Advancing the PLS Project w/ Ross McElroy

February 25, 2019

Q: What have you and your company achieved in the past 12 months?

RM: For the past twelve months Fission Uranium has been focusing primarily on the prefeasbility study (PFS) for the Patterson Lake South project. Field work consisted of geotechnical drilling and analysis, an advanced metallurgical study and resource drilling designed to convert important parts of the R780E zone from inferred into indicated classification for use in the PFS resource model. We have also advanced baseline environmental work and increased engagement with our impacted stakeholders, such as first nations and nearby communities. Our summer program fieldwork was completed in September 2018. Our goal is to release the prefeasbility in Q1 2019.

Advancing the PLS Project w/ Ross McElroy

Q: What are the most important catalysts for the next 6 to 12 months for uranium and Fission?

RM: The continued global growth in electrical useage along with the realization of the neccessity of clean energy will continue to be important drivers for continued growth in nuclear generated electricity. Social acceptance of nuclear energy should continue to grow as we see a push from countries to support cleaner energy initiatives. Nuclear power is the only large scale viable alternative for mass energy as a replacement for fossil fuels. Nuclear power is scalable, it can meet baseload requirements, and most of all it is clean energy.

For Fission, I think our company’s share price will to a large extent be tied to the overall sentiment of the uranium market as a whole. We do need to see continued upward improvement in the price of the commodity in order to attract investors back to the sector. In addition it is important for us to complete our PFS report and contine to move the project forward. The next step towards advancing the project is to undertake a feasibility study, which we have started with this winter program.

Q: How do you see the current situation on the market for uranium?

RM: We need to see better overall market conditions before things materially change. As stated, the price of uranium needs to continue to increase. We all know about the demand picture, with the global build-out of reactors, with the China build-out the most obvious example. We are seeing a lot of new reactor builds due to higher electricity demand and forthcoming electricty demand growth, especially in China. More countries are endorsing clean energy initiatives and nuclear power is a big part of that, especially because of its zero carbon footprint.

On the supply side, there has been a concerted effort by major producers to curtail supply. The prolonged period of low uranium prices that we are currently in has flushed out weaker players and now only the strong companies remain standing. In the past 18 months we have witnessed the major low cost producers such as Cameco and Kazatomprom, reducing supply to the market because frankly their operations are not profitable at current uranium prices. These two factors of increased demand and decreased supply will continue to put upward pressure on the price of the commodity.

With one of the best undeveloped uranium projects, Fission continues to forge ahead, developing our Triple R deposit to prefeasability amid this prolonged bear market in uranium. We have been cognizant about market conditions and as such have been cost conscious balancing work that needs to be done while curtailing exploration costs.