Mr. Jeremy Poirier reports

NEXUS SIGNS DEFINITIVE OPTION TO ACQUIRE CREE EAST PROJECT IN ATHABASCA BASIN

Nexus Uranium Corp. has entered into an option agreement with Canalaska Uranium Ltd., dated as of March 18, 2024, pursuant to which Nexus has the right to acquire up to a 75-per-cent interest in the Cree East uranium project located in the Athabasca basin of Saskatchewan, Canada.

"Having now secured an option on the Cree East project, we are excited to move forward with permitting for an aggressive exploration program planned for later this year," commented Jeremy Poirier, chief executive officer of Nexus Uranium. "We believe this project represents the last, large-scale exploration project located in the heart of the Athabasca basin with the all of the required characteristics necessary to host high-grade unconformity-style uranium mineralization in either basement-hosted like Arrow or sandstone-hosted like McArthur River or Cigar Lake."

The Cree East project is located on the eastern shore of Cree Lake in Northern Saskatchewan, approximately 40 kilometres west-northwest of Cameco's Key Lake uranium mill, and comprises 17 contiguous mineral claims covering an area of 57,752 hectares (223 square miles). The exploration target on the project is a sandstone- or basement-hosted unconformity-type uranium deposit similar to the neighbouring McArthur River (sandstone-hosted), Key Lake (sandstone-hosted), Millenium (basement-hosted) and Phoenix (sandstone-hosted).

The project has seen extensive historical exploration dating back to the early 1970s, with over $20-million expended since 2006 which included multiple phases of geophysics (airborne versatile time-domain electromagnetic, audio-frequency magnetotellurics, and ground induced polarization resistivity and moving-loop time-domain EM surveys) in addition to 34,473 metres of drilling in 91 holes. Exploration to date has delineated multiple zones of uranium mineralization associated with graphitic conductors and large hydrothermal alteration halos. The uranium is found in basement and sandstone environments, at depths ranging from 100 metres to 450 metres below surface. Two high-priority exploration targets have been identified, zone A and zone B, where uranium has been discovered above and below the unconformity, at approximately 400 metres depth (source: Oct. 16, 2013, National Instrument 43-101 technical report on the Cree East project, Athabasca basin, Saskatchewan, Canada, prepared by Dr. Gary Yeo, PhD, PGeo, and Patty Ogilvie-Evans, BSc, PGeo, published on SEDAR+ by Canalaska Uranium).

The technical content of this news release has been reviewed and approved by Warren D. Robb, PGeo (British Columbia), a director and vice-president, exploration, of Nexus Uranium and a qualified person under National Instrument 43-101.

Transaction terms

The option agreement provides that nexus may acquire up to a 75-per-cent interest in the project through staged cash, share and work commitments, as follows: (a) to earn an initial 40-per-cent interest in the project, the company will (i) pay to Canalaska $750,000 in cash; (ii) issue to Canalaska that number of common shares of Nexus as will be equal in value to an aggregate of $3-million; and (iii) incur $5.5-million in exploration expenditures within the first 18 months from the effective date of the option agreement; (b) to earn an additional 20-per-cent (for a total of 60 per cent) interest in the project, the company will additionally: (i) pay to Canalaska $1-million in cash; (ii) issue to Canalaska that number of common shares as will be equal in value to an aggregate of $3-million; and (iii) incur $6.5-million in exploration expenditures within the following 24 months; and (c) to earn an additional 15-per-cent (for a total of 75 per cent) interest in the project, the company will additionally: (i) pay to Canalaska $1.25-million in cash; (ii) issue to Canalaska that number of common shares as will be equal in value to an aggregate of $4-million; and (iii) incur $7-million in exploration expenditures within the following 24 months.

The option agreement further provides that the parties will form a joint venture arrangement in the following cases: (a) if Nexus has earned the 40-per-cent interest but has not earned the 60-per-cent interest in accordance with the option agreement; (b) if Nexus has earned the 60-per-cent interest but has not earned the 75-per-cent interest in accordance with the option agreement; or (c) if Nexus has earned the 75-per-cent interest in accordance with the option agreement.

The option agreement remains subject to the approval of the Canadian Securities Exchange (the CSE). All common shares issued under the option agreement will be subject to a four-month statutory hold period in accordance with Canadian securities laws and will be subject to voluntary resale restrictions pursuant to which 25 per cent of such common shares will be released from such voluntary resale restrictions on the dates that are three, six, nine and 12 months after their date of issue.

In connection with the option agreement, Nexus Uranium has agreed to issue, subject to approval of the Canadian Securities Exchange, 1.5 million common shares to a third party as a finder's fee.

About Nexus Uranium Corp.

Nexus Uranium is a multicommodity development company focused on advancing the Cree East uranium project in the Athabasca basin and the Wray Mesa uranium-vanadium project in Utah in addition to its precious metals portfolio that includes the development-stage Independence mine located adjacent to Nevada Gold Mine's Phoenix-Fortitude mine in Nevada, the Napoleon gold project in British Columbia and a package of gold claims in Yukon. The Wray Mesa project covers 6,282 acres within the heart of the prolific Uruvan mining district in Utah and has extensive historical drilling of over 500 holes defining multiple mineralized zones. The Independence project hosts an M&I (measured and indicated) resource of 334,300 ounces of gold (28 million tonnes at 0.41 gram per tonne gold) and an inferred resource of 847,000 ounces (nine million tonnes at 3.22 g/t gold) of gold with a substantial silver credit. A 2021 preliminary economic assessment (PEA) outlined a low-cost heap leach operation focusing on the near-surface resource with total production of 195,443 ounces of gold at an all-in sustaining cost of $1,078 (U.S.) per ounce of gold. The Napoleon project comprises over 1,000 hectares and is prospective for multiple forms of gold mineralization, with exploration in the area dating back to the 1970s with the discovery of high-grade gold. The Yukon gold projects comprise almost 8,000 hectares of quartz claims prospective for high-grade gold mineralization with historical grab sampling highlights of 144 g/t gold.

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