Nexus Uranium Announces Closing of $1.92 Million Financing

Vancouver, British Columbia--(Newsfile Corp. - October 19, 2026) - Nexus Uranium Corp. (CSE: NEXU) (OTCQB: NEXUF) (FSE: JA7) ("Nexus" or the "Company") is pleased to announce that it has closed its previously announced non-brokered prospectus offering of units (the "Units") for gross proceeds of $1,922,786.88 (the "Offering"). Each Unit is comprised of one common share of the Company (a "Common Share") and one Common Share purchase warrant of the Company (a "Warrant"). Each Warrant entitles the holder to acquire one Common Share at an exercise price of $0.70 per Common Share until April 16, 2028.

In connection with the Offering, the Company issued an aggregate of 216,866 finder's warrants (the "Finder's Warrants") to eligible finders, representing a 8.0% finder's fee on certain subscriptions in the Offering. Each Finder's Warrant entitles the holder to acquire one Common Share at an exercise price of $0.70 per Common Share until April 16, 2028. The Company did not pay any cash finder's fees in connection with the Offering.

The Company intends to use the proceeds from the Offering to advance the Company's uranium property portfolio in South Dakota and Arizona, and for general working capital and corporate purposes.

The Offering was made by means of the Company's amended and restated prospectus supplement dated October 13, 2026, amending and restating the prospectus supplement dated September 10, 2026 (the "Amended Prospectus Supplement"), and the accompanying base shelf prospectus dated February 3, 2026 (the "Shelf Prospectus"). Complete details of the Offering are set out in the Amended Prospectus Supplement. The Amended Prospectus Supplement together with the Shelf Prospectus can be obtained under the Company's SEDAR+ profile at www.sedarplus.ca.

The securities referenced in this news release have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any applicable state securities laws and may not be offered or sold in the United States or to "U.S. persons" (as such term is defined in Regulation S under the U.S. Securities Act) absent such registration or an applicable exemption from such registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy such securities in any jurisdiction.

Pursuant to Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101") the Company advises that certain insiders purchased an aggregate of 228,035 Units for $127,699.60 as part of the Offering. These insiders are considered to be related parties of the Company and subscription by a "related party" of the Company is considered to be a "related party transaction" for the purposes of MI 61-101. The Company is relying on the exemptions from the formal valuation requirement and minority shareholder approval requirements in sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as the fair market value of the related parties participation of the Offering is not more than 25% of the Company's market capitalization.

Award Grants

The Company also announces that it has granted an aggregate of 600,000 deferred share units ("DSUs") to certain directors, officers, and consultants of the Company, pursuant to its 2023 omnibus equity incentive compensation plan. All DSUs will vest over a one-year period in four equal tranches, with 25% vesting every three months from the date of grant.

The DSUs and the underlying common shares are subject to a four-month hold period in accordance with applicable Canadian securities laws and the policies of the Canadian Securities Exchange.

Corporate Update

The Company is pleased to announce that it has entered into a professional services agreement (the "Agreement") dated September 22, 2026, with HoldCo Markets Advisory Inc. ("HCM"), an independent investment management firm based in Toronto. Pursuant to the Agreement, HCM will conduct equity research and provide information distribution and social media services for a twelve-month term from October 16, 2026 to October 16, 2027 (the "Term"). The Company has agreed to pay an aggregate of $44,625 (including taxes) to HCM for its services. Following the Term, the Agreement will automatically extend on a quarter-to-quarter basis at a monthly rate of $3,700. No securities-based compensation has been provided or is contemplated to be provided to HCM pursuant to the Agreement. HCM can be reached at Hudson's Bay Centre, 2 Bloor St. E., Toronto, ON, M4W 3T3; Tel: (416) 903-7522; Email: [email protected].

About Nexus Uranium Corp.

Nexus is focused on meeting growing domestic uranium demand driven by the nuclear energy renaissance and the AI-powered data center buildout. Nexus Uranium Corp. is a uranium exploration company advancing a portfolio of uranium projects in the United States and Canada. In the United States, the Company holds the resource-stage Chord Project in Fall River County, South Dakota, the Wolf Canyon, Deadhorse, and RC projects in South Dakota, and the South Pass and Great Divide Basin projects in Wyoming (the Great Divide Basin project is currently under option). The Company also holds the Arizona Strip Project, comprising 38 BLM lode mining claims covering seven collapse breccia pipe uranium targets in Mohave County, Arizona, including the JD Property which is currently under option. In Canada, Nexus holds the Mann Lake project in Saskatchewan's Athabasca Basin. The Company's US projects are potentially amenable to in-situ recovery (ISR) mining methods. For more information, visit www.nexusuranium.com.

FOR FURTHER INFORMATION PLEASE CONTACT:

Jeremy Poirier
Chief Executive Officer
(604) 722-9842
[email protected]

Forward-Looking Statements

Certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the intended use of proceeds of the Offering, the Company's plans to advance its uranium property portfolio in South Dakota and Arizona, the vesting of the DSUs granted by the Company and the scope and term of HCM's engagement and the services that HCM will provide to the Company. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "will", "will be", "intends", or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by management of the Company, they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different. 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 including without limitation those factors discussed under the heading "Risk Factors" in the Shelf Prospectus and the Amended Prospectus Supplement and other filings of the Company with the Canadian Securities Authorities, copies of which can be found under the Company's profile on SEDAR+. 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. The Company will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.

Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

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