Mr. Jeremy Poirier reports

NEXUS ANNOUNCES GRANTING OF WATER RIGHTS FOR INDEPENDENCE GOLD PROJECT

Nexus Uranium Corp. has been granted water rights for its Independence gold project in Nevada. The Nevada Division of Water Resources approved both of the Company's permits effective April 3rd, 2024. The approved permits include the Independence Project and the adjacent Section 17, previously acquired in 2020 for the purpose of attaining water rights, exceed the estimated water requirement for both development and operation of a low-cost heap-leach operation.

"The granting of water rights represents a material derisking step for the Independence Project and represents one of the significant gating items required for future production," commented Jeremy Poirier, CEO of Nexus Uranium. "This represents the culmination of over three years of work with the State and permitting agencies as we worked to provide a clear pathway for mine development. It also comes at an opportune time with gold prices continuing to set new records which may significantly increase both the value of the asset and its attractiveness to potential suitors. We continue to advance our evaluation of strategic alternatives to unlock value for both Nexus and its shareholders."

About the Independence Project

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 to 2.9 million ounces of gold at a cash cost of US$980 - $1,060 per ounce (Source: Nevada Gold Mines 2024 Outlook retrieved from https://www.barrick.com/English/operations/nevada-gold-mines/default.aspx).

The Independence Project hosts an M&I (measured and indicated) resource of 334,300 ounces of gold (28M tonnes at 0.41 g/t gold) and an inferred resource of 847,000 ounces (9M 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 US$1,700 per ounce gold price assumption to drive a NPV5 per cent of US$17.6M and IRR of 18 per cent. It also demonstrated significant leverage to gold prices, yielding a US$59.6M NPV5 per cent and IRR of 35.9 per cent assuming a gold price of US$2,125 per ounce, which is lower than the current spot price of US$2,385 per ounce.

About Nexus Uranium Corp.

Nexus Uranium is a multicommodity development company focused on advancing the Wray Mesa uranium-vanadium project in Utah, in addition to its precious metal portfolio that includes the development-stage Independence mine, located adjacent to Nevada Gold Mines' 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 a 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 of gold (nine million tonnes at 3.22 grams per tonne gold) with a substantial silver credit. A 2021 preliminary economic assessment 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 are composed of almost 8,000 hectares of quartz claims prospective for high-grade gold mineralization with historical grab sampling highlights of 144 grams per tonne gold.

Nexus Uranium cautions investors the preliminary economic assessment is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. The Company further cautions investors Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability and further cautions investors the quantity and grade of the reported inferred Mineral Resources are uncertain in nature and there has been insufficient exploration to define these inferred Mineral Resources as indicated Mineral Resources.

The Company cautions investors it has yet to verify the historical data and further cautions investors grab samples are selective by nature and are unlikely to represent average grades of sampling on the entire property.

The technical content of this news release has been reviewed and approved by Warren D. Robb, P.Geo. (BC), a Director and VP Exploration of Nexus Uranium Corp. and a Qualified Person under National Instrument 43-101.

We seek Safe Harbor.