Mr. Jeremy Poirier reports

NEXUS ANNOUNCES EVALUATION OF STRATEGIC ALTERNATIVES FOR GOLD ASSET

Nexus Uranium Corp. is evaluating strategic alternatives for its development-stage Independence gold project in Nevada.

"Given the record gold prices of over $2,200 (U.S.) per ounce, coupled with the market's lack of recognition of any value for our Independence project, we have determined that it is time to evaluate strategic alternatives to unlock value for shareholders," commented Jeremy Poirier, chief executive officer of Nexus Uranium. "The Independence project demonstrates significant leverage to the gold price, highlighting a NPV (5 per cent) of $60-million (U.S.) and IRR of 36 per cent when assuming a gold price of $2,125 (U.S.) per ounce, which remains below the current spot price of over $2,240 (U.S.) per ounce. Given we believe the project has significant value, we are considering all options, including a spinout of a gold-focused company to existing shareholders or even an outright sale to a third party."

The company notes that, at this stage, it is considering its options only and there can be no assurance of any specific outcome. The company has not set a timetable for completion of its evaluation process and has not determined what type of specific transaction, if any, it would pursue.

The Independence project is located in one of the premiere gold mining jurisdictions, the Battle Mountain mining district of northern Nevada, and is located entirely within Nevada Gold Mines' Phoenix mine permitted plan of operations. Nevada Gold Mines is a joint venture between Barrick Gold (61.5 per cent) and Newmont (38.5 per cent), which is forecasted to produce between 2.7 million and 2.9 million ounces of gold at a cash cost of $980 (U.S.) to $1,060 per ounce (source: 2024 outlook from Barrick website).

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 2022 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 economic evaluation of the PEA utilized a $1,700 (U.S.) per ounce gold price assumption to drive a net present value (5 per cent) of $17.6-million (U.S.) and internal rate of return of 18 per cent. It also demonstrated significant leverage to gold prices, yielding a $59.6-million (U.S.) NPV (5 per cent) and IRR of 35.9 per cent assuming a gold price of $2,125 (U.S.) per ounce, which is lower than the current spot price of $2,241 (U.S.) per ounce.

The company also wishes to announces a renewal agreement with MIC Market Information & Content Publishing GmbH (address: Gerhart-Hauptmann-St. 49b 51379 Leverkusen; e-mail: contact@micpublishing.de; phone: 49-2171-7766628) beginning Feb. 5, 2024, for marketing services which will continue through April 30, 2024, or until budget exhaustion. Pursuant to the agreement, MIC will utilize its on0line programs with the aim of increasing investor awareness and interest in the company through various on-line platforms and methods of engagement in consideration of 125,000 euros. The marketing activity will occur by e-mail, Facebook and Google. MIC does not have any prior relationship with the company, other than previous marketing engagements, and the agreement constitutes an arm's-length transaction.

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 g/t 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 2022 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 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.

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

We seek Safe Harbor.