NexGen Completes Phase I of Feasibility-Stage Drill Program Intersecting High Grade Mineralization and Preliminarily Assessed Robust Geotechnical and Hydrogeological Conditions in all Areas of Arrow

T.NXE, NexGen, uranium

NexGen Energy Ltd. (“NexGen” or the “Company”) (TSX: NXE, NYSE MKT: NXE) is pleased to report radioactivity results for an additional thirty-seven holes comprising 16,585.5 m from the Company’s Feasibility-stage drilling program at our 100% owned, Rook I property in the Athabasca Basin Saskatchewan. The Phase I resource component of the 2019 Feasibility stage program has completed 117 holes totaling 50,968 m.  Utilizing new directional drilling technology, AziDrill, the Company was able to reduce the metres required for Phase I conversion by 28% due to the ability to target mineralization more accurately with deeper directional cuts from the pilot hole.

Further, an additional 14 holes of 6,314.4 m were completed designed to geotechnically and hydrogeologically characterize the rock mass within areas of the proposed mine workings and the Underground Tailings Management Facility (“UGTMF”).

In total, the 2019 Phase I winter drilling program comprised 131 completed holes totaling 57,282.4 m.

Phase I: Conversion of Indicated to Measured Mineral Resources

This current phase of the 2019 drilling program targeted the A2 and A3 High-Grade Domains for conversion of Indicated to Measured Mineral Resources within the proposed mine plan at a drill hole spacing of between 9.0 m and 16.7 m(based on a geostatistical data spacing report compiled by Clayton V. Deutsch from Resource Modeling Solutions). All drill holes were collared at a steep inclination, then shallowed out between -55° and -60° before intersecting the target by utilizing the latest in directional drilling technology.  The results below highlight intersections through each of the A2 and A3 High Grade Domains, respectively.

A2 High-Grade Domain Highlights

  • AR-19-265c2 intersected 53.5 m of total composite mineralization including 9.80 m of total composite off-scale radioactivity (>10,000 to >61,000 cps) within a 109.0 m section (497.5 to 605.5 m). Additionally, of the 9.80 m of off-scale mineralization intersected in the hole 2.0 m of massive-to-semi massive pitchblende with minimum-greater-than-61,000 cps;
  • AR-19-259c1 intersected 26.5 m of total composite mineralization including 8.40 m of total composite off-scale radioactivity (>10,000 to >61,000 cps) within a 96.0 m section (549.0 to 645.0 m). Additionally, of the 8.40 m of off-scale mineralization intersected in the hole 1.00 m of massive-to-semi massive pitchblende with minimum-greater-than-61,000 cps;
  • AR-19-253c1 intersected 41.0 m of total composite mineralization including 5.20 m of total composite off-scale radioactivity (>10,000 to >61,000 cps) within an 80.0 m section (632.0 to 712.0 m);
  • AR-19-262c1 intersected 37.5 m of total composite mineralization including 5.30 m of total composite off-scale radioactivity (>10,000 to >61,000 cps) within an 88.0 m section (529.0 to 617.0 m).

A3 High-Grade Domain Highlights

  • AR-19-256c1 intersected 38.5 m of total composite mineralization including 8.10 m of total composite off-scale radioactivity (>10,000 to >61,000 cps) within a 96.0 m section (437.0 to 533.0 m). Additionally, of the 8.10 m of off-scale mineralization intersected in the hole 1.5 m of massive-to-semi massive pitchblende with minimum-greater-than-61,000 cps;
  • AR-19-258c2 intersected 42.0 m of total composite mineralization including 10.85 m of total composite off-scale radioactivity (>10,000 to >61,000 cps) within an 88.0 m section (413.5 to 501.5 m);
  • AR-19-263c3 intersected 46.5 m of total composite mineralization including 7.20 m of total composite off-scale radioactivity (>10,000 to >61,000 cps) within an 85.0 m section (584.0 to 669.0 m).

Drill hole locations are shown in Figure 1, full drilling results can be found in Table 1. Drill hole descriptions can be found at www.nexgenenergy.ca

Phase I: Testing Geotechnical and Hydrogeological Conditions within the proposed mine plan and Underground Tailings Management Facility (“UGTMF”)

An additional 14 holes totaling 6,314.4 m were completed designed to geotechnically and hydrogeologically characterize the rock mass within areas of the proposed mine plan and the UGTMF. The preliminary field analysis indicated robust rock mass conditions in all areas. A report detailing the geotechnical results is being prepared by North Rock Mining Solutions Inc. In addition, the hydrogeological data acquired from these holes is being incorporated into the hydrogeological model which will characterize the favourable hydrogeological conditions at Arrow, inclusive of the proposed UGTMF area. Both reports will be incorporated into to the Feasibility Study and Environmental Assessment for the Arrow Deposit.

