Mr. Michael Collins reports

NUCLEAR FUELS ANNOUNCES $5 MILLION BOUGHT DEAL PRIVATE PLACEMENT

Nuclear Fuels Inc. has entered into an agreement with PI Financial Corp., as sole bookrunner, along with PowerOne Capital Markets Ltd., as co-leads, pursuant to which the underwriters have agreed to purchase, on a bought deal basis by way of private placement, 8,333,334 units of the company at a price of 60 cents per unit for gross proceeds of approximately $5-million.

Each unit shall consist of one common share and one-half transferable common share purchase warrant. Each warrant shall be exercisable into one additional common share of the company for 36 months from the closing date at an exercise price of 80 cents.

The company has also granted the underwriters an option to cover overallotments, which will allow the underwriters to offer up to an additional 15 per cent of the offering, on the same terms as the units. The underwriters' option may be exercised, in whole or in part, at any time prior to the closing of the offering.

The offering is expected to close on or about Jan. 24, 2024, or such other date as agreed between the company and the underwriters, and is subject to the satisfaction of customary closing conditions.

The company intends to use the net proceeds from the offering for exploration and development expenses at the Kaycee, Moonshine and other projects, and for general working capital purposes.

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. 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 development of its other uranium projects and has established a pipeline of future opportunities in known uranium jurisdictions.

We seek Safe Harbor.