Mr. Michael Collins reports

NUCLEAR FUELS STAKES HISTORIC URANIUM RESOURCE IN SHIRLEY BASIN, WYOMING

Nuclear Fuels Inc. has expanded its Wyoming uranium holdings with the staking of the Bobcat uranium project located in the Shirley basin. The Bobcat uranium project hosts a historic resource of 474,309 pounds of uranium*.

Highlights:

• The Bobcat uranium project includes over 1,600 acres of mineral rights covering a mineralized roll-front and is open to expansion.
• In the early 1980s the main Shirley basin uranium district was credited with 84 million pounds U (uranium) in reserves and past production which ceased due to declining uranium price.
• The Shirley basin is a current focus of in situ recovery (ISR) exploration by several uranium exploration companies.
• The Shirley basin was the site of the first commercial ISR project in the United States.
• The Bobcat project adds to Nuclear Fuels' project base and adds optionality for the company in building compliant resources going forward.

*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 above to NI 43-101 conforming mineral resources. The historic resource is based on information from Western Standard (1972).

Michael Collins, chief executive officer of Nuclear Fuels, stated: "Nuclear Fuels views Wyoming as a key region for successful uranium exploration due to the prolific historic mining and known resources. The Bobcat uranium project, identified through proprietary data, helps us achieve our goal to build resources in the state of Wyoming. I also note that drilling at our Kaycee uranium project is well under way and progressing ahead of schedule."

The Bobcat uranium project

Located 25 miles south of Casper, Wyo., in Albany county, the Bobcat project is located in the Shirley basin. The Shirley basin was a proven and prolific producer of uranium credited with over 84 million lb produced, between 1959 and 1992, from producers including Getty Oil Company, Texaco Inc., Pathfinder Mines Corp. and Cogema Mining Inc. Although the majority of the district's production has come from conventional mining, in 1964 the Shirley basin was home to the first commercial use of the ISR technique to extract uranium from sandstone-hosted deposits. ISR is now utilized to extract over 60 per cent of all uranium in the world; since the 1990s all uranium mining in Wyoming has used the ISR process.

The Bobcat project was originally explored by Western Resources and joint venture partners in the 1970s and early 1980s where it was one of the last uranium projects they continued to hold in the face of low uranium prices. With Nuclear Fuels' more than 1,600 acres of mineral rights, the Bobcat project covers a mineralized roll-front and is open to expansion.

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 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 Corp. 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 33-mile trend, over 110 miles of mapped roll-fronts and 3,800 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. Nuclear Fuels' 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.

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