Development, Activities & Financial

  • Phase I results are all pending final assays and will be released as received and finalized. The commencement of Phase II is pending final compilation and analysis of all Phase I drilling results. All programs for the Feasibility Study (H1 2020) and Environmental Assessment (H2 2020) are ongoing and on schedule.
  • NexGen commenced an Environmental Assessment on the Rook I Project on April 29, 2019 in accordance with the requirements of both the Environmental Assessment Act and the Canadian Environmental Assessment Act, 2012 (“CEAA 2012”) after receiving acceptance of the Rook I Project Description (Technical Proposal) by the Canadian Nuclear Safety Commission (“CNSC”) and the Saskatchewan Ministry of Environment (“SMOE”). In addition, NexGen filed an Initial Licence Application with the CNSC under the Nuclear Safety and Control Act in order to obtain a Licence to Prepare Site and Construct for the Project.
  • NexGen welcomes the conclusion of the  section 232 investigation as reported on July 12, 2019 by Presidential Memoranda by which the President of the United States determined that he did not believe uranium imports threaten to impair the national security of the United States.  With the conclusion in hand and support for the entire nuclear energy sector in the United States, many industry observers have reported market activity and utility demand interest has already increased since mid-July for spot and mid-term delivery.
  • As of July 31, 2019, the Company had cash-on-hand of approximately $80 million which fully funds NexGen for all drilling, feasibility and development programs planned this year.

Leigh Curyer, Chief Executive Officer, commented: “The dual purpose 2019 Phase I drilling has produced another batch of exceptional radio activity results highlighting Arrow’s unique high grade continuity throughout the ore body, and from a development perspective, highly favourable ground conditions for the proposed mine plan and UGTMF. I would like to take the opportunity to congratulate the NexGen team on the speed, accuracy, efficiency and elite standards in executing Phase I ground work whilst in tandem successfully advancing permitting and community objectives. It’s an exciting time at NexGen and the dedication of the team inclusive of our valued service providers, community members and government is outstanding.”

Troy Boisjoli, Vice-President, Operations and Project Development, commented: “Today’s release represents a great milestone for the Project as this last batch of Phase I holes continues to show the clear continuity of high-grade mineralization across the A2 and A3 shears. These radioactivity results are particularly impressive considering the advanced shallow angle of interception into the sub-vertical Arrow orebody that AziDrill has been able to deliver over prior drill programs at Arrow. In addition, the preliminary geotechnical and hydrogeological field results indicating highly competent ground conditions for sound extraction is excellent. The strength of the Arrow resource and proposed mine plan has been further validated with the completion of the 2019 Phase 1 drill program. We look forward to incorporating all these results into an updated mineral resource, Feasibility Study and Environmental Assessment for submission.”

Table 1: Arrow Deposit Drill Hole Data

Drill Hole

Athabasca Group – 
Basement Unconformity
Depth (m)

Handheld Scintillometer Results
(RS-120/125)

Hole ID

Azimuth

Dip

Total 
Depth (m)

From
(m)

To (m)

Width
(m)

