Mr. Michael Collins reports

NUCLEAR FUELS DISCOVERS NEW DEEPER URANIUM-BEARING HORIZON; KAYCEE PROJECT DRILLING CONTINUES TO DELIVER POSITIVE RESULTS

Nuclear Fuels Inc. has released the second set of drill results from the continuing drill program at its Kaycee uranium project in Wyoming's Powder River basin. The drilling, designed to confirm and expand the historical resource at the Saddle zone, reports four holes containing multiple uranium intercepts of ore-grade thickness which is potentially amenable for in situ recovery (ISR) extraction technology. Additionally, a new and deeper uranium-bearing horizon has been discovered in the Fort Union formation, located below the historical mineralization in the Lower Wasatch formation.

Highlights:

• Uranium mineralization with typically ore-grade grade thickness was encountered in five discrete horizons in four drill holes with grade thickness ranging from 0.308 to 0.911, with the highest-grade single intercept being 4.5 feet of 0.202 per cent uranium equivalent. Grade thickness of 0.3 is considered an economic minimum for inclusion in a typical well field in the Power River basin.
• Discovery of uranium mineralization in the Fort Union formation lying approximately 350 feet below the Lower Wasatch hosted historical mineralization of the Saddle zone with 1.5 feet of 0.024 per cent eU in hole SD23-027 and 2.0 feet of 0.039 per cent eU in hole SD23-029.
• Phase 1 drilling continues to successfully confirm and expand historical resources of the Saddle zone hosted in the Lower Wasatch formation at depths of 165 to 350 feet in saturated sands.
• Drilling will continue at the Saddle zone, targeting both the shallow Lower Wasatch formation and the newly discovered uranium mineralization within the upper Fort Union formation, with additional results expected in late November, 2023.

Michael Collins, chief executive officer, stated: "The Saddle zone at the Kaycee uranium project continues to yield positive drill results. As our understanding of both the Lower Wasatch formation mineralization and the newly discovered upper Fort Union formation mineralization grows, our targeting is getting better and our hit rate improving. On-site eU3O8 [triuranium octoxide equivalent] gamma probe logging gives us same-day data and allows us to adjust our drill planning to maximize our hit rate and minimize our costs."

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. 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. 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.

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.