Dundee Capital comments on Fission

Source: Dundee Capital Markets

Subject: Fifth Discovery at PLS - 76m of Total Mineralization Found at R585E

Company Description

Fission Uranium is a Canadian uranium exploration company with properties in the Athabasca Basin of Saskatchewan. Fission is currently advancing its new 50% owned PLS discovery on the western side of the Athabasca. Results to date have demonstrated the potential for a shallow, thick and high grade deposit split between five zones - R00E, R390E, R585E, R780E, and R945E.

Fission announced the discovery of a fifth high grade zone of mineralization at its 50%-owned (likely soon to be 100% owned) PLS property. The second discovery this summer was found after targeting another radon anomaly along host conductor PL 3B. The first hole testing the R585E radon anomaly, located about halfway between the R390E and R780E zones (150m east of R390E and 180m west of R780E), was successful. Assays are pending.

• PLS13-098 on Line 585E returned 76m of mineralization within a 107.5m intersection (62.5m-170m). Scintillometer readings combined for 7.62m of off-scale, including a 2.21m continuous interval at 131m. Gamma logs with peaks up to 80,000 cps suggest potentially higher grades were intersected than even found in hole -75, although over thinner widths. There are two units - a 33.5m thick upper zone that starts at 67m depth, and a 42.5m thick and high grade lower zone starting at 120m depth. Weak mineralization exists between zones.

Potential for one larger deposit. We continue to be encouraged by this discovery. Much like other zones, it was found using coincident conductive and radon anomalies (Figure 1). However we note that mineralization within some zones occurs outside of the radon anomaly footprint. While radon does help focus drilling, it is known that mineralization exists beyond the limits of these anomalies. One example is PLS13-075 which hit 21.76% U3O8 over 21.5m within 9.08% over 54m. This intercept is located to the west and outside of the R390E anomaly. Perhaps radon anomalies are more an indicator of easy pathways to the surface for gases, than it is for quantifying underlying uranium. Thus we see potential for mineralization to occur within the gaps of the radon anomalies, already having evidence of the possibility, and believe that current gaps in mineralization are largely due to lack of drilling.

A continuous deposit over the 1,020m of known strike length from the limits of R00E to R945E increases the potential for further discoveries.

Potential for multiple horizons. We have seen stacked zones along strike for four of the five deposits (except R00E zone). Hole -98 has a shallow zone that seems to correlate well to the upper zone of mineralization found to the west. Meanwhile the deeper high grade zone correlates well to upper zones found further to the east. What we are likely seeing is the impact of a plunging syncline to the west on what once might have been a flat lying uranium deposit. We are seeing flat mineralization closer to surface (in zones R00E, R390E, R585E) but starting at R390E we also see steeply dipping mineralization folded within steeply dipping structures. This suggests potential for multiple stacked horizons.