Nexus Provides Corporate Update

Rhea-AI Summary

Nexus Uranium Corp (CSE: NEXU) (OTCQB: GIDMF) has provided a corporate update highlighting several key developments. The company recently monetized its Independence project interest for over C$1.2 million and is preparing for a winter drill program at the Cree East uranium project in January 2025. Nexus has engaged Canaccord Genuity Corp as financial advisor, compensating them with C$75,000 in shares. The company has also renewed its marketing agreement with MIC for EUR 250,000 and granted 1,450,000 stock options and 300,000 RSUs to directors, officers, and consultants.

Positive

• Monetization of Independence project for C$1.2 million strengthens cash position
• Engagement of Canaccord Genuity as financial advisor could improve access to capital
• Winter drill program planned for January 2025 indicates active exploration progress

Negative

• Share dilution through issuance of 127,272 shares for advisor compensation
• Significant marketing expense of EUR 250,000 impacts cash reserves

Vancouver, British Columbia--(Newsfile Corp. - November 12, 2024) - Nexus Uranium Corp. (CSE: NEXU) (OTCQB: GIDMF) (FSE: 3H1) (the "Company" or "Nexus") is pleased to provide an update on upcoming exploration plans for Cree East, the engagement of a financial advisor, and renewal of a marketing program.

"Following the recent monetization of our interest in the Independence project for over C$1.2 million, the Company remains well capitalized and focused on advancing exploration and discovery at the Cree East uranium project," commented Jeremy Poirier, CEO of Nexus Uranium Corp. "As we are making final preparations for an active winter drill program at Cree East, we are excited about the engagement of Canaccord as formal advisors to assist in the identification of accretive opportunities and improving our access to capital."

The Company and its partner, Canalaska Uranium Corp. as the operator, are finalizing preparations for an extensive winter drill program to commence in January 2025. The selection of contractors has commenced with the tendering process underway and anticipated to be finalized over the coming four to six weeks. Concurrently, drill targets are being finalized with the details of the size of the drill program and locations to be announced later this month.

The Company is pleased to announce the engagement of Canaccord Genuity Corp. ("Canaccord") as financial advisor. Under the terms of the engagement, Canaccord will assist and advise on strategic opportunities, in addition to supporting capital raising and building awareness for the Company. In consideration for services, Canaccord will be compensated C$75,000 payable in shares with half paid on signing of the engagement and the balance on successful consummation of a transaction. Accordingly, the Company will be issuing 127,272 common shares at a deemed price of C$0.275 per common share as payment of the first half of the advisory fee.

The Company is also pleased to announce a renewal agreement with MIC Market Information & Content Publishing GmbH ("MIC") (Address: Gerhart-Hauptmann-St. 49b 51379 Leverkusen; email: contact@micpublishing.de; phone: +49 2171-7766628) for marketing services which will continue to May 2025 or until budget exhaustion. MIC will utilize their online programs with the aim of increasing investor awareness and interest in the company through various online platforms and methods of engagement in consideration of EUR 250,000. The marketing activity will occur by email, Facebook, and Google. MIC does not have any prior relationship with the Company, other than previous marketing engagements and is an arm's length transaction.

Finally, the Company announces that it has granted an aggregate of 1,450,000 incentive stock options (the "Options") and 300,000 restricted stock units ("RSUs") to its directors, officers and consultants in accordance with its Omnibus Equity Incentive Plan. The Options will be exercisable tor one common share at an exercise price of C$0.275 for a period of five years and will vest quarterly over 12 months.

About Nexus Uranium Corp.

Nexus Uranium Corp. is a multi-commodity development company focused on advancing the Cree East uranium project in the Athabasca Basin in addition to its precious metals portfolio that includes the Napoleon gold project in British Columbia and a package of gold claims in the Yukon. The Cree East project is one of the largest projects within the Athabasca Basin of Saskatchewan spanning 57,752 hectares (142,708 acres) and has seen over $20 million in exploration to date. The Napoleon project comprises over 1,000 hectares and prospective for multiple forms of gold mineralization, with exploration in the area dating back to the 1970s with the discovery of high-grade gold. The Yukon gold projects are comprised of almost 8,000 hectares of quartz claims prospective for high-grade gold mineralization with historical grab sampling highlights of 144 g/t gold.

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.

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FOR FURTHER INFORMATION PLEASE CONTACT:
Jeremy Poirier
Chief Executive Officer
info@nexusuranium.com

This news release includes certain statements and information that may constitute "forward-looking information" within the meaning of applicable Canadian securities laws. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance are forward-looking statements and contain forward-looking information, including, but not limited to, any planned exploration at the Cree East Project. Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this news release, including, but not limited to the assumption that the Company will be successful in finalizing its planned drill program, including retaining a contractor to complete such program. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including, but not limited to: the risk that the conditions to closing of the proposed sale of the Company's interest in the Independence Project will not be satisfied and inherent risks associated with the mining industry and the results of exploration activities and development of mineral properties, stock market volatility and capital market fluctuations, general market and industry conditions, as well as those risk factors discussed in the Company's most recently filed management's discussion & analysis.

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial outlook that are incorporated by reference herein, except in accordance with applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/229584

FAQ

What is the value of Nexus Uranium's (GIDMF) Independence project monetization?

Nexus Uranium (GIDMF) monetized its interest in the Independence project for over C$1.2 million.

When will Nexus Uranium (GIDMF) begin its winter drill program at Cree East?

Nexus Uranium (GIDMF) plans to commence its winter drill program at Cree East in January 2025.

How many stock options and RSUs did Nexus Uranium (GIDMF) grant in November 2024?

Nexus Uranium (GIDMF) granted 1,450,000 stock options and 300,000 restricted stock units (RSUs) to directors, officers, and consultants.