Nuclear Fuels Inc. announced initial results from the first 12 holes of its drill program designed to confirm and expand the historic resource at its Kaycee Uranium Project in Wyoming's Powder River Basin. 5 holes contain high-grade uranium mineralization suitable for In-Situ Recovery ("ISR") extraction technology. ISR technology extracts uranium in a non-invasive process through the use of natural groundwater and oxygen, coupled with a proven ion exchange process, to recover the uranium.

High-grade mineralization was encountered in 5 holes with Grade Thickness (GT) ranging from 0.441 to 0.908. The highest grade intercept being 3.0 feet of 0.240% eU 3O8; Five holes have Grade Thickness (GT) of over 0.3 which is considered an economic minimum for inclusion in a typical wellfield in the Power River Basin; Grade thickness (GT) is defined as Grade x Thickness of a mineralized intercept; Phase 1 drilling is focused on the Saddle Zone which hosts a historic resource. Drilling is focused on confirming and expanding historic resources in the lower Wasatch Formation which occur at shallow depths ranging from approximately 220 to 350 feet in saturated sands; Drilling continues with additional results expected in November 2023.

The Kaycee Project in Wyoming's Powder River Basin ("PRB") is Nuclear Fuel's priority project consisting of over 42 square miles of mineral rights over a 33-mile mineralized trend and 110 miles of identified roll fronts. The Kaycee Project is believed to be the only project in the PRB where all three known historically productive sandstone formations (Wasatch, Fort Union, and Lance) are mineralized and potentially accessible for ISR extraction. The Kaycee Project, under Nuclear Fuels, represents the first time since the early 1980's that the entire district is controlled by one company.

Nuclear Fuels acquired the Kaycee Project from enCore Energy Corp., which retains a back-in right for 51% of the project by paying 2.5X the exploration costs and carrying the Kaycee project to production (costs recoverable from production) upon Nuclear Fuels establishing a minimum 15 million pounds U3O8 43-101 compliant resource.