Nevada Exploration forms advisory board

Mr. Mark Kolebaba reports

NEVADA EXPLORATION FORMS ADVISORY BOARD AND APPOINTS FORMER URANERZ URANIUM PROFESSIONALS

Nevada Exploration Inc. has formed an advisory board comprising key uranium professionals who were previous directors and officers of Uranerz Energy Corp.

The Uranerz team explored, permitted, built and operated the Nichols Ranch ISR uranium project, which led to Uranerz being acquired in 2015 by Energy Fuels Inc. in a $350-million business combination. Energy Fuels is a leading U.S. producer of uranium and vanadium and trades on the NYSE American and Toronto Stock Exchange.

Professionals from Uranerz appointed to the Nevada Exploration advisory board include Dr. Gerhard Kirchner, Glenn Catchpole, Arnold Dyck and Paul Saxton. A description of each of their backgrounds follows. More information about Uranerz is also available below.

Dr. Gerhard F. Kirchner, PEng

Dr. Kirchner has 40 years of international mine development and management experience including the definition/discovery of the world's second-largest molybdenum deposit (Malmbjerget in northeast Greenland), the development of the copper-cobalt mine Kamoto in the Democratic Republic of the Congo and 20 years with Uranerz Exploration and Mining Ltd. He received a multidisciplinary education in mining engineering and economic geology, and a doctorate in mining sciences from the University of Leoben, Austria.

At Uranerz Exploration and Mining, Dr. Kirchner spent nine years as general manager and 11 years as senior vice-president. He and his team were responsible for the Key Lake uranium discovery in Canada which led to the development of the largest, lowest-operating-cost uranium mine in the world producing over 200 million pounds of yellowcake before the reserves were exhausted. Dr. Kirchner was responsible for the acquisition of Uranerz Exploration and Mining's share of the Star Lake and the Midwest deposits, the Crow Butte property, and the orderly engineering and development of these deposits and operations. Dr. Kirchner served as a director of Uranerz Energy from inception in 2005 until its acquisition by Energy Fuels in 2015.

Glenn Catchpole, MS, PEng (retired)

Mr. Catchpole is a licensed engineer who holds an MS in civil engineering from Colorado State University. He has been active in the uranium solution mining industry since 1978, holding various positions including well field engineer, project manager, general manager and managing director of several uranium in-situ recovery mining operations.

In 1988 Mr. Catchpole joined Uranerz U.S.A. Inc. and Uranerz Exploration and Mining and became director of regulatory affairs, environmental engineering and solution mining. In 1996 Mr. Catchpole was appointed general manager and managing director of the Inkai uranium solution mining joint venture located in the Republic of Kazakhstan. In 1998 Cameco Corp. acquired Uranerz U.S.A. Inc., and Mr. Catchpole continued his post with the Inkai project. Mr. Catchpole spent six years taking the Inkai project from acquisition through feasibility study, joint venture formulation, government licensing, environmental permitting, design, construction and the first phase commercial demonstration start-up. The Inkai uranium project became one of the largest ISR uranium mines in the world.

In 2005 Mr. Catchpole joined Uranerz Energy as the president and CEO and director and built the company from inception to its acquisition by Energy Fuels in 2015.

Mr. Catchpole was also the CEO of URZ Energy Corp. (TSX-V: URZ) from 2017 to 2018 before it was acquired in a business combination with Azarga Uranium Corp. (TSX: AZZ). Nevada Exploration board member Todd Hilditch was chairman of URZ Energy and Sandra MacKay was an executive of Uranerz Energy and a board member of URZ Energy Corp. Azarga was subsequently acquired in 2022 by enCore Energy Corp.

Mr. Catchpole is past president of the Uranium Producers of America and past president of the Mining Association of Kazakhstan.

Arnold J. Dyck

Mr. Dyck is a graduate of the Registered Industrial Accountant education program and was awarded the designation of chartered professional accountant in 2014.

Mr. Dyck was employed at Uranerz Group (defined below) from 1977 to 1998. Mr. Dyck progressed through various positions with Uranerz Canada, Uranerz Exploration and Mining, and Uranerz U.S.A. Inc. to become the senior vice-president and chief financial officer for the Uranerz Group of companies where his department was responsible for interpreting and fulfilling the terms of all uranium-related contracts (borrowing, lending, swapping, buying, selling). He also served as a member of the board of directors for Uranerz U.S.A. Inc. and as chairman of the board with a subsidiary mining company.

Mr. Dyck was a director of Uranerz Energy from 2006 until its acquisition by Energy Fuels in 2015 and was on the Uranerz uranium marketing committee responsible for its uranium sales contracts.

Paul Saxton, BSc (Eng), MBA, PEng

Mr. Saxton is a mining engineer who also holds an MBA from the University of Western Ontario. He has been active in the mining industry since 1969, holding various positions including mining engineer, mine superintendent, president and chief executive officer of numerous Canadian mining companies. Following 10 years with Cominco, Mr. Saxton became vice-president and then president of Mascot Gold Mines Ltd., initially working on the design and construction of the Nickel Plate mine in British Columbia and was instrumental in the reopening of the mine. Subsequently Mr. Saxton became a vice-president of Corona Corp. where he was responsible for western operations and exploration for the company. In 1989, Mr. Saxton was appointed senior vice-president of Viceroy Resource Corp. where he was responsible for construction and operations of the Castle Mountain mine in California. In 1994 he became president of Loki Gold Corp. and Baja Gold Inc., where he was responsible for bringing the Brewery Creek gold mine into production. In 1996 he helped organize the merger of Viceroy, Baja and Loki into Viceroy Resource and became president of the new entity. Following his departure from Viceroy in 1998, Mr. Saxton became president of Standard Mining Corp., organizing the company and supervising its exploration activities until 2001, when Standard Mining Corp. was merged with Doublestar Resources Ltd. Mr. Saxton has been involved with Lincoln Mining Corporation since 2003, with the focus on exploration and development of precious metal projects in various western U.S. states. In addition, Mr. Saxton was CEO and director of Golden Band Resources Ltd. in Northern Saskatchewan until the spring of 2024. Mr. Saxton is a registered professional engineer in British Columbia.

Over the years Mr. Saxton has been involved with the raising of over $100-million for the various projects that he has been involved in. Mr. Saxton was a director of Uranerz Energy from inception until it was acquired by Energy Fuels in 2015. The advisory board will augment Nevada Exploration's board of directors which has two former Uranerz Energy executives (Sandra MacKay and Ben Leboe) and two former board members of URZ Energy Corp. (Todd Hilditch and Sandra MacKay).

About Uranerz Energy Corp.

Uranerz was a U.S.-domiciled in-situ recovery uranium company that controlled a large strategic land position in the central Powder River Basin of Wyoming and successfully explored, permitted, built and operated the Nichols Ranch ISR uranium project. The company had an experienced team of mining personnel, many of whom were former officers, senior management and employees of the original Uranerz Exploration and Mining and related companies (Uranerz Group). Before being acquired by Cameco in 1998, the Uranerz Group was the world's third-largest uranium producer. This team has direct experience in licensing, designing, constructing and operating underground, open-pit and in-situ recovery uranium production facilities. Uranerz common shares were listed on the NYSE American and the Toronto Stock Exchange under the symbol URZ.

About Nevada Exploration Inc.

NGE is a mineral exploration company focused on discovery. The company has a wide range of management and board of directors experience relating to several commodities and jurisdictions.