Toronto, Ontario--(Newsfile Corp. - August 22, 2022) - Eric Sprott announces that, on August 19, 2022, 5,000,000 common share purchase warrants (Warrants) of Nubian Resources Ltd., (held by 2176423 Ontario Ltd., a corporation he beneficially owns) expired unexercised representing a decrease in holdings of approximately 10.3% of the outstanding common shares (Shares) on a partially diluted basis since the date of the last early warning report. Prior to the expiry of these Warrants, Mr. Sprott beneficially owned and controlled 10,000,000 Shares and 5,000,000 Warrants representing approximately 15.5% of the outstanding Shares on a non-diluted basis and approximately 21.6% on a partially diluted basis assuming the exercise of such Warrants.

As a result of the Warrant expiry, Mr. Sprott now beneficially owns and controls 10,000,000 Shares representing approximately 15.5% of the outstanding Shares on a non-diluted basis. The Warrants expiry resulted in a partially diluted ownership change of greater than 2% and, therefore, the filing of an update to the early warning report.

The securities are held for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities including on the open market or through private acquisitions or sell the securities including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.

Nubian Resources Ltd., is located at #202 Yale Court Plaza, 2526 Yale Court, Abbotsford. BC V2S 8G9. A copy of the early warning report with respect to the foregoing will appear on the company's profile on the System for Electronic Document Analysis and Retrieval at and may also be obtained by calling Mr. Sprott's office at (416) 945-3294 (2176423 Ontario Ltd., 200 Bay Street, Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J1).

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