Mr. Jeremy Poirier reports

NEXUS URANIUM ANNOUNCES CLOSING OF $1.92 MILLION FINANCING

Nexus Uranium Corp. has closed its previously announced non-brokered prospectus offering of units for gross proceeds of $1,922,786.88. Each unit is composed of one common share of the company and one common share purchase warrant of the company. Each warrant entitles the holder to acquire one common share at an exercise price of 70 cents per common share until April 16, 2028.

In connection with the offering, the company issued an aggregate of 216,866 finders' warrants to eligible finders, representing a 8.0-per-cent finder's fee on certain subscriptions in the offering. Each finder's warrant entitles the holder to acquire one common share at an exercise price of 70 cents per common share until April 16, 2028. The company did not pay any cash finders' fees in connection with the offering.

The company intends to use the proceeds from the offering to advance the company's uranium property portfolio in South Dakota and Arizona, and for general working capital and corporate purposes.

The offering was made by means of the company's amended and restated prospectus supplement dated Oct. 13, 2026, amending and restating the prospectus supplement dated Sept. 10, 2026, and the accompanying base shelf prospectus dated Feb. 3, 2026. Complete details of the offering are set out in the amended prospectus supplement. The amended prospectus supplement together with the shelf prospectus can be obtained under the company's SEDAR+ profile.

Pursuant to Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions), the company advises that certain insiders purchased an aggregate of 228,035 units for $127,699.60 as part of the offering. These insiders are considered to be related parties of the company, and the subscription by a related party of the company is considered to be a related-party transaction for the purposes of MI 61-101. The company is relying on the exemptions from the formal valuation requirement and minority shareholder approval requirements in sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as the fair market value of the related party participation of the offering is not more than 25 per cent of the company's market capitalization.

Award grants

The company also announces that it has granted an aggregate of 600,000 deferred share units to certain directors, officers and consultants of the company, pursuant to its 2023 omnibus equity incentive compensation plan. All DSUs will vest over a one-year period in four equal tranches, with 25 per cent vesting every three months from the date of grant.

The DSUs and the underlying common shares are subject to a four-month hold period in accordance with applicable Canadian securities laws and the policies of the Canadian Securities Exchange.

Corporate update

The company is pleased to announce that it has entered into a professional service agreement dated Sept. 22, 2026, with HoldCo Markets Advisory Inc., an independent investment management firm based in Toronto. Pursuant to the agreement, HCM will conduct equity research and provide information distribution and social media services for a 12-month term from Oct. 16, 2026, to Oct. 16, 2027. The company has agreed to pay an aggregate of $44,625 (including taxes) to HCM for its services. Following the term, the agreement will automatically extend on a quarter-to-quarter basis at a monthly rate of $3,700. No securities-based compensation has been provided or is contemplated to be provided to HCM pursuant to the agreement.

About Nexus Uranium Corp.

Nexus is focused on meeting growing domestic uranium demand driven by the nuclear energy renaissance and the artificial-intelligence-powered data centre buildout. Nexus Uranium is a uranium exploration company advancing a portfolio of uranium projects in the United States and Canada. In the United States, the company holds the resource-stage Chord project in Fall River county, South Dakota, the Wolf Canyon, Deadhorse and RC projects in South Dakota, and the South Pass and Great Divide basin projects in Wyoming (the Great Divide basin project is currently under option). The company also holds the Arizona Strip project, comprising 38 Bureau of Land Management lode mining claims covering seven collapse breccia pipe uranium targets in Mohave county, Arizona, including the JD property, which is currently under option. In Canada, Nexus holds the Mann Lake project in Saskatchewan's Athabasca basin. The company's U.S. projects are potentially amenable to in situ recovery mining methods.

We seek Safe Harbor.