ASX ANNOUNCEMENT

3 March 2022

Crusader-Templar Drilling Continues to Intersect High-Grade Gold Mineralisation

For personal use only

Highlights

ASX: NXM

➢ Drilling at Crusader-Templar intersects broad high-grade gold

➢ 105 RC drill holes for 24,376m completed

Capital Structure

➢ Assays results from 22 RC holes for 5,378m received (this release)

Shares on Issue 288 million

➢ All 22 RC drill holes intersect gold mineralisation exhibiting strong

Options 20 million

strike continuity

➢ Assay lab changed in January 2022 - 4 week turn around advised

Corporate Directory

➢ 45 drill holes from Lab A due in March (Nov/Dec 2021 submissions)

Mr Paul Boyatzis

➢ A further 38 drill holes from Lab B due in March (Jan/Feb 2022

submissions)

Non-Executive Chairman

➢ Total of 83 RC holes for 18,998m assay results due in March

Mr Andy Tudor

➢ Assay results from diamond drill hole 5 (lab A) expected in March

➢ Assay results from diamond drill hole 6 (lab B) expected in March

Managing Director

➢ 3 RC drill rigs and 2 diamond drill rigs operating on site

Dr Mark Elliott

Crusader - Templar Prospect Drill Results Highlights

Non-Executive Director

❖ Assay results from RC drilling include:

Mr Bruce Maluish

➢ 3m @ 11.40g/t Au (within 8m @ 4.41g/t Au from 252m);

Non-Executive Director

➢ 4m @ 6.04g/t Au (within 15m @ 2.59g/t Au from 190m);

Mr Phillip Macleod

➢ 3m @ 5.66g/t Au (within 14m @ 2.05g/t Au from 188m);

➢ 5m @ 5.09g/t Au (from 307m);

Company Secretary

Company Projects

➢ 4m @ 9.65g/t Au (from 274m);

➢ 5m @ 4.26g/t Au (from 74m);

Wallbrook Gold Project

➢ 5m @ 4.20g/t Au (within 18m @ 1.48g/t Au from 62m);

Bethanga Copper-Gold

➢ 2m @ 8.97g/t Au (within 7m @ 3.01g/t Au from 220m);

Project

➢ 6m @ 2.79g/t Au (within 26m @ 1.42g/t Au from 160m); and

Pinnacles Gold Project

➢ 6m @ 2.89g/t Au (within 15m @ 1.27g/t Au from 281m).

Pinnacles JV Gold Project

Nexus Minerals Limited (ASX: NXM) (Nexus or the Company) is pleased

to announce further high-grade gold assay results from drilling recently

(with Northern Star Limited

completed at the Crusader - Templar Prospect, within the Company's

ASX:NST)

Wallbrook gold project in WA.

Mt Celia Gold Project

Nexus Managing Director Andy Tudor commented "The team have done a

stellar job to get the exploration program up to the 5 operating drill rigs as

planned. The change of assay laboratory in January has resulted in a 4-

week turnaround on assay results being achieved. This is essential to Nexus

being able to continue the aggressive drilling program planned for 2022.

________________________________________________

Nexus Minerals Limited (ASX: NXM)

ABN: 96 122 074 006

41-47 Colin Street, West Perth, Western Australia 6005

PO Box 2803, West Perth WA 6872

T:+61 8 9481 1749 F: +61 8 9481 1756 W: www.nexus-minerals.com

Page 1 of 11

For personal use only

We're extremely pleased with the recent results, with all 22 holes intersecting gold mineralisation within significant zones of alteration. The results provide further confidence in the potential for the Crusader-Templar Prospect to evolve into a very large mineralised system. Once we receive the large backlog of assay results in March we will have a much stronger understanding of the project geology, alteration and associated mineralisation, which will enable more targeted drilling as part of the follow-up 40,000m RC program."

The location plan in Figure 1 and the long section in Figure 2 show the 1.6km strike extent of the Crusader- Templar Prospects. Figure 2 shows the limited amount of drilling undertaken to date and the opportunity that exists both within the known strike distance and also at depth. As more drilling is completed the density of drilling will increase and new zones of mineralisation within the 1.6km strike may start to emerge. The internal characterisitcs to the mineralisation including internal plunge geometry to the mineralisation will also mature.

