Mr. Jeremy Poirier reports

NEXUS URANIUM OPTIONS SINGLE BRECCIA PIPE TARGET WITHIN ARIZONA STRIP PROJECT IN FULLY FUNDED EARN-IN; NO CAPITAL COMMITMENT OR DILUTION TO NEXUS

Nexus Uranium Corp. has entered into an option agreement with 1584563 B.C. Ltd., a private company incorporated under the laws of British Columbia, pursuant to which the optionee may acquire a 100-per-cent interest in the JD property, comprising six Bureau of Land Management (BLM) lode mining claims covering one collapse breccia pipe uranium target within the company's Arizona Strip project, located in Mohave county, Arizona, subject to a 2-per-cent net smelter return (NSR) royalty retained by Nexus.

Under the agreement, the optionee will finance all exploration activities on the project, committing $1.85-million in exploration expenditures over a four-year earn-in period, along with aggregate cash payments of $310,000 and share issuances of up to 2.6 million common shares of the optionee at a deemed price of five cents per share, each payable to Nexus in staged instalments. Nexus makes no exploration expenditures or other capital outlays in connection with the project under the agreement and issues no shares of the company. Upon execution of the agreement, Nexus receives an immediate cash payment of $30,000 and 300,000 shares of the optionee.

"This is our second option agreement in less than a year and the logic is the same both times: We have the assets and we find partners who bring the capital. The optionee is committing $1.85-million to explore a single breccia pipe target within the Arizona Strip -- we keep the other six targets and the rest of the project 100 per cent. The rest of our focus stays where it belongs: executing on Chord and our broader South Dakota program, while the balance of the portfolio keeps advancing alongside it," said Jeremy Poirier, chief executive officer of Nexus Uranium.

The agreement marks Nexus's second option transaction in less than a year, following the December, 2025, option of the company's Great Divide Basin uranium project in Wyoming to Canamera Energy Metals Corp. The agreement is subject to approval of the Canadian Securities Exchange and any other required regulatory approvals.

Option terms

The optionee must satisfy exploration expenditure, cash payment and share issuance requirements to earn a 100-per-cent interest in the project, subject to the NSR royalty.

The optionee is committed to spending $1.85-million in exploration expenditures on the project over the earn-in period: $100,000 by the earlier of the optionee's listing on a recognized North American stock exchange or Dec. 31, 2026; $250,000 by Dec. 31, 2027; $500,000 by Dec. 31, 2028; and $1-million by Dec. 31, 2029.

Cash payments to Nexus total $310,000, payable as follows: $30,000 on execution of the agreement; $30,000 by the earlier of the optionee's listing or Dec. 31, 2026; $50,000 by Dec. 31, 2027; $100,000 by Dec. 31, 2028; and $100,000 by Dec. 31, 2029.

Share issuances to Nexus total 2.6 million common shares of the optionee at a deemed price of five cents per share, issued as follows: 300,000 shares on execution of the agreement; 300,000 shares by the earlier of the optionee's listing or Dec. 31, 2026; 500,000 shares by Dec. 31, 2027; 750,000 shares by Dec. 31, 2028; and 750,000 shares by Dec. 31, 2029.

Upon exercise of the option, Nexus retains a 2-per-cent NSR royalty on the project. The optionee may repurchase a 1-per-cent royalty of the NSR royalty for a cash payment of $2-million at any time prior to, or within 90 days of, the commencement of commercial production on the project. An advance annual royalty of $10,000 per year is payable by the optionee commencing Jan. 1, 2030, deductible against future NSR payments.

The agreement may be terminated at any time by the optionee on written notice, except in respect of the optionee's firm commitment to complete $100,000 in exploration expenditures by the earlier of its listing or Dec. 31, 2026.

About the Arizona Strip project

The Arizona Strip project comprises 38 federal BLM lode mining claims covering seven collapse breccia pipe uranium targets in Mohave county, Arizona. 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. Nexus acquired the project in March, 2026. The project is at the exploration stage and no mineral resource or mineral reserve has been defined on the project. The JD property comprises six of the 38 BLM lode mining claims within the Arizona Strip project, covering one of seven collapse breccia pipe uranium targets. Nexus retains a 100% -per-centnterest in the balance of the Arizona Strip project.

About Nexus Uranium Corp.

Nexus is focused on meeting growing domestic uranium demand driven by the nuclear energy renaissance and the AI-powered (artificial intelligence) data centre buildout. Nexus Uranium is a uranium exploration company advancing a portfolio of uranium projects in the United States and Canada. In the U.S., 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 to Canamera Energy Metals Corp.). The company also holds the Arizona Strip project, comprising 38 BLM lode mining claims covering seven collapse breccia pipe uranium targets in Mohave county, Arizona (the JD property, comprising six claims representing one breccia pipe target, is currently under option to 1584563 B.C. Ltd.). 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 (ISR) mining methods.

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