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NexGen Announces Discovery of New Intense Mineralization in Greenfields Discovery 3.5 Kilometers from Arrow

Press Release

VANCOUVER, BC, March 11, 2024  – NexGen Energy Ltd. (“NexGen” or the “Company”) (TSX: NXE) (NYSE: NXE) (ASX: NXG) is pleased to announce the discovery of new intense uranium mineralization on its 100% owned SW2 Property, 3.5 kilometers (km) east of NexGen’s world-class Arrow Deposit (Figure 1). The new mineralized occurrence in RK-24-183 is located on a previously untested conductor segment of Patterson Corridor East (“PCE”). Localized uranium mineralization was intersected for 19.8 meters (m) between 347.7 and 367.5 m, with peaks up to >61,000 counts per second (cps)*. Exploration is predominantly open in all directions including over 1.5 km along strike (Figures 2 and 3).

Leigh Curyer, Chief Executive Officer, commented: “Ten years after the discovery of our world-class Arrow deposit, we are thrilled to be sharing this exciting news. This new intercept reflects the high potential of NexGen’s extensive land package in the south-western section of the Athabasca Basin, Saskatchewan and is a testament to the strategic and disciplined approach to identifying new Arrow-type zones of mineralization. Drilling activity is being fully dedicated to this new discovery area to advance our understanding of scope and scale of mineralization. This hole which intersected 3.0 m of up to 61,000 cps is significantly better on all metrics than RK-14-21(the Arrow discovery hole) which intersected less than 0.5 m of greater than 9,999 cps.

“I would like to take the opportunity to congratulate and acknowledge the fine dedicated work of the NexGen geological team. Our understanding of the markers of mineralization in the region improve with every drill hole and geophysical survey, and the NexGen exploration programs of the past years have been extremely valuable in contributing to this result. Our highly prospective land position in the south-western section of the mighty Athabasca Basin is still in its infancy, and a significant amount of exploration is in front of us to fully define the extent of mineralization at this location and the balance of Rook I / SW2.”

Follow up drilling intersected anomalous features including hematite-quartz breccia, strong silicification, dravitic clay fracture fill, redox alteration, and elevated radioactivity similar to early discovery holes at Arrow in 2014 at the upper limits of that system. Kinematics indicate reverse displacement synonymous with the interpreted structural setting. Use of geological spatial relationships observed at Arrow allows for controlled vectoring of additional drill targets across the prospective hydrothermal system which spans over 1.5 km. Results to date indicate potential that extends along strike and down dip.

The overall setting is an approximate analog for the structural controls of Arrow. The target area lies within a large gravity low coupled with a series of disjointed conductive responses. An interpreted regional, north-south cleavage plane bisects the gravity low. A cleavage plane is also interpreted to connect Arrow, South Arrow, and Camp East. Sinistral, strike-slip displacement via contractional jog was hypothesized to account for the geophysical characteristics. This movement sense compares favourably with the sinistral, strike-slip reactivation noted as a key contributor to deposit formation at Arrow.

Semi-massive replacement by uranium mineralization is tied to brittle-ductile reactivation of steeply dipping, discrete shear zones bracketed by silicified orthogneiss. Localized semi-massive mineralization includes primary uraninite and secondary uranium minerals. Textural characteristics of mineralization and associated alteration indicate a well-developed hydrothermal system with fluid pathways provided by the structural disruption. In particular, the role of bounding silicification, mineralization style, and stacked brittle-ductile faults are analogous to features found at Arrow (Figures 4 to 7).

Figure 1: New occurrence on PCE relative to Arrow (CNW Group/NexGen Energy Ltd.

Figure 2: PCE occurrence with area of interest for further exploration outlined, 2024 drillholes shown as green dots (CNW Group/NexGen Energy Ltd.)

Figure 3: RK-24-183 mineralization is similar to Arrow holes that intercepted within the area highlighted in red above; Arrow figure from 2021 Rook I Feasibility Study (CNW Group/NexGen Energy Ltd.)

Figure 4: Localized basement-hosted uranium mineralization between 347.7 and 367.5 m (outlined in yellow) (CNW Group/NexGen Energy Ltd.)

