Mr. Jeremy Poirier reports

NEXUS URANIUM PROVIDES UPDATE ON SOUTH DAKOTA PERMITTING PROCESS AND OUTLINES PORTFOLIO ADVANCEMENT PLANS

Nexus Uranium Corp. today provided an update on the South Dakota regulatory process for its Chord uranium exploration project and has outlined its plans to advance other projects within its portfolio while that process continues.

The contested case hearing before the South Dakota Board of Minerals and Environment concerning the company's uranium exploration permit application for the Chord project (application EXNI 453), which was scheduled to be heard over a five-day session from May 18 to May 22, 2026, did not conclude within that scheduled session. The board did not render a decision on the application. The timing of the resumption and conclusion of the hearing is presently uncertain. The company is disappointed that the hearing did not conclude as scheduled and that the timing of the regulatory process is now uncertain. After three days of the scheduled five-day hearing, certain intervenors in the contested case commenced a separate proceeding in the United States District Court for the District of South Dakota (case No. 5:26-cv-5068) against South Dakota state agencies and officials, including the board, seeking emergency injunctive relief to stay the hearing until additional Lakota-language interpretation and translation services are provided. The company's wholly owned subsidiary, which is the applicant for the permit, is named in that proceeding as a "real party in interest." The proceeding does not seek the denial of the permit application and does not challenge the merits of the Chord project or the proposed exploration program.

"We are disappointed by the delay in concluding the EXNI 453 hearing, but we want to be clear that our confidence in the Chord project and our commitment to the South Dakota regulatory process are undiminished. We will continue to work constructively with the state toward a resolution. At the same time, the strength of our portfolio means we are not standing still -- we intend to move forward at South Pass in Wyoming and at the Arizona Strip while the process runs its course," said Jeremy Poirier, chief executive officer of Nexus Uranium.

The company intends to continue to work constructively with the board, the South Dakota Department of Agriculture and Natural Resources, and all relevant stakeholders toward a resolution of the hearing. The company will provide further updates on the application and hearing as material developments warrant.

Advancing the broader portfolio

While the application process continues, the company intends to advance other projects within its uranium portfolio. At its South Pass project in Wyoming, the company holds the requisite permits to commence an exploration program, subject to the posting of the financial assurance (bonding) required by the State of Wyoming and intends to take steps toward commencing exploration. At its Arizona Strip project in Mohave, Ariz., the company intends to advance exploration and permitting activities forthwith.

About the South Pass project

The South Pass project is a uranium exploration property comprising 151 unpatented mineral lode claims totalling approximately 3,020 acres in Fremont and Sublette counties, Wyoming, located approximately 45 miles southwest of Lander, Wyo., along the perimeter of the Great Divide basin. The claims were acquired by direct staking in 2023 and became part of the company's portfolio through its plan of arrangement with Basin Uranium Corp. completed in September, 2025. The Bureau of Land Management's Rock Springs Field Office has approved a plan of operations for an exploration drilling program at South Pass; commencement of that program remains subject to the posting of the reclamation bond (financial assurance) required by the State of Wyoming. As with the company's other United States projects, South Pass is considered potentially amenable to in situ recovery (ISR) mining methods. The project is at the exploration stage and no mineral resource or mineral reserve has been defined on the project.

About the Arizona Strip project

The Arizona Strip project comprises 38 federal Bureau of Land Management (BLM) lode mining claims covering seven collapse breccia pipe uranium targets in Mohave county, Arizona. Nexus holds a 100-per-cent interest in the project, which was acquired in March, 2026. The project lies within the Arizona Strip, a region of northern Arizona historically recognized as one of the most significant uranium-producing districts in the United States. The project is at the exploration stage and no mineral resource or mineral reserve has been defined on the project.

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, the South Pass and Great Divide basin projects in Wyoming (the Great Divide basin project is currently under option to Canamera Energy Metals Corp.), and the Arizona Strip project, comprising 38 BLM lode mining claims covering seven collapse breccia pipe uranium targets in Mohave county, Arizona. In Canada, Nexus holds the Mann Lake project in Saskatchewan's Athabasca basin. The company's United States projects are potentially amenable to in situ recovery (ISR) mining methods.

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