Mr. Michael Collins reports

NUCLEAR FUELS ANNOUNCES EXTENSIVE DRILL PROGRAM AT THE KAYCEE URANIUM PROJECT, WYOMING

Nuclear Fuels Inc. has mobilized for the first phase of its fully financed 200-hole rotary drill program at the Kaycee project in Wyoming's Powder River basin (PRB). The drill program is focused on validating historic uranium drill intersections and expanding known mineralization at depth, along trend and on other high-priority targets on the Kaycee project. Nuclear Fuels is solely focused on exploration for in situ recovery (ISR) uranium.

ISR technology extracts uranium in a non-invasive process through the use of natural groundwater and oxygen, coupled with a proven ion exchange process, to recover the uranium.

Highlights:

• For the first time in modern history, the Kaycee project, extending for 26 miles, is now held by one company.
• With over 3,700 historical drill holes at the Kaycee project, mineralization has been identified in three sandstone formations.
• Phase 1 drilling will focus on the Saddle deposit with a historic resource of 519,000 pounds of 0.138 per cent uranium.
• Drilling will initially focus on confirming and expanding historic resources in the upper Fort Union sands, which occur at shallow depths of less than 250 feet in saturated sands.
• Deeper drilling will target expansion of mineralization identified 200 feet below the historic resource, where three of five historic drill holes intersected roll-front mineralization in the lower Fort Union sands.
• Necessary permits have been acquired for the drill program with the drill presently being mobilized; work is under way to improve access and prepare drill pads. All drill holes will be 4.75-inch-diameter rotary mud holes logged with electrical and gamma methods upon completion.

Note: Readers are cautioned that a qualified person has not done sufficient work to classify any of the historical estimates as current mineral resources or mineral reserves as defined by National Instrument 43-101. The company is not treating the historical estimates as current mineral resources or reserves as defined by NI 43-101. Further compilation of the historic geological and drilling data, resource modelling, and additional drilling will be necessary to convert the historic estimates outlined herein to NI 43-101 conforming mineral resources. The historic resource is based on information from Fruchey (1982) for Washtenaw Energy Corp. and Midwest Energy Resources.

Michael Collins, chief executive officer of Nuclear Fuels, stated: "Spot price for U3O8 [triuranium octoxide] is now hovering at the $70-per-pound level and new power plant and small modular reactor (SMR) announcements are a regular occurrence. It has become clear that we are developing new demand for uranium, in what is already a tight supply market, and this will require new uranium production from reliable sources. Nuclear Fuels is well positioned with one of the best uranium exploration and development packages in the Western USA. With our access to historical data for these projects and a very knowledgeable technical team, we expect to be able to rapidly progress the development of these projects."

Kaycee project

The Kaycee project in Wyoming's Powder River basin (PRB) is Nuclear Fuel'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. The Kaycee project, under Nuclear Fuels, 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 110 miles of identified roll-front mineralization has not been well explored, with drilling concentrated on approximately 10 per cent of the trend.

Nuclear Fuels acquired the Kaycee project from EnCore Energy Corp., 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 NI 43-101 compliant resource of 15 million pounds U3O8.

Project highlights include:

• Total historic resources of 1.7 million pounds uranium;
• Largest historic resource block at includes 519,000 pounds of 0.138 per cent uranium;
• Average radiometric grade above 0.10 per cent uranium.

Wyoming is a proven and prolific uranium producer with a pro-energy government and established regulatory regime for the extraction of uranium through ISR 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 are more efficient and streamlined as compared with 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, predominantly from the PRB.

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 NI 43-101.

About Nuclear Fuels Inc.

Nuclear Fuels is committed to aggressive exploration of district-scale in situ recovery (ISR) uranium projects in proven and prolific jurisdictions. Focused on its priority Kaycee project, located in Wyoming's Powder River basin, the company's goal is to advance the project onto a path to production. EnCore Energy maintains the right to back in to 51-per-cent ownership by paying the company 2.5 times its exploration expenditures and carrying the project to production (recoverable from production). With existing historic resources through a 26-mile trend, 100 miles of mapped roll fronts and 3,700 drill holes, Nuclear Fuels has secured the district under one company's control for the first time since the early 1980s. Nuclear Fuels also provides a unique model for development of its other uranium projects and has established a pipeline of future opportunities in known uranium jurisdictions. The company's industry leaders work to build America's uranium resources and provide a domestic fuel for nuclear energy -- always on, always available. ISR technology extracts uranium in a non-invasive process through the use of groundwater and oxygen, coupled with a proven ion exchange process, to recover the uranium.

We seek Safe Harbor.