Mr. Michael Collins reports

NUCLEAR FUELS COMMENCES TRADING ON THE CSE UNDER "NF"

Nuclear Fuels Inc. has received final approval from the Canadian Securities Exchange for the listing of the company's common shares. At the market opening today, the common shares will commence trading on the CSE under the symbol NF. In connection with the CSE listing, the common shares of Uravan Minerals Inc. were delisted from the TSX Venture Exchange on July 7, 2023.

As a result of the time of listing on the CSE and closing of the transaction with Uravan, the company has an aggregate of 46,873,368 common shares issued and outstanding, of which 13,579,612 shares are held in escrow and with 10 per cent released upon listing and 15 per cent released every six months after listing. Concurrently with closing the transaction with Uravan, the Uravan's common shares were consolidated on a 1:0.8 basis. In addition, the company changed its name from Uravan Minerals to Nuclear Fuels.

Following completion of the transaction, enCore Energy Corp. holds 9,327,800 shares, or approximately 19.9 per cent of the company, including 696,825 shares issued pursuant to a contractual top-up right. Officers, directors and insiders hold 30 per cent of the issued and outstanding stock of the company. Other shareholders include significant investors and finances with a strong uranium focus.

The board of directors and management of the company is as follows:

• William M. Sheriff, chairman and director;
• Michael Collins, chief executive officer and director;
• Larry Lahusen, director;
• David Miller, director;
• Eugene Spiering, director.

Mr. Collins, chief executive officer of Nuclear Fuels, comments: "We believe Nuclear Fuels has compiled a great package of uranium projects. The depth of historical data works to derisk the process of expanding historic resources and bringing them into NI 43-101 compliance . We are very pleased to be able to share this opportunity via the public market as we advance these projects with a very busy 2023. With over $6.5-million in funding, the company is well funded for confirmation and exploration drilling in 2023. We will focus on establishing compliant resources by expanding on historic in-situ recovery (ISR) uranium resources in Wyoming and Arizona, as well as advancing the project in Canada's Labrador."

Company assets

Nuclear Fuels is focused on uranium exploration for in-situ recovery technology projects in safe jurisdictions. ISR technology accounts for 60 per cent of the world's uranium extraction and is a proven, safe and environmentally friendly extraction process, replacing conventional mining, in sandstone-hosted deposits. The company's key assets include the Kaycee ISR uranium project, Wyoming, and the LAB critical metals uranium and rare earth element project in Canada's Labrador. The company also has a pipeline of additional projects, including the Moonshine uranium project in Arizona, the Bootheel uranium project in Wyoming and the La Sal uranium project in Utah.

Kaycee project

The Kaycee project in Wyoming's Powder River Basin (PRB) is the company's priority project, covering a 26-mile mineralized trend with over 110 miles of identified roll fronts. The Kaycee project is believed to be the only project in the PRB where all three known historically productive sandstone formations (Wasatch, Fort Union and Lance) are mineralized and potentially amenable to ISR extraction. Under Nuclear Fuels, this represents the first time since the early 1980s that the entire district is controlled by one company.

With over 3,700 drill holes, historic drilling has confirmed uranium mineralization in all three historically productive sandstones within the PRB, occurring over more than 1,000 feet of vertical section. The majority of the trend has not been well explored with drilling concentrated on approximately 10 per cent of the trend.

Project highlights include:

• Total historic resources of 1.7 millimetres (mm) pounds uranium (U);
• Largest historic resource block includes 519,000 lb at 0.138 per cent U;
• Average radiometric grade above 0.10 per cent U.

Nuclear Fuels acquired the Kaycee project from enCore Energy, which retains a back-in right for 51 per cent of the project by paying 2.5 times the exploration costs and carrying the Kaycee project to production (costs recoverable from production) upon Nuclear Fuels establishing a minimum of an NI 43-101-compliant resource of 15 million pounds U3O8. A drilling program is expected to commence at the Kaycee project during Q3 2023.

Wyoming is a proven and prolific uranium producer with a pro-energy government with established regulatory regime for the extraction of uranium through in-situ recovery technology. As Wyoming is one of the few agreement states where the federal government and the Nuclear Regulatory Commission have ceded regulatory authority to the state government, permitting and advancing uranium projects is more efficient and streamlined as compared to most other states. Wyoming, with over 250 million pounds of historic production, ranks as the state with the second most uranium production to date, most of which has been through the ISR method since 1990 with most of the ISR production having come from the PRB.

