Nexus Uranium Corp. announced it has entered into an Option Agreement with CanAlaska Uranium Ltd., dated as of March 18, 2024 pursuant to which Nexus has the right to acquire up to a 75% interest in the Cree East uranium project located in the Athabasca Basin of Saskatchewan, Canada. The Cree East Project is located on the eastern shore of Cree Lake in northern Saskatchewan, approximately 40 km west-northwest of Cameco's Key Lake uranium mill and is comprised of 17 contiguous mineral claims covering an area of 57,752 hectares (223 square miles). The exploration target on the Project is a sandstone- or basement-hosted unconformity-type uranium deposit similar to the neighboring McArthur River (sandstone-hosted), Key Lake (sandstone-hosted), Millenium (basement-hosted) and Phoenix (sandstone-hosted). The Option Agreement provides that Nexus may acquire up to a 75% interest in the Project through staged cash, share and work commitments, as follows: (a) to earn an initial 40% interest in the Project, Company will (i) pay to CanAlaska $750,000 in cash, (ii) issue to CanAlaska that number of Common shares of Nexus as will be equal in value to an aggregate of $3,000,000, and (iii) incur $5,500,000 in exploration expenditures within the first 18 months from the effective date of the Option Agreement; (b) to earn an additional 20% (for a total of 60%) interest in the Project (the "60% Interest"), the Company will additionally (i) pay to CanAlaska $1,000,000 in cash, (ii) issue to CanAlaska that number of Common Shares as will be equal in value to an aggregate of $3,000,000, and (iii) incur $6,500,000 in exploration expenditures within the following 24 months; and (c) to earn an additional 15% (for a total of 75%) interest in the Project (the "75% Interest"), the Company will additionally (i) pay to CanAlaska $1,250,000 in cash, (ii) issue to CanAlaska that number of Common Shares as will be equal in value to an aggregate of $4,000,000, and (iii) incur $7,000,000 in
exploration expenditures within the following 24 months. The Option Agreement further provides that the parties will form a joint venture arrangement in the following cases: (a) if Nexus has earned the 40% Interest but has not earned the 60% Interest in
accordance with the Option Agreement; (b) if Nexus has earned the 60% Interest but has not earned the 75% Interest in accordance with the Option Agreement; or (c) if Nexus has earned the 75% Interest in accordance with the Option Agreement. The Option Agreement remains subject to the approval of the Canadian Securities Exchange. All Common Shares issued under the Option Agreement will be subject to a four month statutory hold period in accordance with Canadian securities laws and will be subject to voluntary resale restrictions pursuant to which 25% of such Common Shares will be released from such voluntary resale restrictions on the dates that are 3, 6, 9 and 12 months after their date of issue. In connection with the Option Agreement, Nexus Uranium has agreed to issue, subject To Approve the Canadian Securities Exchange, 1,500,000 common shares to a third party as a finder's fee.