Energy

Cameco Increases Ownership Stake in Cigar Lake Mine

Cameco (TSX: CCO; NYSE: CCJ) and Orano Canada Inc. (Orano) have reached agreement with Idemitsu Canada Resources Ltd. (Idemitsu) to acquire Idemitsu's 7.875% participating interest in the Cigar Lake Joint Venture. Upon closing, Cameco's ownership stake in the Cigar Lake uranium mine in northern Saskatchewan will increase by 4.522 percentage points to 54.547%, while Orano's share will rise by 3.353 percentage points to 40.453%. TEPCO Resources Inc. retains the remaining 5% interest in the property.

"As the world's largest high-grade uranium mine, Cigar Lake is quite simply one of the best and most prolific uranium producing assets on the planet," said Cameco president and CEO Tim Gitzel. "Cameco is very pleased to increase our ownership stake in this outstanding tier-one operation. As the operator of Cigar Lake since 2002, it's an asset we know incredibly well. It's a proven, permitted and fully licenced mine in a safe and stable jurisdiction that operates with the tremendous participation and support of our neighbouring Indigenous partner communities."

Cameco's purchase cost to acquire its respective share of Idemitsu's interest in Cigar Lake is approximately $107 million CDN, subject to customary closing adjustments. The acquisition is subject to certain regulatory approvals and other standard closing conditions. The transaction is expected to close in the second quarter of 2022.

The 2022 production outlook for the Cigar Lake mine is 15 million pounds of uranium concentrate (U 3 O 8 ) on a 100% basis, which would make it the largest uranium producing operation in the world this year. The Cigar Lake reserve and resource base includes proven and probable reserves estimated at 152.4 million pounds of U 3 O 8 , measured and indicated resources of approximately 103.7 million pounds, and inferred resources of 22.9 million pounds. Cameco's increased share in the operation will therefore provide the company with access to an additional 6.9 million pounds of proven and probable reserves, 4.7 million pounds of measured and indicated resources, and 1 million pounds of inferred resources.

Our present plan is to reduce annual production at Cigar Lake to 13.5 million pounds of U 3 O 8 (100% basis), 25% below licenced capacity, starting in 2024. Extending the mine life at Cigar Lake by aligning production with market opportunities and our contract portfolio is consistent with Cameco's tier-one strategy, and is expected to allow more time to evaluate the feasibility of extending the mine life beyond its current reserve base while continuing to supply ore to Orano's McClean Lake mill. This will remain our production plan until we see further improvement in the uranium market and contracting progress, demonstrating Cameco's ongoing commitment to be a responsible supplier of uranium fuel.

Cigar Lake Proven and Probable Mineral Reserves

As of December 31, 2021 (100% basis; tonnes in thousands; pounds in millions)

Proven

Probable

Tonnes

Grade
(% U 3 O 8 )

Content
(lbs. U 3 O 8 )

Tonnes

Grade
(% U 3 O 8 )

Content
(lbs. U 3 O 8 )

271

15.90

95.0

177.5

14.67

57.4

Cigar Lake Measured, Indicated and Inferred Resources

As of December 31, 2021 (100% basis; tonnes in thousands; pounds in millions)

Measured

Indicated

Inferred

Tonnes

Grade
(% U 3 O 8 )

Content
(lbs. U 3 O 8 )

Tonnes

Grade
(% U 3 O 8 )

Content
(lbs. U 3 O 8 )

Tonnes

Grade
(% U 3 O 8 )

Content
(lbs. U 3 O 8 )

26.8

7.55

4.5

313.3

14.37

99.3

186.4

5.58

22.9

Note: Totals may not add up due to rounding

Please see pages 79 and 80 of Cameco's March 22, 2022 annual information form for the key assumptions, parameters and methods used to estimate the Cigar Lake mineral reserves and resources.

Qualified Person

The technical and scientific information discussed in this document for Cigar Lake was approved by the following individual who is a qualified person for the purposes of NI 43-101: Lloyd Rowson, general manager, Cigar Lake, Cameco.

Profile

Cameco is one of the largest global providers of the uranium fuel needed to energize a clean-air world. Our competitive position is based on our controlling ownership of the world's largest high-grade reserves and low-cost operations. Utilities around the world rely on our nuclear fuel products to generate power in safe, reliable, carbon-free nuclear reactors. Our shares trade on the Toronto and New York stock exchanges. Our head office is in Saskatoon, Saskatchewan.

Caution Regarding Forward-Looking Information and Statements

This news release includes statements and information about our expectations for the future, which we refer to as forward-looking information. Forward-looking information is based on our current views, which can change significantly, and actual results and events may be significantly different from what we currently expect.

