Nubian Provides Update on Private Placement

TORONTO, June 25, 2020 - Nubian Resources Ltd. (TSX-V: NBR) ("Nubian" or the "Company") announces that, further to its press release of May 28, 2020, the Company's previously announced private placement financing (the "Private Placement") has been oversubscribed. The Company now intends to complete the Private Placement by issuing and selling 11,763,542 units at a price of $0.15 per unit for gross proceeds of $1,764,531. Each unit is comprised of one common share and one-half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant") of the Company, with each Warrant entitling the holder to purchase one common share of the Company at a price of $0.20 for a period of 24 months after the closing date, provided, however that, if, at any time following the expiry of the statutory four month hold period, the closing price of the common shares on the TSX Venture Exchange is greater than $0.50 for 20 or more consecutive trading days, the Warrants will be accelerated and the Warrants will expire on the 20^th business day following the date of such notice. In connection with the Private Placement, the Company will pay finder's fees of $52,860 cash and issue 352,400 compensation warrants in accordance with the policies of the TSX Venture Exchange.

Closing of the Private Placement is subject to approval of the TSX Venture Exchange. The securities issued under the Private Placement, and any common shares that may be issuable on exercise of Warrants, will be subject to a statutory hold period expiring four months and one day from the date of issuance.

ABOUT NUBIAN

Nubian Resources Ltd. is a public traded precious and base metals exploration company listed on the TSX Venture Exchange. The Company is managed by a team of experienced mining and geological professionals. Nubian's main asset is the Esquilache Silver-Zinc Project located within the Tintaya porphyry copper belt of southern Peru. In May 2020, Nubian entered into an agreement to acquire and develop the Yandoit Gold Project in central Victoria, Australia.

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.

Caution Regarding Forward Looking Statements

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Nubian's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward looking information relating to, among other things, statements with respect to the potential completion of the Private Placement and the terms and conditions of the Private Placement. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to Nubian. Although such statements are based on reasonable assumptions of Nubian's management, there can be no assurance that any conclusions or forecasts will prove to be accurate.

Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the Company's acquisition of the Yandoit Gold Project, the Private Placement, and other similar matters. While Nubian considers these assumptions to be reasonable based on information currently available to them, they may prove to be incorrect. Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined, risks relating to variations in grade or recovery rates, risks relating to changes in mineral prices and the worldwide demand for and supply of minerals, risks related to the COVID-19 pandemic and current global financial conditions, increased competition, access and supply risks, reliance on key personnel, operational risks regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks, title and environmental risks and risks relating to delay or failure to satisfy the closing conditions to the Yandoit Gold Project acquisition and the Private Placement.

The forward-looking information contained in this release is made as of the date hereof, and Nubian is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

SOURCE Nubian Resources Ltd.