Interview with Ross McElroy, President and COO of Fission Uranium (TSX:FCU).

Fission Uranium Corporation is a uranium exploration company based in Canada. It is engaged in the exploration and development of uranium assets. Fission Uranium Corp.'s sole focus is the Patterson Lake South (PLS) project in Canada's Athabasca Basin, 'home to the world's richest uranium mines.'

Fission Uranium Corp. has a market cap of CAD$131M. It started the year with a share price of CAD$0.56 and has been on a downward trajectory to today's price of CAD$0.27, the lowest price this year. In fact, today's share price is the lowest ever since the company was formed in 2013.

The uranium market being stagnating for the last few years. McElroy points to the all too familiar adage expressed by every uranium miner: it's not a matter of if, it's a matter of when. However, even if this is the case for uranium, it doesn't guarantee success; that will depend on the quality of Fission Uranium Corp.'s business plan, assets, and management team.

Fission Uranium Corp.'s mentality has been clear throughout: keep on developing the project, even in the current uranium bear market. The project is due to come online in 2026. The market recognises that Fission Uranium will need to raise capital soon. Doing so at current prices will clearly be more expensive that it would have been 12 months ago. The Board is continuing to work on the economics, permits, and focusing on the PLS delivery. Exploration is off the table. Cost reduction is the order of the day. We ask if that extends to their salaries and remuneration.

2 Preliminary Feasibility Studies have just been concluded at the PLS site. The open pit scenario woulds cost $1.5Bn. Instead, Fission Uranium has reviewed the PFS and looked at an underground mine; the CapEx has been substantially reduced by around CAD$300M as a consequence to a still large $1.2Bn. How they plan to fund this, by when and by who are still unclear. McElroy refes to seeking another strategic partner. Again another unknown.

In terms of the asset itself, the majority of the PLS project remains unexplored. Each year since 2012, new high-grade zones have been discovered. In terms of the inferred resource, initial drilling has provided an insight into the potential of PLS: 87,760,000 pounds of U3O8 Indicated Mineral Resource based on 2,186,000 tonnes at an average grade of 1.82% U3O8. The near-surface nature of much of the resource gives the PLS an edge on its competition.

McElroy may look to CGN mining (who hold a 20% stake in Fission Uranium Corp.) for investment. They also have an off-take agreement with the Chinese state-backed group. McElroy is also looking for other strategic partners in the future but states the company is not in need of urgent funds at this moment. Considerations are at a very preliminary stage. The company will definitely need to go out to market at some point. Fission Uranium Corp. has cut back on exploration to focus on the sole asset and reduce costs.

Fission Uranium Corp is claimed to be 'the most awarded uranium explorer,' and has a 'multi-discipline team, which is headed-up by Fission President and Chief Geologist, Ross McElroy, includes geologists, geophysicists, geochemists and a variety of highly-skilled consultants and technicians.'

Lastly, McElroy also gives us a brief look at Fission 3.0., a Canadian uranium project generator and property bank company. This is the exploration arm of Fission Uranium. The news here? They are hunkering down to 'zero'.

Company page: https://www.fissionuranium.com

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