Fission Uranium Corporate Presentation

TSX: FCU | OTCQX: FCUUF | www.fissionuranium.com
PLS: Athabasca’s Shallow
Depth, Highly Awarded
Uranium Project
March 2020 PDAC
EXPLORATION PROJECT OF THE YEAR 2015
TSX:FCU
OTCQX:FCUUF
FissionUranium.com

D I S C L A I M E R & T E C H N I C A L I N F O R M AT I O N
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.
Technical Information
Certain of the technical information contained herein is derived from the September 23, 2019 news release entitled “Fission
Completes Prefeasibility for Underground-Only Mine at PLS: Lower CAPEX, Low OPEX, Minimized Surface Footprint” describing
results of a PFS completed on the project – a copy of which will be filed on the Company’s profile on SEDAR at www.sedar.com
within 45 days. 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.
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 Mineral Resources have an effective date of October 23, 2018 and are reported at a 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.
2

Why Invest
Electricity Demand
• Electricity demand growing at rapid pace
and increasingly integrated into daily life
• EV’s (Electric Vehicles) entering the
marketplace by major automobile
manufactures
• Bitcoin consumes more energy than the
entire nation of Switzerland
Serially Successful
Management Team
Dev Randhawa, Chairman & CEO, Director
Led the transaction with CGN Mining pursuant to which
CGN Mining made a strategic investment of C$82M in
Fission Uranium
Ross McElroy, President & COO, Director
Significant role in 4 major uranium discoveries in
Athabasca Basin, incl. Fission’s Waterbury Lake &
PLS
Clean, Baseload Energy Source
“Nuclear is ideal for dealing with climate
change, because it is the only carbon-
free, scalable energy source that's
available 24 hours a day.”
— Bill Gates
(source: GatesNotes, The Blog of Bill Gates: Wrapping
up 2018 – What I learned at work this year.)
Award Winning Project
• Large, High-Grade, Shallow
• Low Cost – under PFS U/G Only, Life of
Mine avg. cash cost of of US$7.18/lb.
• Triple R deposit is open in multiple
directions
• Only a small portion of the property
explored to date
3

Clean Energy
C L E A N B A S E L O A D P O W E R
“Nuclear is ideal for dealing
with climate change, because
it is the only carbon-free,
scalable energy source that's
available 24 hours a day.”
BI LL GATES
Source: GatesNotes, Wrapping Up 2018 – What I learned at work this year
4
4

Electricity Demand will grow by nearly
50% between 2018 and 2050 Source: EIA
More reactors operating in 2018
than in any other time in history
Middle East (home of Big Oil) aggressively
securing nuclear energy supply
USA: 25
EUROPE: 14
INDIA: 49
RUSSIA: 52
CHINA: 225
E. ASIA: 17
Current Reactors Operation 447
Under construction 55
Planned 111
Proposed 328
Reactor
Builds at
25 year high
More Japanese reactors coming online
due to strong regulator support
5
Source: WNA

TSX: FCU | OTCQX: FCUUF | www.fissionuranium.com6
Moving Forward
Growing electric 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 (Source:
University of Cambridge)
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
E L E C T R I C V E H I C L E S C R Y P T O C U R R E N C Y S M A L L M O D U L A R R E A C T O R S

A N D S U P P LY S T I L L B E I N G C U T
Low U3O8 price impacts even 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 0
50
100
150
200
250
2019 2020 2021 2022 2023 2024 2025
Uncovered US Utilities Uncovered Non-Us Utilities Covered
Uncovered US Utilities
Uncovered Non-US Utilities
Cover
7
1B lbs U3O8 Uncovered in next 8 years
Source: WNA

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

China’s Strong Nuclear Buildout
C H I N A’ S R E A C T O R C O N S T R U C T I O N B O O M
47
reactors in operation
11
under construction
* CGN Personal communication
CGN
Fission’s Strategic Partner
22 operating reactors1
6 new reactors under construction
Important domestic and global builder of reactors
19.9% ownership of Fission
Offtake agreement
20% of annual uranium production from PLS;
option to purchase additional 15%
Beijing, China: Air Quality Red Alert
CHINA*
* August 2019 data: World Nuclear Association
9
43
reactor planned
170
reactor proposed
1 CGN Personal communication

“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. 2017
2010 2016 2030
Nuclear Energy 25% 2% 20-22%
9 reactors
restarted
17 reactors
currently in the
process of restart
approval
2 reactors
under
construction
8 reactors
planned and
proposed
10
Japanese Recovery Continuing

