Nexus options Great Divide project to Canamera

Executive Summary

• Nexus Uranium Corp. entered into an option agreement with Canamera Energy Metals Corp. allowing Canamera to earn up to a 90% interest in the Great Divide Basin uranium project in Wyoming.
• The deal structure allows Canamera to fully fund exploration over four years, with Nexus retaining a 10% carried interest and receiving significant cash and share payments upon completion of earn-in milestones.
• The project consists of 104 unpatented mining claims in Wyoming's Great Divide basin uranium district, adjacent to Premier American Uranium's Cyclone property.

Key Details

• Transaction Structure: Canamera may earn up to a 90% interest through a three-stage earn-in process; Nexus retains a 10% carried interest if all conditions are met.
• Total Consideration to Nexus (if fully earned):
  • Approximately $280,000 in cash.
  • $500,000 in Canamera shares.
  • $2.75 million in exploration expenditures funded by Canamera.
• First Option (51% Interest):
  • Issuance of 500,000 Canamera shares to Nexus within 5 days of closing.
  • $30,000 cash payment within 5 days of closing.
  • $100,000 cash payment by the 18-month anniversary.
  • $250,000 in exploration expenditures by the 18-month anniversary.
  • Additional $500,000 in exploration expenditures by the second anniversary.
• Second Option (Additional 20% for 71% Total):
  • Issuance of $250,000 in Canamera shares to Nexus.
  • $75,000 cash payment.
  • $1 million in exploration expenditures, all by the third anniversary.
• Third Option (Additional 19% for 90% Total):
  • Issuance of $250,000 in Canamera shares to Nexus.
  • $75,000 cash payment.
  • $1 million in exploration expenditures, all by the fourth anniversary.
• Royalty: The property remains subject to a 1.25% net smelter royalty to Nexus Uranium.
• Project Assets: The Great Divide Basin project comprises 104 unpatented mining claims (approx. 2,080 acres) located in Fremont and Sweetwater counties, Wyoming.
• Project History: Mineralization is hosted in roll-front deposits with historical exploration dating back to the 1970s. The project adjoins Premier American Uranium's Cyclone property.
• Corporate Structure: The project is held through Clean Nuclear Energy Corp., a wholly owned subsidiary of Nexus.

Notable Quotes

• "This option structure advances Great Divide basin through a fully funded exploration program while we retain meaningful exposure to the project," said Jeremy Poirier, chief executive officer. "Canamera's exploration commitment should generate the technical data needed to evaluate the property's potential, and Nexus shareholders benefit from that work without dilution."