Mr. Warren Gilman reports

QUEEN'S ROAD CAPITAL ANNOUNCES US$70 MILLION INVESTMENT IN NEXGEN ENERGY LTD.

Queen's Road Capital Investment Ltd. has entered into an agreement with NexGen Energy Ltd. whereby the company will invest $70-million (U.S.) in a new NexGen convertible debenture.

The convertible debenture will have similar terms to the existing 2020 convertible debenture including a five-year term and voting alignment but updated to a 9-per-cent coupon and will be convertible into NexGen common shares at a share price of $6.76 (U.S.). The interest is payable 6 per cent in cash and 3 per cent in shares at the 20-day volume-weighted average price prior to each interest payment date. Washington H. Soul Pattinson and Company Ltd. has agreed to purchase from Queen's Road 8.7 million common shares currently held by Queen's Road for $5.20 (U.S.) per share (or approximately $45-million (U.S.)). Use of proceeds will be to finance further development and exploration of NexGen's mineral properties and for general corporate purposes.

Queen's Road achieves several significant milestones with this investment, including:

• Largest single investment to date: At $70-million (U.S.), this investment is three times the size of the company's previous largest convertible debt investment, a testament to both the growth of Queen's Road during the three years since its inception and to the quality of NexGen as an investee company.
• First exit of a significant investment: In connection with the investment, the company will convert the existing 2020 convertible debenture into common shares of NexGen, representing the first realization of a significant investment by Queen's Road since its inception; the $45-million (U.S.) sale price represents a gain of 200 per cent over the $15-million (U.S.) initial investment and an internal rate of return of approximately 50 per cent over the duration of the investment.
• $149-million (U.S.) convertible debenture portfolio: As a result of this investment, Queen's Road will cross the $100-million threshold of active convertible debenture investments with $149-million (U.S.) of income-generating assets under management.
• Over $13-million (U.S.) in annual interest income: The active convertible debt portfolio will be earning $13.4-million (U.S.) of interest income annually (or a 9-per-cent average coupon), which will support future dividend payments to the company's shareholders.

Warren Gilman, chairman and chief executive officer of the company, commented: "QRC is delighted to increase its investment in NexGen at a time when NexGen has announced that it is on the verge of receiving final permits and beginning construction at the world-class Arrow uranium deposit. NexGen expects that Arrow will become the largest and lowest-cost hard-rock uranium mine in the world when commissioned and QRC looks forward to the continued strong partnership with the entire NexGen team."

Completion of the investment, which is expected to occur in the next few weeks, is subject to a number of conditions, including the execution of definitive documentation and the receipt of all required regulatory approvals.

About Queen's Road Capital Investment Ltd.

Queen's Road is a dividend-paying, leading financier to the global resource sector. The company is a resource-focused investment company, making investments in privately held and publicly traded companies. The company acquires and holds securities for long-term capital appreciation, with a focus on convertible debt securities and resource projects in advanced development or production located in politically safe jurisdictions.

We seek Safe Harbor.