Mr. Michael Collins reports

NUCLEAR FUELS CONFIRMS DEEPER MINERALIZATION AT KAYCEE URANIUM PROJECT

Nuclear Fuels Inc. has released the third set of drill results from its continuing drill program at its Kaycee uranium project in Wyoming's Powder River basin. The drilling, designed to confirm and expand the historic resource at the historic Saddle deposit, reports eight holes containing significant uranium intercepts and with four uranium intercepts suitable for in situ recovery (ISR) extraction technology. Ninety-four per cent of drill holes intersected at least trace uranium. One drill hole intersected the new and deeper uranium-bearing mineralization in the Fort Union formation, which is located below the original target of the Lower Wasatch formation.

Highlights:

• Uranium mineralization with typically ore-grade grade thickness (GT) was encountered in four discrete horizons in four drill holes with GT ranging from 0.303 to 0.994, with the highest-grade single intercept being 3.5 feet of 0.187 per cent eU (uranium equivlanet). The thickest intersection was seven feet of 0.142 per cent eU with a GT of 0.994. A GT of over 0.3 is considered an economic minimum for inclusion in a typical well field in the Power River basin;
• Additional uranium mineralization was intersected in the Fort Union formation, with five feet of 0.055 per cent eU and a GT of 0.303 in hole SD23-034;
• Phase 1 drilling continues to successfully confirm and expand historic resources of the Saddle zone hosted in the Lower Wasatch formation at depths of 165 feet to 350 feet in saturated sands;
• Drilling will continue at the Saddle deposit with both the shallow Lower Wasatch and the newly discovered uranium mineralization within the upper Fort Union sands, with continuing results expected in early December 2023.

Michael Collins, chief executive officer, stated: "Successful drilling continues at an aggressive pace at the Kaycee project. Our exploration team, combined with a phenomenal drill contractor, has taken advantage of favourable weather to extend our season efficiently. We are very encouraged by our deeper Fort Union intercepts underlying historically known uranium mineralization at the Kaycee project."

Drill holes are reported 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. Per cent eU3O8 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. Grade thickness is defined as the product of the mineral grade multiplied by the thickness of the mineralization. Bold type represents potentially ISR-recoverable uranium with a grade thickness of more 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 (PRB) 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 minimum 15 million pound U3O8 National Instrument 43-101-compliant resource.

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 is 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 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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