Nexus Uranium closes acquisition of Chord project

Executive Summary

• Nexus Uranium Corp. has closed the acquisition of a 100% interest in the Chord uranium project in South Dakota, replacing a previous option agreement.
• The transaction involved $100,000 USD in cash and the issuance of 250,000 common shares, with vendors retaining a 1% NSR royalty.
• The acquisition consolidates ownership of the flagship Chord project, positioning the company to advance exploration and evaluate In-Situ Recovery (ISR) potential ahead of the final state permitting hearing scheduled for March 18-20, 2026.

Key Details

• Transaction Structure: Nexus acquired 100% interest in the Chord uranium project via a mineral property purchase agreement dated Dec. 2, 2025.
• Consideration:
  • Cash: $100,000 USD.
  • Equity: 250,000 common shares issued to vendors.
  • Shares are subject to a statutory hold period of four months and one day.
• Royalty Terms:
  • Vendors retain a 1.0% Net Smelter Returns (NSR) royalty on future production.
  • Nexus holds the right to repurchase 50% of this royalty (0.5% NSR) for $1,000,000 USD at any time prior to the commencement of commercial production.
• Property Details:
  • The Chord property comprises 3,640 contiguous acres in Fall River County, South Dakota, in the historic Edgemont uranium district.
  • Includes State Section 36, currently being permitted for exploration drilling.
  • Located approximately three miles southeast of enCore Energy's Dewey Burdock ISR uranium project.
• Permitting Status:
  • Federal: U.S. Forest Service commenced public scoping under the National Environmental Policy Act in mid-January 2026.
  • State: South Dakota Board of Minerals and Environment has scheduled a public hearing for March 18-20, 2026, which is the final step in the state permitting process for the exploration permit application.
• Portfolio Expansion:
  • The acquisition replaces a previous option agreement, providing immediate full ownership.
  • Recent acquisitions of Deadhorse (approx. 340 acres) and RC (approx. 800 acres) add to the land position.
  • Total South Dakota land position now totals approximately 6,380 acres.
  • Chord serves as the central "hub" in a hub-and-spoke strategy, with nearby satellite projects Wolf Canyon (approx. 1,600 acres), Deadhorse, and RC potentially benefiting from shared infrastructure.

Notable Quotes

• "Closing this acquisition marks an important milestone as we consolidate ownership of our flagship Chord project," said Jeremy Poirier, chief executive officer. "With the mineral board hearing scheduled for March 18 to 20 representing the final step in our state permitting process, and our recent Deadhorse and RC acquisitions adding approximately 1,140 acres to our South Dakota land position, we have built considerable momentum heading into 2026. Full ownership of Chord positions us to advance exploration and evaluate ISR potential without encumbrance as we work toward a permitted drilling program."