Nuclear Fuels Inc. (CSE: NF) (OTCQX: NFUNF) announced continuing positive results from its on-going drill program at its Kaycee Uranium Project in Wyoming’s Powder River Basin. 10 holes are reported with depths ranging from 350 to 600 feet. 5 holes returned significant uranium grades and thicknesses. Grade thicknesses over the economic cutoff of 0.3 ranged from 0.41 to 1.216 in the 3 holes with anomalous mineralization detected in 7 of the 10 holes.

Favorable weather conditions in Wyoming and drilling success at the historic Saddle Zone combined to extend the fall 2023 program until just before the holidays in December of 2023. A total of 89 holes were completed. Outstanding drill results will be reported over the coming weeks. Spring drilling will resume as soon as weather allows.

Highlights:

• Uranium mineralization with Grade Thicknesses ranging from 0.010 to 1.067 were encountered in the lower Wasatch Formation in 5 drill holes intercepts with GT of greater that 0.3;
• The highest-grade single intercept, and the thickest intersection was 4.5 feet of 0.237% U₃O₈ Gamma with a GT of 1.067. A GT of over 0.3 is considered an economic minimum for inclusion in a typical wellfield in the Power River Basin;
• Phase 1 drilling continues to confirm and expand historic resources of the Saddle Zone hosted in the Lower Wasatch Formation at depths of 165 to 350 feet in saturated sands;
• Drilling will resume in the Spring of 2024 at the Saddle deposit, targeting both the shallow Lower Wasatch and the newly discovered upper Fort Union sands mineralization as well as additional targets.

To view Kaycee Uranium Project maps please visit: https://bit.ly/41cQsFX. To view the Kaycee uranium drill program video please visit: Kaycee Project- Nuclear Fuels (youtube.com).

Michael Collins, Chief Executive Officer, stated: “Drill results continue to demonstrate good grades and thicknesses at the Saddle Zone. Based on our continuing results we are permitting to significantly expand our drill program in 2024; testing additional targets in the over 110 miles of under-explored roll front targets at the Kaycee Project.”

Table of Significant Results

Kaycee Uranium Project, Wyoming

The Kaycee Project in Wyoming’s Powder River Basin, Nuclear Fuel’s priority project, consisting of over 42 square miles of mineral rights over a 33-mile mineralized trend and 110 miles of identified roll fronts. The Kaycee Project is believed to be the only project in the PRB where all three known historically productive sandstone formations (Wasatch, Fort Union, and Lance) are mineralized and potentially accessible for ISR extraction. The Kaycee Project, under Nuclear Fuels, represents the first time since the early 1980’s that the entire district is controlled by one company.

Nuclear Fuels acquired the Kaycee Project from enCore Energy Corp., which retains a back-in right for 51% of the project by paying 2.5X the exploration costs and carrying the Kaycee project to production (costs recoverable from production) upon Nuclear Fuels establishing a minimum 15 million pound U₃O₈ 43-101 compliant resource.

Wyoming is a proven and prolific uranium producer with a pro-energy government and established regulatory regime for the permitting and extraction of uranium through ISR technology. As Wyoming is one of the few “Agreement States” where the federal government and the Nuclear Regulatory Commission have ceded regulatory authority to the state government, permitting and advancing uranium projects is more efficient and streamlined as compared to most other states. Wyoming, with over 250 million pounds of historic production, ranks as the state with the second most uranium production to date; most of which has been through the ISR method since 1990; predominantly from the PRB.

The technical content of this news release has been reviewed and approved by Mark Travis, CPG., a contractor to the Company, and a Qualified Person as defined in National Instrument 43-101.

Drill holes are completed by Single Water Services using a rotary drill rig. Chip samples are collected for lithological logging every five feet. Century Geophysics of Tusla Oklahoma is contracted to conduct downhole gamma ray, resistivity, spontaneous potential, and deviation. Century Geophysics calibrates it’s downhole tools in the US Department of Energy uranium logging Test pits in Casper Wyoming to insure the accuracy of the down hole gamma ray log measurements.

About Nuclear Fuels Inc.

Nuclear Fuels Inc. is committed to aggressive exploration of district-scale In-Situ Recovery uranium projects in proven and prolific jurisdictions. Focused on its priority Kaycee Project, located in Wyoming’s Powder River Basin, our goal is to advance the project onto a path to production. enCore Energy Corp. maintains the right to back-in to 51% ownership by paying the Company 2.5X its exploration expenditures and carrying the project to production (recoverable from production). With existing historic resources through a 33-mile trend, 110+ miles of mapped roll-fronts and 3,800 drill holes, Nuclear Fuels has secured the district under one company’s control for the first time since the early 1980’s. Nuclear Fuels also provides a unique model for development of our other uranium projects and has established a pipeline of future opportunities in known uranium jurisdictions.