Nexus has planned a follow-up 40,000m RC program to follow-on from the current 30,000m RC program that is nearing completion. Approximately 8,000m of the 40,000m RC program will be designated to drilling two regional targets, Solomon and Branches prospects, identified by regional gravity and magnetic surveys. The 6,000m diamond program is well underway with two diamond drill rigs operating 24hrs/day. Follow-up diamond drill programs will be designed as more results are received from the current programs.

The results from the latest 22 RC holes continue to show the extent, continuity, and high-grade nature of the mineralisation. Results are expected from another 83 RC holes and 2 diamond drill holes (DDH#5 and DDH#6) during March.

The gold mineralisation tenor and widths observed in these 22 holes are consistent with the results seen in previous drilling at Crusader-Templar where broad mineralisation in the shallower levels <100m (Hole#244

5m @ 4.20g/t Au within 18m @ 1.48 g/t Au from 70m and Hole #313 2m @ 3.81g/t Au within 13m @ 1.01g/t

Au from 47m), gives way to broad high-grade mineralisation at depths of >100 meters (Hole#288 4m @

6.04g/t Au, within 15m @ 2.59g/t Au from 190m and Hole#308 3m @ 5.56g/t Au, within 14m @ 2.05g/t Au

from 188m).

Hole ID

Easting

Northing

mRL

Azimuth

Dip

EOH (m)

From(m)

To (m)

Interval (m)

g/t Au

Sample Type

NMWBRC20-098

433243

6697675

371

90

-60

308

160

186

26

1.42

1 metre cone split

inc

162

168

6

2.79

1 metre cone split

210

220

10

2.08

1 metre cone split

inc

213

216

3

3.44

1 metre cone split

281

296

15

1.27

1 metre cone split

inc

281

287

6

2.89

1 metre cone split

NMWBRC21-244

433281

6697099

374

90

-60

252

70

88

18

1.48

1 metre cone split

inc

77

82

5

4.20

1 metre cone split

NMWBRC22-288

433253

6697659

371

90

-60

342

189

231

42

1.23

1 metre cone split

inc.

190

205

15

2.59

1 metre cone split

inc.

190

194

4

6.04

1 metre cone split

277

281

4

1.75

1 metre cone split

298

322

24

2.10

1 metre cone split

inc.

299

301

2

5.98

1 metre cone split

and

307

312

5

5.09

1 metre cone split

NMWBRC22-302

433231

6697339

372

90

-60

276

187

244

57

0.79

1 metre cone split

inc

220

227

7

3.01

1 metre cone split

inc

224

226

2

8.97

1 metre cone split

and

237

238

1

4.65

1 metre cone split

NMWBRC22-308

433235

6697379

372

90

-60

216

188

202

14

2.05

1 metre cone split

inc.

189

192

3

5.66

1 metre cone split

and

197

198

1

4.72

1 metre cone split

NMWBRC22-309

433191

6697380

372

90

-60

306

252

260

8

4.41

1 metre cone split

inc

253

256

3

11.40

1 metre cone split

268

289

21

2.01

1 metre cone split

274

278

4

9.65

1 metre cone split

NMWBRC22-314

433222

6697460

372

90

-60

246

74

79

5

4.26

1 metre cone split

inc.

74

78

4

5.28

1 metre cone split

Table 1: Crusader - Templar Prospect RC Drill Holes Selected Significant Intercepts

Page 2 of 11

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Figure 1: Crusader - Templar Prospect Drill Hole Location Plan

(Yellow highlighted boxes new results / White boxes Nexus drill results)

Page 3 of 11

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Figure 2: Crusader-Templar Prospect All Drill Holes Long Section

Looking West 1.6km Strike Extent

All existing RC and diamond drill strings with results colour coded for downhole gold values.

Page 4 of 11

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Photo 1: Crusader - Templar Prospect RC and diamond drill rigs in operation

Photo 2: Nexus geologists discussing diamond drill core at Wallbrook Project core shed with consultant Dr Alicia Verbeeten - who is providing specialist services in the fields of rock identification / alteration assemblages and mineralising systems

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Nexus Minerals Limited published this content on 02 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 March 2022 22:18:11 UTC.