Q&A: With Ross McElroy

February 14, 2019

Fission IR: Hi Ross, how are you doing and what is on your schedule right now?

Ross: I am doing well, thanks. The Spring is always a busy time of year. People are back into routine after the holidays and are ready to go back to work. We were at VRIC in Vancouver already, and were pleased to feel a better sense of optimism after a difficult end to 2018. Next, Dev and I are off to the BMO conference in Florida, which is considered by many to be a premiere resource investment conference, bringing together some of the most respected investors with many of the highest quality companies in the sector.  After BMO we will then be in Toronto to attend a Pre-PDAC event hosted by Red Cloud and then PDAC itself after that. After PDAC we are travelling to different locations in the Eastern U.S. to meet existing and prospective shareholders to continue tell the Fission story.  

Fission IR: Great, thanks. Can you please update readers on the status of the Fission Uranium prefeasibility study (PFS) and when it will be released?

Ross: The best guidance I can give on that is Q1 2019.  The PFS is a 3rd party independent study that pulls together data and analysis from several industry leading engineering consultants, under the lead of RPA engineering group.  It’s not something that we control the timeline of, but they tell me it should be ready in Q1.  

Fission IR: Okay, would you please comment on the delays in the release of the PFS?

Ross: There are many, many parts to a PFS that have to be pulled together into a single comprehensive study. As such there are many 3rd party engineering consultants who are part of putting together the study.  Our original guidance was that the report would be ready by Q4, 2018.  In my opinion a 1-Quarter delay is not surprising.  The most important takeaway is that it has not affected or delayed our progress towards the next step…Feasibility.  Our winter program at PLS is already underway, and that work is directly related to feasibility requirements. There is no delay on the project side and that is important for people to know. 

Fission IR: That is good to know, thank you. Is Fission Uranium planning on exploring more around PLS, or what are some other growth drivers for the company?

Ross: We have a very large property extending over 35,000 hectares with a significant number of exploration targets throughout the property. Since we made the discovery of Triple R fairly early on in our exploration of the property, we have understandably been focused on developing that particular area.  We have yet to fully explore the 35,000 hectares by drilling. Roughly 80% of our property has not been drilled on as of yet. Being acutely aware and cost conscious of spending while the uranium market has been in the doldrums, we have been careful to control and limit exploration work.  As the uranium sector improves with respect to demand and the overall price of the commodity, and market conditions follow, we can advance our exploration efforts accordingly. We certainly plan to explore more in the future, and the PLS property absolutely merits this. Having said that, we will only do so when the market conditions improve to a level that are conducive to do so. 

Fission IR: Excellent, thank you for your time Ross.  We will follow up with you again in March or April for another update.

Ross: My pleasure, looking forward to it.

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