Nexus Uranium Corp. announced the receipt of permits and plans for an upcoming exploration drill program at its Wray Mesa uranium project in Utah. The permits were issued by the State of Utah Department of Natural Resources Division of Oil, Gas and Mining covering the Ajax and Dylan areas for the drilling of up to 50 holes.

The initial Phase 1 drill program is planned for a total of up to 10 holes over the project area, with a focus on both confirming high-grade historical drill results in addition to extending the known zones of mineralization. The drill program will utilize diamond core drilling for intersecting the mineralized zones which will provide valuable insights on geology, stratigraphy, and orientation as well as allowing for the investigation of the potential for vanadium mineralization which was previously untested by historic drilling. Highlights from historical drilling includes 7.0 feet grading 0.94% eU3O8 (WMD-08-031), 5.0 feet grading 0.98% eU3O8 ("WMD-260-80), and 4.2 feet grading 0.52% eU3O8(W-07-004).

The Company has engaged Harrison Land Services LLC of Moab, Utah with drilling expected to commence in first quarter/24. The Wray Mesa project is comprised of 6,282 acres and has seen extensive historical exploration dating back to the 1980's with over 500 holes drilled outlining four principal mineralized zones: Dylan, Ajax, Whiskey and Carlin. Mineralization on the property occurs at depths of 500 to 750 feet with the drill-defined mineralization ranging from 25 to 75 feet.

Mineralization is typical sandstone-hosted tabular deposits wherein the uranium occurs in reduced and altered sandstones and sandstone- mudstones in major stream channels in the Upper Salt Wash Member of the Morrison Formation. The technical content of this news release has been reviewed and approved by Warren D. Robb, P.Geo. (BC), a Director and VP Exploration of Nexus Uranium Corp.

and a Qualified Person under National Instrument 43-101. The Company also announces that it has cancelled 53,334 incentive stock options (the "Options") issued pursuant to its prior option plan. The Options had been granted on October 14, 2020 to certain eligible participants (the "Optionholders").

The cancelled Options had an exercise price of $7.80 and expiry date of October 14, 2025. The Options were voluntarily surrendered by the holders for good and valuable consideration of $1.00 in accordance with the terms and conditions set out in cancellation agreements between the Company and each of Resultz and Mr. Hill. Grant of Restricted Share Units.

The Company is also pleased to announce that it has engaged Resultz Ventures Inc. ("Resultz") to provide capital markets advisory services to the Company, effective December 1, 2023 for a term of one year. As compensation for these services, the Company has agreed to grant Resultz a total of 200,000 restricted share units ("RSUs"). Additionally, the Company has agreed to grants to Mr. Christopher Hill 650,000 RSUs for corporate development services provided by Mr. Hill pursuant to a corporate development agreement (the " Hill Agreement") dated February 1, 2023 between Mr. Hill and the Company.

The Hill Agreement continues on a month-to-month bases until otherwise terminated. Both of Resultz and Mr.Hill are arm's-length to the Company. The grant of RSUs is made pursuant to the Company's current omnibus equity plan.

The RSUs will vest immediately on the date of grant and entitle the recipient to receive one common share in the capital of the Company (each a "Common Share"), a cash payment equivalent thereof, or any combination of cash and Common Shares at the sole discretion of the Company. The RSUs will be governed by RSU agreements between the Company and each the Company and each of Res Schultz and Mr. Hill. Engagement of Marketing Services.

The Company also announces the engagement of Sideways Frequency LLC ("SFLLC") to provide certain marketing and investor awareness services (the "Services"), effective January 1st, 2024. As consideration for the Services"), effective January 1, 2024. As consideration for The Company has received certain marketing and the Services, the Services, the Company has received certain marketing and investor awareness services, the Services, the Services, effective January 1, 2024.