Azarga Uranium Increases Measured and Indicated Resources by 128% for Gas Hills Uranium Project

Highlights:

Measured and Indicated uranium resources increased to 10.77 million pounds U₃O₈ from 4.73 million pounds U₃O₈ (128% increase)
Measured and Indicated in-situ recovery ("ISR") uranium resources total 7.71 million pounds U₃O₈ (72% of overall Measured and Indicated resources)
- Average U₃O₈grade of 0.101%
Maiden ISR resource estimate achieves significant grade and scale and supports further advancement of the project
Preliminary economic assessment to be undertaken; strong potential for our Gas Hills Project to become a significant satellite deposit to our flagship Dewey Burdock Project

Azarga Uranium CORP. (TSX:AZZ)(OTCQB:AZZUF)(FRA:P8AA) ("Azarga Uranium" or the "Company") is pleased to announce that the Company has completed an updated National Instrument 43-101 ("NI 43-101") resource estimate for its Gas Hills Uranium Project in Wyoming (the "Gas Hills Project") following the identification of additional uranium mineralization as previously disclosed by the Company

Blake Steele, Azarga Uranium's President and CEO stated: "We are extremely pleased with the results of our Gas Hills Project resource update. The scale and confidence of our ISR amenable Gas Hills Project resource estimate has established it as a significant deposit in the USA. We have conducted numerous hydrology studies on our Gas Hills Project, and they have all confirmed that the resources located below the water table are ideally suited to ISR mining techniques."

Steele also noted, "The Gas Hills region is a prolific uranium district with approximately 100 million pounds of past production. Industry leader, Cameco Corporation, owns a permitted ISR uranium project within this district. We look forward to completing a preliminary economic assessment for our Gas Hills Project and evaluating its potential as a standalone deposit as well as a significant satellite deposit to the Company's flagship Dewey Burdock Project. Utilization of planned infrastructure at our Dewey Burdock Project also has the potential to considerably reduce the capital cost profile of our Gas Hills Project."

Updated Mineral Resource Estimate - 29 March 2021

Gas Hills Project Mineral Resource estimate at 0.10 GT (inclusive of ISR resources)
	Measured Resources	Indicated Resources	Measured plus Indicated Resources	Inferred Resources
Tons	993,928	6,031,224	7,025,152	514,393
Average grade (% U₃O₈)	0.103	0.072	0.077	0.048
Average thickness (feet)	5.4	6.1	6.1	6.2
Average grade-thickness ("GT")	0.552	0.443	0.463	0.293
Uranium (pounds)	2,051,065	8,714,126	10,765,191	490,072

Note: Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Gas Hills Project ISR Mineral Resource estimate at 0.10 GT
	Measured Resources	Indicated Resources	Measured plus Indicated Resources	Inferred Resources
Tons	993,928	2,835,339	3,829,267	409,330
Average grade (% U₃O₈)	0.103	0.100	0.101	0.052
Average thickness (feet)	5.4	4.9	5.0	5.9
Average grade-thickness ("GT")	0.552	0.491	0.502	0.310
Uranium (pounds)	2,051,065	5,654,545	7,705,610	427,817

Note: Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Both the ISR and non-ISR resources were determined using the GT contour method and met the following criteria:

0.02 percent grade cutoff;
Occur within the same mineral horizon (roll front);
Fall within the 0.10 GT contour; and
Extend no farther from the drill hole than the radius of influence specified for each category, i.e., measured, indicated or inferred.

In addition, ISR resources that fall within the 0.20 GT contour have also been estimated in the table below (all other calculation criteria are the same as noted above):

Gas Hills Project ISR Mineral Resource estimate at 0.20 GT
	Measured Resources	Indicated Resources	Measured plus Indicated Resources	Inferred Resources
Tons	847,570	2,143,763	2,991,333	260,544
Average grade (% U₃O₈)	0.111	0.114	0.113	0.056
Average thickness (feet)	5.9	5.7	5.8	8.4
Average grade-thickness ("GT")	0.661	0.653	0.653	0.470
Uranium (pounds)	1,887,847	4,872,128	6,759,975	290,007

Note: Mineral resources that are not mineral reserves do not have demonstrated economic viability.

The NI 43-101 resource estimate was prepared by Roughstock Mining Services ("Roughstock"), Steve Cutler, P.G., a Qualified Person ("QP"). The full technical report will be filed on SEDAR at www.sedar.com and Azarga Uranium's website www.azargauranium.com within 45 days of the issuance of this news release.

Data Verification

An overall assessment of the data used for the classification of resources into various categories is required by the CIM Definition Standards. This assessment showed that historical data gathering and interpretation of the data was conducted by a well-respected, major uranium exploration company with high-quality uranium exploration staff. It also showed that at key points, professional geologic consultants reviewed and verified the results of the historic exploration programs. Numerous academic reports have also been published on geologic settings and uranium mineralization of the Gas Hills Project.

Interpretive geologic evaluation has also been completed under the direction of the Company's senior geologic staff. All these factors provide a high level of confidence in the geological information available on the mineral deposit and that historic drillhole data on the Gas Hills Project is accurate and useable for continued evaluation of the project.

There are no known discrepancies in locations, depths, thicknesses, or grades that would render the project data questionable. The QP has adequately verified the historical data for the Gas Hills Project. The QP has reviewed the data confirmation procedures and concludes that the drillhole database has been sufficiently verified and is adequate for use in resource estimation. The QP concludes the work done by Azarga Uranium to verify the historical records has validated the project information in the updated resource estimate.

Qualified Person

The disclosure of a scientific and technical nature contained in this press release was approved by Steve Cutler, P.G., a qualified person as that term is defined under NI 43-101.

