Mr. Leigh Curyer reports

NEXGEN DRILLS MOST INTENSE MINERALIZATION TO DATE AT ARROW

NexGen Energy Ltd. has released further results from its continuing six-rig 30,000-metre winter 2016 drill program on the 100-per-cent-owned Rook I property, Athabasca basin, Saskatchewan.

Hole AR-16-63c2 has drilled the most significant accumulations of massive pitchblende ever encountered at the Arrow zone. The mineralization, which was intersected 19 m updip and southwest of AR-15-44b in the higher-grade A2 subzone, featured 40.85 metres of off-scale radioactivity (greater than 10,000 to greater than 61,000 cps) and included 13.85 m at a minimum of greater than 61,000 counts per second.

The mineralization encountered in hole -63c2 includes the most minimum of greater than 61,000 cps mineralization seen at Arrow and is nearly seven times as much as hole AR-15-62, which is the best hole at the project on a continuous grade-by-thickness (GT) basis at 787. Hole -63c2 was drilled 27 m downdip and southwest from hole AR-16-64c2 (see news release dated Feb. 2, 2016).

Highlights

A2 shear:

• AR-16-63c2 (19 m updip and southwest from AR-15-44b, and 14 m downdip and northeast from AR-15-62) intersected 138.0 m of total composite mineralization including 40.85 m of total composite off-scale radioactivity (10,000 to greater than 61,000 cps) within a 206.5 m section (439.5 to 645.5 m) featuring 13.85 m with a minimum of greater than 61,000 cps in the subzone. The mineralization was defined by wide intervals of dense accumulations of massive pitchblende.

                                       HIGHER-GRADE A2 SUBZONE DRILL HOLE  COMPARISONS

                       AR-15    AR-15    AR-15    AR-16   AR-15    AR-16    AR-15    AR-16    AR-16    AR-15    AR-15
                       -59c2(2) -54c1(2) -58c1(2) -63c1(1)  -62(2) -63c2     -44b(2) -64c2(1) -64c1(1) -49c2(2) -57c3(2)
Total
composite
mineralization        75.5 m     42 m     86 m   55.5 m   143 m    138 m  135.6 m     76 m     74 m   73.5 m   62.5 m
Total off-scale
(>10,000 to
29,999 cps)(3)        11.4 m    5.9 m   14.3 m   6.85 m 17.75 m  17.10 m  30.25 m  15.95 m   10.3 m   15.7 m    4.4 m
Total off-scale
(>30,000 to
60,999 cps)(3)         4.5 m      3 m   3.85 m    0.5 m  10.6 m    9.9 m   7.75 m    4.7 m    3.7 m    5.2 m    2.5 m
Total off-scale
(>61,000 cps)(3)         1 m    0.5 m      2 m      0 m     2 m  13.85 m    1.5 m    5.5 m      0 m   2.15 m    1.8 m
Continuous GT
(grade x thickness)      371      277  200 and   Assays     787   Assays      655   Assays   Assays      605      319
                                           345  pending          pending           pending  pending

(1) Radioactivity results previously released.
(2) Radioactivity and assays results previously released.
(3) Minimum radioactivity using RS-120 gamma spectrometer.

Arrow, activities and financial:

• The land-based and basement-hosted Arrow zone currently covers an area of 645 m by 235 m with a vertical extent of mineralization commencing from 100 m to 920 m, and remains open in all directions and at depth.
• The winter 2016 program comprising 30,000 m of drilling is now fully operational with six drill rigs active.
• The release of a maiden National Instrument 43-101 resource estimate on the Arrow zone is scheduled for the first half of 2016.
• The company has cash on hand of $33-million.

Garrett Ainsworth, vice-president, exploration and development, commented: "Results from hole AR-16-63c2 are simply stunning and represent the strongest radioactivity ever recorded at the Arrow zone. The continuity of mineralization in the higher-grade A2 subzone is clearly evident. Furthermore, this zone remains open and will be tested further this winter together with exploring for other potential subzones at Arrow. Hole -63c2 has a similar radioactivity profile to AR-15-62 (returned continuous GT of 787), except it has nearly seven times as much minimum greater than 61,000 cps. The gamma probe comparison between the two holes really says it all."

