Nexus Gold Receives Shareholder Approval for the Spinout of its Canadian Projects

(TheNewswire)

Vancouver, Canada –

TheNewswire –

August 10, 2022 – Nexus Gold
Corp.

(“

Nexus Gold

” or the “

Company

”)
(TSXV:NXS

)

,

(

OTC:NXXGF

)

,

(

FSE:N6E) is pleased to advise that its proposed plan of
arrangement (the “

Arrangement

”), announced June 28, 2022, has
received approval of the shareholders of the Company. The Arrangement,
which involves the

spinout (the “

Spinout

”) of the
Company’s Canadian projects (which include the McKenzie Gold
Project, located in Red Lake, Ontario, and the 13,000-hectare Cyclone
Gold-Nickel-Copper project, located in the James Bay region, Quebec)
was approved at a special shareholders meeting held on August 4, 2022,
by 99% of the votes cast at the meeting.

The Arrangement remains subject to approval by the
Supreme Court of British Columbia. The court hearing to obtain a final
order approving the Arrangement is scheduled to take place on August
10, 2022. Completion of the Arrangement is also subject to approval
of the TSX Venture Exchange.

In anticipation of completion of the Spinout, the
Company has transferred all of its rights to the Canadian projects to
Nexus Metals Corp. (“

Nexus
Metals

”), a newly-established subsidiary of
the Company. A total of 45,390,465 shares of Nexus Metals
(“

Nexus Metals
Shares

”) will be distributed on a pro rata
basis to shareholders of the Company (“

Nexus Gold Shareholders

”) pursuant to the Arrangement. Based on the current
outstanding share capital of the Company, it is anticipated that this
will result in Nexus Gold Shareholders receiving approximately 1 Nexus
Metals Share for every 7 shares of the Company they hold.

Completion of the Arrangement is expected to occur on
or about August 31, 2022.

“With shareholder approval we’re pleased to move
forward with the spinout plan,” said CEO, Alex Klenman. “We look
forward to listing Nexus Metals and revamping Nexus Gold to create two
separate, viable exploration companies with very specific mandates.
The board feels this is the most effective way to realize value
contained within our project portfolios and we’re excited to move to
the next steps in the process,” continued Mr. Klenman.

The Company also advises it is continuing with its due
diligence process in regard to the acquisition of one or more projects
for both Nexus Metals and Nexus Gold. Updates on this initiative, as
well has exploration plans for the months ahead, will be provided for
both companies in the next few weeks.

Further information regarding the Arrangement and the
Spinout is available in the Company’s management information
circular dated June 7, 2022, a copy of which is available under Nexus
Gold’s profile on SEDAR at

www.sedar.com

.

The Company shall in due course determine the record
date for the purpose of determining the Nexus Gold Shareholders
entitled to receive Nexus Metals Shares under the Arrangement (the
“

Distribution Record
Date

”). The payout date for the Nexus Metals
Shares to be distributed to Nexus Gold Shareholders pursuant to the
Arrangement will be three Business Days following the Distribution
Record Date. A letter of transmittal will in due course be mailed to
each Nexus Gold Shareholder and be made available under Nexus Gold’s
profile on SEDAR at

www.sedar.com

.

Cancellation of Stock Options

The Company is pleased to announce that it has entered
into

Stock Option Cancellation Agreements with
option holders holding in aggregate 7,000,000 incentive stock options
to acquire common shares of the Company at various prices. Pursuant to
the agreements, the Company intends to cancel these options without
any further consideration.

Debt Settlement

The Company announces that it has completed the
settlement of an outstanding payable in the amount of $50,000 owing to
an arms-length service provider through the issuance of one million
common shares at a deemed price of $0.05 per share. The common
shares issued in connection with the settlement will be subject to
restrictions on resale until November 12, 2022, in accordance with
applicable securities laws.

About the Company

Nexus Gold is a Canadian-based gold exploration and
development company with an extensive portfolio of projects in Canada
and West Africa. The Company’s primary focus is on its 100%-owned,
Dakouli 2 Gold Concession in Burkina Faso, West Africa, and the
McKenzie Gold Project, located in Red Lake, Ontario.

The Company is focusing on the development of its core assets
while seeking joint-venture, earn-in, and strategic partnerships for
other projects in its portfolio.

For more information, please visit

nxs.gold

On behalf of the Board of Directors of

NEXUS GOLD CORP.

Alex Klenman

President & CEO

604-558-1920

[email protected]

www.nexusgoldcorp.com

Neither the TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release. This news release may contain
forward-looking statements. These statements are based on current
expectations and assumptions that are subject to risks and
uncertainties. Actual results could differ materially because of
factors discussed in the management discussion and analysis section of
our interim and most recent annual financial

statement or other reports and filings
with the TSX Venture Exchange and applicable Canadian securities
regulations. We do not assume any obligation to update any
forward-looking statements, except as required by applicable
laws.