Nexus Executes Agreement to Acquire 100% Interest in Chord Uranium Project

Rhea-AI Summary

Nexus Uranium (OTCQB: GIDMF) executed a purchase agreement to acquire a 100% interest in the Chord uranium project in Fall River County, South Dakota, consolidating a 3,640-acre land package.

The Chord Project hosts 2.75 Mlb U3O8 inferred at an average grade of 810 ppm over 8.5 feet (NI 43-101, Sept 2025). Consideration is US$100,000 cash plus 250,000 common shares on closing; vendors retain a 1.0% NSR (Nexus may repurchase 0.5% for US$1,000,000).

An exploration and drilling program targeting ISR potential is planned for early 2026, pending permitting and CSE acceptance of the transaction.

Positive

• Inferred resource of 2.75 Mlb U3O8
• Consolidated 3,640 acres in southern Black Hills district
• Acquisition cost: US$100,000 cash + 250,000 shares

Negative

• Vendors retain 1.0% NSR on future production
• NSR repurchase requires US$1,000,000 to buy 0.5%
• Exploration drilling pending permits and CSE acceptance

Vancouver, British Columbia--(Newsfile Corp. - December 2, 2025) - Nexus Uranium Corp. (CSE: NEXU) (OTCQB: GIDMF) (FSE: JA7) ("Nexus" or the "Company") is pleased to announce it has executed a mineral property purchase agreement (the "Agreement") to immediately acquire a 100% interest in the Chord uranium project (the "Chord Property"), located in Fall River County, South Dakota. The Agreement replaces a previous option agreement and will provide Nexus with full ownership of the Chord Property, including State Section 36, currently being permitted. In total, the Chord Property now consists of 3,640 wholly owned acres.

Strategic Rationale

The Chord Property consolidates Nexus's land position in Fall River County, which lies within the southern Black Hills uranium district. The district has a history of uranium production and hosts geology favorable for sandstone-hosted uranium mineralization. The Chord Property alone contains total inferred mineral resources of 2.75 Mlb U₃O₈ at an average grade of 810 ppm over an average thickness of 8.5 feet (Chord Uranium Project NI 43-101, updated September 2025, prepared by BRS Inc.), with significant exploration upside potential. The Company aims to demonstrate the extension of mineralization south of the known October-Jinx mineralization onto the State Section 36 and evaluate the potential for in-situ recovery (ISR) with an upcoming exploration and drilling program anticipated to commence in early 2026 pending permitting.

"This acquisition represents an important step in consolidating our South Dakota uranium portfolio," said Jeremy Poirier, CEO of Nexus Uranium. "With uranium recently designated as a critical mineral by the U.S. Government, we believe domestic uranium projects in established mining jurisdictions will play an increasingly important role in meeting America's energy security needs."

The Chord Property acquisition follows the Company's September 2025 completion of its arrangement with Basin Uranium Corp., through which Nexus acquired Basin's existing uranium project portfolio.

Transaction Highlights

Under the terms of the Agreement, Nexus agreed to acquire a 100% interest in the Chord Property by paying aggregate consideration of US$100,000 cash and issuing 250,000 common shares to the vendors upon closing. The vendors will retain a 1.0% net smelter returns royalty (NSR) on future production, of which Nexus holds the right to repurchase 50% (being 0.5% NSR) for US$1,000,000 at any time prior to commencement of commercial production.

The transaction is subject to acceptance by the Canadian Securities Exchange (the "Exchange"). Closing is expected to occur within two business days following Exchange acceptance. Any shares issued pursuant to the Agreement will be subject to a statutory hold period of four months.

About Nexus Uranium Corp.

Nexus Uranium is a Canadian uranium exploration company focused on mineral exploration and development in the green energy sector. The Company holds five uranium projects in the United States: Chord and Wolf Canyon in South Dakota; South Pass and Great Divide Basin in Wyoming; and Wray Mesa in Utah. These projects have seen extensive historical exploration and are located in prospective development areas. Nexus also holds the Mann Lake uranium project in the Athabasca Basin of northern Saskatchewan, Canada.

The technical content of this news release has been reviewed and approved by Carl D. Warren, P.E., P.G. Senior Engineer BRS Inc., a Qualified Person under National Instrument 43-101.

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FOR FURTHER INFORMATION PLEASE CONTACT:
Jeremy Poirier
Chief Executive Officer
(604) 722-9842
info@nexusuranium.com

This news release contains forward-looking statements within the meaning of applicable Canadian securities laws. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". These forward-looking statements or information may include statements regarding Nexus acquiring full ownership and a 100% interest in the Chord Property; the Company demonstrating the extension of mineralization, the Company evaluating the potential for in-situ recovery; timing for exploration and the drilling program; domestic uranium projects playing an important role in meeting America's energy security needs; and the closing of the acquisition and timing thereof. Such statements are based on assumptions and factors considered reasonable as of the date they are made, including management's current expectations, exploration plans, geological interpretations, and market conditions. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied. These risks include, but are not limited to: delays in obtaining necessary permits and Exchange approvals, changes in exploration or project plans, the accuracy of historical geological information, the potential that mineralization does not extend as expected, the technical or economical viability of ISR at the Chord Property, availability of capital and financing, regulatory developments, adverse weather or logistical challenges, and risks inherent to the mineral exploration industry, such as changes in uranium markets, commodity prices, or general economic and regulatory conditions. Mineral resources are not mineral reserves and do not have demonstrated economic viability. Nexus undertakes no obligation to update forward-looking statements except as required by law.

The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/276433

FAQ

What did Nexus announce about the Chord uranium project on December 2, 2025 (GIDMF)?

Nexus executed an agreement to acquire a 100% interest in the Chord project, consolidating 3,640 acres in South Dakota.

What are the reported resources at Chord and why does it matter for GIDMF?

Chord contains an inferred 2.75 Mlb U3O8 at 810 ppm, a material exploration target for potential ISR development.

What is the purchase price Nexus paid for the Chord project (GIDMF)?

Consideration is US$100,000 cash plus issuance of 250,000 common shares on closing.

Are there royalties or future payments tied to the Chord acquisition for GIDMF shareholders?

Yes, vendors retain a 1.0% NSR; Nexus may repurchase 0.5% for US$1,000,000 before commercial production.

When will Nexus begin exploration and drilling at Chord (GIDMF)?

An exploration and drilling program is anticipated to commence in early 2026, subject to permitting.

Is the Chord acquisition closed and what approvals are required for GIDMF?

Closing is subject to Canadian Securities Exchange acceptance and expected within two business days after acceptance.