CPS Range

AR-19-251c1

327

-65

577.50

141.25

480.00

481.00

1.00

<500 –  5000

503.00

506.50

3.50

<500 –  14500

520.00

521.00

1.00

<500 –  61000

523.50

524.50

1.00

<500 –  3000

531.00

532.50

1.50

4000 –  61000

537.00

539.00

2.00

<500 –  1700

543.00

545.00

2.00

<500 –  1800

556.50

557.00

0.50

<500 –  590

AR-19-251c2

327

-65

666.50

N/A

424.50

425.00

0.50

<500 –  1400

463.00

465.00

2.00

<500 –  15000

470.00

483.50

13.50

<500 –  33000

486.00

501.00

15.00

<500 –  61000

512.00

514.00

2.00

<500 –  1200

581.50

594.00

12.50

<500 –  61000

597.50

600.00

2.50

<500 –  750

608.00

609.00

1.00

<500 –  1000

611.50

612.50

1.00

<500 –  3400

623.00

627.50

4.50

<500 –  12100

646.00

647.50

1.50

<500 –  2400

AR-19-252c1

327

-65

756.50

129.40

483.50

484.00

0.50

<500 –  2350

502.50

503.00

0.50

<500 –  15200

507.00

508.00

1.00

<500 –  2350

513.50

515.00

1.50

<500 –  1250

559.00

560.00

1.00

600 –  47600

564.50

565.00

0.50

<500 –  2200

574.00

577.50

3.50

<500 –  49000

580.50

587.50

7.00

<500 –  52800

600.00

600.50

0.50

<500 –  6800

610.50

620.50

10.00

<500 –  61000

633.00

635.00

2.00

<500 –  4400

642.00

648.50

6.50

<500 –  2400

652.50

653.00

0.50

520 –  860

661.50

662.00

0.50

<500 –  3400

664.50

665.00

0.50

<500 –  950

667.50

679.00

11.50

<500 –  61000

685.50

695.50

10.00

<500 –  10500

699.00

699.50

0.50

<500 –  1500

703.50

705.50

2.00

<500 –  3700

721.50

724.50

3.00

<500 –  14000

AR-19-252c2

327

-65

801.50

N/A

487.50

489.00

1.50

<500 –  1500

509.50

511.50

2.00

<500 –  8400

543.00

543.50

0.50

<500 –  510

546.00

547.00

1.00

<500 –  4140

559.00

559.50

0.50

<500 –  1400

576.50

584.00

7.50

<500 –  20500

589.50

592.50

3.00

<500 –  45000

595.50

604.00

8.50

<500 –  61000

606.50

611.00

4.50

<500 –  19000

620.00

628.00

8.00

<500 –  44000

634.00

634.50

0.50

<500 –  540

637.50

650.50

13.00

<500 –  3400

656.00

657.00

1.00

<500 –  2100

661.00

669.00

8.00

<500 –  2000

676.00

703.00

27.00

<500 –  61000

723.50

729.50

6.00

<500 –  27000

738.00

738.50

0.50

<500 –  580

745.00

746.00

1.00

<500 –  7200

755.50

757.00

1.50

<500 –  12600

777.50

779.50

2.00

<500 –  13000

AR-19-252c3

327

-65

804.50

N/A

496.50

497.00

0.50

<500 –  850

515.50

521.50

6.00

<500 –  6800

528.00

530.00

2.00

<500 –  9000

551.00

555.00

4.00

<500 –  12700

567.50

568.00

0.50

<500 –  760

580.50

581.50

1.00

<500 –  750

590.50

593.50

3.00

<500 –  45000

606.00

607.00

1.00

<500 –  61000

612.50

621.00

8.50

<500 –  61000

623.50

646.00

22.50

<500 –  61000

649.50

657.00

7.50

<500 –  3800

663.50

671.00

7.50

<500 –  3050

674.00

681.00

7.00

<500 –  1500

684.00

700.00

16.00

<500 –  61000

702.50

704.00

1.50

<500 –  660

706.50

711.50

5.00

<500 –  18100

718.50

729.50

11.00

<500 –  61000

738.00

739.00

1.00

1200 –  47900

750.00

755.00

5.00

<500 –  11600

774.00

776.00

2.00

<500 –  9600

783.50

784.50

1.00

<500 –  61000

AR-19-253c1

327

-65

712.00

125.45

442.50

443.50

1.00

<500 –  2650

528.00

528.50

0.50

<500 –  1100

537.00

540.50

3.50

<500 –  1800

558.50

560.00

1.50

<500 –  15500

568.00

573.00

5.00

<500 –  650

580.00

584.00

4.00

<500 –  4000

587.50

589.50

2.00

<500 –  2200

594.50

595.00

0.50

<500 –  910

623.50

624.00

0.50

<500 –  730

639.50

672.00

32.50

<500 –  61000

681.00

683.00

2.00

<500 –  15000

690.00

696.00

6.00

<500 –  52800

AR-19-253c2

327

-65

744.50

N/A

442.00

442.50

0.50

<500 –  720

506.00

507.50

1.50

<500 –  12000

538.50

541.50

3.00

<500 –  1900

547.00

548.00

1.00

<500 –  840

