Nexus Uranium closes Arizona Strip project acquisition

Executive Summary

• Nexus Uranium Corp. has closed its acquisition of a 100% interest in the Arizona Strip project, a uranium exploration property located in Mohave County, Arizona.
• The project comprises 38 federal Bureau of Land Management (BLM) lode mining claims covering seven collapse breccia pipe uranium targets, which are considered part of one of the most prolific uranium districts in the United States.
• The transaction was settled via the issuance of 2.7 million common shares to the vendor's shareholders, with no royalties retained by the vendor.

Key Details

• Asset Acquired: 100% undivided interest in the Arizona Strip project.
• Property Composition: 38 federal BLM lode mining claims in Mohave County, Arizona.
• Targets: Seven collapse breccia pipe uranium targets identified as SGB, RN, EM, BUS, JD, LJ, and ULJ.
• Historic Grade Context: The district has a historic track record of high-grade production, with grades typically ranging from 0.42% to 1.08% U3O8.
• Historic Exploration: Previously explored by Tournigan Energy Ltd. (2006–2008) using ground geophysical surveys (CSAMT, seismic reflection, ground magnetics), surface geochemical sampling, and drilling.
• Drilling Status: The EM target is the only drill-confirmed target on the project, with a historic drill hole intersecting breccia at depth and confirming a collapse pipe structure.
• Transaction Consideration: Issuance of 2.7 million common shares of Nexus Uranium to the vendor's shareholders.
• Royalties: No royalty interest retained by the vendor's shareholders; no underlying royalty encumbers the project.
• Share Restrictions: Issued shares are subject to a statutory four-month hold period from the date of issuance under Canadian securities laws.
• Strategic Context: The acquisition adds to Nexus's portfolio, which includes the resource-stage Chord project in South Dakota and projects in Wyoming and Canada.

Notable Quotes

• "Closing this transaction marks a meaningful milestone in Nexus's strategy of building a diversified uranium portfolio across established U.S. districts," said Jeremy Poirier, chief executive officer of Nexus Uranium. "The Arizona Strip has a historic track record of high-grade breccia pipe production that stands apart from virtually any uranium district in North America. With the acquisition now complete, we are focused on compiling and reviewing the historic exploration data across all seven targets and advancing our exploration planning -- adding compelling optionality to our portfolio alongside the resource-stage Chord project in South Dakota."