Mr. Michael Collins reports

HIGH-GRADE URANIUM ENCOUNTERED IN NUCLEAR FUELS' FIRST DRILL PROGRAM

Nuclear Fuels Inc. has released initial results from the first 12 holes of its drill program designed to confirm and expand the historical resource at its Kaycee uranium project in Wyoming's Powder River basin. Five holes contain high-grade uranium mineralization suitable for in situ recovery (ISR) extraction technology. 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:

• High-grade mineralization was encountered in five holes, with grade thickness (GT) ranging from 0.441 to 0.908. The highest-grade intercept was 3.0 feet of 0.24 per cent uranium equivalent.
• Five holes have grade thickness of over 0.3, which is considered an economic minimum for inclusion in a typical well field in the Power River basin.
• Grade thickness is defined as grade times thickness of a mineralized intercept.
• Phase 1 drilling is focused on the Saddle zone, which hosts a historical resource. Drilling is focused on confirming and expanding historical resources in the lower Wasatch formation, which occur at shallow depths ranging from approximately 220 to 350 feet in saturated sands.
• Drilling continues, with additional results expected in November, 2023.

Michael Collins, chief executive officer, stated: "Our initial results from the Saddle zone at the Kaycee uranium project are exceeding our expectations. We continue to make steady advances with more than 1,000 feet drilled on an average day and look forward to continued results. With over 100 miles of historically defined roll fronts, drilling continues, with results following quickly due to the on-site eU3O8 [triuranium octoxide equivalent] gamma probe logging."

Reported are drill holes that returned significant zones of uranium mineralization with greater-than-two-feet thickness at or above a grade cut-off of 0.02 per cent eU3O8. Bold type represents potentially ISR recoverable uranium with a grade thickness of greater than 0.3, which is considered suitable for inclusion in a well field. eU3O8 percentage is a measure of gamma intensity from a decay product of uranium and is not a direct measurement of uranium. Numerous comparisons of eU3O8 and chemical assays of Powder River basin core samples indicate that eU3O8 is a reasonable indicator of the actual uranium assay.

Kaycee uranium project, Wyoming

The Kaycee project in Wyoming's Powder River basin is Nuclear Fuel's priority project, consisting of over 42 square miles of mineral rights over a 33-mile mineralized trend and 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 accessible for 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.

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 National Instrument 43-101-compliant resource with a minimum 15 million pounds U3O8.

Wyoming is a proven and prolific uranium producer with a pro-energy government and established regulatory regime for the permitting and 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 historical 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, 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 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 historical resources through a 33-mile trend, greater than 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 the 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.