january 2020 patterson lake south (pls)...the technical information in this corporate presentation...

TSX: FCU | OTCQX: FCUUF | www.fissionuranium.com

Patterson Lake South (PLS)Stakeholder/Rights-Holders

Engagement Meetings

January 2020

TSX:FCUOTCQX: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

DisclaimerThe 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 InformationCertain 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.

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Introductions

Fission Uranium Corp. Team:

• Ross McElroy – President, COO and Chief Geologist

[email protected] (250) 868-8140

• Mark Wittrup – Clifton Associates

• Ryan Froess – CanNorth Environmental Services

[email protected] (306) 652-4432

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mailto:[email protected]



Stakeholder Engagement

“Fission Uranium Corp. is committed to building strong

relationships and working in collaboration with all

stakeholders/rights-holders including First Nations and

Métis, Tribal councils, local communities, municipalities,

governments, and regulatory agencies throughout the life

of Fission’s PLS project.”

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Fission’s Core Principles to Engagement

Core Principles • Our Goal: To meet regularly with stakeholders/rights-holders to keep them

informed on the PLS project including any licensing/permitting plans,timelines, and decisions and how those may potentially impact stakeholdersin the region.

• Our Promise: To engage openly, honestly, and respectfully with allstakeholders/rights-holders and give careful thought to their culturaltraditions/practices.

• Our Commitment: To listen to all issues, concerns, and feedback andincorporate into the project planning phases and design of the projectwhere possible.

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Athabasca: The Premier High-Grade Uranium District

INFRASTRUCTURE

• Mills nearby

• Power grid

• Highways & air

URANIUM GRADES More than 10X World average

65 years of mining, supplying 19% of the world’s uranium

PEOPLE

• Labour nearby

• Workforce ready

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Fission Uranium Corp – PLS Project

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PLS Property claim

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PLS – Major Project Developments

• Triple R Deposit discovery 2012

• Maiden Resource Estimate and Preliminary Economic Assessment (PEA) was completed in 2015.

• Pre-Feasibility Studies (PFS) in 2019- April 2019 - 1st PFS evaluated “Open Pit / Underground Hybrid” mining option

- September 2019 – 2nd PFS evaluated “Underground Only” mining option

- November 2019 Underground Only PFS report completed- “Underground Only” option results in cost and logistics savings due to faster construction time, minimized mine footprint, and reduces overall environmental impacts of the project.

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100

200

300

400

500

600

700

800

900

Cluff Lake

Triple R

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Key Lake

McClean Lake

Midwest

Roughrider

Phoenix

Cigar Lake

McArthurRiver

Millennium

Arrow

Shea Creek

Depleted

Producing

Advanced

Exploration “Sweet-Spot”

* Based on company information

Uranium deposits in Saskatchewan

Orano Cameco

Fission

Orano

Orano

Rio Tinto

Denison

Cameco

Cameco

Cameco

NexGen

OranoNot currently Producing

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TSX: FCU | OTCQX: FCUUF | www.fissionuranium.com11

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 mineralized system

Mineral Resources are reported within an underground design at a cut-off grade of 0.25% U3O8

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Trade-off Between Hybrid (Open Pit/Underground) and Underground Development Options

Hybrid

Open Pit/Underground Underground Mining Only

Environment • Ring dyke, slurry wall, overburden removal and

dewatering in Patterson Lake

• Impacts on fish habitat

• Impacts of dyke on the lake and treaty-rights

holders and current resources users would be

prominent.

• Completely eliminates the need for a ring dyke,

slurry wall, dewatering, and overburden removal

• Minimized mine footprint (90% reduction)

• Minimizes the impacts on Patterson Lake and on

fish and fish habitat.

• Minimizes the potential impacts on the

downstream environment.

• Minimizes the impacts on local environment (plants

and wildlife) and construction is quicker and less

material earth works needs to be moved.

Construction • Construction timeline = 4 years • Construction timeline = 3 years

Permitting and

Regulations

• More challenging from permitting/regulatory

perspective.

• Gaining a socially license to operate could be

problematic

• Lower environmental impact and reclamation

costs; permitting and licensing is required but fairly

straightforward as similar underground operations

currently exist in the Athabasca basin.

Community

Concerns

• Community concerns with a dyke being built in

Patterson Lake were voiced.

• Heard from the communities that underground

mine was the preferred option.

PLS Project – PFS Comparisons

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PLS Project – Underground only

Addition of Zones to Mine Plan: three other mineralized zones (R1515W, R840W and R1620E) along strike requiring drilling to upgrade inferred to indicated

Zone Expansion: R780E Zone is open at depth and along plunge to east with opportunity to extend mine life

MINERALIZATION UPGRADE

UG only scenario to PFS level was completed in the Fall 2019

Advancing towards a Feasibility Study



PLS: Deposit & PFS Mine Development

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PFS Underground only - Mine Infrastructure

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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.

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Fission: Environment Stewardship and Best Management Practices

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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

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Environmental Studies completed – since 2013

Aquatic Terrestrial Aerial/other

• Hydrology (water

flow/amount)

• Water chemistry/

water quality

• Lake Bathymetry

• Fish spawning studies

• Fish community/fish

chemistry studies

• Sediment chemistry

• Aquatic plants /

insect studies

• Rare plant surveys

• Small mammal and

semi-aquatic

mammal surveys

• Bird surveys

(breeding birds and

raptors, eagles etc.)

• Wildlife tracking

• Pellet and browse

surveys

• Soils, lichen,

blueberry chemistry

• Bats and amphibians

• Weather station

installed - Long term

monitoring

• Air quality

monitoring (dust,

radon, SO2,

• Noise surveys

• Archaeology –

heritage resource

impact assessment


Fission’s Commitment:Communities and Economy


Supporting Communities and Economy

• Fission is committed to working with communities and supporting local northern businesses in the region to maximize the training, employment, and economic opportunities for the local people.

• Continue to build mutually respectful, beneficial, and long lasting economic relationships with stakeholders/rights-holders in the region.

• We will continue to utilize (and when possible) encourage sub-contractors to maximize local northern businesses to supply the goods and services, for the PLS project and related activities in the region.

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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

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Project Engagement and Next Steps

• Continue to keep stakeholder/rights-holders informed on thePLS project including timelines and major developments.

• Keep stakeholders/rights-holders informed on any projectmilestones including Project Description submission andregulatory filings to provincial and federal regulators.

• Plan for future stakeholder/rights-holders engagementactivities/events to share and gather valuable informationregarding as the project moves forward.

• Gather additional information on potentially impactedstakeholders/rights-holders on potential socio-economiccultural, and environmental impacts that the project may havefor inclusion into the environmental assessment.

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Your feedback is Important!

Questions / Moving forward

✓What is best way to engage with your community members (in person meetings, websites, newsletters, open house, how often, where, translators etc.)?

✓When would be the best timing and location to come back and engage with the community members as whole?

✓What are your major questions and concerns that you feel need to be addressed so that you can provide updates to your community? What questions/concerns does leadership have on the project?

✓Are there any special areas/locations or plants/animals that are of importance to your community that should be studied or avoided?

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Thank you

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

Investor Relations: Email: [email protected]

CanNorth Environmental [email protected]



january 2020 patterson lake south (pls)...the technical information in this corporate presentation...

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