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NexGen Announces Closing of Strategic Purchase of 2.7 Million Pounds of Uranium

Press Release

VANCOUVER, BC, May 28, 2024 – NexGen Energy Ltd. (“NexGen” or the “Company”) (TSX: NXE) (NYSE: NXE) (ASX: NXG) is pleased to announce that it has closed its previously announced purchase (the “Purchase”) of 2,702,410 pounds natural uranium concentrate (“U3O8“) for an aggregate purchase price of US$250 million, which was satisfied through the issuance of US$250 million aggregate principal amount of five year, 9.0% per annum (payable 2/3 cash and 1/3 common shares) unsecured convertible debentures (the “Debentures”), in accordance with the previously disclosed terms including entering into investor rights agreements with the holders of Debentures containing voting alignment, standstill, anti-hedging and sale and transfer restriction covenants.

Leigh Curyer, Chief Executive Officer, commented: “This transaction further optimizes the advancement of the offtake negotiations which are underway and progressing well.  This transaction is designed to ultimately maximize the value of the significant uranium inventory that we will have as we look ahead to production and sales.  Further, having access to 2.7 million pounds of uranium at surface in inventory will no doubt prove to be increasingly strategic given the recent passing of the Prohibiting Russian Uranium Imports Act into US law. The current offtake discussions tie into the project financing process which is progressing in anticipation of full project approvals.  With the responses to the final 49 aspects of the technical review process submitted to the Canadian Nuclear Safety Commission on May 21, 2024, we are advancing the project through final detailed designs and procurement activities in line with our objectives and schedule.”

The securities referenced herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements thereof.

About NexGen

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 standards in environmental and social governance.  The Rook I Project is supported by a NI 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, British Columbia, with its primary operations office in Saskatoon, Saskatchewan.

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