Mr. Gregory Huffman reports

NUCLEAR FUELS COMMENCES 2025 KAYCEE URANIUM PROJECT DRILL PROGRAM

Nuclear Fuels Inc. has commenced its 2025 drilling program, with an initial plan for at least 100,000 feet, at the Kaycee uranium project, located in the Powder River basin (PRB) of Wyoming. The regional drilling conducted in late 2024 successfully identified two new zones of roll-front-hosted uranium mineralization. Notably, the Outpost and Trail Dust zones were discovered during the late stages of the 2024 program, and the company is excited to follow up on these promising new areas during the 2025 drill program.

Highlights from the 2024 regional exploration program (Nuclear Fuels news release dated Jan. 29, 2025):

• Drill hole LT24_050 returned 0.082 per cent eU3O8 (equivalent triuranium octoxide) over 6.5 feet for a total grade thickness (GT) of 0.532, beginning at a downhole depth of 767.0 feet at the Outpost zone.
• At the Trail Dust zone, located approximately 1.5 miles to the north of the Outpost zone, drill hole LT24_037 returned 0.0553 per cent eU3O8 over 5.5 feet for a total hole GT of 0.304, beginning at a downhole depth of 886.0 feet.
• The 2025 exploration program is now under way at the project and will follow up on these results as well as test other high-priority targets.
• This fully financed exploration program consists of an initial 100,000 feet of rotary mud drilling, with results to be reported at a similar cadence to the 2024 drill program.

"Our 2025 drill program is designed to build on the discovery of the Outpost zone and further test the potential of the Kaycee project," said Greg Huffman, chief executive officer. "This new zone of roll-front-hosted uranium mineralization not only validates our geological model but also highlights the potential for further discoveries within this district. As we commence our 2025 drilling campaign, our priority is to delineate the extent of the Outpost zone and assess its potential to contribute to future resources at Kaycee. We remain committed to advancing the Kaycee project and delivering value to our shareholders through systematic exploration and development."

Strategic transaction with Premier American Uranium Inc.

On June 5, 2025, the company and Premier American Uranium announced that they have entered into an arm's-length definitive agreement (Nuclear Fuels news release dated June 5, 2025 ), pursuant to which Premier American Uranium has agreed to acquire all of the issued and outstanding common shares of Nuclear Fuels by way of a court-approved plan of arrangement. Under the terms of the arrangement, shareholders of Nuclear Fuels will receive 0.33 of a common share of Premier American Uranium for each Nuclear Fuels share held. Existing shareholders of Premier American Uranium and Nuclear Fuels will own approximately 59 per cent and 41 per cent (on a basic shares outstanding basis), respectively, of the pro forma outstanding Premier American Uranium shares on closing of the arrangement. The transaction will require approval by at least 66-2/3rds per cent of the votes cast by Nuclear Fuels shareholders and, if required by Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions, a simple majority of the votes cast by Nuclear Fuels shareholders, excluding certain interested or related parties, in each case by shareholders present in person or represented by proxy at a special meeting of Nuclear Fuels shareholders to be called in connection with the transaction. The Nuclear Fuels special meeting is expected to be held in the third quarter of 2025 and closing of the transaction is anticipated to occur in the third quarter of 2025.

Kaycee uranium project, Wyoming

The Kaycee project in Wyoming's PRB, Nuclear Fuels' priority project, consists of 55 square miles of mineral rights over a 35-mile mineralized trend hosting 430 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 (in situ recovery) extraction. The Kaycee project, under Nuclear Fuels, represents the first time since the early 1980s that the entire district is controlled by one company.

In 2023, 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 NI 43-101-compliant resource of 15 million pounds eU3O8.

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. Wyoming is one of the few agreement states hosting ISR uranium deposits, where the federal government and the Nuclear Regulatory Commission have ceded regulatory authority to the state government and permitting and advancing uranium projects are more efficient and streamlined as compared with most other states. Wyoming, with over 250 million pounds of historic uranium production, ranks as the state with the second-most uranium production to date, most of which has been through the ISR technology 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 NI 43-101.

About Nuclear Fuels Inc.

Nuclear Fuels is a uranium exploration company advancing early-stage, district-scale ISR-amenable uranium projects toward production in the United States. Leveraging extensive proprietary historical databases and deep industry expertise, Nuclear Fuels is well positioned in a sector poised for significant and sustained growth on the back of strong government support. Nuclear Fuels has consolidated the Kaycee district under single-company control for the first time since the early 1980s. Currently executing its 2025 drill program following successful 2023 and 2024 drilling, the company aims to expand on historic resources across a 35-mile trend with over 430 miles of mapped roll fronts defined by 3,800 drill holes. The company's strategic relationship with EnCore Energy, America's Clean Energy Company, offers a mutually beneficial pathway to production, with EnCore owning an equity interest and retaining the right to back in to 51-per-cent ownership in the flagship Kaycee project in Wyoming's prolific Powder River basin.

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