The Moonshine Springs project (EU NR dated Nov 25, 2015) is located in Mohave County, Arizona, USA. The project comprises approximately 1000 acres (approximately 400 hectares), including 23 owned lode mining claims along with 7 lode mining claims and 320 acres of fee land held under lease. The property was previously explored during the 1970’s and 1980’s by Exxon Corp and later by Pathfinder. Sandstone hosted uranium occurs in at least three stratigraphic zones identified to date within the Triassic Chinle formation. The upper two zones lie at an average depth of 170 feet and are considered open pit candidates with the lower zone lying at a depth of 760 feet. Most of the known mineralization occurs below the ground water surface (water level depth of 120 feet) suggesting the possibility that the ore is amenable to ISR. The Company’s technical team will further evaluate the ISR amenability of the mineralization at Moonshine Springs. Several historical estimates of the uranium resource at Moonshine have been made including:

• Pathfinder historically reported the upper sand to contain 1.44 million pounds of U₃O₈ at an average grade of 0.325% using a cutoff of 0.15% in an open pit configuration with a strip ratio of 8.8:1. (Cogema Mining, internal report, 2004);
• Exxon reported a global resource figure for the upper two sands of 3.67 million pounds of U3O8 at a grade of 0.15%;
• Exxon reported an estimated resource for the lower sand of 1 million pounds of U₃O₈ at a grade of 0.26%. (Cogema Mining, internal report, 2004) Notably Exxon reported that drilling intercepts of 6 feet or more grading 0.35% U₃O₈ were not uncommon. (Cogema Mining, internal report, 2004).
• An uncategorized historic resource of 3.6 million pounds grading 0.186% U₃O₈*;
  
  

** After Energy Fuels, 1993 second and third quarterly reports. Utilizing cut off of 0.05% U3O8, 1’ thickness and a GT of 0.5. A Qualified Person (as defined in NI 43-101) has not done sufficient work to classify the historical estimate as a current mineral resource. Additional work will be required to verify and update historical estimates, including a review of assumptions, parameters, methods and testing. The historical estimate does not use the current mineral resources categories prescribed under NI 43-101. Nuclear Fuels is not treating the historical estimate as a current mineral resource.

The Moonshine Property is currently a pipeline property, however the company intends to continue to compile historic data with field validation in 2023 to bring historic resources into compliance with NI 43-101 standards.