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PLS: Athabasca's Shallow Depth, Highly Awarded Uranium Project - TSX:FCU OTCQX:FCUUF FissionUranium.com
Exploration Project of the Year

PLS: Athabasca’s Shallow Depth,
Highly Awarded Uranium Project
June 2019

TSX:FCU
OTCQX:FCUUF
FissionUranium.com
PLS: Athabasca's Shallow Depth, Highly Awarded Uranium Project - TSX:FCU OTCQX:FCUUF FissionUranium.com
Disclaimer & Technical Information
Disclaimer
The following information may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent
risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
The technical information in this corporate presentation 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, P.Geol. President and COO for Fission Uranium Corp., a qualified person.
The updated Mineral Resources as reported April 15, 2019 are as reported from data up to and including 2018 drill programs and are reported within an open pit design
at a cut-off grade of 0.15% U3O8 and 0.25% U3O8 for resources outside the pit that are potentially mined by underground methods. The R1620E, R840W and R1515W
zones are evaluated as underground at this time.
Technical Information
Certain of the technical information contained herein is derived from the April 15, 2019 news release entitled “Fission's PFS shows Low OPEX of US$6.77/lbs U3O8, High
IRR and Clear Growth,” describing results of a PFS completed on the project – a copy of which is filed on the Company’s profile on SEDAR at www.sedar.com. The PFS
considers the PLS project as a stand-alone mine and mill operation, which includes development and extraction of the R00E and R780E zones (Triple R deposit), based
on a number of inputs, estimates, and results including the following (all values in C$ unless otherwise noted):
Mineral Resources and Mineral Reserves are reported within the open pit design at a pit discard cut-off grade of 0.15% U3O8 and outside the design at an underground
cut-off grade of 0.25% U3O8 based on a long-term price of US$50 per lb U3O8 and PFS cost estimates. Mineral Resources that are not Mineral Reserves do not have
demonstrated economic viability.
Physicals:                                                                     Revenue:
• Four years of pre-production and 8 years of mine life, processing            • Long term uranium price of US$50 / lb U3O8
   nominally 1,000 tonnes per day (350,000 tonnes per year)                    • Exchange rate of 0.75 US$ / C$1.00
• Total Tonnes Processed: 2.89 million tonnes at 1.42% U3O8 average grade;     • Gross revenue of C$5.84 billion, less Saskatchewan gross revenue royalties
   open pit mining of 2.30 million tonnes at 1.62% U3O8                            of $423 million
• Underground mining of 0.59 million tonnes at 0.63% U3O8                      • Net revenue of C$5.41 billion
• Process recovery of 96.7%, supported by metallurgical testwork
• Production of 90.5 million lbs U3O8; an average of almost 15 million lbs
   U3O8 per year for 5 years, followed by a lower-production tail

Operating Costs:                                                                Capital Costs:
• Average OPEX of C$9.03/lb (US$6.77/lb) U3O8 over the life of mine             • Pre-Production capital costs of $1.498 billion
• Unit Operating Costs of C$274 per tonne processed.                            • Dyke and Slurry Wall - C$371 million
• Combined Mining C$89 per tonne processed                                      • Open pit mining - C$44 million
• Processing: C$115 per tonne processed                                         • Process plant - C$241 million
• Surface and G&A: C$71 per tonne processed                                     • Tailings Facility - C$101 million
• Operating cash flow of C$4.62 billion                                         • Infrastructure - C$114 million
                                                                                • Indirects & Owner’s Costs - C$376 million
                                                                                • Contingency - C$250 million
                                                                                • Sustaining capital costs of C$137 million (includes all underground mine
                                                                                   capital costs, and tailings dam lifts)
                                                                                • Reclamation and closure cost of C$77 million
                                                                                • Cash flow from operations of C$2.91 billion

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PLS: Athabasca's Shallow Depth, Highly Awarded Uranium Project - TSX:FCU OTCQX:FCUUF FissionUranium.com
Reasons to Invest

                                                                    Large, shallow     Maiden reserve estimate of
                                             Award winning
                                                                     (~50 m from       90.5M lbs U3O8 at 1.42% U3O8
                                              project and           surface), high-
                                              management            grade Triple R     3.2 km mineralized trend –
                                                 team                                  largest in the Athabasca Basin
                                                                        deposit

