Mr. Leigh Curyer reports

NEXGEN ANNOUNCES ADDITIONAL US$110 MILLION FINANCING WITH CEF HOLDINGS

NexGen Energy Ltd. has entered into a binding term sheet with CEF Holdings Ltd. for a second financing package totalling $110-million (U.S.), including:

1. $50-million (U.S.) of common shares of NexGen;
2. $60-million (U.S.) aggregate principal amount of unsecured convertible debentures.

The $50-million (U.S.) placement will result in the issuance of approximately 24.1 million placement shares at a price of $2.70 ($2.07 (U.S.) at an exchange rate of 1.3060) per placement share representing the 20-day VWAP (volume-weighted average price) of the company's common shares. The new debentures will be convertible at the holder's option into common shares at a conversion price of $3.52 ($2.69 (U.S.) at an exchange rate of 1.3060), equal to a 30-per-cent premium to the 20-day VWAP of the common shares. The 20-day VWAP was calculated as the volume-weighted average trading price of the common shares on the Toronto Stock Exchange for the 20 trading days ending on the day prior to the date of execution of the binding term sheet, converted into U.S. dollars using the Canadian/U.S. daily average rate of exchange published by the Bank of Canada for each relevant date.

In connection with the financing, the company and CEF have also agreed to extend the maturity date of the existing $60-million (U.S.) aggregate principal amount of unsecured convertible debentures to match the maturity date of the new debentures as well as certain other non-financial amendments including the strategic alignment provisions described below.

Leigh Curyer, chief executive officer of NexGen, commented: "We are thrilled to build on the partnership between NexGen and CEF, which formally commenced just 12 months ago with the initial investment of $60-million (U.S.). This financing represents a very strong alignment between NexGen and CEF and funds the company to expedite the optimal development of Arrow."

"Our investment today builds on the shared long-term vision and close strategic partnership with NexGen," said CEF's chief executive officer, Warren Gilman. "NexGen continues to deliver on all its objectives as it develops Arrow. We are excited at the opportunity to support the company in its goal of maximizing shareholder value by optimizing the development of Arrow which is proving to be one of the best mineral assets we've encountered."

The existing debentures, placement shares and new debentures are expected to be held by CEF (Capital Markets) Ltd., a wholly owned subsidiary of CEF (as to $20-million (U.S.) principal amount of existing debentures, $25-million (U.S.) of the placement shares and $20-million (U.S.) principal amount of new debentures); and holding companies of which each of Li Ka Shing and his son Victor Li are entitled to exercise, or control the exercise of, one-third or more of the voting power at general meetings (as to the balance of existing debentures, placement shares and new debentures).

The terms

The new debentures will carry a 7.5-per-cent coupon over a five-year term. The new debentures will be convertible at the holder's option into common shares at the conversion price of $3.52 ($2.69 (U.S.) at an exchange rate of 1.3060), equal to a 30-per-cent premium to the 20-day VWAP ending on the day prior to the date of execution of the binding term sheet.

The company will be entitled, on or after the third anniversary of the date of the issuance of the new debentures, at any time that the 20-day VWAP exceeds 130 per cent of the conversion price, to redeem the new debentures at par plus accrued and unpaid interest.

Two-thirds of the interest (equal to 5 per cent per annum) is payable in cash. One-third of the interest (equal to 2.5 per cent per annum) is payable in common shares issuable at a price equal to the 20-day VWAP on either the TSX or NYSE MKT (whichever has the greatest trading volume of common shares) ending on the day prior to the date such interest payment is due.

Strategic alignment provisions

In consideration for the increased investment in NexGen, the company and the investors will enter into an investor rights agreement. The investor rights agreement will provide for the following:

1. For so long as they hold at least 10 per cent of the common shares (on a partially diluted basis), the investors will agree (i) not to tender or agree to tender (or convert) the new debentures or the existing debentures or any common shares they hold to an unsolicited takeover bid, (ii) to exercise the votes attached to all common shares they hold in respect of any change of control transaction, and deposit or tender such common shares, in accordance with the recommendation of the company's board of directors, (iii) to withhold votes in respect of any common shares they hold in respect of the election of individuals to the board who are not nominees of management, and (iv) in respect of non-change of control matters, not to exercise the votes attached to any common shares they hold contrary to the recommendation of the board.
2. For so long as they hold at least 10 per cent of the common shares (on a partially diluted basis), the investors will agree to a standstill whereby they will, among other things, not acquire any securities of the company or solicit proxies or otherwise attempt to influence the conduct of security holders of the company.
3. For so long as they hold at least 10 per cent of the common shares (on a partially diluted basis), the investors will be subject to restrictions on disposition applicable to any common shares they hold, consisting of giving prior notice to the company of any proposed disposition of more than 0.5 per cent of the number of common shares then outstanding and either: (i) disposing of such common shares to specific willing investors identified by the company within a seven-day period; or (ii) disposing of such common shares either through a broad distribution on the public markets or in a private transaction or block trade to anyone other than specific investors identified by the comany within the seven-day period.
4. For so long as they hold at least 15 per cent of the common shares (on a partially diluted basis), the investors will have the right to nominate one director to the board.

Use of proceeds

Including the proceeds from this financing, NexGen will have cash reserves of approximately $200-million. Proceeds from the financing will be used to finance the continuing exploration and development of the company's SW2 properties (which include the Rook 1 project) and for general corporate purposes.

Approval

The financing is subject to the satisfaction of customary closing conditions, including regulatory approval, the completion of definitive documentation, there being no material adverse change in the business of the company, or a major event of national or international consequence that disrupts the financial markets or the business, operations or affairs of the company.

Advisers

TD Securities Inc. is acting as financial adviser and lead placement agent to NexGen and CIBC World Markets Inc. is acting as financial adviser to CEF.

Early warning disclosure

This portion of the news release is issued pursuant to National Instrument 62-103 -- the early warning system and related takeover bid and insider reporting issues -- of the Canadian Securities Administrators, which also requires an early warning report to be filed with the applicable securities regulators containing additional information with respect to the foregoing matters. A copy of the early warning report of the Li investor will be available on NexGen's issuer profile on SEDAR.

Following completion of this financing, the Li investor will hold: (a) an aggregate of 13,903,461 common shares, representing approximately 4.2 per cent of the issued and outstanding common shares; (b) $40-million (U.S.) aggregate principal amount of existing debentures; and (c) $40-million (U.S.) aggregate principal amount of new debentures. For the placement shares that partially gave rise to the early warning reporting requirements, the Li investor paid $2.70 per share and $32,597,000 in aggregate. Immediately before this financing, the Li investor holds 1,250,735 common shares, representing approximately 0.4 per cent of the issued and outstanding common shares as well as $40-million (U.S.) aggregate principal amount of the existing debenture. The Li investor does not have any present intention to acquire ownership of, or control over, additional securities of NexGen, other than pursuant to the terms of the new debentures and existing debentures and the placement fee owing in connection with this financing which will be paid in common shares at closing. It is the intention of the Li investor to evaluate its investment in NexGen on a continuing basis and such holdings may be increased or decreased in the future, subject to the strategic alignment provisions. For the purposes of NI 62-103 the head office address of the Li investor is East Asia Chambers, PO Box 901, Road Town, Torotola, British Virgin Islands, and the head office address of the company is 3150, 1021 West Hastings St., Vancouver, B.C., Canada, V6E 0C3.

About NexGen Energy Ltd.

NexGen is a British Columbia corporation with a focus on the acquisition, exploration and development of Canadian uranium projects. NexGen has a highly experienced team of uranium industry professionals with a successful record in the discovery of uranium deposits and in developing projects through discovery to production.

NexGen owns a portfolio of highly prospective uranium exploration assets in the Athabasca basin, Saskatchewan, Canada, including a 100-per-cent interest in Rook I, location of the Arrow discovery in February, 2014, and Bow discovery in March, 2015, and the Harpoon discovery in August, 2016.

All scientific and technical information in this news release has been prepared by or reviewed and approved by Garrett Ainsworth, PGeo, vice-president -- exploration and development, for NexGen. Mr. Ainsworth is a qualified person for the purposes of National Instrument 43-101 and has verified the sampling, analytical and test data underlying the information or opinions contained herein by reviewing original data certificates and monitoring all of the data collection protocols.

For details of the Rook I project including the quality assurance program and quality control measures applied and key assumptions, parameters and methods used to estimate the mineral resource set forth below please refer to the technical report entitled "Technical report on the Rook 1 property, Saskatchewan, Canada," dated effective March 31, 2017, prepared by Mark B. Mathisen and David Ross, each of whom is a qualified person under NI 43-101. The Rook I technical report is available for review under the company's profile on SEDAR.

We seek Safe Harbor.