Fission Uranium Corporate Presentation

TSX: FCU | OTCQX: FCUUF | www.fissionuranium.com1
UraniumA MISUNDERSTOOD METAL
Nov 2019
TSX:FCU
OTCQX:FCUUF
FissionUranium.com
U238.02891
92

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.
Disclaimer

LINEAR THINKING IN A DYNAMIC WORLD
”The stuff that is most critical
to human civilization, energy
is the cheapest it’s ever been on a relative basis”
3
Source: Sachem Cove Partners

UraniumN U C L E A R P O W E R T O D A Y
4

20%of the U.S. Electricity Grid is
sourced from nuclear
Natural gas 35.14%
Coal 27.43%
Nuclear 19.32%
Hydro 6.99%
Wind 6.58%
Solar 1.60%
Biomass 1.51%
Petroleum 0.60%
Geothermal 0.41%
Other 0.42%
USA: Net electricity
generation by energy
source in 2018

Global Electricity Grid
is sourced from nuclear
10% Global Energy Use
26 700 Twh
Coal 38%
Oil 3%
Gas 23%
Hydro &
Other 19%
Solar & Wind 7%

The Nuclear Fuel Cycle
18-24 months
10-12 years
7

2018
Global Uranium
Production
137MM lbs. U308
Other 16.79 MM lbs
Uranium Fuel
Nearly 80% of the
world’s uranium is
mined in 4
countries
Kazakhstan 56.4 MM lbs
• Holds 12% of the world's uranium
resources
• Utilizing low cost ISL mining methods
• Currently no investment opportunity
• Kazatomprom IPO scheduled before
year end
Canada 18.2 MM lbs
• Holds 9% of the world's uranium
resources
• Largest high-grade mines in the world
Namibia 14.4 MM lbs
• Two significant uranium mines capable
of providing 10% of world mining output
- Rössing owned primarily by Rio Tinto
- Langer Heinrich owned by Paladin –
recently closed
• Production at Husab mine recently
underway (owned by Chinese interests)
Niger 7.6 MM lbs
W O R L D S O U R C E S O F U R A N I U M (MM lbs U3O8)
Australia 16.6 MM lbs
• Relative low production despite holding
29% of the world's uranium resources
• The vast majority of Australia's uranium
resources are within five deposits including
Olympic Dam (the world's largest known
uranium deposit)
Russia 7.6 MM lbs
Source: UxC

T O G E O P O L I T I C A L I N S TA B I L I T I E S
Nearly 60% of primary supply comes
from politically unstable countries
Saskatchewan, Canada:
• Ranked #2 mining investment jurisdiction in 2018 by
Fraser Institute
41%
Kazakhstan
(to reduce planned uranium
production by 20%)
15.5%
Russia & E.Europe
16%
Africa
13.2%
Canada
(indefinite suspensions
at McArthur River)
12%
Australia
3.5%
China
Politically unstable
Permitting issues
Stable & supportive
Supply Side Vulnerable
2.6%
Other
Source: WNA

Operating Costs
10
66%
Operation & Maintenance
34%
Fuel
Operating
Costs
Nuclear
Power Plants
34%
Fuel Costs
9% Enrichment
7%
Fuel Fabrication
3%
Conversion
15%
U3O8
N U C L E A R P O W E R P L A N T S

Global Electricity Demand Projections
11
2015 2020 2025 2030 2035
23,430
25,360
27,404
29,359
31,611
15,533
5,386
23,430
16,066
6,541
25,360
16,743
7,681
27,404
17,180
8,948
29,359
18,391
9,806
31,611
66%
23%
11%
63%
26%
11%
61%
28%
11%
59%
30%
11%
58%
31%
11%
2015 2020 2025 2030 2035
56%
44%
57%
43%
59%
41%
60%
40%
61%
39%
OECD Non-OECD
Nuclear Renewables
Nuclear power is
cheap, reliable
baseload supply with
very low emissions.
Increased base load
generation capacity is
essential as the world
shifts away from high
carbon emission
power generation.
Fossil
2,510
2,753
2,981
3,231
3,414
E X P E C T E D G R O W T H E N E R G Y ( T K W H ) 2
Source: World Nuclear Association

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 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
1B lbs U3O8 Uncovered in next 8 years
Source: WNA

Historical Uranium Price
13
U R A N I U M P R I C E H I S T O R Y A N D K E Y E V E N T S : 1 9 6 8 - P R E S E N T

Common
Misunderstandings
& C L I M A T E C H A N G E
14

Environmental Concerns Rising in non-OECD
15
CARBON EMISSIONS
PER UNITY OF POWER
~76%
Co2e
U.S. human-caused
greenhouse gas
emissions were
from fossil fuels
1 www.eia.gov Comparison of lifecycle of gas emission of various electricity generation sources.
2 Markandya and Wilkindon (2007)
ENERGY POLLUTION
Death rates related to
Energy Pollution
Deaths per TWH2
Biomass 4.6%
Brown Coal
32.7%
Coal 24.6%
Gas 2.8%
Oil 18.4%Nuclear
0.1%
In 2017, the US Nuclear Fleet avoided 547 million metric tons of Co2 emissions. A significant reduction given
total emissions from fossil fules that generate electricity were ~1,900 million metric tonnes of Co2.

