Nexus Minerals Limited provided an update concerning the ongoing exploration activities at its Wallbrook Gold Project (Wallbrook). Nexus has completed multiple drill programs at the Crusader /Templar Prospect, within the Wallbrook Project to follow up on the outstanding high-grade assay results received from previous drill campaigns. At the Crusader /Templar prospect two RC drill rigs are focussing on completing a 30,000m program which commenced in late 2021.

This drilling will build the Company's geological knowledge of the characterisitcs of the geology, alteration and gold mineralisation grade profile, including any internal plunge geometry. Nexus has planned a follow-up RC program to commence following analysis and interpretation of the current 30,000m RC program. The 6,000m diamond drilling program is also underway with the continued aim of "tagging" the three main zones of mineralisation modelled to date, being the supergene, hangingwall and footwall zones.

This will allow for the design and deeper drill hole advancement of the RC drill program. The diamond drill core is also critical for gathering geological and structural information, petrographic samples and taking specific gravity measurements. The Company currently has three drill rigs active at the Wallbrook Project (two rigs drilling RC and one drilling diamond core).

To enable the increased activities at site, the Company has installed a 50 man exploration camp at Wallbrook, which became operational in mid-January. The initial 30,000m RC and 6,000m diamond drilling program, is progressing well with approximately 13,000m of RC drilled from which 9,775m has been submitted for assay with results pending. Nexus has been advised to expect +13 weeks turn-around time for receipt of assay results, with the 9,775m RC and DDH#5 results now expected mid-March.

Metallurgical Testwork: Four ~13kg composite mineralised samples were submitted to ALS Metallurgy Services in Perth WA for gold gravity /leach analysis. The four composite samples represent one oxide and one fresh sample from central Crusader prospect and one oxide and one fresh sample from central Templar Prospect. The results from this preliminary metallurgical testwork are all positive and indicate: Elevated levels of free liberated gravity recoverable gold ranging from 46.69% to 85.32%.

Total extractable gold (via gravity plus standard leach) produced overall gold recoveries of 98% (Oxide material composites); 97.6% (Fresh material composites). Gold leach kinetics for the gravity leach tests were all fast, with majority of the gold leaching in the first 2-4 hours. The gravity/direct leach tests produced calculated gold head grades ranging from 5.40g/t Au to 7.90g/t Au respectively, which were higher than original average gold head grade assays ranging from 2.91g/t Au to 7.76g/t Au.

This is likely attributed to the coarse gold content. Reagent use, sodium cyanide and lime consumption, were low for all tests. Low levels of organic carbon were present, decreasing the likelihood of gold-robbing in the solution during cyanidation.

Base metals are low in concentration decreasing the possibility of excess cyanide consumption. Arsenic assays also returned very low levels.