552.50

558.50

6.00

<500 –  2500

568.50

569.00

0.50

660 –  3150

583.50

585.00

1.50

<500 –  1050

591.50

592.00

0.50

<500 –  1580

606.00

609.00

3.00

<500 –  820

635.50

640.50

5.00

<500 –  2500

651.00

685.00

34.00

<500 –  61000

687.50

688.50

1.00

<500 –  6640

692.50

701.00

8.50

<500 –  13200

706.50

709.50

3.00

<500 –  3350

742.00

742.50

0.50

<500 –  1000

AR-19-254c1

327

-65

684.50

133.10

479.00

480.00

1.00

<500 –  5600

522.00

522.50

0.50

<500 –  550

527.50

528.00

0.50

<500 –  790

533.50

534.00

0.50

<500 –  620

616.50

625.00

8.50

<500 –  6500

631.50

641.00

9.50

<500 –  10200

649.00

651.50

2.50

<500 –  15000

657.00

663.00

6.00

<500 –  12000

AR-19-254c2

327

-65

699.50

N/A

468.50

469.00

0.50

<500 –  550

471.50

472.00

0.50

<500 –  900

483.50

484.00

0.50

700 –  13100

514.50

515.00

0.50

<500 –  1100

528.00

529.50

1.50

<500 –  25000

533.00

534.50

1.50

<500 –  25000

538.50

539.50

1.00

<500 –  29100

542.50

550.50

8.00

<500 –  2800

609.50

610.00

0.50

<500 –  580

622.00

623.50

1.50

<500 –  3300

628.00

658.00

30.00

<500 –  24000

665.50

670.00

4.50

<500 –  61000

AR-19-255c1

327

-65

609.50

122.40

505.00

506.00

1.00

<500 –  1580

510.50

513.00

2.50

<500 –  1700

520.00

523.50

3.50

<500 –  1400

545.50

565.00

19.50

<500 –  61000

568.50

569.00

0.50

670 –  2000

588.00

589.00

1.00

<500 –  5600

AR-19-255c2

327

-65

609.50

N/A

523.00

523.50

0.50

<500 –  7500

526.00

532.50

6.50

<500 –  4400

551.00

561.50

10.50

<500 –  61000

565.00

568.00

3.00

<500 –  910

579.00

579.50

0.50

<500 –  750

582.00

587.50

5.50

<500 –  4000

AR-19-255c3

327

-65

626.00

N/A

436.50

437.00

0.50

<500 –  2600

454.00

454.50

0.50

850 –  1300

504.00

507.50

3.50

<500 –  700

510.50

511.50

1.00

<500 –  2600

514.00

520.50

6.50

<500 –  2600

528.00

530.00

2.00

<500 –  5700

533.50

535.50

2.00

<500 –  3960

538.50

539.50

1.00

<500 –  4300

549.00

550.00

1.00

<500 –  2400

567.50

584.50

17.00

<500 –  61000

587.50

589.50

2.00

<500 –  2100

603.00

603.50

0.50

570 –  1240

606.00

606.50

0.50

<500 –  500

AR-19-256c1

327

-65

537.00

141.00

453.50

456.50

3.00

<500 –  23000

467.00

467.50

0.50

800 –  27000

471.50

472.50

1.00

<500 –  15200

478.00

512.00

34.00

<500 –  61000

AR-19-256c2

327

-65

552.50

N/A

457.50

458.50

1.00

<500 –  5850

463.00

467.50

4.50

<500 –  6300

470.00

470.50

0.50

<500 –  1500

474.00

476.00

2.00

<500 –  4000

480.00

481.00

1.00

750 –  13000

484.50

485.00

0.50

<500 –  720

488.00

489.00

1.00

<500 –  1400

492.00

516.50

24.50

<500 –  61000

AR-19-256c3

327

-65

705.20

N/A

461.50

462.00

0.50

<500 –  1600

469.00

471.50

2.50

<500 –  990

479.00

481.00

2.00

<500 –  7400

483.50

484.00

0.50

<500 –  550

487.00

487.50

0.50

<500 –  21000

491.00

491.50

0.50

3400 –  61000

501.00

505.50

4.50

<500 –  61000

512.00

513.50

1.50

<500 –  6000

516.50

527.00

10.50

<500 –  26900

543.50

544.00

0.50

<500 –  530

547.50

550.50

3.00

<500 –  640

655.50

660.50

5.00

<500 –  2500

674.50

678.00

3.50

<500 –  1980

698.00

698.50

0.50

<500 –  800

AR-19-257c1

327

-65

651.50

120.50

480.00

481.50

1.50

<500 –  7850

524.00

524.50

0.50

<500 –  1060

536.00

538.00

2.00

<500 –  1750

553.00

554.00

1.00

<500 –  790

561.50

563.00

1.50

<500 –  8800

570.00

571.00

1.00

<500 –  12500

586.00

594.50

8.50

<500 –  30000

601.50

602.50

1.00

<500 –  22000

614.50

617.00

2.50

<500 –  1800

622.50

631.50

9.00

<500 –  7200

AR-19-257c2

327

-65

666.50

N/A

526.00

527.50

1.50

<500 –  4100

549.00

550.00

1.00

