File: '\\swfile\EmailIn\20240710 075208 Attachment Nexus Gold Corp. - News Release - Debt Settlement (July 10 2024) (FINAL).docx'

LEGAL*62413171.1

NEXUS GOLD CORP.

Suite 802, 750 West Pender Street

Vancouver, BC, V6C 2T8

604-558-1919

NEWS RELEASE

NEXUS GOLD PROPOSES DEBT SETTLEMENT TRANSACTION

Vancouver B.C., July 10, 2024 - NEXUS GOLD CORP. (the "Company") (TSX.V: NXS) is pleased to announce that it has reached an agreement with Generation IACP Inc. (formerly, Trapeze Capital Corp.) (the "Creditor") to settle outstanding indebtedness of Cdn$51,975.00 currently owing to the Creditor (the "Indebtedness"). The Indebtedness was previously incurred by the Company in connection with certain market-making services provided by the Creditor pursuant to a service agreement dated July 10, 2018. In settlement of the Indebtedness, the Company proposes to issue 2,598,750 units (each, a "Unit") at a deemed price of $0.02 per Unit. Each Unit will consist of one common share of the Company, and one common share purchase warrant entitling the Creditor to acquire an additional common share at a price of $0.05 for a period of twenty-four months.

The Company is at arms-length from the Creditor. All securities issued in connection with settlement of the Indebtedness will be subject to restrictions on resale for a period of four-months-and-one-day in accordance with applicable securities laws. Completion of the settlement remains subject to the approval of the TSX Venture Exchange.

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-sq kms (56,000+ 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 portfolio.

ON BEHALF OF THE BOARD OF NEXUS GOLD CORP.

"Milad Zareian"

Milad Zareian, Chief Executive Officer

For further information please contact:

Milad Zareian, Chief Executive Officer

Tel: 416-846-4599

info@nexusgoldcorp.com

Forward-Looking Statements

This press release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the future operating or financial performance of the Company, are forward looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements in this press release relate to, among other things: statements relating to the successful closing of the Offering and anticipated timing thereof and the intended use of proceeds. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, technical, economic, and competitive uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the timing, completion and delivery of the referenced assessments and analysis. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

TSX Venture Exchange Disclaimer

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.