First Drill Program At The Kaycee Uranium Project

VANCOUVER - Nuclear Fuels Inc. reported on the on-going drill program at the Kaycee In-Situ Recovery (ISR) Uranium Project in Wyoming's Powder River Basin (PRB). The current drill hole results are from the Company's first drilling on the historic Stirrup West and East Zones which lie ~2.7 miles from the Saddle Zone and 1 mile from the Spur Zone. Drilling at the Stirrup West Zone returned up to 0.205% eU3O8 over 8.0 feet with a Grade Thickness (GT) of 1.640, representing the highest GT encountered by the Company. Drilling at Stirrup East Zone has confirmed high grade historic mineralization, and extended the Zone by ~1,000 feet to the northeast (0.107%eU3O8 over 4.5 feet with a total hole GT of 0.854). In the PRB, potentially ISR-recoverable uranium mineralization with a GT of greater than 0.20 is considered suitable for inclusion in a potential wellfield.

Significant Highlights of the Q3/24 Kaycee Project Drilling Program include: 1) Drill hole JD24-002 at Stirrup West intersected 5 separate mineralized intercepts with a single 8.0 foot interval returning 0.205% eU3O8 for a Grade Thickness ("GT") of 1.640 and a total hole GT of 1.821. 2) Drill hole JD24_058 was drilled as a step out hole to the north of the historical mineralization at the Stirrup West Zone and returned 0.077% eU3O8 over 5.0 feet, with a GT of 0.385. This hole, along with additional step out holes drilled to the south of the historical mineralization, suggests the potential to significantly extend the Stirrup West Zone to the north as well as towards the Spur Zone to the south. 3) Hole JD24_063 at Stirrup East Zone returned 0.107% eU3O8over 4.5 feet, with a GT of 0.482, as well as an additional interval of 0.057% eU3O8 over 6.5 feet, for a total hole GT of 0.854 extending mineralization 1,000 feet to the northeast from the historic resource area. 4) A total of 107 holes were drilled with an average depth of 498.9 feet, with 83% (90) of these drill holes returning anomalous uranium; 18 of the drill holes returning GT of 0.2 or better.

Greg Huffman, Chief Executive Officer, said, "We continue to be impressed with not only our confirmation of existing historical areas of uranium mineralization, but by how quickly we have been able to extend several of the Zones at Kaycee along trend. We are now of the belief that a number of these discrete historical areas are likely to connect and combine into larger mineralized areas."