Figure 5: Semi-massive, primary uranium mineralization at 348.5 m, maximum peak of 47,200 cps as shown (CNW Group/NexGen Energy Ltd.)

Figure 6: Semi-massive, primary uranium mineralization hosted in competent garnetiferous orthogneiss at 356.9 m, maximum peak of >61,000 cps (CNW Group/NexGen Energy Ltd.)

Figure 7: Secondary mineralization along microfractures and foliation at 367.3 m, maximum peak of 28,500 cps (CNW Group/NexGen Energy Ltd.)

Table 1: Spectrometer results to date

Drillhole

Unconformity
Depth (m)

                                    Handheld Spectrometer Results (RS-125)                                     

Hole ID

Azimuth

Dip

Total
Depth
(m)

From (m)

To (m)

Width
(m)

CPS Range

RK-24-179

310

-70

462.0

138.0

141.0

141.5

0.5

<500 – 1,100

150.0

157.0

7.0

<500 – 560

RK-24-180

310

-70

366.0

N/A

No Significant Intersections

RK-24-181

310

-70

573.0

115.7

191.5

192.0

0.5

<500

RK-24-182

310

-70

411.0

N/A

No Significant Intersections

RK-24-183

310

-70

527.0

125.3

347.7

350.0

2.3

500 – 52,000

350.0

351.0

1.0

<500 – 1,200

351.0

354.0

3.0

700 – 16,200

354.0

355.0

1.0

<500 – 570

355.0

358.0

3.0

1,300 –
>61,000

358.0

358.8

0.8

790 – 2,100

358.8

362.5

3.7

<500 – 680

362.5

363.0

0.5

<500 – 1,070

363.0

365.0

2.0

<500

365.0

365.5

0.5

800 – 7,700

365.5

367.0

1.5

<500

367.0

367.5

0.5

<500 – 28,000

RK-24-184

280

-70

534.0

137.70

No Significant Intersections

RK-24-185

310

-70

399.0

N/A

312.5

313.5

1.0

<500

335.0

335.5

0.5

<500

RK-24-186

310

-70

440.0

128.2

181.5

182.0

0.5

<500 – 700

211.0

212.0

1.0

<500 – 600

RK-24-187

310

-70

501.0

116.8

163.0

164.5

1.5

<500

191.0

191.5

0.5

<500 – 830

RK-24-188

310

-70

510.0

120.5

338.0

340.0

2.0

<500

410.5

412.5

2.0

<500

418.5

421.5

3.0

<500

• All depths and intervals are meters downhole, true thicknesses are yet to be determined.

• “Off-scale” refers to >61,000 cps total readings by gamma spectrometer type RS-125

• Unconformity of ‘N/A’ denotes a lack of visible contact between Athabasca sandstone and basement rock.

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. The Project is located in the Province of Saskatchewan, Canada – a world leading uranium producing Province expressly committed to advancing nuclear energy opportunities that sustainably promote economic growth and reduce greenhouse gas emissions.

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. NexGen’s 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.

Technical Disclosure*

All technical information in this news release has been reviewed and approved by Jason Craven, NexGen’s Manager, Exploration, a qualified person under National Instrument 43-101.

Natural gamma radiation in drill core reported in this news release was measured in counts per second (cps) using a Radiation Solutions Inc. RS-125 gamma spectrometer. The reader is cautioned that total count gamma readings may not be directly or uniformly related to uranium grades of the rock sample measured; they should be used only as a preliminary indication of the presence of radioactive minerals.

A technical report in respect of the FS 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 ).

Cautionary Note to U.S. Investors

This news release includes Mineral Reserves and Mineral Resources classification terms that comply with reporting standards in Canada and the Mineral Reserves and the Mineral Resources estimates are made in accordance with NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ from the requirements of the Securities and Exchange Commission (“SEC”) set by the SEC’s rules that are applicable to domestic United States reporting companies.  Consequently, Mineral Reserves and Mineral Resources information included in this news release is not comparable to similar information that would generally be disclosed by domestic U.S. reporting companies subject to the reporting and disclosure requirements of the SEC Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.

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