Fission Uranium : Management's Discussion & Analysis For the Nine Month Period Ended September 30, 2021

FCU.TO

Management's Discussion & Analysis

Fission Uranium Corp.

For the Nine Month Period Ended

September 30, 2021

Fission Uranium Corp.

Management's Discussion and Analysis

For the nine month period ended September 30, 2021 (Expressed in Canadian dollars, unless otherwise noted)

Introduction

The following Management's Discussion and Analysis ("MD&A"), prepared as of November 12, 2021, should be read in conjunction with the unaudited condensed interim financial statements and accompanying notes of Fission Uranium Corp. (the "Company" or "Fission Uranium") for the nine month period ended September 30, 2021. The reader should also refer to the audited financial statements for the year ended December 31, 2020.

The Company's condensed interim financial statements are unaudited and have been prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board ("IFRS"), including IAS 34, Interim Financial Reporting for the quarterly interim financial statements.

Additional information related to the Company, including the most recent Annual Information Form ("AIF"), is available for viewing on SEDAR at www.sedar.com. Further information including news releases and property maps are available on the Company's website at www.fissionuranium.com, or by requesting further information from the Company's head office located at 700 - 1620 Dickson Ave., Kelowna, British Columbia, Canada, V1Y 9Y2.

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. 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 www.sedar.com, 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.

Scientific and technical disclosure

Scientific and technical information in this MD&A was reviewed and approved by Ross McElroy, P. Geol., CEO of Fission Uranium. Ross McElroy is a qualified person as defined by Canadian National Instrument 43-101Standards of Disclosure for Mineral Projects ("NI 43-101").

Description of business

Fission Uranium is a resource issuer specializing in uranium exploration and development in Saskatchewan's Athabasca Basin in Western Canada. The Company was incorporated on February 13, 2013 under the laws of the Canada Business Corporations Act in connection with a court approved plan of arrangement to reorganize Fission Energy Corp. Fission Uranium's common shares are listed on the Toronto Stock Exchange under the symbol "FCU", the OTCQX marketplace in the U.S. under the symbol "FCUUF" and on the Frankfurt Stock Exchange under the symbol "2FU".

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. 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 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.

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Fission Uranium Corp.

Management's Discussion and Analysis

For the nine month period ended September 30, 2021 (Expressed in Canadian dollars, unless otherwise noted)

Corporate goals

Management firmly believes that global uranium demand is rising, driven by an ongoing nuclear reactor construction boom. 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. This is a result of the rapidly growing focus on clean energy, and the continually increasing global electrical energy demand. 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. 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. The result is a tightening of the supply and demand balance. 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. Fission Uranium is fortunate to have its property located in the politically stable and investment friendly province of Saskatchewan, Canada. The Fraser Institute publishes an annual report of mining and exploration companies and ranks geographic regions globally in an attempt to assess how mineral endowments and public policy factors, such as taxation and regulatory uncertainty, affect exploration investment. Saskatchewan is consistently rated amongst the best jurisdictions in the world for mining investment, being rated number one globally by the Mining Journal in 2020.

Continued exploration and development success over the past seven years has enabled the Company to fund its operations primarily through share equity financing in a difficult uranium sector and challenging capital market environment for mineral exploration companies.

In addition to progressing the Company's exploration and development plans, management will continue to seek strategic opportunities to add further shareholder value and appropriately monetize the PLS property and Triple R deposit for shareholders.

Specific growth plans include:

PLS property

Details of the Company's PLS project as of September 30, 2021 are shown below:

Property

Location

Ownership

Claims

Hectares

Stage

Carrying value

Patterson Lake South

Athabasca Basin, SK

100%

17

31,039

Feasibility

$ 339,781,526

In January 2016, the Company executed an offtake agreement with CGN Mining Company Limited ("CGN Mining"). Under the terms of the agreement, CGN Mining will purchase 20% of annual U3O8 production with an option to purchase up to an additional 15% U3O8 production from the PLS property, after commencement of commercial production.

Summary of significant accomplishments for the three month period ended September 30, 2021 and subsequent

In November 2021, the Company filed a short form base shelf prospectus with the securities commissions or similar regulatory authorities in each of the provinces and territories of Canada. The base shelf prospectus will allow Fission to offer up to $250,000,000 of common shares, subscription receipts, units, debt securities, warrants and share purchase contracts from time to time over a 25 month period. The terms of any future offerings, if any, will be established at the time of such offerings. At the time any securities covered by the shelf prospectus are offered for sale, a prospectus supplement containing specific information about the terms of any such offering will be filed with applicable Canadian securities regulatory authorities.

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Fission Uranium Corp.

Management's Discussion and Analysis

For the nine month period ended September 30, 2021 (Expressed in Canadian dollars, unless otherwise noted)

On September 27, 2021, the Company announced the completion of a 72-hole geotechnical drill program. Preliminary data assessment indicates that the location of proposed infrastructure, including the decline, ventilation shafts, stockpiles, tailings management facility ("TMF"), and mill buildings, is optimal. Further laboratory testwork will be required to confirm the initial assessment. The drill program was completed successfully, and with minimal delays. Additionally, Fission has appointed Tetra Tech Canada as the lead consultant for the feasibility study.

