Nexus Minerals : High-Grade Zones Continue to Increase at Crusader-Templar

ASX ANNOUNCEMENT

31 March 2022

High-Grade Gold Mineralisation Zones Continue to Increase at Crusader-Templar

Crusader-Templar Prospect Highlights

• ➢ Drilling at mineralisationCrusader-Templar intersects broad high-grade

• ➢ Assay results from 19 RC holes for 4,455m received

• ➢ All 19 RC drill holes intersect gold mineralisation exhibiting strike and depth continuity

• ➢ Notable results from RC drilling include:

  • ➢ 5m @ 9.53g/t Au (within 11m @ 5.32g/t Au from 96m);

  • ➢ 7m @ 5.36g/t Au (within 19m @ 2.65g/t Au from 65m);

  • ➢ 4m @ 4.17g/t Au (within 15m @ 1.32g/t Au from 94m);

  • ➢ 2m @ 13.28g/t Au (from 247m);

  • ➢ 3m @ 4.75g/t Au (from 86m);

  • ➢ 4m @ 3.06g/t Au (within10m @ 1.44g/t Au from 263m);

  • ➢ 5m @ 2.08g/t Au (within 9m @ 1.22g/t Au from 157m); and

  • ➢ 8m @ 1.71g/t Au (within 12m @ 1.20g/t Au from 31m).

• ➢ Assay results from diamond drill holes 5/6/7/8 expected in the coming week

• ➢ Lab A results deferred again with 45 drill hole results (13,973m) from Nov/Dec 2021 submissions now advised for receipt in April

Regional Highlights ➢ Solomon prospect initial 17 hole (3,812m) RC program completed ✓ Drilling intersected hematite altered / silicified quartz porphyry intrusives within volcaniclastic host rocks ✓ Same geological setting as the Crusader-Templar mineralised corridor ➢ Branches prospect RC program underway - 7 holes completed for 1,366m of the total planned 18 hole 3,750m program ✓ Extensive hematitie altered / silicified quartz porphyry intrusives intersected to date

➢

Regional gravity survey commenced with program planned for coverage of 95km2

Operational Highlights

• ➢ 3 RC drill rigs and 2 diamond drill rigs continue to operate on site

• ➢ 48 person camp operating at full capacity

• ➢ Charter flights and private bus transport utilized to limit Covid disruption ________________________________________________

  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

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Nexus Minerals Limited (ASX: NXM) (Nexus or the Company) is pleased to announce further high-grade gold assay results from drilling recently completed at the Crusader - Templar Prospect, within the Company's Wallbrook gold project in WA.

The gold mineralisation tenor and widths observed in these 19 holes are consistent with the results seen in previous drilling at Crusader-Templar where broad mineralisation in the shallower levels <100m (Hole#286 7m @ 5.36g/t Au within 19m @ 2.65 g/t Au from 65m), gives way to broad high-grade mineralisation at depths of ~100 meters (Hole#287 5m @ 9.53g/t Au within 11m @ 5.32g/t Au from 96m).

Nexus Managing Director Andy Tudor commented "The 5 drill rigs continue to operate on site as planned. The initial 30,000m RC program has been completed with the follow-up 40,000m RC program now underway at Crusader-Templar. We are pleased to have received results for 19 RC holes, with all 19 holes intersecting gold mineralisation, within significant zones of alteration. The strength of these results continues to build our confidence in the potential for the Crusader-Templar Prospect to evolve into a very large mineralised system.

The regional drilling being undertaken at both Solomon and Branches prospects shows very positive indications that the mineralised corridor, and certainly the "Right Rocks", extend a further ~3km to the north of Crusader-Templar and remain open. This provides a huge level of confidence that our exploration strategy and drill targeting methodologies are valid, as we build our exploration knowledge in an area with no prior drill activities."

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 Company's understanding of internal characterisitcs to the mineralisation including plunge geometry is expected to mature.

Nexus has commenced the Crusader-Templar follow-up 40,000m RC program, following-on from the recently completed 30,000m RC program. The results from the latest 19 RC holes continue to show the extent, continuity, and high-grade nature of the mineralisation.

Easting Northing

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

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

personal use only

Looking West 1.6km Strike Extent

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

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