UEX Files Updated Horseshoe-Raven Technical Report

(TheNewswire)

Saskatoon, Saskatchewan TheNewswire - November 17, 2021 UEX Corporation (TSX:UEX) ("UEX" or the "Company") is pleased to announce it has filed a technical report on the Horseshoe-Raven Project (the " Technical Report ") located in the eastern Athabasca Basin of northern Saskatchewan, prepared in accordance with National Instrument 43-101 " Standards of Disclosure for Mineral Projects " (" NI-43-101 ").

In 2011 a Preliminary Economic Assessment titled " Preliminary Assessment Technical Report on the Horseshoe and Raven Deposits, Hidden Bay Project, Saskatchewan, Canada") (the " 2011 PEA ") was completed for the Horseshoe and Raven deposits. Due to the passage of time, the Company considers that the economic assessment of the 2011 PEA is no longer current and is no longer being relied upon by the Company. This 2021 Technical Report replaces the 2011 PEA with an updated estimate of mineral resources.

The Technical Report is entitled: "2021 Technical Report on the Horseshoe-Raven Project, Saskatchewan" and was prepared internally by UEX's exploration team comprised of Mr. Nathan Barsi, P.Geo. and Mr. Chris Hamel, P.Geo., in accordance with NI 43-101. Mr. Barsi and Mr. Hamel are employees of UEX Corporation and are Qualified Persons as defined by NI 43-101. The Technical Report is dated November 16, 2021 and has an effective date of November 16, 2021.

The Technical Report estimates indicated mineral resources for the Horseshoe Deposit at 4,982,500 tonnes grading 0.215% U 3 O 8 , which equates to 23,594,000 pounds of U 3 O 8 , and indicated mineral resources for the Raven Deposit at 5,370,000 tonnes grading 0.117% U 3 O 8 , which equates to 13,832,400 lbs U 3 O 8 . No inferred resources were estimated for either deposit. The resources for both the Horseshoe and Raven Deposits were determined using a cut-off grade of 0.05% U 3 O 8 and are presented in the table below:

Table 1 - Horseshoe and Raven Deposits Mineral Resource Estimates

Horseshoe Deposit Uranium Resources*
Deposit	Category	Quantity (Tonnes)	Average Grade U 3 O 8 (%)	Total lbs U 3 O 8
Horseshoe	Indicated	4,982,500	0.215	23,594,000
Raven Deposit Uranium Resources*
Deposit	Category	Quantity (Tonnes)	Average Grade U 3 O 8 (%)	Total lbs U 3 O 8
Raven	Indicated	5,370,000	0.117	13,832,400

*Mineral resources are not mineral reserves and have not demonstrated economic viability. There is no certainty that all or any part of the mineral resource will be converted into mineral reserve. All figures are rounded to reflect the relative accuracy of the estimates. Resources were estimated using a cut-off grade of 0.05% U 3 O 8 .

The mineral resource models used to construct the mineral estimates utilized 715 core boreholes totalling 210,385 m drilled by UEX during the period of 2005, 2006, 2007, 2008, 2009, and 2011. The mineral resources reported were estimated using an inverse distance squared/block modelling approach informed from core borehole data constrained within uranium mineralization wireframes.

The Technical Report is available on the Company's website at www.uexcorp.com and is available on SEDAR at www.sedar.com .

About the Horseshoe-Raven Project

The Horseshoe-Raven Property is an advanced exploration project located in the eastern Athabasca Basin of northern Saskatchewan, Canada that contains both the Horseshoe Uranium Deposit and the Raven Uranium Deposit. The Property is located approximately 700 kilometres north of Saskatoon, west of Wollaston Lake and measures approximately 4,486 hectares and is comprised of one mineral claim to which UEX has 100% ownership. The Deposits are located just east of the margin of the Athabasca Basin within basement rocks and has excellent infrastructure. An existing all-weather road crosses over the Deposits and power lines that service Cameco Corporation's nearby Rabbit Lake Operation pass within one km of the Deposits. The Deposits occur within 5 km of Cameco's Rabbit Lake Uranium Mill.