                                                          Potential to
                       Production: 15M lbs/yr U3O8          become            31,039 ha property
                                  over first 5 years     amongst the
                                                                                in a world class
                                                         top 3 largest
                       Cash costs: US$6.77/lb U3O8        and lowest            uranium district
                                          over LOM                             (Athabasca Basin)
                                                         cost uranium
                                                             mines

      Near-term catalysts
• Future drill program to                                              Flexible        OP/UG case: after-tax NPV8% of
  upgrade/expand resource                  Excellent potential          mining         C$693M and IRR of 21%
• PFS on UG scenario Summer 2019           to expand resource       approach with
                                                                    strong project     UG case: after-tax NPV8% of
                                          and extend mine life
• Feasibility study within ~2 yrs                                     economics        C$696M and IRR of 26%

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PLS: Athabasca's Shallow Depth, Highly Awarded Uranium Project - TSX:FCU OTCQX:FCUUF FissionUranium.com
Corporate Information
    Capital Structure                                                                                                                                                Share Ownership
      Tickers                                                                                                                  TSX: FCU
                                                                                                                          OTCQX: FCUUF                                                Institutions
                                                                                                                                                                                                     Management & Board
                                                                                                                                                                                                           1.6%
                                                                                                                          Frankfurt: 2FU                                                 12.1%

                                                                                                                                                                     China General
      Share Price (as of June 7, 2019)                                                                                                   C$0.48                      Nuc lear Power
                                                                                                                                                                          19.9%
      52 Week Low / High                                                                                              C$0.47 / C$0.78
      Basic Shares Outstanding                                                                                                           486.0M
                    Options (weighted avg. strike price of C$0.89)                                                                          30.3M                                                                         Retail & Other
                                                                                                                                                                                                                              66.3%
      Fully Diluted Shares Outstanding                                                                                                   516.3M
      Market Capitalization (Basic)                                                                                                    C$233.3M
      Cash & ST Investments (as of May 31, 2019)                                                                                        C$9.5M
      Investment in Fission 3.0 Corp.                                                                                                   C$1.1M
      Enterprise Value (Basic)                                                                                                         C$247.4M

    Share Price Performance (Last 12 Months)                                                                                                                         Research Coverage
                   $0.80                                                                                                                          4.0                 Institution                       Analyst                City
                   $0.70                                                                                                                          3.5
                                                                                                                                                                      BMO Capital Markets               Alex Pierce            London
                   $0.60                                                                                                                          3.0
Share Price (C$)

                                                                                                                                                                                                        Tyron
                   $0.50                                                                                                                          2.5   Volume (M)    Cormark Securities                                       Toronto
                                                                                                                                                                                                        Breytenbach
                   $0.40                                                                                                                          2.0
                                                                                                                                                                      Eight Capital                     David Talbot           Toronto
                   $0.30                                                                                                                          1.5

                   $0.20                                                                                                                          1.0                 Haywood Securities                Colin Healey           Vancouver
                   $0.10                                                                                                                          0.5                 H.C. Wainwright & Co.             Heiko Ihle             New York
                   $0.00                                                                                                                          0.0
                                                                                                                                                                                                        Derek
                                             Jul-18

                                                                                          Dec-18
                                    Jun-18

                                                               Sep-18

                                                                                 Nov-18

                                                                                                                              Apr-19

                                                                                                                                                                      Red Cloud Klondike Strike                                Toronto
                                                                                                            Feb-19

                                                                                                                     Mar-19
                                                                                                   Jan-19
                           May-18

                                                                                                                                         May-19
                                                      Aug-18

                                                                        Oct-18

                                                                                                                                                                                                        Macpherson

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PLS: Athabasca's Shallow Depth, Highly Awarded Uranium Project - TSX:FCU OTCQX:FCUUF FissionUranium.com
Award Winning Project and Team

