Mr. Milad Zareian reports

NEXUS GOLD PROVIDES UPDATE ON PRIVATE PLACEMENT

The TSX Venture Exchange has approved an extension to close the non-brokered private placement announced on April 14, 2023, involving the issuance of up to 20 million units of Nexus Gold Corp. at a price of five cents per unit for gross proceeds of up to $1-million. The extension allows the offering to remain open through to July 14, 2023.

Each unit in the offering will comprise one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share at a price of 12 cents per warrant share for a period of 18 months from closing of the offering, subject to adjustment in certain events. If, at any time prior to the expiry date of the warrants, the company's common shares have a closing price on the TSX-V of 18 cents or greater per common share for a period of 10 consecutive trading days, the company shall have the right to accelerate the expiry date of the warrants to a date that is at least 30 days following the date of such notice to holders of warrants.

In connection with completion of the offering, the company may pay finders' fees or commissions to eligible third parties who have assisted in introducing subscribers to the offering. Completion of the offering remains subject to the approval of the TSX-V and the satisfaction of applicable public distribution requirements.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 -- Prospectus Exemptions (NI 45-106) , the offering is being made to purchasers resident in Canada, except Quebec, pursuant to the listed issuer financing exemption under Part 5A of NI 45-106. The securities offered under the listed issuer financing exemption will not be subject to a hold period in accordance with applicable Canadian securities laws. There is an amended and restated offering document related to the offering that can be accessed under the company's profile on SEDAR and on the company's website. Prospective investors should read this amended and restated offering document before making an investment decision.

The company intends to use the aggregate proceeds from the offering to advance its primary business objective of continuing exploration and development of its projects in West Africa, and for general working capital purposes.

About Nexus Gold Corp.

Nexus Gold is a Canadian-based gold development company with an extensive portfolio of exploration projects in West Africa. The company's West African-based portfolio totals over 560 square kilometres (56,000 plus hectares) of land located on active gold belts and proven mineralized trends. The company is focusing on the development of several core assets while seeking joint venture, earn-in and strategic partnerships for other projects in its growing portfolio.

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