Nexus Gold Corp.'s (TSXV:NXS) proposed plan of arrangement, announced June 28, 2022, has received approval from the shareholders of the company. The Arrangement, which involves the spinout (the " Spinout ") of the Company's Canadian projects (which include the McKenzie Gold Project, located in Red Lake, Ontario, and the 13,000-hectare Cyclone Gold-Nickel-Copper project, located in the James Bay region, Quebec) was approved at a special shareholders meeting held on August 4, 2022, by 99% of the votes cast at the meeting. "With shareholder approval we're pleased to move forward with the spinout plan," said Chief Executive Officer, Alex Klenman.

"We look forward to listing Nexus Metals Corp. and revamping Nexus Gold to create two separate, viable exploration companies with very specific mandates. The board feels this is the most effective way to realize value contained within our project portfolios and we're excited to move to the next steps in the process," continued Klenman.