<500 –  5800

560.00

564.50

4.50

<500 –  1700

582.00

582.50

0.50

<500 –  880

598.00

600.00

2.00

<500 –  15000

611.00

612.50

1.50

<500 –  61000

637.00

641.50

4.50

<500 –  3550

AR-19-257c3

327

-65

654.50

N/A

482.50

483.00

0.50

<500 –  1100

487.00

487.50

0.50

<500 –  1300

491.00

491.50

0.50

<500 –  1000

517.50

518.50

1.00

<500 –  6900

526.00

527.00

1.00

<500 –  8900

539.50

542.50

3.00

<500 –  2300

546.50

547.50

1.00

<500 –  1250

555.50

557.00

1.50

<500 –  26000

568.50

571.00

2.50

<500 –  1000

584.00

585.00

1.00

<500 –  600

587.50

597.00

9.50

<500 –  61000

600.00

600.50

0.50

<500 –  2500

606.00

612.00

6.00

<500 –  61000

614.50

621.00

6.50

<500 –  36500

624.50

630.50

6.00

<500 –  1200

AR-19-257c4

327

-65

666.50

N/A

485.00

485.50

0.50

<500 –  970

490.00

491.50

1.50

<500 –  1300

517.00

528.00

11.00

<500 –  4900

559.50

560.50

1.00

<500 –  3500

564.50

565.00

0.50

<500 –  1900

570.00

571.00

1.00

<500 –  1800

573.50

574.00

0.50

<500 –  2100

598.00

598.50

0.50

3700 –  30400

606.00

606.50

0.50

<500 –  1000

610.00

610.50

0.50

<500 –  1900

621.00

630.50

9.50

<500 –  14000

637.00

644.00

7.00

<500 –  2900

AR-19-258c1

327

-65

495.50

138.05

418.00

419.00

1.00

<500 –  11200

436.00

447.50

11.50

<500 –  48300

452.50

462.00

9.50

<500 –  61000

466.50

470.50

4.00

<500 –  1900

476.50

481.50

5.00

<500 –  3100

484.00

487.50

3.50

<500 –  2200

493.50

495.50

2.00

<500 –  1200

AR-19-258c2

327

-65

501.50

N/A

413.50

414.00

0.50

550 –  6700

419.00

419.50

0.50

<500 –  870

427.00

428.00

1.00

1350 –  38700

446.50

480.50

34.00

<500 –  61000

485.00

489.50

4.50

<500 –  1500

494.50

496.00

1.50

<500 –  560

501.00

501.00

0.00

<500 –  710

AR-19-259c1

327

-65

651.50

127.95

456.00

457.00

1.00

<500 –  970

460.50

461.00

0.50

<500 –  1050

483.00

490.00

7.00

<500 –  4900

508.50

509.00

0.50

<500 –  820

583.50

596.00

12.50

<500 –  61000

598.50

607.00

8.50

<500 –  61000

613.00

613.50

0.50

<500 –  580

616.50

621.50

5.00

<500 –  25700

AR-19-259c2

327

-65

666.50

N/A

462.50

463.00

0.50

<500 –  880

493.00

494.00

1.00

<500 –  32600

502.50

503.50

1.00

<500 –  900

508.00

508.50

0.50

<500 –  3600

524.00

525.00

1.00

<500 –  900

565.00

566.00

1.00

<500 –  600

596.50

604.00

7.50

<500 –  61000

607.50

609.00

1.50

<500 –  11200

614.50

619.50

5.00

<500 –  3500

628.00

628.50

0.50

<500 –  630

631.00

634.50

3.50

<500 –  12400

637.50

638.50

1.00

<500 –  1300

AR-19-260c1

327

-65

600.50

126.00

436.50

437.00

0.50

<500 –  1900

454.00

454.50

0.50

<500 –  610

470.00

470.50

0.50

<500 –  530

476.50

477.50

1.00

<500 –  6000

481.00

481.50

0.50

<500 –  820

493.50

495.50

2.00

<500 –  1300

500.00

503.00

3.00

<500 –  2300

507.50

508.00

0.50

<500 –  620

527.50

548.50

21.00

<500 –  43000

AR-19-260c2

327

-65

597.50

N/A

475.00

476.00

1.00

<500 –  1100

483.00

484.00

1.00

<500 –  2100

490.50

491.50

1.00

<500 –  530

494.00

494.50

0.50

<500 –  540

498.00

498.50

0.50

<500 –  780

502.00

504.50

2.50

<500 –  1700

515.50

516.00

0.50

<500 –  510

521.00

544.00

23.00

<500 –  61000

AR-19-261c1

327

-65

765.50

120.80

195.50

196.00

0.50

<500 –  670

541.50

542.50

1.00

<500 –  9500

553.50

559.00

5.50

<500 –  14500

563.00

564.00

1.00

<500 –  11000

567.00

568.00

1.00

<500 –  1000

575.00

575.50

0.50

2000 –  50000

578.50

579.50

1.00

<500 –  61000

594.50

595.00

0.50

<500 –  700

608.00

616.00

8.00

<500 –  4100

621.50

623.50

2.00

<500 –  1900

627.50

628.50

1.00

<500 –  1600

631.50

634.50