Leigh Curyer, chief executive officer, commented: "The Arrow zone has again delivered a truly unique hole. The winter 2016 program has already produced highly material results in only its first month of operation, highlighting Arrow's current and future potential. Our six-rig program will continue to define the A2 subzone further, as well as drill for zone extensions and along strike from Arrow."

               ARROW ZONE DRILL HOLE DATA

Hole ID             From       To      Width   Cps range
                      (m)      (m)        (m)

AR-16-63c2        439.50   451.00      11.50 <500-30,500
                  460.50   500.00      39.50      61,000
                  503.50   518.00      14.50      61,000
                  521.00   546.50      25.50      61,000
                  559.00   568.50       9.50      61,000
                  571.50   583.50      12.00      61,000
                  589.50   594.50       5.00  <500-1,000
                  597.00   602.00       5.00  <500-1,500
                  604.50   610.50       6.00  <500-4,000
                  621.50   623.00       1.50    <500-900
                  629.00   633.00       4.00  <500-1,700
                  636.50   639.00       2.50  <500-1,600
                  644.00   645.50       1.50  <500-1,200

Parameters:

• Maximum internal dilution is two m downhole.
• All depths and intervals are metres downhole.
• Anomalous means greater than 500 cps total count gamma readings by gamma scintillometer type RS-120.
• Off-scale means greater than 10,000 cps total count gamma readings by gamma scintillometer type RS-120.
• Where min cps is less than 500 cps, this refers to local low radiometric zones within the overall radioactive interval.

Natural gamma radiation in drill core reported in this news release was measured in counts per second using a Radiation Solutions Inc. RS-120 gamma-ray scintillometer. The reader is cautioned that total count gamma readings may not be directly or uniformly related to uranium grades of the rock sample measured; they should be used only as a preliminary indication of the presence of radioactive minerals. All intersections are downhole. True thicknesses are yet to be determined.

Split core samples will be taken systematically, and intervals will be submitted to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025:2005-accredited facility) of Saskatoon for analysis. All samples sent to SRC will be analyzed using ICP-MS for trace elements on partial and total digestions, ICP-OES for major and minor elements on a total digestion, and fusion solution of boron by ICP-OES. Mineralized samples are analyzed for triuranium octoxide by ICP-OES and select samples for gold by fire assay. Assay results will be released when received and after stringent internal quality assurance/quality control protocols are passed.

The technical information in this news release has been approved by Garrett Ainsworth, PGeo, vice-president, exploration and development, a qualified person for the purposes of National Instrument 43-101. Mr. Ainsworth reviewed the data disclosed in this news release, including the sampling, analytical and test data underlying the information contained in this news release.

Arrow zone drilling

AR-16-63c2

Hole AR-16-63c2 was a directional hole that departed pilot hole AR-16-63c1 at 292 m. It tested the A2 shear 19 m updip and southwest of AR-15-44b (11.55 per cent U3O8 over 56.5 m in the A2 shear). Directional drilling was initiated at 303 m and the A2 shear was intersected at an inclination of minus-73 degrees.

Since the hole departed the pilot hole below the unconformity, no Athabasca group sandstones were intersected. Basement lithologies consisted largely of semipelitic gneiss to granofel, and relatively narrow intervals of pelitic gneiss and mylonite (the A2 shear). Extensive visible uranium mineralization was intersected in the higher-grade subzone of the A2 shear that unequivocally featured the heaviest concentrations of massive pitchblende ever drilled at Arrow. A total composite mineralization of 138.0 m, including 40.85 m of off-scale radioactivity (greater than 10,000 to greater than 61,000 cps), was intersected within a 206.0 m section (439.5 to 645.5 m), all within the A2 shear. Furthermore, an unprecedented 13.85 m of core within the mineralized intersection showed minimum radioactivity in excess of 61,000 cps.

We seek Safe Harbor.