Mr. Gregory Huffman reports

NUCLEAR FUELS ANNOUNCES COMPLETION OF $13.9 MILLION BOUGHT DEAL OFFERING AND NON-BROKERED PRIVATE PLACEMENT WITH ENCORE ENERGY CORP AND STRATEGIC INVESTORS

Nuclear Fuels Inc. has closed its previously announced private placement consisting of an aggregate of 25 million units, including exercise in full of the underwriter's overallotment option of five million units, at a price of 40 cents per unit (the issue price) for aggregate gross proceeds to the company of $10-million. The company also closed its non-brokered private placement announced on Nov. 5, 2024, and issued a further 9,837,500 units at the issue price for aggregate gross proceeds to the company of $3,935,000 (the NB offering).

Each unit consists of one common share of the company and one-half of one common share purchase warrant. Each warrant entitles the holder to purchase one common share of the company at a price of 55 cents per share until Nov. 20, 2027. The offering warrants were issued pursuant to a warrant indenture dated Nov. 20, 2024, between the company and Odyssey Trust Company, as warrant agent.

enCore Energy Corp., a Nasdaq-listed company, acquired 5.2 million units under the NB offering pursuant to a contractual right to maintain its ownership interest in the company.

Canaccord Genuity Corp. and Haywood Securities Inc. on behalf of a syndicate of underwriters acted as the underwriters in connection with the offering. In consideration for the services provided by the underwriters the company paid a cash commission of $487,500 and issued an aggregate of 728,125 broker warrants to the underwriters. PowerOne Capital Markets Ltd. acted as finder in connection with a portion of the NB offering. Each broker warrant is exercisable into one common share of the company at a price of 40 cents per share until Nov. 20, 2027.

The net proceeds received from the offering and the NB offering will be used to advance the company's uranium projects in the united States, as well as for working capital and general corporate purposes.

The securities issued in connection with the offering and the NB offering, including any underlying securities, are subject to a hold period of four months expiring March 21, 2025, in accordance with applicable securities laws.

About Nuclear Fuels Inc.

Nuclear Fuels is a uranium exploration company advancing early-stage, district-scale, ISR-amenable (in situ recovery) uranium projects toward production in the United States. Leveraging extensive proprietary historical databases and deep industry expertise, Nuclear Fuels is well positioned in a sector poised for significant and sustained growth on the back of strong government support. Nuclear Fuels has consolidated the Kaycee district in Wyoming under single-company control for the first time since the early 1980s. Currently executing its second drill program at the Kaycee project, the company aims to expand on historical resources across a 33-mile trend with over 430 miles of mapped roll-fronts. The company's strategic relationship with enCore Energy offers a mutually beneficial "pathway to production," with enCore retaining the right to back in to 51-per-cent ownership in the flagship Kaycee project in Wyoming's prolific Powder River basin.

We seek Safe Harbor.