3.00

<500 –  1800

658.00

662.50

4.50

<500 –  2400

671.50

689.00

17.50

<500 –  61000

695.00

716.00

21.00

<500 –  4700

721.00

722.50

1.50

<500 –  1100

AR-19-261c2

327

-65

774.50

N/A

497.50

499.00

1.50

<500 –  1300

520.50

521.00

0.50

<500 –  2400

553.00

554.50

1.50

<500 –  4100

566.00

568.50

2.50

<500 –  5900

571.00

576.50

5.50

<500 –  41000

589.50

592.50

3.00

<500 –  45100

612.50

615.00

2.50

<500 –  1100

626.50

628.00

1.50

<500 –  1800

635.50

638.00

2.50

<500 –  1600

652.50

653.00

0.50

<500 –  520

666.50

667.50

1.00

<500 –  850

671.50

687.50

16.00

<500 –  61000

695.00

695.50

0.50

<500 –  2080

698.00

699.00

1.00

<500 –  750

AR-19-262c1

327

-65

636.50

125.00

484.50

485.00

0.50

<500 –  660

492.00

492.50

0.50

<500 –  800

503.00

506.50

3.50

<500 –  2700

516.00

521.50

5.50

<500 –  1800

560.50

573.50

13.00

<500 –  61000

576.50

577.00

0.50

<500 –  610

585.00

593.50

8.50

<500 –  3800

596.00

599.50

3.50

<500 –  2150

602.00

604.50

2.50

<500 –  990

607.50

617.00

9.50

<500 –  61000

AR-19-262c2

327

-65

648.50

N/A

494.50

497.00

2.50

<500 –  4200

506.00

509.50

3.50

<500 –  1750

517.00

518.00

1.00

<500 –  850

520.50

521.00

0.50

<500 –  650

526.00

527.00

1.00

<500 –  920

537.00

537.50

0.50

<500 –  650

558.50

559.00

0.50

<500 –  1100

568.50

576.50

8.00

<500 –  61000

580.50

583.00

2.50

<500 –  6600

592.00

594.00

2.00

<500 –  1500

600.50

620.00

19.50

<500 –  12500

626.50

628.00

1.50

<500 –  900

AR-19-262c3

327

-65

654.50

N/A

492.50

493.50

1.00

<500 –  2200

496.00

497.00

1.00

<500 –  1450

502.00

502.50

0.50

<500 –  560

505.50

507.50

2.00

<500 –  1200

532.50

533.50

1.00

<500 –  3300

555.50

556.50

1.00

<500 –  1100

577.50

597.00

19.50

<500 –  61000

601.00

601.50

0.50

<500 –  1050

605.50

608.00

2.50

<500 –  820

614.50

615.00

0.50

<500 –  540

617.50

627.00

9.50

<500 –  17200

634.50

637.00

2.50

<500 –  2400

640.00

642.50

2.50

<500 –  730

AR-19-263c1

325

-65

662.00

136.30

539.00

546.00

7.00

<500 –  19000

557.50

558.00

0.50

<500 –  1700

566.50

568.50

2.00

<500 –  8500

575.50

590.00

14.50

<500 –  27000

594.50

595.50

1.00

<500 –  15000

598.50

602.00

3.50

<500 –  25000

605.00

611.50

6.50

<500 –  61000

614.50

638.50

24.00

<500 –  61000

641.00

644.00

3.00

<500 –  1200

AR-19-263c2

325

-65

666.50

N/A

540.00

545.00

5.00

<500 –  32000

560.00

582.50

22.50

<500 –  61000

590.50

592.50

2.00

<500 –  9800

605.00

611.00

6.00

<500 –  2800

619.00

627.50

8.50

<500 –  61000

634.00

636.50

2.50

<500 –  1100

640.50

641.00

0.50

<500 –  530

644.50

645.50

1.00

<500 –  1000

AR-19-263c3

325

-65

669.50

N/A

535.00

536.00

1.00

<500 –  700

547.00

550.50

3.50

<500 –  47000

567.50

568.50

1.00

<500 –  2450

573.00

573.50

0.50

<500 –  1120

581.50

584.00

2.50

<500 –  2600

589.00

594.50

5.50

<500 –  8800

597.00

598.50

1.50

<500 –  6300

601.50

604.50

3.00

<500 –  12000

614.00

619.50

5.50

<500 –  61000

622.00

626.00

4.00

<500 –  61000

631.00

654.00

23.00

<500 –  61000

656.50

660.50

4.00

<500 –  2150

AR-19-264c1

327

-65

759.50

124.85

503.00

503.50

0.50

<500 –  540

532.00

534.00

2.00

<500 –  5000

541.00

541.50

0.50

500 –  6300

564.50

565.00

0.50

<500 –  720

572.00

572.50

0.50

<500 –  1900

580.50

581.50

1.00

<500 –  2600

591.50

596.00

4.50

<500 –  8200

598.50

599.00

0.50

<500 –  510

606.00

606.50

0.50

<500 –  580

610.00

610.50

0.50

<500 –  500

621.00

622.00

1.00

<500 –  2200

641.50

645.50

4.00

<500 –  2100

657.00

658.00

1.00

<500 –  610

663.50

664.50