 Management                                             Management cont’
 Devinder Randhawa, Chairman & CEO                      Ray Ashley, VP Exploration
 • Fission Energy founding CEO and chairman from
   2007 to 2013 leading company to Tier One status      Paul Charlish, CFO & Corporate
 • Finance Monthly ‘Dealmaker of the Year 2013’,        Secretary
   Northern Miner ‘Person of the Year 2013’
 • Founder of Pacific Asia China Energy, sold for
   $34M                                                 Directors
                                                        William Marsh, Lead Director
 Ross McElroy, President & COO, Director
 • Formerly with Cameco, Areva, BHP Billiton            Frank Estergaard, Director
 • PDAC 2014 ‘Bill Dennis Award for Exploration
   Success’, Northern Miner ‘Person of the Year         Robby Chang, Director
   2013’
 • Significant role in 4 major uranium discoveries in   Darian Yip, Director
   Athabasca Basin, incl. Fission’s Waterbury Lake &
   PLS                                                  Deshao Chen, Director
 • Professional geologist of 30+ years experience
                                                        Shiming Ma, Director
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PLS: Athabasca's Shallow Depth, Highly Awarded Uranium Project - TSX:FCU OTCQX:FCUUF FissionUranium.com
Building Shareholder Value Since 1996

                                                                                                      2013
                                                                      Fission Uranium Corp.
                                                                      • Takeover of Alpha Minerals
                                                            2007      • Triple R Deposit: discovered
                                 Fission Energy Corp.                   (2012)
                                 • JV KEPCO (Korea) (C$15M)           • Completed maiden reserve
                          1996   • J-Zone discovery & sale to           estimate and PFS in April 2019
                                   Denison Mines                      • Chinese Utility (CGN Mining)
 Strathmore Minerals Corp.
                                                                        buys 19.9% for C$82M
 • U3O8 spot price at US$7/lb
 • C$2M market cap to peak
   valuation of C$457M in 2007
 • JV Sumitomo (Japan) (C$50M)

                                                                       Fission 3.0 Corp. (2013)
                                                                   • Project Generator with several
                                                                     high-potential projects: drilling-
Energy Fuels Takeout (2013)
                                                                     boulders-geochem-geophysics-
                                                                     showings in Athabasca
                                                                   • Rhyolite to spend C$22M to earn-in
                                                                     80% of Macusani Assets, Peru

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PLS: Athabasca's Shallow Depth, Highly Awarded Uranium Project - TSX:FCU OTCQX:FCUUF FissionUranium.com
Patterson Lake South (PLS) Project Overview

Ownership    • 100% owned by Fission Uranium                                                                           PLS Project
Location     • 31,039 ha property located in the southwest
               margin of the Athabasca Basin in northern
               Saskatchewan
             • Accessible by all-weather Highway 955
             • Strong government support at all levels
             • Straight-forward permitting process
Triple R     • Structurally controlled, east-west trending, sub-
Deposit        vertical high-grade uranium deposit
             • 5 mineralized zones over a 3.2 km strike
             • High grade mineralization starting at ~50 m
                                                                   Reserve and Resource Estimate (April 2019)
               depth
                                                                   Category                     Ore    Grade         Contained Metal
             • Zones are open in several directions                                      000 tonnes % U3O8 g/t Au 000 lbs U3O8 000 oz Au
April 2019  • 6-year open pit mine followed by 2 years of          Probable Reserves
PFS (OP/UG)   underground mining (both at 1,000 tpd)                 Open pit                2,296   1.62               82,262
            • Based exclusively on R780E and R00E zones              Underground               592   0.63                8,236
                                                                     Total Probable          2,888   1.42              90,500
            • 97.7% recovery rate
                                                                   Indicated Resources
            • LOM avg. production of 11M lbs/year U3O8
                                                                     Open pit                1,609   2.33   0.58        82,753       30.1
                ‒ 14.4M lbs/year U3O8 over first 5 years
                                                                     Underground               931   1.02   0.48        21,015       14.3
             • Cash costs of US$6.77/lb U3O8                         Total Indicated         2,540   1.85   0.49      103,768        44.4
             • 4-year construction period with initial capex of    Inferred Resources
               C$1.5B                                                Open pit                   40   0.62   0.24           551        0.3
             • NPV8% (pre-tax) of C$1.32B and IRR (pre-tax) of       Underground             1,198   1.23   0.50        32,334       19.3
               29% at US$50/lb U3O8 and US$1:C$0.75                  Total Inferred          1,238   1.20   0.49       32,886        19.6

