As such, management is optimistic about the long-term prospects for the uranium market and is committed to developing its Triple R deposit at PLS, while continuing to explore for additional high-grade occurrences on the property. The result is a tightening of the supply and demand balance.

In 2017, the number of nuclear reactors in the combined construction, planning and proposal stages, reached the highest level in 25 years and the amount of uranium required by utilities, currently uncovered by contracts, continues to increase rapidly. In addition, years of low uranium prices have led to the shuttering of higher OPEX uranium operations and minimal investment in new sources of production. This is a result of the rapidly growing focus on clean energy, and the continually increasing global electrical energy demand.

Uranium sentiment, as evidenced by government investment in small nuclear reactors as well as traditional reactors, and strongly supportive political statements from countries like the US, UK, and China, is strengthening. Management firmly believes that global uranium demand is rising, driven by an ongoing nuclear reactor construction boom. The property comprises 17 contiguous claims totaling 31,039 hectares and is located geographically in the south-west margin of Saskatchewan's Athabasca Basin, notable for hosting the highest-grade uranium deposits and operating mines in the world. The deposit has one of the largest lateral mineralized footprints of comparable deposits in the Athabasca Basin region and remains open in multiple directions. The Company's primary asset is the Patterson Lake South ('PLS') project, which hosts the Triple R deposit - a large, high-grade and near-surface uranium deposit that occurs within a 3.18km mineralized trend along the Patterson Lake Conductive Corridor. under the symbol 'FCUUF' and on the Frankfurt Stock Exchange under the symbol '2FU'. Fission Uranium's common shares are listed on the Toronto Stock Exchange under the symbol 'FCU', the OTCQX marketplace in the U.S. The Company was incorporated on Februunder the laws of the Canada Business Corporations Act in connection with a court approved plan of arrangement to reorganize Fission Energy Corp. Ross McElroy is a qualified person as defined by Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects ('NI 43-101').įission Uranium is a resource issuer specializing in uranium exploration and development in Saskatchewan's Athabasca Basin in Western Canada. Scientific and technical information in this MD&A was reviewed and approved by Ross McElroy, P. Should one or more of these unknown risks and uncertainties, or those described under the headings 'Risk Factors' in the Company's AIF, which can be found on the Company's SEDAR profile at and those set forth in this MD&A under the heading 'Cautionary notes regarding forward-looking statements' and 'Risks and uncertainties' materialize, or should underlying assumptions prove incorrect, then actual results may vary materially from those described in forward-looking statements. Statements in this report that are forward looking could involve known and unknown risks and uncertainties, which could cause actual results to vary considerably from these statements. The Company's financial statements have been prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board ('IFRS'), as at December 31, 2021.Īdditional information related to the Company, including the most recent Annual Information Form ('AIF'), is available for viewing on SEDAR at Further information that has not been incorporated into this MD&A, including news releases and property maps, are available on the Company's website at or by requesting further information from the Company's head office located at 700 - 1620 Dickson Ave., Kelowna, British Columbia, Canada, V1Y 9Y2. (the 'Company' or 'Fission Uranium') for the year ended Decemand the year ended December 31, 2020. The following Management's Discussion and Analysis ('MD&A'), prepared as of March 18, 2022, should be read in conjunction with the audited financial statements and accompanying notes of Fission Uranium Corp. (Expressed in Canadian dollars, unless otherwise noted)

Fission uranium drill results