Mr. Martin Walter reports

NUBIAN TO RE-START EXPLORATION AT THE FOSTERVILLE EAST GOLD PROJECT AND ANNOUNCES NON-BROKERED $600,000 PRIVATE PLACEMENT

Nubian Resources Ltd. is moving forward with the next phase of exploration work, including a comprehensive air-core drilling program, at its Fosterville East gold project in Victoria, Australia. Fosterville East covers an area of 82 square kilometres and lies approximately 12 kilometres east of the Fosterville gold mine that is owned and operated by Agnico Eagle Mines Ltd. Due to the project's thick unconsolidated cover, geophysical surveys have been employed to define deeper geological structures and drilling targets below the cover. The project covers a large suite of sedimentary rocks potentially folded and faulted within the Bendigo zone that host the Bendigo gold deposits (historical production of 22 million ounces gold, Li et al., 1998) and Agnico Eagle's Fosterville mine. Nubian plans on commencing a systematic program of low-cost air-core drilling, which has proven to be an effective tool to penetrate through overburden that varies up to 15 metres (50 feet) to test for gold and arsenic leader (vein-style) mineralization within the rocks below.

Martin Walter, Nubian's chief executive officer, stated: "Recently announced discoveries by Southern Cross Gold and Great Pacific Gold have highlighted Victoria's abundant gold tenure and potential. Nubian has operated in Victoria since 2020, when it acquired its two main projects -- Fosterville East and the Yandoit gold projects. Due to poor mining markets and low interest levels in the exploration for precious metals, Nubian slowed its exploration efforts in Victoria in mid-2022. With the recent rise in the gold and silver prices, we are pleased to have made the decision to restart exploration efforts in Victoria."

Non-brokered private placement

Nubian also announced that it will undertake a non-brokered private placement to raise up to $600,000 through the issuance of up to 10 million units, each unit being priced at six cents and comprising one common share and one-half common share purchase warrant. Each warrant will be exercisable at eight cents for a period of 24 months post the closing date. In connection with the private placement, the company may pay finders' fees of 7 per cent in cash and 7 per cent in compensation warrants in accordance with the policies of the TSX Venture Exchange. The proceeds of the private placement will be utilized to undertake exploration activities at Fosterville East and for general working capital purposes.

Qualified person

The technical information contained in this news release relating to the Fosterville East project has been reviewed and approved by Dr. Scott Jobin-Bevans (PGeo), who is a qualified person under the definitions established by the National Instrument 43-101.

About Nubian Resources Ltd.

Nubian is a publicly traded precious and base metals exploration company listed on the TSX Venture Exchange. The company is managed by a team of experienced mining and geological professionals. Nubian's projects are focused on key mining jurisdictions, including Peru and Australia (central Victoria and Tasmania).

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