LAB critical metals project, Labrador

The LAB critical metals project offers district-scale potential with uranium outcrop grades up to 6.7 per cent and numerous highly enriched rare earth element (REE) occurrences along the 112-kilometre trend. Initial exploration work is planned in 2023 to follow up on significant uranium targets discovered in 2009, as well as new radiometric and magnetic anomalies defined in compilation work and geophysical reprocessing, along with other rare earth element and uranium targets. Results are pending from the 2023 snow machine-based scintillometer survey and sampling program and subsequent and continuing helicopter-based prospect and sampling program.

The Lab critical metals project claims are adjacent to, and display similar styles of mineralization, to Search Minerals Inc.'s critical rare earth metals project claims. In March, 2022, Search Minerals published a preliminary economic assessment on its critical rare earth metals project.

Moonshine project, Arizona

The Moonshine Springs project is located in Mohave county, Arizona, United States. The project comprises approximately 1,000 acres (approximately 400 hectares), including 23 owned lode mining claims, along with seven lode mining claims and 320 acres of fee land held under lease. The property was previously explored during the 1970s and 1980s by Exxon Corp. and later by Pathfinder. Sandstone-hosted uranium occurs in at least three stratigraphic zones identified to date within the Triassic Chinle formation. The upper two zones lie at an average depth of 170 feet and are considered open-pit candidates with the lower zone lying at a depth of 760 feet. Most of the known mineralization occurs below the ground water surface (water level depth of 120 feet) suggesting the possibility that the ore is amenable to ISR. The company's technical team will further evaluate the ISR amenability of the mineralization at Moonshine Springs. Several historical estimates of the uranium resource at Moonshine have been made including:

• Pathfinder historically reported the upper sand to contain 1.44 million pounds of U at an average grade of 0.325 per cent using a cutoff of 0.15 per cent in an open-pit configuration with a strip ratio of 8.8:1;
• Exxon reported a global resource figure for the upper two sands of 3.67 million pounds of U at a grade of 0.15 per cent;
• Exxon reported an estimated resource for the lower sand of one million pounds of U at a grade of 0.26 per cent. Notably Exxon reported that drilling intercepts of six feet or more grading 0.35 per cent U were not uncommon.

The Moonshine property is currently a pipeline property, however the company intends to continue to compile historic data with field validation in 2023 to bring historic resources into compliance with NI 43-101 standards.

Other assets

Bootheel project

Located in southeast Wyoming, the Bootheel project consists of roll-front mineralized zones identified in three distinct, stacked sandstone formations giving the company a more efficient opportunity for the development of resource definition. Historic metallurgical testing has indicted better than average uranium recovery kinetics and aquifer rehabilitation. A historic NI 43-101 by Scott Wilson Roscoe Postle Associates Inc. for Crosshair Exploration and Mining Corp. and Ur Energy Inc. in 2007 reports:

• Indicated resource of 1,443,000 tonnes at 0.038 per cent for 1.089 lb;
• Inferred resource of 4,399,000 tonnes at 0.037 per cent for 3.249 lb.

Lisbon Valley project

The Lisbon Valley project has two claim blocks: the LS and JB mining claims, totalling 107 claims covering approximately 2,211 acres (895 hectares) in the Lisbon Valley uranium district, southeastern Utah.

The Lisbon Valley district is in the Colorado Plateau region, 30 miles southeast of Moab, Utah. The Lisbon Valley district was a centre of historic conventional surface and underground mining uranium production from 1948 to 1988 of approximately 78 million pounds U3O8. The uranium mineralization in the Lisbon Valley district is primarily hosted by the Moss Back member of the lower Chinle formation of Triassic age. The Moss Back sandstone has the unique distinction of hosting some of the highest-grade uranium and vanadium mineralization in the Colorado Plateau region.

The LS claim group is located just southeast and adjacent to the Lisbon mine, on the downthrown side of the Lisbon Valley anticline. The Lisbon mine was owned and operated by Rio Algom Mines Ltd., with production between 1972 to 1988, producing approximately 22 million pounds U3O8 from the Moss Back sandstone. Drilling on the LS claims in 2007 reported intersecting significant uranium mineralization amounting to 17.5 feet grading 0.11 per cent U 3 O 8 (including 3.5 feet grading 0.28 per cent U3O8) in drill hole L-15, collard about 8,000 feet southeast of the Lisbon mine. The claims are subject to a 2-per-cent net smelter royalty.

The technical content of this news release has been reviewed and approved by Mark Travis, CPG, a contractor to the company and a qualified person as defined in National Instrument 43-101.

About Nuclear Fuels Inc.

Nuclear Fuels is committed to aggressive exploration of district-scale in-situ recovery uranium projects in proven and prolific jurisdictions. Focused on its priority Kaycee project, located in Wyoming's Powder basin, its goal is to advance the project onto a path to production.

We seek Safe Harbor.