Examples of forward-looking information in this news release include: our views regarding Cigar Lake as a uranium producing asset; our expectations regarding closing adjustments to Cameco's purchase price; whether regulatory approvals will be granted and closing conditions will be met within the expected timeframes; our expectations as to the closing date; the 2022 production outlook for the Cigar Lake mine; the present estimate of proven and probable reserves and measured, indicated and inferred resources remaining at Cigar Lake; our plan to reduce annual production at Cigar Lake to 13.5 million pounds of U 3 O 8 starting in 2024; and the possibility of extending the mine life at Cigar Lake.

Material risks that could lead to different results include: failure to obtain regulatory approvals or meet closing conditions within the expected timeframes; unexpected changes in uranium supply, demand, long-term contracting, and prices; changes in consumer demand for nuclear power and uranium as a result of changing societal views and objectives regarding nuclear power, electrification and decarbonization; the risk that we may not continue with our supply discipline strategy; the risk that we may not be able to implement changes to future operating and production levels for Cigar Lake to the planned levels within the expected timeframes, or that the costs involved in doing so, or the costs associated with care and maintenance activities, exceed our expectations; the risks to our business associated with the ongoing COVID-19 pandemic, related global supply chain disruptions, global economic uncertainty and volatility; the risk that we may not be able to implement our business objectives in a manner consistent with our environmental, social, governance and other values; the risk of disruption to operations at Cigar Lake or the McClean Lake mill for technical, regulatory or labour reasons; and the risk that the strategy we are pursuing may prove unsuccessful, or that we may not be able to execute it successfully.

In presenting the forward-looking information, we have made material assumptions which may prove incorrect about: timeframes to obtain regulatory approvals and meet closing conditions; uranium demand, supply, consumption, long-term contracting, growth in the demand for and global public acceptance of nuclear energy, and prices; the market conditions and other factors upon which we have based our future plans and forecasts; the success of our plans and strategies, including planned operating and production changes; the absence of new and adverse government regulations, policies or decisions; that there will not be any significant unanticipated adverse consequences to our business from the ongoing COVID-19 pandemic, supply disruptions, or economic or political uncertainty and volatility; and that there will not be any disruption to operations at Cigar Lake or the McClean Lake mill for technical, regulatory or labour reasons.

Please also review the discussion in our 2021 annual MD&A and most recent annual information form for other material risks that could cause actual results to differ significantly from our current expectations, and other material assumptions we have made. Forward-looking information is designed to help you understand management's current views of our near-term and longer-term prospects, and it may not be appropriate for other purposes. We will not necessarily update this information unless we are required to by securities laws.

Investor inquiries:
Rachelle Girard
306-956-6403
rachelle_girard@cameco.com

Media inquiries:
Jeff Hryhoriw
306-385-5221
jeff_hryhoriw@cameco.com

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CCO:CA,CCJ
Cameco and Brookfield Renewable Form Strategic Partnership to Acquire Westinghouse Electric Company

Cameco and Brookfield Renewable Form Strategic Partnership to Acquire Westinghouse Electric Company

Currency: U.S. dollars unless otherwise stated

  • Westinghouse is an industry leader with a strong market position across the nuclear value chain
  • Nuclear power expected to see significant growth driven by energy security and decarbonization trends
  • Acquisition will provide opportunities to generate value and grow the business globally

Cameco Corporation ("Cameco") (NYSE: CCJ; TSX: CCO) and Brookfield Renewable Partners ("Brookfield Renewable") (NYSE: BEP, BEPC; TSX: BEP.UN, BEPC), together with its institutional partners ("the consortium"), are forming a strategic partnership to acquire Westinghouse Electric Company ("Westinghouse"), one of the world's largest nuclear services businesses.

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Baselode Energy

Baselode Intersects Best Drill Hole To Date, 25 Metres From Surface

  • AK22-051 intersected 2,320 cps over 30.1 m starting at 27.0 m drill hole depth, ranks as the best drill hole on the project, and includes six separate intervals of >10,000 cps*
  • AK22-047 intersected 5,229 cps over 7.35 m at 140.65 m , ranks as second-best drill hole on the project, and includes eight separate intervals of >10,000 cps

Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) (" Baselode " or the " Company ") is pleased to provide an update on the ongoing 20,000 metre diamond drilling program (the " Program ") on the ACKIO high-grade uranium discovery (" ACKIO "), Hook project (" Hook "), Athabasca Basin area (the " Basin "), northern Saskatchewan ( see Figure 1 and Table 1 ).

