Mr. Jeremy Poirier reports

NEXUS PROVIDES UPDATE ON CREE EAST PROJECT PERMITTING

Nexus Uranium Corp. has provided an update on permitting for the Cree East uranium project in the Athabasca basin of Saskatchewan, Canada. Nexus Uranium has the right to earn up to a 75-per-cent interest in the project from Canalaska Uranium Ltd. A three-year exploration permit application for the project was submitted on March 19, 2024, and, if granted will allow for year-round exploration of up to 40,000 metres of drilling, plus 300 line kilometres of geophysics and other exploration programs. In addition, Condor Consulting Inc. has been engaged to provide a comprehensive review and reinterpretation of all previous geophysical studies. This review will aid the company in both designing a follow-up ground exploration and drill program to test the four defined priority target areas, as well as potentially identifying new targets due to the advancements of modern geophysical techniques compared with the historical studies (due to the deepening of the unconformity basement contact in deeper portions of the Athabasca basin within the project).

"Having now submitted for exploration permits for a multiyear program, we anticipate having all the necessary approvals in place for a summer exploration program," commented Jeremy Poirer, chief executive officer of Nexus Uranium. "Given the extensive amount of high-quality historical exploration, in conjunction with a thorough review of prior geophysical and geological models, we anticipate finalizing a number of high-priority targets for drilling in the upcoming exploration program."

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 Cree East project is one of the largest projects within the Athabasca basin of Saskatchewan, spanning 57,752 hectares (142,708 acres) and has seen over $20-million in exploration to date. 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 (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.

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, PGeo (British Columbia), a director and vice-president of exploration for Nexus Uranium, and a qualified person under National Instrument 43-101.

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