Vancouver, Canada – TheNewswire - October 12, 2022 – Nexus Gold Corp. (“Nexus Gold” or the “Company”) (TSXV:NXS), (OTC:NXXGF), (FSE:N6E) is pleased to announce that its previously announced 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) has been completed. Pursuant to the arrangement, 45,390,460 shares of its subsidiary, Nexus Metals Corp., will be distributed on an approximate 1:7 basis to the shareholders of Nexus Gold.

Further information regarding the arrangement and the spinout is available in the Company’s news release dated October 5, 2022 and in the Company’s management information circular dated June 7, 2022, a copy of which is available under Nexus Gold’s profile at www.sedar.com.

About the Company

Nexus Gold is a Canadian-based gold exploration and development company with an extensive portfolio of projects in West Africa.  The Company will continue development of assets in West Africa in addition to broadening its scope to other jurisdictions.

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

info@nexusgoldcorp.com
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.