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PLS: Athabasca's Shallow Depth, Highly Awarded Uranium Project - TSX:FCU OTCQX:FCUUF FissionUranium.com
Canada’s Athabasca Basin District

                               +2.5 billion pounds
                               of U3O8 discovered

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PLS: Athabasca's Shallow Depth, Highly Awarded Uranium Project - TSX:FCU OTCQX:FCUUF FissionUranium.com
Athabasca: The Premier High-Grade Uranium District

Average Grade (% U3O8)
                                     ENVIRONMENT
                                     • Political stability
                                     • Pro-mining
                                     • Permitting

                                     INFRASTRUCTURE
                                     • Mills nearby
                                     • Power grid
                                     • Highways & airplane access

                                     EXPERIENCE
                                     • 60+ years of mining
                                     • Supplies 22% of the world’s uranium
                                     • Saskatchewan was ranked as #3
                                       jurisdiction in the world for mining
                                       investment in 2018 by the Fraser
                                       Institute

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PLS: Athabasca's Shallow Depth, Highly Awarded Uranium Project - TSX:FCU OTCQX:FCUUF FissionUranium.com
Triple R Deposit

                                                   3.18 km east-west strike length
• Structurally controlled, east-west
  trending, sub-vertical, high-grade
  uranium deposit
• ~50 m starting depth of high-grade
  deposits
  ‒ Overlain by 50 m to 60 m of sandy
    overburden, with high grade mineralization
    located near the bedrock-overburden contact
• Five separate mineralized zones
  (R1515W, R840W, R00E, R780E and
  R1620E) over a 3.2 km strike (drill
  defined) mineralized system
  ‒ Western Zones: R1515W, R840W and R00E
    are on land with 55 m to 100 m of overburden
  ‒ Eastern Zones: R780E and R1620E zones are
    beneath Patterson Lake at generally
Low Hanging Fruit Picked First
  Depleted                                 Fission
                                           Triple R                                       Cameco
                                                               Orano
                                                              Midwest       Denison       McArthur       NexGen
  Producing                                              Orano              Phoenix        River          Arrow
                       Orano Cameco
                                                                                   Cameco                       Orano
                       Cluff  Key                       McClean    Rio Tinto                     Cameco
                                                                                    Cigar                       Shea
  Advanced             Lake Lake                         Lake     Roughrider                    Millennium
                                                                                    Lake                        Creek

  Unconformity
    Deposits

   Basement      100
    Deposits
                 200

                 300

                 400

                 500
                                                                   Exploration
                 600                                              “Sweet-Spot”
                 700

                 800

                 900

                       * Based on company information

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PLS Project
 April 2019 PFS (OP/UG) and April 2019 PEA (UG Only)

                                                                                                        OP/UG      UG Only
• April 2019 PFS (OP/UG) cash costs of C$9.03/lb                                           Units      (PFS Case) (PEA Case)
  is 45% lower than the 2015 PEA (C$16.50/lb)               Mine Type                                 6 years OP 7.3 years UG
                                                                                                      2 years UG
• Indicated resources grew 18% from previous
                                                            Mine Life                        Years        8.2         7.3
  estimate (February 2018)                                  Construction Period              Years      4 years     3 years
• Initial reserve estimate of 90.5M lbs U3O8 at             Ore Mined                      M tonnes      2.89        2.55
                                                            LOM Avg. Head Grade             % U3O8       1.42        1.64
  1.42% from R00E and R780E Zones                           LOM Production                M lbs U3O8     90.5        81.4
• April 2019 PFS demonstrates the flexibility of            Avg. LOM Annual Production M lbs U3O8        11.0        11.2
                                                            Operating Costs                C$/tonne      $274        $335
  future development of the Triple R deposit
                                                                                          C$/lb U3O8     $9.03       $9.57
  ‒ Potential to develop mine as combination open pit/      Initial Capital Cost              C$M       $1,498      $1,194
    underground or underground only                         LOM Sustaining Capital Cost       C$M        $137        $258
  ‒ OP includes construction of a sand dyke and                   Project Economics at US$50/lb U3O8 and C$1.00:US$0.75
    plasticized cement slurry cut-off wall into Patterson   Pre-Tax Cash Flow                 C$M       $2,910      $2,587
                                                            After-Tax Cash Flow               C$M       $1,759      $1,533
    Lake
                                                            After-Tax NPV8%                   C$M        $693        $696
  ‒ UG involves sinking shafts on land and developing       After-Tax IRR                                 21%         26%
    underground workings below Patterson Lake
• April 2019 PFS based exclusively on indicated
  resources from R00E and R780E zones

