Mr. Jeremy Poirier reports

NEXUS ANNOUNCES INCREASED OWNERSHIP IN INDEPENDENCE GOLD PROJECT

Nexus Uranium Corp. has increased the ownership of its Independence gold project in Nevada to 51.11 per cent. The Independence gold project is a joint venture between the company and Americas Gold Exploration Inc. (AGEI), whereby the company increased its ownership from 51 per cent to 51.11 per cent through the dilution of AGEI for failing to make the Q1 2024 cash call payment as part of the continuing project expenditures.

"With the recently announced granting of water rights coupled with the robust gold price, the Independence gold project represents an attractive opportunity for the development of a low-cost heap-leach operation," commented Jeremy Poirier, chief executive officer of Nexus Uranium. "We are happy to fund our partners nominal share of development costs in exchange for the accretion in project ownership as we continue to advance our evaluation of strategic alternatives for the project. This project represents one of a handful of low-cost, derisked gold development opportunities in one of the premier gold mining jurisdictions in the world."

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 million and 2.9 million ounces of gold at a cash cost of $980 (U.S.) to $1,060 (U.S.) per ounce.

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 $2,385 per ounce (U.S.).

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 Mines' 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 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.

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