Reactor Build and Generation Costs Compared
16
Overnight Capital Cost
(LHS)
OOC over avg life of
plants (RHS)
OVERNIGHT CAPITAL COST BY ENERGY TYPE COST OF POWER GENERATION ($/MWH)
www.eia.gov Comparison of lifecycle of gas emission of various electricity generation
sources.
Capex and cost of power
generation is competitive due to
long operating life of nuclear
power plants
50+ Years
Life span
10-12 Years
Life span
Markandya and Wilkindon (2007)

Uranium Estimated Global Inventory
17
Capex and cost of power
generation is competitive due to
long operating life of nuclear
power plants
E X P E C T E D G L O B A L I N V E N T O R I E S O F N U C L E A R F U E L
Russia and US (DOE) stock are
strategic and currently not as
available to the market.
China and Japan material will
not come back to the global
market. China expected to
continue stockpiling.
Utilities holding around 2 years’
requirements which is normal
The Uranium fuel cycle being
around 2 years, ties up material
in the fabrication pipeline.

PLS ProjectF I S S I O N U R A N I U M
18

PLS Animation
19

Canada’s Athabasca Basin District
Triple R Deposit
FCU Property
Holdings
FUU Property
Holdings

The Premier High-Grade Uranium District
A T 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

Global Status
SUPPLY - CANADA
Canada’s Saskatchewan
resources hold grades far
in excess of that anywhere
else in the world, ranging
from 1% - 20%
One uranium pellet Produces the Equivalent Power of:
Oil:
149 Gallons
Coal:
1,780 lbs
Natural Gas:
17 Million Thermal Units
1% U3O8 =
22 lbs/tonne U3O8 (US$35/lb)
15.6 g/t gold
(US $1,200/oz)
1,215 g/t silver
(US $14/oz)
10.78% Copper
(U$2.80/lb)
24.54% Zinc
(U$1.22/lb)
29.87 barrels of Oil
(U$66.82/barrel)

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 reactors*
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%
CHINA 2030 ESTIMATE
* August 2019 data: World Nuclear Association
43
reactor planned
170
reactor proposed

PLS Project
24
W E L L P O S I T I O N E D A M O N G S T T H E L A R G E S T
U R A N I U M M I N E S I N T H E W O R L D
$0
$10
$20
$30
$40
$50
0 20 40 60 80 100 120
TotalCashCost(US$/lb)
U308 Production (M lbs)
First Quartile Second Quartile Third Quartile Fourth Quartile
PLS Project
• 15M lbs/yr U308 (first 5 years)
• US$7.17/lb LOM cash costs
Rank Mine/Project Location
Mining
Method
2016 Production
(M lbs U3O8)
Percent of
Total
1 McArthur River Canada UG 18.0 11%
2 Cigar Lake Canada UG 17.3 11%
3 Katco Kazakhstan ISR 10.4 7%
4 Olympic Dam Australia UG 9.6 6%
5 Central Mining District Uzbekistan ISR 6.2 4%
6 Inkai Kazakhstan ISR 5.7 4%
7 Somair Niger OP 5.6 4%
8 Karatau Kazakhstan ISR 5.4 3%
9 Ranger Australia OP 5.2 3%
10 South Inkai Kazakhstan ISR 5.1 3%
— Remaining — — 69.2 44%
Total 157.7 100%
Largest Uranium Mines by 2016 Production
WHEN IN PRODUCTION
PLS IS EXPECTED TO BE
3rd largest
in world

Triple R Deposit
TSX: FCU | OTCQX: FCUUF | www.fissionuranium.com
Five separate mineralized zones (R1515W, R840W, R00E, R780E and R1620E)
over a 3.2 km strike (drill defined) mineralized system
25

Triple R Deposit
~50 m starting depth
of high-grade deposits
Total strike length is now 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

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 L Y )
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 $702
After-Tax IRR 21% 25%
C$/tonne $274 $328
C$/lb U3O8 $9.03 (US$6.77) $9.57 (US$7.18)Operating
Costs

Exploration Potential
PLS has over 100 EM Conductors
and multiple exploration hotspots
Triple R deposit associated with just
one of these EM conductors
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

PLS Project Next Steps
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 (completed Fall
2019)
Advance towards
Feasibility Study (toward
end of 2020)
TSX: FCU | OTCQX: FCUUF | www.fissionuranium.com

MARKETT H E F U T U R E O F U R A N I U M
30

2019 WNA Nuclear Fuel report
BEARISH
Grow 8% to 402GW ~200M lbs/yr
3 D E M A N D S C E N A R I O S
NOW - 2040
STATUS QUO
+53% to 569GW ~280M lbs/yr
BULLISH
+108% to 776GW ~380M lbs/yr
9%
39%
52%
WNA 2019

Previous Bull Market for Uranium
U R A N I U M P R I C E
1,300%
increase
S T O C K P R I C E C O M P A R I S O N
3 Uranium Companies 2002 - 2007
1,396%
increase
30,800%
increase
130,400%
increase

S UMMA RY
• Nuclear power is a growth sector
• Climate change must include nuclear
• Due to contracting and fuel cycle the uranium price
is inelastic
• PLS is a tier one uranium project with a key
strategic partner
• Uranium equities represent compelling value after a
long bear market
33

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

Notes
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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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