1.00

<500 –  5600

669.00

681.00

12.00

<500 –  61000

686.50

690.50

4.00

<500 –  11000

694.00

707.00

13.00

<500 –  6600

711.00

730.50

19.50

<500 –  61000

757.00

757.50

0.50

<500 –  3500

AR-19-264c2

327

-65

789.50

N/A

535.50

536.00

0.50

2500 –  39000

580.00

581.00

1.00

<500 –  680

585.50

587.50

2.00

<500 –  2800

593.00

595.50

2.50

<500 –  2100

600.50

604.50

4.00

<500 –  61000

615.50

616.00

0.50

<500 –  790

623.00

630.50

7.50

<500 –  1780

638.00

638.50

0.50

<500 –  620

646.00

647.50

1.50

<500 –  1100

652.00

652.50

0.50

<500 –  2000

667.50

668.50

1.00

<500 –  1100

677.00

696.00

19.00

<500 –  61000

701.00

714.00

13.00

<500 –  61000

717.00

728.50

11.50

<500 –  61000

731.00

735.00

4.00

<500 –  6000

742.00

746.50

4.50

<500 –  4500

749.00

749.50

0.50

<500 –  2100

753.50

755.00

1.50

<500 –  1270

775.00

776.50

1.50

<500 –  5400

AR-19-265c1

327

-65

615.50

125.20

456.00

458.00

2.00

<500 –  1500

479.00

480.50

1.50

<500 –  1700

484.50

486.00

1.50

<500 –  3300

490.00

492.50

2.50

<500 –  850

500.00

503.00

3.00

<500 –  2700

510.00

511.50

1.50

<500 –  1020

515.00

516.50

1.50

<500 –  1100

529.50

556.50

27.00

<500 –  61000

560.50

569.00

8.50

<500 –  8700

571.50

579.50

8.00

<500 –  4150

591.50

592.50

1.00

560 –  7100

AR-19-265c2

327

-65

627.50

N/A

445.00

445.50

0.50

<500 –  1050

475.50

484.00

8.50

<500 –  2630

497.50

498.50

1.00

<500 –  750

501.00

501.50

0.50

<500 –  550

508.50

509.00

0.50

<500 –  580

516.00

516.50

0.50

<500 –  930

522.50

523.00

0.50

<500 –  530

532.00

532.50

0.50

<500 –  1200

535.50

570.50

35.00

<500 –  61000

573.50

577.00

3.50

<500 –  4500

588.00

590.00

2.00

<500 –  1800

594.00

597.50

3.50

<500 –  4200

600.50

606.50

6.00

<500 –  26100

Parameters:

• 

Maximum internal dilution 2.00 m downhole

• 

All depths and intervals are metres downhole, true thicknesses are yet to be determined

• 

“Anomalous” means >500 cps (counts per second) total count gamma readings by gamma scintillometer type RS-120

• 

“Off-scale” means >10,000 cps (counts per second) total count gamma readings by gamma scintillometer type RS-120

• 

Where “Min cps” is <500 cps, this refers to local low radiometric zones within the overall radioactive interval

• 

Directional drilling has often resulted in mineralization intersected at a more favourable and shallower dip

• 

If a drill hole deviates from a target a section of the drill hole may need to be re-drilled – this can potentially cause small discrepancies (in metres) between the reported total length of a drill hole (depth at end of hole minus the starting depth) and the actual number of metres drilled for a given drill hole.

About NexGen

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 track record in the discovery of uranium deposits and in developing projects through discovery to production.

NexGen owns a portfolio of prospective uranium exploration assets in the Athabasca Basin, Saskatchewan, Canada; including a 100% interest in Rook I, location of the Arrow Deposit discovered in February 2014, the Bow discovery in March 2015, the Harpoon discovery in August 2016 and the Arrow South discovery in July 2017. NexGen is the recipient of the PDAC’s 2018 Bill Dennis Award and the 2019 Environmental and Social Responsibility Award.

Technical Disclosure

The technical information in this news release with respect to the PFS has been reviewed and approved by Paul O’Hara, P.Eng. of Wood., David Robson, P.Eng., M.B.A., and Jason Cox, P.Eng. of RPA, each of whom is a “qualified person” under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI-43-101“).

