Nuclear Fuels Inc. announced the third set of drill results from its continuing drill program at its Kaycee Uranium Project in Wyoming's Powder River Basin. The drilling, designed to confirm and expand the historic resource at the historic Saddle deposit, reports 8 holes containing significant uranium intercepts and with 4 uranium intercepts suitable for In-Situ Recovery ("ISR") extraction technology. 94% of drill holes intersected at least trace uranium.

One drill hole intersected the new and deeper uranium- bearing mineralization in the Fort Union Formation which is located below the original target of the Lower Wasatch Formation. Kaycee Uranium Project, Wyoming 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 pound U3O8 43-101 compliant resource. Wyoming is a proven and prolific uranium producer with a pro-energy government and established regulatory regime for the permitting and extraction of uranium through ISR technology.

As Wyoming is one of the few "Agreement States" where the federal government and the Nuclear Regulatory Commission have ceded regulatory authority to the state government, permitting and advancing uranium projects is more efficient and streamlined as compared to most other states. Wyoming, with over 250 million pounds of historic production, ranks as the state with the second most uranium production to date; most of which has been through the ISR method since 1990; predominantly from the PRB.