Award Winning Management Team
Devinder Randhawa, Chairman & CEO, Director
• Fission Energy founding CEO and chairman from 2007
to 2013 leading company to Tier One status
• Finance Monthly ‘Dealmaker of the Year 2013’,
Northern Miner ‘Person of the Year 2013’
• Founder of Pacific Asia China Energy, sold for $34M
Ross McElroy, President & COO, Director
• Formerly with Cameco, Areva, BHP Billiton
• PDAC 2014 ‘Bill Dennis Award for Exploration
Success’, Northern Miner ‘Person of the Year 2013’
• Significant role in 4 major uranium discoveries in
Athabasca Basin, incl. Fission’s Waterbury Lake & PLS
• Professional geologist of 30+ years experience
S E R I A L LY S U C C E S S F U L M A N A G E M E N T
Ray Ashley
VP Exploration
Paul Charlish
CFO & Corporate Secretary
D I R E C T O R S
William Marsh
Kelowna, Canada
Frank Estergaard
Kelowna, Canada
Robby Chang
Toronto, Canada
Darian Yip
Hong Kong, China
Deshao Chen
Beijing, China
Shiming Ma
Beijing, China

Building
Shareholder Value
S I N C E 1 9 9 6
1996
Strathmore
Minerals Corp.
• U3O8 spot price at US$7/lb
• C$2M market cap to peak
valuation of C$457M in
2007
• JV Sumitomo (Japan)
(C$50M)
• Acquired by Energy Fuels,
2013
Fission
Energy Corp.
• JV KEPCO (Korea) (C$15M)
• J-Zone (Waterbury)
discovery, 2010
Denison Mines Corp.
• Acquired Fission Energy
Corp.
• Retained Eastern
Athabasca Properties
Fission 3.0 Corp.(Spin-out 2013)
• Project Generator with several high-
potential projects: drilling-boulders-
geochem-geophysics-showings in
Athabasca
• Rhyolite to spend C$22M to earn-in
80% of Macusani Assets, Peru
12
2007
Fission
Uranium Corp.
• Retained Western Athabasca Properties and
Peru
• Takeover of Alpha Minerals
• Triple R Deposit: discovered (2012)
• Completed maiden reserve estimate and PFS in
April 2019
• Chinese Utility (CGN Mining) buys 19.9% for
C$82M (Jan. 2016)
2013

Canada’s Athabasca Basin District
FCU Property
Holdings
FUU Property
Holdings
13

The Premier High-Grade Uranium District
AT H A B A S C A
0
0.5
1
1.5
2
2.5
Namibia United
States
Australia Niger Canada
Average Grade (% U3O8)
Jurisdiction
Saskatchewan was ranked as #2
jurisdiction in the world for mining
investment in 2018 by the Fraser
Institute
Grade
10 to 20 times Global Average
Global supplier
Supplies 13.2% of the world’s uranium
60+ years of mining
14

100
200
300
400
500
600
700
800
900
Cluff
Lake
Triple R
15
Key
Lake
McClean
Lake
Midwest
Roughrider
Phoenix
Cigar
Lake
McArthur
River
Millennium
Arrow
Shea
Creek
Depleted
Producing
Advanced
Exploration
“Sweet-Spot”
* Based on company information
Low Hanging Fruit Picked First
Orano Cameco
Fission
Orano
Orano
Rio Tinto
Denison
Cameco
Cameco
Cameco
NexGen
Orano
Not currently
Producing
15

Triple R Deposit
U3O8 Resources
U/G Only PFS – Indicated: U/G Only PFS – Inferred: U/G Only OPEX:
102.4 Mlb U3O8 at an average grade of 2.10% U3O8 32.8 Mlb U3O8 at an average grade of 1.22% U3O8 US$7.18/lb U3O8
2.22 million tonnes 1.22 million tonnes
Five separate mineralized zones (R1515W, R840W, R00E, R780E and R1620E)
over a 3.2 km strike (drill defined) mineralized system
Mineral Resources are reported within an underground design at a cut-off grade of 0.25% U3O8
16

Triple R Deposit
~50 m starting depth
of high-grade deposits
Total strike length is well beyond that of Cigar Lake
(1.95 km) or McArthur River (1.70 km)
Triple R Deposit Longitudinal Cross Section View Looking Northwest
3.18 km east-west strike length
17