The Mineral Resource Estimate was completed by Mr. Mark Mathisen, C.P.G., Senior Geologist at RPA and Mr. David Ross, P.Geo., Director of Resource Estimation and Principal Geologist at RPA.  Both are independent Qualified Persons in accordance with the requirements of National Instrument (NI) 43-101 and they have approved the disclosure herein. All other technical information in this news release has been approved by Mr. Troy Boisjoli, Geoscientist Licensee, Vice President – Operations & Project Development for NexGen.  Mr. Boisjoli is a qualified person for the purposes of NI 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.  All other technical information in this news release has been approved by Mr. James Hatley, a Professional Engineer, Senior Vice-President – Project Development for NexGen.  Mr. Hatley is a qualified person for the purposes of NI 43-101 and has reviewed the underlying the information or opinions contained herein on mine design.

A technical report in respect to the PFS is filed on SEDAR (www.sedar.com) and EDGAR (www.sec.gov/edgar.shtml) and is available for review on NexGen Energy’s website (www.nexgenenergy.ca).

SEC Standards

Estimates of mineralization and other technical information included or referenced in this news release have been prepared in accordance with NI 43-101. The definitions of proven and probable mineral reserves used in NI 43-101 differ from the definitions in SEC Industry Guide 7. Under SEC Industry Guide 7 standards, a “final” or “bankable” feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority. As a result, the reserves reported by the Company in accordance with NI 43-101 may not qualify as “reserves” under SEC standards. In addition, the terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are defined in and required to be disclosed by NI 43-101; however, these terms are not defined terms under SEC Industry Guide 7 and normally are not permitted to be used in reports and registration statements filed with the SEC. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. “Inferred mineral resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian securities laws, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Additionally, disclosure of “contained pounds” in a resource is permitted disclosure under Canadian securities laws; however, the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC standards as in place tonnage and grade without reference to unit measurements. Accordingly, information contained or referenced in this news release containing descriptions of the Company’s mineral deposits may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements of United States federal securities laws and the rules and regulations thereunder.

Technical Information

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 please refer to the technical report entitled “Arrow Deposit, Rook I Project Saskatchewan NI 43-101 Technical Report on Pre-feasbility Study” dated effective 5 November, 2018 (the “Rook 1 Technical Report”) prepared by Paul O’Hara, P.Eng., Jason J. Cox, P.Eng., David M. Robson, P.Eng., M.B.A., Mark B. Mathisen, C.P.G. 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 at www.sedar.com and EDGAR (www.sec.gov/edgar.shtml) providing 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 and is available on NexGen Energy’s website (www.nexgenenergy.ca).

Forward-Looking Information

The information contained herein contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Generally, but not always, forward-looking information and statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof.

Forward-looking information and statements are based on the then current expectations, beliefs, assumptions, estimates and forecasts about NexGen’s business and the industry and markets in which it operates. Forward-looking information and statements are made based upon numerous assumptions, including among others, that the proposed transaction will be completed, the results of planned exploration activities are as anticipated, the price of uranium, the cost of planned exploration activities, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment, supplies and governmental and other approvals required to conduct NexGen’s planned exploration activities will be available on reasonable terms and in a timely manner and that general business and economic conditions will not change in a material adverse manner. Although the assumptions made by the Company in providing forward looking information or making forward looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.

Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual results, performances and achievements of NexGen to differ materially from any projections of results, performances and achievements of NexGen expressed or implied by such forward-looking information or statements, including, among others, negative operating cash flow and dependence on third party financing, uncertainty of the availability of additional financing, the risk that pending assay results will not confirm previously announced preliminary results, imprecision of mineral resource estimates, the appeal of alternate sources of energy and sustained low uranium prices, aboriginal title and consultation issues, exploration risks, reliance upon key management and other personnel, deficiencies in the Company’s title to its properties, uninsurable risks, failure to manage conflicts of interest, failure to obtain or maintain required permits and licenses, changes in laws, regulations and policy, competition for resources and financing, and other factors discussed or referred to in the Company’s Annual Information Form dated March 4, 2019 under “Risk Factors”.

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended.

There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.

SOURCE NexGen Energy Ltd.

For further information: Leigh Curyer, Chief Executive Officer, NexGen Energy Ltd., +1 604 428 4112, lcuryer@nexgenenergy.ca, www.nexgenenergy.ca; Travis McPherson, Vice President Corporate Development, NexGen Energy Ltd., +1 604 428 4112, tmcpherson@nexgenenergy.ca, http://www.nexgenenergy.ca

Related Links

http://www.nexgenenergy.ca/

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