Nexus Uranium Closes $1.92 Million Financing

Columbia, (Newsfile Corp. - October 19, 2026) - Nexus Uranium Corp. (CSE: NEXU) (OTCQB: NEXUF) (FSE: JA7) has successfully closed a non-brokered prospectus offering of units, raising gross proceeds of $1,922,786.88. Each unit consists of one common share and one common share purchase warrant. The warrants will allow the holder to purchase one common share at an exercise price of $0.70 each, expiring on April 16, 2028.

In connection with the offering, the company issued 216,866 finder's warrants to eligible finders, representing an 8.0% finder's fee on certain subscriptions. These finder's warrants also allow the holder to acquire one common share at an exercise price of $0.70, expiring on the same date as the other warrants. The company did not pay any cash finder's fees in connection with the offering.

The funds raised will be used to advance the company's uranium property portfolio in South Dakota and Arizona, as well as for general working capital and corporate purposes. The offering was detailed in the company's amended and restated prospectus supplement dated October 13, 2026, which amended and restated the prospectus supplement dated September 10, 2026. The full details of the offering can be found under the company's SEDAR+ profile at www.sedarplus.ca.

The company also disclosed that certain insiders purchased an aggregate of 228,035 units for $127,699.60 as part of the offering. These insiders are considered related parties, and their subscription is considered a related party transaction under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions. 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 in the offering is not more than 25% of the company's market capitalization.

Additionally, the company 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.

The company has entered into a professional services 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.

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