Mr. Michael Collins reports

NUCLEAR FUELS INTERSECTS .233 per cent U3O8 IN INITIAL DRILLING AT SPUR ZONE KAYCEE PROJECT, WYOMING

Nuclear Fuels Inc. has released positive results from its continuing drill program at its Kaycee uranium project in Wyoming's Powder River basin with initial drilling at the Spur zone and continued drilling at the Saddle zone, lying two miles distant from one another along trend, confirming and expanding historic mineralization. The final 2023 drill program results include three holes with significant uranium intercepts from the Saddle zone and five holes with significant results from the initial drilling at the Spur zone. Drill depths ranged from 350 to 600 feet with anomalous mineralization detected in 10 of the 18 holes.

A total of 89 holes were completed during the 2023 drill program. Planning is well advanced for the much larger 2024 drill program expected to commence in early Q2 2024.

Highlights:

• Spur zone mineralization was intersected on trend two miles northwest of the Saddle zone with hole SR23-002 returning 3.5 feet of 0.141 per cent U3O8 (triuranium octoxide) from a depth of 415.5 feet and 4.5 feet of 0.223 per cent U3O8 from a depth of 422.0 feet for a combined GT of 1.543.
• Holes SR23-001 and SR23-006 both returned impressive GTs of 0.912 and 0.630 respectively from similar depths.
• Permitting is continuing to:
  • Expand the area under the drill notice with Wyoming Department of Environmental Quality;
  • Expand the permitted number of drill holes in that program to a minimum of 600 holes in the 2024 drill season.

Michael Collins, chief executive officer, stated: "Drilling 2023 validated and expanded on the robust nature of Kaycee uranium mineralization. The company is well funded and building the 2024 program to test and expand on high-priority targets along the over 110 miles of roll fronts identified along the 33 mile long trend we have at Kaycee. Nuclear Fuels will continue to expand and add to its project portfolio as its active research program uncovers more valuable uranium projects."

Drill holes are reported that returned significant zones of uranium mineralization with over two feet thickness at or above a grade cut-off of 0.02 per cent eU3O8 or that are relevant to exploration targeting.

Kaycee uranium project, Wyoming

The Kaycee project in Wyoming's Powder River basin (PRB), Nuclear Fuel's priority project, consists of over 42 square miles of mineral rights over a 33-mile mineralized trend hosting more than 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 financing 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 to 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.

Drill holes are completed by Single Water Services using a rotary drill rig. Chip samples are collected for lithological logging every five feet. Century Geophysics of Tusla Oklahoma is contracted to conduct downhole gamma ray, resistivity, spontaneous potential and deviation. Century Geophysics calibrates its downhole tools in the U.S. Department of Energy uranium logging test pits in Casper, Wyo., to ensure the accuracy of the down hole gamma ray log measurements.

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, its goal is to advance the project onto a path to production.

We seek Safe Harbor.