Mr. Warren Gilman reports

QUEEN'S ROAD CAPITAL NOTES NEXGEN'S ANNOUNCEMENT

Queen's Road Capital Investment Ltd. has noted the statement released yesterday by NexGen Energy Ltd., whereby NexGen announced that the Canadian Nuclear Safety Commission has approved NexGen's environmental assessment and issued a licence to prepare site and construction for its 100-per-cent-owned, generational Rook I project. This was the last permit necessary before construction could begin.

Queen's Road's first-ever investment was $30-million (U.S.) into NexGen in May, 2020. Queen's Road now holds a $70-million (U.S.) debenture that is convertible at $6.76 (U.S.) per share (versus the current share price of $12.40 (U.S.)). Queen's Road also owns approximately 10.5 million shares of NexGen worth over $130-million (U.S.). On a fully diluted basis, Queen's Road owns approximately 3.15 per cent of NexGen, making Queen's Road one of its largest shareholders.

Warren Gilman, chairman and chief executive officer of Queen's Road, commented: "We congratulate Leigh Curyer and the NexGen team in achieving this final and most important milestone. QRC remains a strong, supportive partner to NexGen as it begins construction of one of the world's great mining assets, which has production capacity greater than 50 per cent of the Western world's uranium supply."

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.

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