Nexus Uranium Provides Update on South Dakota Permitting Process and Outlines Portfolio Advancement Plans

Executive Summary of May 27, 2026 Release

• Chord Project Hearing Delay: The contested case hearing for the Chord Project uranium exploration permit (Application EXNI 453) scheduled for May 18-22, 2026, did not conclude. Decision timing is now uncertain.
• Legal Challenge: Interveners initiated a proceeding in US District Court seeking an emergency injunction to stay the hearing regarding Lakota-language interpretation services. This does not challenge permit merits but creates procedural delay.
• Portfolio Advancement: Company plans to advance exploration at South Pass (Wyoming) and Arizona Strip projects while Chord regulatory process remains pending.
• Project Status: No mineral resource or reserve defined on South Pass or Arizona Strip; both considered potentially amenable to in-situ recovery (ISR).

Evaluation of Most Recent News

• Timeline Disruption: The failure to conclude the May 18-22 hearing session directly contradicts the April 16 announcement which set expectations for a decision or conclusion within that window. This delays the Summer 2026 drilling program, a key catalyst for valuation.
• Procedural vs. Merit: The legal challenge focuses on language interpretation services rather than environmental or technical merits. While this suggests the project is not fundamentally blocked, it introduces regulatory uncertainty and potential for further injunctions.
• Capital Allocation: Management indicates they are "not standing still" by advancing South Pass and Arizona Strip projects. This mitigates total operational halt risk but diverts focus from the flagship Chord asset which holds the inferred resource estimate (2.75Mlb U3O8).
• Market Reaction Context: The stock has already declined significantly from its January 2026 peak ($2.95) to current levels ($0.85), suggesting permitting risks were partially priced in during Q1 and Q2 2026. This news confirms the risk materialized but does not introduce a new existential threat.

Nexus Uranium Corp.

• Flagship Project: Chord Project, Fall River County, South Dakota. 3,640 acres in the historic Edgemont uranium district. Inferred resources of 2.75Mlb U3O8 at 810 ppm (Sep 2025). Targeting ISR mining method.
• Secondary Projects:
  • South Pass Project: Wyoming, 3,020 acres. BLM approved Plan of Operations for exploration drilling; subject to bonding requirements.
  • Arizona Strip Project: Mohave County, Arizona. Acquired April 2026. 38 claims covering seven collapse breccia pipe targets with historic grades 0.42%-1.08% U3O8. Royalty-free.
• Strategy: Hub-and-spoke model in South Dakota (Chord + satellite claims) plus diversification into Wyoming and Arizona to mitigate permitting risk on single asset.