The Horseshoe Uranium Deposit has a strike length of 800 metres and occurs at depths between 100 to 450 metres. The Raven Deposit is located 500 m southwest of the Horseshoe Deposit and has a strike length of 1,000 m and ranges between 100 to 300 m in depth.

Qualified Persons and Data Acquisition

The technical information in this news release has been reviewed and approved by Roger Lemaitre, P.Eng., P.Geo., UEX's President and Chris Hamel, P.Geo, UEX's Vice President, Exploration, and Nathan Barsi, P.Geo., UEX's District Geologist, who are each considered to be a Qualified Person as defined by National Instrument 43-101.

About UEX

UEX is a Canadian uranium and cobalt exploration and development company involved in an exceptional portfolio of uranium projects.

UEX's directly-owned portfolio of projects is located in the eastern, western and northern perimeters of the Athabasca Basin, the world's richest uranium belt which in 2020 accounted for approximately 8.1% of the global primary uranium production. In addition to advancing its uranium development projects through its ownership interest in JCU, UEX is currently advancing several other uranium deposits in the Athabasca Basin which include the Paul Bay, Ken Pen and Ōrora deposits at the Christie Lake Project , the Kianna, Anne, Colette and 58B deposits at its currently 49.1%-owned Shea Creek Project, the Horseshoe and Raven deposits located on its 100%-owned Horseshoe-Raven Development Project and the West Bear Uranium Deposit located at its 100%-owned West Bear Project.

UEX is also 50:50 co-owner of JCU (Canada) Exploration Company, Limited with Denison. JCU's portfolio of projects includes interests in some of Canada's key future uranium development projects, notably a 30.099% interest in Cameco's Millennium Uranium Development Project, a 10% interest in Denison Mines Wheeler River Project, and a 33.8123% interest in Orano Canada's Kiggavik Project, located in the Thelon Basin in Nunavut, as well as minority interests in nine other grassroots uranium projects in the Athabasca Basin.

UEX is also leading the discovery of cobalt in Canada, with three cobalt-nickel exploration projects located in the Athabasca Basin of northern Saskatchewan, including the only primary cobalt deposit in Canada. The 100% owned West Bear Project hosts the West Bear Cobalt-Nickel Deposit, the newly discovered Michael Lake Co-Ni Zone, and the West Bear Uranium Deposit. UEX also owns 100% of two early-stage cobalt exploration projects, the Axis Lake and Key West Projects.

FOR FURTHER INFORMATION PLEASE CONTACT

Roger Lemaitre

President & CEO

(306) 979-3849

Forward-Looking Information

This news release contains statements that constitute "forward-looking information" for the purposes of Canadian securities laws. Such statements are based on UEX's current expectations, estimates, forecasts and projections. Such forward-looking information includes statements regarding the Horseshoe-Raven Property, UEX's drill hole results, uranium, cobalt and nickel prices, outlook for our future operations, plans and timing for exploration activities, and other expectations, intentions and plans that are not historical fact. Such forward-looking information is based on certain factors and assumptions and is subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking information. Important factors that could cause actual results to differ materially from UEX's expectations include uncertainties relating to the, interpretation of drill results and geology, assay confirmation, additional drilling results, continuity and grade of deposits, fluctuations in uranium, cobalt and nickel prices and currency exchange rates, changes in environmental and other laws affecting uranium, cobalt and nickel exploration and mining and other risks and uncertainties disclosed in UEX's Annual Information Form and other filings with the applicable Canadian securities commissions on SEDAR. Many of these factors are beyond the control of UEX. Consequently, all forward-looking information contained in this news release is qualified by this cautionary statement and there can be no assurance that actual results or developments anticipated by UEX will be realized. For the reasons set forth above, investors should not place undue reliance on such forward-looking information. Except as required by applicable law, UEX disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.

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UEX UEX:CA UEXCF Uranium Investing

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NexGen Announces First Uranium Sales Contracts for 5 Million Pounds with Major US Utilities

Contracts feature market-related pricing mechanisms at time of delivery aligned with NexGen's stated marketing strategy
Strategic short-term agreements position NexGen to maximize value in strengthening uranium market

NexGen Energy Ltd. ("NexGen" or the "Company") (TSX: NXE) (NYSE: NXE) (ASX: NXG) is pleased to announce it has been awarded the first uranium sales agreements with multiple leading US nuclear utility companies.

