurt Stock Exchange under the symbol 2FU.

We seek Safe Harbor.