Nexus Uranium Partners with Canamera for Great Divide Basin Project

Nexus Uranium Corp. has signed an option agreement with Canamera Energy Metals Corp., allowing Canamera to earn up to a 90% interest in the Great Divide Basin uranium project located in Wyoming. This agreement, announced on December 8, 2025, outlines a structured funding approach where Canamera will finance exploration activities while making various cash and share payments to Nexus over the next four years.

Under the terms of the agreement, Canamera is required to fulfill specific milestones in order to complete its earn-in. If successful, Nexus will retain a 10% carried interest in the project while receiving approximately $280,000 in cash, $500,000 in Canamera shares, and benefit from $2.75 million in exploration expenditures. Notably, this arrangement allows Nexus to maintain involvement without additional capital outlay.

Jeremy Poirier, Chief Executive Officer of Nexus, expressed confidence in the partnership, stating, “This option structure advances Great Divide Basin through a fully funded exploration program while we retain meaningful exposure to the project.” He emphasized that Canamera’s investment will generate critical technical data necessary for assessing the property’s potential, ultimately benefiting Nexus shareholders without diluting their interests.

Details of the Option Agreement

Canamera’s path to acquiring the 90% interest in the Great Divide Basin project involves a tiered earn-in structure:

– **First Option (51% interest)**:
– Issue 500,000 Canamera shares to Nexus within five days of closing.
– Make a $30,000 cash payment within five days of closing.
– Provide a $100,000 cash payment by the 18-month anniversary.
– Undertake $250,000 in exploration expenditures by the 18-month anniversary.
– Complete an additional $500,000 in exploration expenditures by the second anniversary.

– **Second Option (additional 20% for 71% total)**:
– Issue $250,000 in Canamera shares to Nexus.
– Make a $75,000 cash payment.
– Invest $1,000,000 in exploration expenditures by the third anniversary.

– **Third Option (additional 19% for 90% total)**:
– Issue $250,000 in Canamera shares to Nexus.
– Make a $75,000 cash payment.
– Invest $1,000,000 in exploration expenditures by the fourth anniversary.

If Canamera fails to complete any stage of the earn-in, it retains only the interest earned up to that point. Upon successful exercise of the options, both parties will establish a joint venture to further develop the project. The property is also subject to a 1.25% net smelter royalty payable to Nexus Uranium.

About the Great Divide Basin Project

The Great Divide Basin project encompasses 104 unpatented mining claims, covering approximately 2,080 acres in Wyoming’s uranium district. Located southwest of Jeffrey City and northwest of Wamsutter, the project is managed through Clean Nuclear Energy Corp., a wholly owned subsidiary of Nexus. Historical exploration in the area dates back to the 1970s, with mineralization primarily found in roll-front deposits. The project is adjacent to Premier American Uranium’s Cyclone property, underscoring its strategic significance.

Nexus Uranium is dedicated to exploring uranium projects across North America, holding several other properties including the Chord and Wolf Canyon projects in South Dakota, the South Pass project in Wyoming, and the Wray Mesa project in Utah. In Canada, it manages the Mann Lake project in Saskatchewan’s Athabasca Basin.

For further inquiries, please contact Jeremy Poirier, Chief Executive Officer, at [email protected].

This announcement contains forward-looking statements related to Canamera’s exploration activities, anticipated expenditures, and the expected timeline for milestones. These statements rely on management’s reasonable assumptions that Canamera will secure sufficient funding and meet regulatory requirements. Actual results may vary due to various risks, including Canamera’s ability to fulfill earn-in obligations and changes in market conditions. The Canadian Securities Exchange does not take responsibility for the adequacy or accuracy of this release.