Mr. Alex Klenman reports

NEXUS GOLD OPTIONS DORSET GOLD PROJECT FOR $2.75 MILLION IN CASH AND WORK COMMITMENTS

Nexus Gold Corp. has entered into a definitive property option agreement with Leocor Ventures Inc., dated April 22, 2020, pursuant to which the parties intend to co-operate in the development of the recently acquired Dorset gold project, located in Newfoundland, south of the Pine Cove gold mine.

Under the terms of the option agreement, Leocor will be granted the right to acquire up to a 100-per-cent interest in the project in consideration for completing a series of cash payments totalling $1.25-million over a four-year term, of which $100,000 is due and payable to the company upon Toronto Stock Exchange approval, and incurring expenditures on the project of at least $1.5-million over a five-year term. Leocor is required to make the cash payments, and incur the expenditures, in accordance with the schedule shown in the attached table in order to maintain the option agreement in good standing.

Deadline      Cash payments     Expenditures

Initial            $100,000              Nil         
Year 1              $50,000              Nil         
Year 2             $100,000         $150,000    
Year 3             $400,000         $200,000    
Year 4             $600,000         $400,000    
Year 5                  Nil         $750,000    
Total            $1,250,000       $1,500,000  

Leocor will also assume responsibility for a 2-per-cent net smelter returns royalty on the project, currently held by United Gold Inc. and Margaret Duffitt.

Alex Klenman is a director and senior officer of both the company and Leocor; however, the option agreement is not considered a related party transaction within the meaning of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The company and Leocor are considered to be non-arm's-length parties under the policies of the TSX Venture Exchange and, as a result, the option agreement is subject to review by the TSX Venture Exchange.

The option agreement has been reviewed and approved by the independent directors of each of the company and Leocor, but the acquisition of any interest in the project by Leocor remains subject to the approval of the TSX-V.

About Nexus Gold Corp.

Nexus Gold is a Canadian-based gold development company with an extensive portfolio of 10 exploration projects in West Africa and Canada.

We seek Safe Harbor.