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PLS Project
 Trade-Off Between Hybrid (OP/UG) and UG Development Options

• Both scenarios results in bottom quartile cash costs. Base Case scenario 15M lbs U3O8 of annual
  production over first 5 years, and a high IRR at a US$50/lb uranium price

                            April 2019 PFS – Hybrid (OP/UG)                 April 2019 PEA - UG Only
Capital Cost                                                    • Does not require construction of a sand dyke and
                                                                  plasticized cement slurry cut-off wall
                                                                • ~C$400M (20%) lower initial capex
                                                                • Eliminates pre-stripping
                                                                • Shorter construction period
LOM Production     • Access additional 9.1M lbs of reserves
                   • 11% increase in LOM U3O8 production
                   • Extends mine life by ~1 year
Operating Costs    • Modestly lower cash costs over LOM (~6%)
Permitting                                                      • Reduces permitting time and costs
                                                                • Potentially lower environmental impact and
                                                                  reclamation costs
Project Economics • 15% higher LOM free cash flow (after-tax)   • Higher IRR (26% vs. 21%)

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PLS Project
 Project Enhancement Opportunities and Next Steps

Excellent opportunity to upgrade resource base             Next Steps
and extend mine life                                       • UG only scenario to PFS level (by Summer
• Addition of Zones to Mine Plan: three other                2019)
  mineralized zones (R1515W, R840W and R1620E)             • Advance towards Feasibility Study (toward end
  along strike requiring drilling to upgrade inferred to     of 2020)
  indicated                                                  ‒ Conversion to indicated from R780E, R00E (20 holes)
• Zone Expansion: R780E Zone is open at depth and              and zones outside of PFS resource (40 holes in-fill)
                                                             ‒ Feasibility level mine design, scheduling and cost
  along plunge to east with opportunity to extend UG
                                                               estimation
  mine life                                                  ‒ Permitting
• Mineralization Upgrade: excludes [ ] of existing
  inferred resources from R780E and R00E zones

                                                                  R00E

                                                                                       R780E

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PLS Project
 Well Positioned Amongst the Largest Uranium Mines in the World

                                             Largest Uranium Mines by 2016 Production
• Under the PFS Base Case, the                                                                                              Mining       2016 Production       Percent of
                                      Rank          Mine/Project               Location
                                                                                                                            Method         (M lbs U3O8)          Total
  PLS Project is forecast to
                                        1     McArthur River                    Canada                                        UG               18.0               11%
  produce 15 million lbs of             2     Cigar Lake                        Canada                                        UG               17.3               11% PLS
                                        3     Katco                           Kazakhstan                                      ISR              10.4                7% Project
  annual U3O8 production over the
                                        4     Olympic Dam                      Australia                                      UG                9.6                 6%
  first five years                      5     Central Mining District         Uzbekistan                                      ISR               6.2                 4%
• PLS Project is positioned to be       6     Inkai                           Kazakhstan                                      ISR               5.7                 4%
                                        7     Somair                             Niger                                        OP                5.6                 4%
  one of largest uranium mines as       8     Karatau                         Kazakhstan                                      ISR               5.4                 3%
  well as the largest open pit mine     9     Ranger                           Australia                                      OP                5.2                 3%
                                       10 South Inkai                         Kazakhstan                                      ISR               5.1                 3%
  in the world                          -     Remaining                            -                                           -               69.2                44%
• Under the PFS Base Case, LOM                Total                                                                                           157.7                100%
                                    Source: S&P Global Market Intelligence
  avg. cash costs of US$6.77/lb,    2016 Uranium Industry Cash Cost Curve
  which would be near the bottom          $50         First Quartile        Second Quartile                                Third Quartile        Fourth Quartile
  of the global industry cash cost
                                             Total Cash Cost (US$/lb)

