Mr. Leigh Curyer reports

NEXGEN ANNOUNCES THE COMPLETION OF THE PROVINCIAL ENVIRONMENTAL ASSESSMENT TECHNICAL REVIEW AND SUBMISSION OF THE FINAL ENVIRONMENTAL IMPACT STATEMENT

NexGen Energy Ltd. has achieved a major milestone in the advancement of regulatory approvals for the 100-per-cent-owned Rook I project with the completion of the provincial environmental assessment (EA) technical review process and submission of the final provincial environmental impact statement (EIS) to the Saskatchewan Ministry of Environment (ENV).

The project, located in the uranium-rich district of Saskatchewan's southwestern Athabasca basin, includes underground and surface facilities to support the mining and processing of uranium ore from the Arrow deposit. The ENV has confirmed completion of its conformity review of the revised EIS submitted by NexGen on July 5, 2023, and the planned advancement of the provincial EA to the public review stage.

Leigh Curyer, chief executive officer, commented: "The submission of the final provincial EIS to the Saskatchewan Ministry of Environment is a significant step in the regulatory advancement of the Rook I project. It marks the completion of a robust and thorough provincial technical review process, and incorporates the diverse perspectives of multiple provincial agencies and stakeholders with deep experience in uranium mining.

"We are incredibly proud of the contribution and partnership of all four local indigenous communities in the local project area whom, through industry-leading benefit agreements, have all confirmed their formal and legal consent for the company and project throughout its entire lifespan. In parallel to today's exciting milestone, we focus on the successful completion of the federal EA and licensing process, working diligently on delivering generational benefits to Saskatchewan and Canada to secure the clean energy transition for the globe."

Provincial EA next steps

The next step under the provincial EA process is the conduct of a 30-day provincial public review. The ENV has commenced preparing the materials required for provincial public review scheduled to commence on or prior to Sept. 2, 2023. Subsequent to completion of this 30-day public review period, ENV staff will compile the requisite EA materials and prepare a recommendation to the Saskatchewan Minister of Environment, who will then render a ministerial decision on the advancement of the project.

Federal EA and licensing update

In parallel to the continuing provincial EA process, NexGen is in the final stages of completing responses to the federal technical and public review comments received on the draft EIS through the federal EA review process completed in Q4 2022.

Through a co-operative provincial-federal EA process, the ENV and the Canadian Nuclear Safety Commission (CNSC) continue to share information, while providing a comprehensive EA process in accordance with the separate requirements that apply and must be satisfied with respect to the acts, regulations and guidelines in place for each of the respective jurisdictions.

NexGen has conducted an integrated approach to the federal EA and licensing processes for the project whereby information to support the federal licence application has been submitted to the CNSC in a staged manner since 2019 to ensure alignment between the EA and licensing documentation. During Q2 2023, NexGen completed submission of all the final components of the complete licence application package to the CNSC.

Indigenous and public engagement

Engagement with local indigenous groups, local communities, residents, businesses, organizations, land users and regulatory authorities is foundational to the responsible development of resource projects. Since 2013, NexGen has worked closely with local communities and those expressing interest in the project, reflecting meaningful, long-term relationships based on transparency, respect and trust.

NexGen's approach to the EA process has focused on enabling dialogue with and seeking feedback from indigenous groups which could potentially be affected by the proposed project. To facilitate engagement with local indigenous groups, NexGen entered into study agreements with each of the Clearwater River Dene Nation (CRDN), Metis Nation -- Saskatchewan (MN-S) on behalf of MN-S Northern Region 2 (NR2), Birch Narrows Dene Nation (BNDN) and Buffalo River Dene Nation (BRDN) in 2019. The study agreements formalized the engagement approaches that support each primary indigenous group's participation in the entire EA process, including capacity financing for engagement and retention of technical support. The study agreements also fully financed the completion of self-directed indigenous knowledge and traditional land use studies by each indigenous group that were valuable sources of information incorporated by NexGen in conducting the EA.

In addition, the study agreements facilitated the framework in which NexGen and each indigenous group negotiated in good faith to formalize the benefit agreements. The benefit agreements define the environmental, cultural, economic, training, employment, business opportunities and other benefits to be provided to the indigenous groups by NexGen and to confirm the consent and support of those indigenous groups for the project. Consequently, NexGen signed benefit agreements with each of the four communities in the local project area.

These four indigenous groups (the CRDN, MN-S NR2, BNDN and BRDN) collectively represent the first nation and Metis communities for which the ENV assigned procedural aspects of the duty to consult for the project to NexGen, and which have been identified by NexGen as the primary indigenous groups for consultation in consideration of the federal requirements of the CNSC.

Rook I project environmental impact statement

NexGen conducted the EA pursuant to the Environmental Assessment Act of Saskatchewan and the Canadian Environmental Assessment Act, 2012. Data and analyses on the potential positive and adverse effects from the project are included in the EIS, as well as the mitigation measures and monitoring and management programs to be implemented by NexGen. Other important aspects of the EIS include the demonstration of meaningful engagement with affected indigenous groups, local communities and the public, and the incorporation of indigenous and local knowledge into the EA.

The final provincial EIS incorporates and addresses information from technical review comments provided by the ENV, fulfilling a key aspect of meeting provincial requirements so that the ENV can make an informed decision regarding project approval.

About NexGen Energy Ltd.

NexGen Energy is a Canadian company focused on delivering clean energy fuel for the future. The company's flagship Rook I project is being optimally developed into the largest low-cost producing uranium mine globally, incorporating the most elite environmental and social governance standards. The Rook I project is supported by a National Instrument 43-101 compliant feasibility study which outlines the elite environmental performance and industry-leading economics. NexGen is led by a team of experienced uranium and mining industry professionals with expertise across the entire mining life cycle, including exploration, financing, project engineering and construction, operations, and closure. NexGen is leveraging its proven experience to deliver a project that socially, technically and environmentally leads the entire mining industry. The project and prospective portfolio in Northern Saskatchewan will provide generational long-term economic, environmental and social benefits for Saskatchewan, Canada, and the world.

Technical disclosure

All technical information in this news release has been reviewed and approved by Kevin Small, NexGen's senior vice-president, engineering and operations, a qualified person under National Instrument 43-101.

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