These inaugural awards all incorporate market-related pricing mechanisms at the time of delivery. They reflect NexGen's long stated focus of maximizing leverage to future uranium prices and the Company's positioning as a new reliable Western World source of nuclear fuel incorporating the highest standards of technical, environmental and social inclusion from the tier one jurisdiction of Saskatchewan Canada .

The table below sets out the aggregate delivery quantities of uranium contemplated in the sales agreements, together with the expected gross sales revenue based on various assumed spot prices:

Realised Weighted Volume Average Price Realised Table (excludes escalation):
1M lbs U3O8 per annum

Uranium Price ($/lbs. U3O8)	2029	2030	2031	2032	2033
$80	$79	$79	$79	$79	$79
$100	$99	$99	$99	$99	$99
$150	$141	$141	$141	$141	$141
$175	$150	$150	$150	$150	$150

*excludes ancillary commissions and costs of delivery

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Leigh Curyer, Chief Executive Officer, commented: "These offtake awards with premier US utilities represents a pivotal moment for NexGen. They underscore the premier quality and scalability of the Rook I Project, whilst offering diversification of supply from existing centralised sources. Further, the terms of these awards reflect market related pricing mechanisms at the time of delivery reflecting NexGen's long-term stated strategy of optimizing the value of each pound produced.

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About NexGen

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Fo rward-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 setting industry benchmarks with innovative and sustainable mining solutions and reflecting ongoing commitments to maximizing benefits to partners and stakeholders, the successful execution of the shaft sinking contract, the seamless transition to major construction following anticipated federal Environmental Assessment and licence approvals, the delivery of clean energy fuel for the future, the development of the largest low cost producing uranium mine globally and incorporating elite standards in environmental and social governance, delivering a project that leads the entire mining industry socially, technically and environmentally, providing generational long-term economic, environmental and social benefits for Saskatchewan, Canada and the world, planned exploration and development activities and budgets, the interpretation of drill results and other geological information, mineral reserve and resource estimates (to the extent they involve estimates of the mineralization that will be encountered if a project is developed), requirements for additional capital, capital costs, operating costs, cash flow estimates, production estimates, the future price of uranium and similar statements relating to the economics of a project, including the Rook I Project. Generally, forward-looking information and statements can be identified by the use of forward-looking terminology 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 NexGen's current expectations, beliefs, assumptions, estimates and forecasts about its 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, third-party contractors, including Thyssen, will perform their contracts as expected and on time, the results of planned exploration and development activities will be as anticipated and on time; the price of uranium; the cost of planned exploration and development activities; that, as plans continue to be refined for the development of the Rook I Project, there will be no changes in costs, engineering details or specifications that would materially adversely affect its viability; 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 and development activities will be available on reasonable terms and in a timely manner; that there will be no revocation of government approvals; that general business, economic, competitive, social and political conditions will not change in a material adverse manner; the assumptions underlying the Company's mineral reserve and resource estimates; assumptions made in the interpretation of drill results and other geological information; the ability to achieve production on the Rook I Project; and other estimates, assumptions and forecasts disclosed in the Feasibility Study for the Rook I Project. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements were considered reasonable by management at the time they were made, 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 additional financing, the risk that pending assay results will not confirm previously announced preliminary results, the imprecision of mineral reserve and resource estimates, the price and appeal of alternate sources of energy, sustained low uranium prices, aboriginal title and consultation issues, exploration and development risks, climate change, uninsurable risks, reliance upon key management and other personnel, risks related to title to its properties, information security and cyber threats, failure to manage conflicts of interest, failure to obtain or maintain required permits and licences, changes in laws, regulations and policy, competition for resources, political and regulatory risks, general inflationary pressures, industry and economic factors that may affect the business, and other factors discussed or referred to in the Company's most recent Annual Information Form under "Risk Factors" and management's discussion and analysis under "Other Risks Factors" filed on SEDAR+ at www.sedarplus.ca and 40-F filed on 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.

www.nexgenenergy.ca

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SOURCE NexGen Energy Ltd.

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