Mr. Leigh Curyer reports

NEXGEN SOLIDIFIES 100% OWNERSHIP OF ITS ENTIRE LAND PACKAGE

NexGen Energy Ltd. has exercised its right of first refusal to acquire the 10-per-cent production carried interest (PCI) held by Rio Tinto Exploration Canada Inc. (Rio Tinto) over 39 of NexGen's mineral claims in the Southwest Athabasca basin, including those hosting the PCE discovery. NexGen's entire portfolio including the Arrow deposit is now 100 per cent owned. Concurrent with its exercise, NexGen has agreed to match a cash payment offered to Rio Tinto for the interest, the terms of which are contractually confidential.

• NexGen acquires Rio Tinto's 10-per-cent production carried interest over 39 NexGen-owned mineral claims in the Southwest Athabasca basin, including those hosting the Patterson Corridor East (PCE) discovery.
• NexGen now owns exclusively 100 per cent of its entire portfolio of projects and properties which include Rook I (location of Arrow and PCE deposits), SW1 and SW3.

Leigh Curyer, chief executive officer, commented: "Given the world-class extent, high-grade and superior technical setting of mineralization discovered to date at our two projects, consolidating our portfolio at PCE and surrounding area to match our 100-per-cent ownership in our world-class Arrow deposit, is entirely in line with our strategic objective of becoming the future leader in uranium production worldwide.

"Today, the uranium market is already in a structural deficit. With the world's leading tech companies recently committing to the construction of over $100-billion (U.S.) in AI data centres in the U.S. alone -- to be predominantly powered by nuclear energy -- the ever-growing need for a safe, secure supply of uranium from sound jurisdictions is upon us. NexGen's unmatched uranium endowment, including our flagship Arrow and developing PCE deposit, together with our large surrounding land package meets that criteria. Today's transaction further elevates the realization of our long-standing strategic objective of becoming the largest supplier of uranium worldwide."

History

The PCI entitled Rio Tinto to a 10-per-cent undivided interest in future production from the subject claims, carried through to the commencement of commercial production and was put in place before NexGen acquired the land package in 2012. Upon commencement of production, NexGen was entitled to recover 10 per cent of all prior costs incurred from the effective date of the original agreement, from 75 per cent of Rio Tinto's 10-per-cent share of production. Following full recovery of those costs, Rio Tinto would have received its full 10-per-cent share of production. A joint venture would have been formed at that time to govern continuing operations.

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 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.

NexGen is listed on the Toronto Stock Exchange, the New York Stock Exchange under the ticker symbol NXE and on the Australian Securities Exchange under the ticker symbol NXG, providing access to global investors to participate in NexGen's mission of solving three major global challenges in decarbonization, energy security and access to power. The company is headquartered in Vancouver, B.C., with its primary operations office in Saskatoon, Sask.

Technical disclosure

All technical information in this news release has been reviewed and approved by Jason Craven, NexGen's vice-president, exploration, a qualified person under National Instrument 43-101. A technical report in respect of the FS is filed on SEDAR+ and EDGAR, and is available for review on NexGen Energy's website.

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