"We continue to hit mineralization at the overburden contact; within 25 m from surface. The mineralization from AK22-051 is the shallowest being drilled in the Basin. This rarity of near-surface mineralization with high levels of radioactivity sets Baselode apart from our peers as there's no other recent discovery this close to surface. Near-surface mineralization has been a key characteristic required for numerous Basin deposits going into production as open pit mines. Holes AK22-051 and AK22-047 are substantially the two best drill holes on ACKIO to date in terms of continuously elevated radioactivity. They also have the highest average levels of radioactivity, and each includes multiple discrete intersections with greater than 10,000 cps. We're excited to see ACKIO grow with near-surface mineralization, including consistently higher levels of radioactivity. AK22-051 remains open in all directions and AK22-047 remains open to the east," said James Sykes , CEO, President and Director of Baselode.

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NexGen Announces Appointment of Ivan Mullany to its Board of Directors

NexGen Energy Ltd. ("NexGen" or the "Company") (TSX: NXE) (NYSE: NXE) (ASX: NXG) is pleased to announce the appointment of Ivan Mullany to the Company's Board of Directors.

NexGen Energy Ltd. Logo (CNW Group/NexGen Energy Ltd.)

Leigh Curyer, Chief Executive Officer, commented: "On behalf NexGen Energy's Executive and Board of Directors, we are very pleased to welcome Mr. Ivan Mullany .  Mr. Mullany has extensive knowledge and experience in the successful execution of global mining project construction and operational excellence.  Mr. Mullany is joining an experienced team dedicated to the responsible development of the Rook I Project that will create significant generational benefits to Saskatchewan and Canada , while playing a leading role globally in the delivery of clean energy fuel. Mr Mullany's skills and experience are an excellent complement to the Board and timely, as Rook I advances into Detailed Engineering in 2023.

Ivan Mullany

Mr. Mullany, BSc, Majoring in Extractive Metallurgy, CIMM, FAusIMM, has over 35 years in mining project management with broad international experiences.  Most recently, with Newmont Corporation and its predecessor Goldcorp Inc. on the Senior Leadership Team, he led numerous major projects, collectively in excess of $18 Billion , during the engineering study, construction and execution stages.

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 .

Contact Information

Leigh Curyer
Chief Executive Officer
NexGen Energy Ltd.
+1 604 428 4112
lcuryer@nexgenenergy.ca
www.nexgenenergy.ca

Travis McPherson
Chief Commercial Officer
NexGen Energy Ltd.
+1 604 428 4112
tmcpherson@nexgenenergy.ca
http://www.nexgenenergy.ca

Forward-Looking Information

The information contained herein contains "forward-looking statements" within the meaning of applicable United States securities laws and regulations 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 mineral reserve and mineral resource estimates, the 2021 Arrow Deposit, Rook I Project and estimates of uranium production, grade and long-term average uranium prices, anticipated effects of completed drill results on the Rook I Project, planned work programs, completion of further site investigations and engineering work to support basic engineering of the project and expected outcomes. 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. Statements relating to "mineral resources" are deemed to be forward-looking information, as they involve the implied assessment that, based on certain estimates and assumptions, the mineral resources described can be profitably produced in the future.

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 mineral reserve and resources estimates and the key assumptions and parameters on which such estimates are based are as set out in this news release and the technical report for the property , the results of planned exploration activities are as anticipated, the price and market supply 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 in the future.

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, the existence of 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, conclusions of economic valuations, the risk that actual results of exploration activities will be different than anticipated, the cost of labour, equipment or materials will increase more than expected, that the future price of uranium will decline or otherwise not rise to an economic level, the appeal of alternate sources of energy to uranium-produced energy, that the Canadian dollar will strengthen against the U.S. dollar, that mineral resources and reserves are not as estimated, that actual costs or actual results of reclamation activities are greater than expected, that changes in project parameters and plans continue to be refined and may result in increased costs, of unexpected variations in mineral resources and reserves, grade or recovery rates or other risks generally associated with mining, unanticipated delays in obtaining governmental, regulatory or First Nations approvals, risks related to First Nations title and consultation, 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 licences, risks related to changes in laws, regulations, policy and public perception, as well as those factors or other risks as more fully described in NexGen's Annual Information Form dated February 25, 2022 filed with the securities commissions of all of the provinces of Canada except Quebec and in NexGen's 40-F filed with the United States Securities and Exchange Commission, which are available on SEDAR at www.sedar.com and Edgar at www.sec.gov .

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 statements or implied by forward-looking information or statements, there may be other factors that cause results not to be as anticipated, estimated or intended.  Readers are cautioned not to place undue reliance on forward-looking information or statements due to the inherent uncertainty thereof.

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 .

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/nexgen-announces-appointment-of-ivan-mullany-to-its-board-of-directors-301734183.html

SOURCE NexGen Energy Ltd.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/January2023/31/c3967.html

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