Mr. Leigh Curyer reports

NEXGEN INITIATES 30,000 METER 2024 URANIUM EXPLORATION PROGRAM

NexGen Energy Ltd. has begun a 30,000-metre exploration drill program that will test priority targets on NexGen's 100-per-cent-owned properties that dominate the boundary of the proven high-grade uranium district of the southwest Athabasca basin. The company's 2024 program builds on 2023 exploration results, which advanced the geological investigation of previously unexplored corridors and produced priority targets for this 2024 campaign.

NexGen's 2023 exploration program applied high-resolution geophysical surveys across all properties, and 22,114.4 metres of drilling dedicated to SW2 (Rook I) and SW1 (Gambit, Gartner and King). The results yielded a more-comprehensive understanding of the geology in the highly prospective R7 and Morrow targets on the SW2 property, including brittle-reactivated structure and hydrothermal alteration indicative of high-grade, uranium-bearing systems. Further, the 2023 program identified high prospectivity in the SW1 property (Gartner and Gambit corridors) where hydrothermal alteration associated with structure was discovered. In 2024, NexGen is increasing its exploration effort with a 30,000-metre drill program to follow up on these results and continue to systematically test the large and prospective land package NexGen holds. By refining targets through purpose-built geophysical coverage and drill testing priority areas, this exploration program is designed to strategically capitalize on the increasing global demand for clean, sustainably produced Canadian uranium.

Leigh Curyer, chief executive officer, commented: "Nuclear power is critical to reliably achieving carbon neutrality by 2050, and uranium is the fuel that will power this necessary transition, with the industry forecasting a 200-million-pound annual supply deficit by 2040. With our priority focus on concluding federal permitting and project engineering, the commencement of the 2024 exploration drilling to identify additional zones of mineralization is an exciting arm of NexGen's operations. The team are employing the same innovative target generation and cost-efficiency approach that led to the discovery Arrow."

2024 drilling

This drill program -- targeting 10 conductive trends -- has a planned total of 30,000 metres with up to four drill rigs in operation -- 15,700 metres planned for SW2 (Rook I) and 14,300 metres planned for SW1.

Winter drilling will take place on prospective corridors in proximity to the Arrow deposit: Patterson Corridor East, Derksen West, Derksen, Derksen East and Fury. During summer drilling, NexGen will target prospective corridors Gartner, Gambit and King on SW1, and Fury, R7 and Morrow on SW2.

NexGen's cash reserves total approximately $410-million available to finance the continuing development and further exploration of the company's mineral properties, and for general corporate purposes.

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 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 leads the entire mining industry socially, technically and environmentally. 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 Grant Greenwood, PGeo, NexGen's vice-president, exploration, a qualified person under NI 43-101.

We seek Safe Harbor.