On September 7, 2021, the Company announced scintillometer results from its summer 2021 "metallurgical & geotechnical testwork" drilling on the R840W zone. Four metallurgical holes and three geotechnical holes had been completed as part of the Phase 1 feasibility study field work. All seven holes intersected mineralization with all four metallurgical and two geotechnical holes intersecting wide intervals of strong mineralization. Of particular note, hole PLS21-MET-004 (line 615W) intersected 50.3m of continuous mineralization, including 28.5m of total composite radioactivity >10,000 cps (with a peak of 65,500 cps). The metallurgical and geotechnical testwork drilling at the R840W is part of the data collection in anticipation that the R840W zone will be included in the Feasibility Study.

On August 30, 2021, the Company announced scintillometer results from its summer 2021 "resource upgrade" drill program on the 840W zone. All 25 holes hit mineralization, with 19 intercepting significant intervals of >10,000 cps radioactivity. This includes PLS21-624 (line 630W), which intersected 57.5m of continuous mineralization, including 19.15m of total composite radioactivity >10,000 cps (with a peak of 62,400 cps). The goal of the summer resource drilling was to upgrade the majority of the R840W zone by decreasing the spacing between drill hole mineralized intercepts with the goal of upgraded to Indicated classification, for potential use in the Feasibility Study. The resource upgrade drilling was conducted in conjunction with the on-going Phase 1 Feasibility work at PLS, focusing on drilling for geotechnical, hydrogeological, geochemical and metallurgical data.

In July 2021, the Company announced assays from its winter 2021 drill program on the R780E zone. All 20 holes returned wide intercepts in multiple stacked intervals in each hole, with 15 holes hitting high- grade intervals. The program targeted areas of inferred category mineralization with the goal of upgrading to indicated category for inclusion in the upcoming feasibility study. Of particular note, hole PLS21-602 (line 915E) intersected 69.5m of total composite uranium mineralization in multiple stacked intervals, including intervals such as 4.5m @ 18.63% U3O8 in 14.5m @ 6.11% U3O8.

Summer 2021 Drill Program Results

The R840W zone is the 2nd largest of five high-grade zones that make up the Triple R deposit. Although the R840W has been used in the global resource estimate for the Triple R deposit, it was not considered in the economic analysis of the Prefeasibility Study because it was primarily classified as an Inferred resource.

On August 31, 2021, the Company announced the results of mineralization based on hand-held scintillometer readings from its summer 2021 "resource upgrade" drill program on the R840W zone. All 25 in-fill holes hit mineralization, with 19 intercepting significant intervals of >10,000 cps radioactivity. This includes PLS21-624 (line 630W), which intersected 57.5m of continuous mineralization, including 19.15m of total composite radioactivity >10,000 cps (with a peak of 62,400 cps). The goal of the summer resource drilling was to upgrade the majority of the R840W zone from its majority Inferred resource classification to Indicated. This would be achieved by decreasing the spacing between drill hole mineralized intercepts to a distance of ~15m to 20m (horizontal and vertical) required for conversion of the resource to Indicated. Assay results for mineralized intervals will be used for modeling of the zones to be used in a revised resource estimate. Assay results are still pending. If assay and modeling results are positive and sufficient, then the R840W has the potential to be incorporated into the Feasibility Study.

The resource upgrade drilling was conducted in conjunction with the on-going Phase 1 Feasibility work at PLS, which focused on drilling for geotechnical, hydrogeological, geochemical and metallurgical data.

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Fission Uranium Corp.

Management's Discussion and Analysis

For the nine month period ended September 30, 2021 (Expressed in Canadian dollars, unless otherwise noted)

Highlight intersections from the R840W "resource upgrade" drill program include:

On September 7, 2021, the Company announced the results of mineralization based on hand-held scintillometer readings from the summer 2021 "metallurgical & geotechnical testwork" drilling on the R840W zone. Four metallurgical holes and three geotechnical holes have been completed as part of the Phase 1 feasibility study field work. All seven holes intersected mineralization with all four metallurgical and two geotechnical holes intersecting wide intervals of strong mineralization. Of particular note, hole PLS21-MET-004 (line 615W) intersected 50.3m of continuous mineralization, including 28.5m of total composite radioactivity >10,000 cps (with a peak of 65,500 cps). The metallurgical and geotechnical testwork drilling at the R840W is part of the data collection in anticipation that the R840W zone will be included in the Feasibility Study.

Highlight intersections from the drill program include:

R840W Zone Metallurgical Holes

Four large diameter HQ holes were collared and drilled vertically spaced over 180m of strike length to collect representative mineralized rock samples to be used for metallurgical testwork. The testwork is to verify the process required to extract U3O8 efficiently and economically, and understand the grade variability and mineralogy impact on processing factors such as recovery of the R840W zone compared to the R780E zone.

R840W Geotechnical Testwork Holes

Three holes were collared as angle holes to collect rock samples to be used for geotechnical testwork. The testwork will verify the rock strength and ground conditions likely to be encountered and provide data to be used in the design of ground support, tunnel and stope dimensions and mining sequencing. Additionally, samples were collected from the crown pillar area, at the overburden/bedrock interface, to optimize ore recovery and analyze overall mine stability.

On September 27, 2021, the Company announced the completion of a 72-hole geotechnical drill program. Preliminary data assessment indicates that the location of proposed infrastructure, including the decline, ventilation shafts, stockpiles, TMF, and mill buildings, is optimal. Further laboratory testwork will be required to confirm the initial assessment. The drill program was completed successfully, and

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Fission Uranium Corp. published this content on 16 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 November 2021 04:45:01 UTC.