PLS Project
A P R I L 2 0 1 9 P F S ( O P/ U G ) A N D S E P T 2 0 1 9 P F S ( U G O N LY )
Units
OP/UG
(PFS Case) UG Only (PFS Case)
Mine Type 6 years OP
2 years UG
7.3 years UG
Mine Life Years 8.2 7.0
Construction Period Years 4 years 3 years
Ore Mined M tonnes 2.9 2.3
LOM Avg. Head Grade % U3O8 1.42 1.61
LOM Production M lbs U3O8 90.5 81.4
Avg. LOM Annual Production M lbs U3O8 11.0 11.3
Operating Costs C$/tonne $274 $335
C$/lb U3O8 $9.03 (US$6.77) $9.57 (US$7.17)
Initial Capital Cost C$M $1,499 $1,177
LOM Sustaining Capital Cost C$M $137 $209
Project Economics at US$50/lb U3O8 and C$1.00:US$0.75
Pre-Tax Cash Flow C$M $2,910 $2,656
After-Tax Cash Flow C$M $1,759 $1,568
After-Tax NPV8% C$M $693 $702
After-Tax IRR 21% 25%
18
Operating Costs C$/tonne $274 $328
C$/lb U3O8 $9.03 (US$6.77) $9.57 (US$7.18)Operating
Costs

Trade-off Between Hybrid (OP/UG) and UG Development Options
Both scenarios results in bottom quartile cash costs. Key advantages of each option are shown below.
April 2019 PFS
Hybrid (OP/UG)
Sept 2019 PFS
UG Only
Capital Cost • Completely eliminates the need for a ring dyke,
slurry wall, dewatering, and overburden removal
• ~C$320M (21%) lower initial capex
• Construction timeline reduction of 1 year from 4
years (Hybrid PFS) to 3 years (U/G PFS)
LOM Production • Access additional 9.1M lbs of reserves
• 10% increase in LOM U3O8 production
• Extends mine life by ~1 year
Operating Costs • Modestly lower cash costs over LOM (~4.6%)
Permitting • Potentially lower environmental impact and
reclamation costs
Project Economics • ~10.5% higher LOM free cash flow (after-tax) • Higher IRR (25% vs. 21%) after-tax
19
PLS Projects

PLS Project – Timelines Going Forward
2020 -2026
Ongoing
engagement and
consultation
activities with local
stakeholders/rights-
holders on the PLS
project and the
project plans.
2020
Submit project
description to both
the provincial and
federal regulatory
agencies kicking off
the Environmental
Assessment (EA)
phase for the project
2020- 2021
Move towards the
completion of a
bankable Feasibility
Study (FS) for the
underground mine
option in PFS.
2020- 2022
Completion of
Environmental
Assessment (EA)
process and
submission of
Environmental
Impact Statement
(EIS) to the federal
and provincial
regulators.
2023-2026
Project decision and
regulatory approvals
and the project
construction begins
with mine
production starting
in 2026 or 2027.
20

Exploration Potential
PLS has over 100 EM Conductors
and multiple exploration hotspots
Triple R deposit associated with just
one of these EM conductors
21
31,039 ha property in the
Athabasca Basin district,
with ~ 80% under explored
5X
the size of
Manhattan Island
Triple R deposit is open in
multiple directions and at
depth

2019/2020 Environmental Studies
• Surveys completed in 2019 included winter wildlife tracking, air quality
monitoring program, additional aquatic studies focused on a broader regional
study area (further downstream along the Clearwater River).
• This information will be combined with the data previously collected (2013
to 2018) for the environmental baseline investigations for the project.
• A very strong and comprehensive environmental baseline program has been
completed for the PLS project.
Baseline Environmental Studies = 2013 – 2020
22

Fission’s Commitment:
Communities and Economy
23

Donation/Sponsorships/Events
• Community Events and Sponsorship
• July 1st Canada Day Celebrations (La Loche)
• Yanessa Cultural Days (La Loche)
• Metis – National Aboriginal Day Celebration
• Summer festival (Buffalo Narrows)
• Core Days and geological events
• Sports
• La Loche Minor Hockey Registration Fees
• Sports teams at the high school level
• Community Donations/other
• Healthy Moms, Babies (La Loche and area)
• CRDN Elders Christmas Hampers
• La Loche Food Bank and Friendship Center
• School Programs
• Ducharme Elementary School – Class trips
• Saskatchewan Mining Association MAP Events
24