                                          $40
  curve and amongst the lowest of                          PLS Project
                                                   • 15M lbs/yr U308 (first 5
  all major uranium mines                 $30        years)
                                                                                  • US$6.77/lb LOM cash
                                                                        $20         costs

                                                                        $10

                                                                         $0
                                                                              0            20             40         60          80              100             120
                                                                                                               U308 Production (M lbs)
                                                                                                                                Source: S&P Global Market Intelligence

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Exploration Potential

• 31,039 ha property in the Athabasca Basin district,
  with only a small portion explored to date

• Triple R deposit is open in multiple directions,
  particularly westwards, towards the high-grade
  boulder field

• Triple R deposit (3.2 km strike) is part of a huge
  mineralized trend, with over 100 EM conductors and
  multiple exploration hotspots

• Most awarded uranium exploration company with
  industry-leading, multi-discipline technical team

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Comparable Company Analysis

• Fission Uranium trades at a P/NAV of 0.26x¹, which is ~19% below the average P/NAV multiple uranium
  exploration and development companies
• Fission Uranium should warrant a premium valuation given the size, high-grade and expansion potential of
  the PLS Project and land position in the prolific Athabasca Basin
• Substantial re-rating opportunity as the company continues to advance, de-risk and grow the PLS Project
 P/NAV Multiples of Uranium Producers and Development Companies1
                   Uranium Producers                                                    Uranium Exploration and Development Companies
  0.90x

             0.73x
                        0.66x
                                           Average: 0.63x
                                   0.59x

                                              0.49x                            0.49x
                                                                                         0.47x
                                                         0.43x                                      0.42x

                                                                                                             0.30x   0.30x                         Average: 0.32x
                                                                                                                               0.26x
                                                                                                                                           0.21x     0.21x
                                                                                                                                                               0.14x

  Cameco    Energy      Energy    Paladin Peninsula Uranium                  Laramide Denison       NexGen   UEX     Azarga    Fission     Vimy     Berkeley   Plateau
                                                                                                                                       2
           Resources     Fuels             Energy    Energy                                                                   Uranium

  Note: as at May 1, 2019
  1. NAVPS for all other companies are consensus research
  2. Consensus NAVPS for Fission Uranium is based on estimates from Eight Capital and H.C. Wainwright
  Source: Capital IQ and Thomson

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Why Fission?

  Award winning project                   World class                Large, shallow, high
  and management team                   uranium district            grade Triple R Deposit

   Discovered two world-class            Triple R on a 3.2 km      Maiden reserve estimate of
   uranium deposits since 2010       mineralized trend - largest   90.5M lbs U3O8 at 1.42% U3O8
                                       lateral footprint in the
                                           Athabasca Basin

One of the world’s largest and        Near-term resource            Untapped exploration
lowest cost uranium projects                growth                       potential

April 2019 PFS outlines OP/UG mine   Future 2019 drill program      Majority of 31,039 ha property
producing 15M lbs/yr U3O8 and LOM    Triple R deposit is open in         remains unexplored
   avg. cash costs of US$6.77/lb         multiple directions         100s of potential drill targets

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Reactor
                             Builds at
                           25 year high

Appendix: Uranium Market
Electricity Demand +150% by 2035

                                                                                                                        Reactor
                                                                                                                        Builds at
  447       Current Reactors
            Operation                    56   Under
                                              Construction      111        Planned         328        Proposed
                                                                                                                      25 year high

                                                                                 RUSSIA: +52

                                                                                                                       CHINA: +226
                                                EUROPE: +13
 USA: +25

                                              SAUDI ARABIA: +16
                                                                                                                                 E. ASIA: +17

                                                                   UAE: +4

                                                                                     INDIA: +49

     (+ indicates reactors under
     construction, planned &
     proposed)

     More reactors operating in 2018             More Japanese reactors coming online       Middle East (home of Big Oil) aggressively
     than in any other time in history           due to strong regulator support            securing nuclear energy supply

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Moving Forward

Growing Electrical Demands and Nuclear Solutions
• Electricity demand growing at rapid pace and increasingly integrated
  into daily life
• As demand for electricity increases, demand for clean energy is
  paramount
• EV’s entering the marketplace by major automobile manufactures
• Bitcoin POW mechanism annual electric consumption same as
  Switzerland
• Small Modular Reactors (SMR’s) – implementation is a game changer

