Nuclear Fuels Inc. announced continuing positive results from its on-going drill program at its Kaycee Uranium Project in Wyoming's Powder River Basin. 11 holes are reported with depths ranging from 350 to 600 feet. 5 holes returned uranium grades and thicknesses which are suitable for In-Situ Recovery ("ISR") extraction technology.

Grade thicknesses ("GT") over the economic cutoff of 0.3 ranged from 0.41 to 1.216 in the 5 holes with anomalous mineralization detected in 9 of the 11 holes. F favorable weather conditions in Wyoming and drilling success at the historic Saddle Zone have resulted in an extension of the 2023 drilling program. Highlights: Uranium mineralization with typically ore-grade Grade Thickness ("GT") was encountered in the lower Wasatch Formation in 5 drill holes with GT ranging from 0.410 to 1.216; The highest-grade single intercept, and the thickest intersection was 6.5 feet of 0.187% eU3O8 with a GT of 1.216.

A GT of over 0.3 which is considered an economic minimum for inclusion in a typical wellfield in the Power River Basin; Phase 1 drilling continues to successfully confirm and expand historic resources of the Saddle Zone hosted in the Lower Wasatch Formation at depths of 165 to 350 feet in saturated sands; Drilling continues at the Saddle deposit, targeting both the shallow Lower Wasatch and the newly discovered upper Fort Union sands mineralization. Drill holes are reported that returned significant zones of uranium mineralization with >2 ft thickness at or above a grade cut-off of 0.02 per cent eU3O8. (1) % eU3O8 is a measure of gamma intensity from a decay product of uranium and is not a direct measurement of uranium.

Numerous comparisons of eU3O8 and chemical assays of Powder River Basin core samples indicate that eU3O8 are a reasonable indicator of the actual uranium assay.