Tickers TSX: FCU
OTCQX: FCUUF
Frankfurt: 2FU
Share Price (as of February 5, 2020) C$0.26
52 Week Low / High C$0.23 / C$0.59
Basic Shares Outstanding 486.6M
Options (weighted avg. strike price of C$0.89) 18.9M
Fully Diluted Shares Outstanding 505.5M
Market Capitalization (Basic) C$126.52M
Cash & ST Investments (as of January 31, 2019) C$4.2M
Investment in Fission 3.0 Corp. C$1.1M
Enterprise Value (Basic) C$122.32M
Capital Structure
Share Price Performance (Last 12 Months) Research Coverage
Institution Analyst City
BMO Capital Markets Alex Pearce London
Eight Capital David Talbot Toronto
H.C. Wainwright & Co. Heiko Ihle New York
Red Cloud Klondike
Strike
Derek Macpherson Toronto
C O R P O R AT E I N F O R M AT I O N
70.3%
Retail &
Other
1.6%
Management
& Board
19.9%
China General
Nuclear Power
8.2%
Institutions
25

Why Fission
Award winning project and
management team
Discovered two world-class
uranium deposits since 2010
One of the world’s largest
and lowest cost uranium
projects
September 2019 PFS outlines UG
mine production of 78.7M lbs of
U3O8, averaging 13.1M lbs per for
the first five years and LOM avg.
cash costs of US$7.18/lb U3O8
Large, shallow, high grade
Triple R Deposit
Resource estimate of Indicated
102.4M lbs U3O8 at 2.1% U3O8
and Inferred 32.8 M lbs U3O8 at
1.22% U3O8
Untapped exploration
potential
Majority of 31,039 ha property,
which is 5 times the size of
Manhattan Island, remains
unexplored
100s of potential drill targets
World class uranium district
Triple R on a 3.2 km mineralized
trend - largest lateral footprint in
the Athabasca Basin
Near-term resource growth
Future 2019 drill program
Triple R deposit is open in
multiple directions
26

PFS Results
Physicals
• Three-year construction period, consisting of box cut and portal, decline,
ventilation shafts, underground capital development, and plant and infrastructure
construction
• Approximately seven years of operations at 1,000 tonnes per day (tpd) ore
• 2.3 Mt processed over the LOM, grading 1.61% U3O8, containing 81.4 M lbs U3O8
• Process recovery of 96.8%, based on PFS-level metallurgical testwork
• Production of 78.7 M lbs of U3O8, averaging 13.1 M lbs per year for the first five
years
Revenue
• Uranium price of US$50/lb U3O8, based on long-term consensus forecasts.
• Exchange rate of 0.75 US$/C$1.00
• Gross revenue of C$5,250 million, less Saskatchewan Government Gross Revenue
Royalties of C$381 million
• Net revenue of C$4,869 million
Operating Costs
• Average OPEX of C$9.57/lb (US$7.18/lb) U3O8 over the life of mine
• Unit Operating Costs of C$328 per tonne processed.
• Mining: C$137 per tonne processed
• Processing: C$116 per tonne processed
• Surface and G&A: C$75 per tonne processed
Capital Costs
• Pre-Production capital costs of $1.177 billion
• Underground mining - C$201 million
• Process plant - C$350 million
• Infrastructure - C$120 million
• Indirects & Owner’s Costs - C$315 million
• Contingency - C$192 million
• Sustaining capital costs of C$209 million
• Reclamation and closure cost of C$74 million
Physicals
• Four years of pre-production and 8 years of mine life, processing nominally 1,000
tonnes per day (350,000 tonnes per year)
• Total Tonnes Processed: 2.89 million tonnes at 1.42% U3O8 average grade; open pit
mining of 2.30 million tonnes at 1.62% U3O8
• Underground mining of 0.59 million tonnes at 0.63% U3O8
• 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
Revenue
• Long term uranium price of US$50 / lb U3O8
• Exchange rate of 0.75 US$ / C$1.00
• Gross revenue of C$5.84 billion, less Saskatchewan gross revenue royalties of $423
million
• Net revenue of C$5.41 billion
Operating Costs
• Average OPEX of C$9.03/lb (US$6.77/lb) U3O8 over the life of mine
• Unit Operating Costs of C$274 per tonne processed.
• Combined Mining C$89 per tonne processed
• Processing: C$115 per tonne processed
• Surface and G&A: C$71 per tonne processed
• Operating cash flow of C$4.62 billion
Capital Costs
• Pre-Production capital costs of $1.498 billion
• Dyke and Slurry Wall - C$371 million
• Open pit mining - C$44 million
• Process plant - C$241 million
• Tailings Facility - C$101 million
• 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
Hybrid PFS U/G Only PFS
Appendix

Fission Uranium Corp.
Phone: +1 250 868 8140
Toll Free: +1 877 868 8140 (North America)
Investor Relations:
Email: ir@fissionuranium.com
TSX:FCU
OTCQX:FCUUF
FissionUranium.com

Fission Uranium Corporate Presentation

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