Small Modular Reactors (SMR’s) - Game Changing Technology
• Assembly line construction will standardize build and reduce
  construction risk and decrease cost (analogous to Ford’s Model T)
• Shorter construction time (3 years vs. 10 years)
• Transport modular components reduces major transport requirements
• Small footprint allows smaller safety zones around reactors
• Incremental power thus suitable for more countries, more locations

                                                                                                      21

                                                                         Source: World Nuclear News

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Plans for New Reactors Worldwide

                                                    Source: https://pris.iaea.org/pris/

       Reactors: Uranium Requirements & Future Nuclear Power
       Source: WNA May 2019

   447 Nuclear power reactors in 111 Nuclear power reactors
        operation                       planned
   56 Nuclear power reactors under 328 Nuclear power reactors
       construction                     proposed

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China’s Strong Nuclear Buildout

                                          China’s Reactor Construction Boom
                                          2030 Estimate
                                          • 150 reactors in operation*
                                                                                    240
                                          • 50 under construction*
                                          33

                                          CGN, Fission’s Strategic Partner
                                          • 19 operating reactors*
                                          • Important domestic and global builder of
                                            reactors (23 new reactors under
                                            construction world wide)*
                                          • Owns 19.9% of Fission
                                          • Offtake agreement - 20% of annual uranium
                                            production from PLS; option to purchase
                                            additional 15%

                                          * CGN Personal communication
  Beijing, China: Air Quality Red Alert

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Japanese Recovery Continuing

                                                                             2010              2016             2030
                                                            Nuclear          25%               2%               20-22%

“Our resource-poor country cannot do
without nuclear power to secure the
stability of energy supply while
considering what makes economic sense
and the issue of climate change.”
Shinzo Abe, re-elected Prime Minister of Japan Oct. 2107   • 9 reactors have currently              • 2 reactors under
                                                             restarted                                construction
                                                           • 17 reactors currently in the • 8 new reactors planned and
                                                             process of restart approval    proposed

                                                            Source: World Nuclear Association (February 2019)

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Supply Side Vulnerable to Geopolitical Instabilities

• Nearly 60% of primary supply comes from politically unstable countries
• Saskatchewan, Canada:
  ‒ Ranked #3 mining investment jurisdiction in 2018 by Fraser Institute
  ‒ Increased share of global production from 17% to 22% in 2016

                   Other Countries

                 Australia                       14.1%
                                                                                                 Kazakhstan
                                         10.2%                                                   (to reduce planned
                                                                    39%
                                                                                                 uranium production by
                                                                                                 20%)
                                            22%
                                                                                                            Politically unstable

                 Canada                                         13.8%
                                                                                                            Permitting issues
                 (indefinite                         7.9%                                                   Stable & supportive
                 suspensions at
                 McArthur River)

                                            Africa                 Russia & E. Europe
                                             All figures from Uranium Investing News (based on World Nuclear Association country reports)

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1B lbs U3O8 Uncovered in Next 8 Years and Supply Still Being Cut

Low U3O8 price impacts low cost producers:
• Kazakhstan production cut by 20% over three years starting in 2018
• Production indefinitely suspended at McArthur River
• Canadian operations shut down at Rabbit Lake and Eagle Point
• Production cuts at Cigar Lake

 U3O8 Mlbs
       250
                                           Utilities are increasingly uncovered
       200

       150

       100

         50

          0
           2019             2020               2021           2022             2023    2024               2025
                  Uncovered US Utilities                Uncovered Non-Us Utilities        Covered
 Source: UxC

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Pressure is Growing for Return to Contracting

• Utilities buy high and
  sell low

• Lack of long-term
  contracting leaves
  utilities exposed

• For contracting to
  return, prices will
  have to rise

• The longer the wait,
  the stronger the
  upwards pressure on
  pricing

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Fission Uranium Corp.
Phone: +1 250 868 8140
Toll Free: +1 877 868 8140 (North America)

Website: www.fissionuranium.com

Investor Relations:
Email: ir@fissionuranium.com
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