About Azarga Uranium Corp.

Azarga Uranium is an integrated uranium exploration and development company that controls ten uranium projects and prospects in the United States of America ("USA") (South Dakota, Wyoming, Utah and Colorado), with a primary focus of developing in-situ recovery uranium projects. The Dewey Burdock in-situ recovery uranium project in South Dakota, USA (the "Dewey Burdock Project"), which is the Company's initial development priority, has been issued its Nuclear Regulatory Commission License and final Class III and Class V Underground Injection Control permits from the Environmental Protection Agency and the Company is in the process of completing regulatory permit approvals necessary for the construction of the Dewey Burdock Project.

For more information please visit www.azargauranium.com.

For further information, please contact:

Blake Steele, President and CEO
+1 303 790-7528
E-mail: info@azargauranium.com

Disclaimer for Forward-Looking Information

Certain information and statements in this news release may be considered forward-looking information or forward-looking statements for purposes of applicable securities laws (collectively, "forward-looking statements"), which reflect the expectations of management regarding its disclosure and amendments thereto. Forward-looking statements consist of information or statements that are not purely historical, including any information or statements regarding beliefs, plans, expectations or intentions regarding the future. Such information or statements may include, but are not limited to, statements with respect to the Company undertaking and completing a preliminary economic assessment evaluating the Gas Hills Project's potential as a standalone deposit as well as a significant satellite deposit to the Company's flagship Dewey Burdock Project, there being a strong potential for the Company's Gas Hills Project to become a significant satellite deposit to the Company's flagship Dewey Burdock Project, that the resources at the Gas Hills Project located below the water table are ideally suited to ISR mining techniques, the Company's utilization of planned infrastructure at its Dewey Burdock Project also having the potential to considerably reduce the capital cost profile of its Gas Hills Project and the Company being in the process of completing regulatory permit approvals necessary for the construction of the Dewey Burdock Project. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits Azarga Uranium will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions, which may prove to be incorrect. A number of risks and uncertainties could cause actual results to differ materially from those expressed or implied by the forward-looking statements, including without limitation: the risk that the Company does not undertake or complete a preliminary economic assessment evaluating the Gas Hills Project's potential as either or both a standalone deposit and a significant satellite deposit to the Company's flagship Dewey Burdock Project, the risk that the Company's Gas Hills Project does not become a significant satellite deposit to the Company's flagship Dewey Burdock Project, the risk that the resources at the Gas Hills Project located below the water table are not ideally suited to ISR mining techniques, the risk that the Company's utilization of planned infrastructure at its Dewey Burdock Project does not considerably, or at all, reduce the capital cost profile of its Gas Hills Project, the risk that the Company does not complete regulatory permit approvals necessary for the construction of the Dewey Burdock Project, the risk that such statements may prove to be inaccurate and other factors beyond the Company's control. These forward-looking statements are made as of the date of this news release and, except as required by applicable securities laws, Azarga Uranium assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements. Additional information about these and other assumptions, risks and uncertainties are set out in the "Risks and Uncertainties" section in the most recent AIF filed with Canadian security regulators.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.

SOURCE: Azarga Uranium Corp.

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NexGen Achieves Major Permitting Milestone

The Canadian Nuclear Safety Commission ("CNSC") has notified NexGen of successful completion of final Federal technical review.
This is the key requirement to scheduling a Federal Commission Hearing date and subsequent Federal Project approval decision.
The Federal Environmental Assessment ("EA") and License represent the final major approval steps after having received Provincial EA approval in November 2023 .
In production, the Rook I Project is poised to make NexGen one of the world's largest and most environmentally conscious mining companies.

NexGen Energy Ltd. ("NexGen" or the "Company") (TSX: NXE) (NYSE: NXE) (ASX: NXG) is excited and proud to announce a major milestone in the Federal EA process for its 100%owned Rook I Project ("the Project"). The CNSC has provided NexGen formal confirmation that the Company has successfully addressed all information requests received as part of the Federal technical review. With completion of the CNSC technical review, the next and final steps in the Federal approval process include scheduling a Commission Hearing Date for the Project, subject to which the CNSC will render an approval decision on the Project.

This historic milestone marks a crucial step forward for the Project that has been undergoing Canada's robust and rigorous regulatory process since 2019. Completion of the Federal EA technical review stage follows the CNSC having deemed NexGen's Federal licence application sufficient in September 2023 , and receipt of Provincial EA approval in November 2023 . This development reinforces Canada's path to re-establish itself as the leader in global uranium supply and partner of choice.

Leigh Curyer, Chief Executive Officer, commented: "This exciting outcome is a testament to the exceptional efforts of our entire NexGen team, the collaborative support of our valued Indigenous Nation partners, and our transparent approach with the CNSC to ensure a robust and thorough review that meets the highest standards of environmental protection for the sustainable development of the Rook I Project. Since inception, our honest and innovative holistic approach to the successful development of this generational project has set new industry standards as to what is possible, whilst positively impacting all our valued stakeholders.

Together with the Clearwater River Dene Nation, Métis Nation – Saskatchewan Northern Region 2 and Métis Nation – Saskatchewan , Buffalo River Dene Nation, and Birch Narrows Dene Nation, we are construction ready to deliver transformative and unprecedented social, economic and environmental benefits to local communities, the Province of Saskatchewan, Canada , and the world.

We're not just developing a mine - we're building strong communities while shaping a sustainable and secure global energy future. With over $800 million in cash and liquid assets, we are ready pending a positive Commission decision with all activities required to immediately commence major site works in place."

NexGen is poised to propel Canada back to the forefront of global clean energy fuel production. The Rook I Project embodies NexGen's commitment to elite environmental performance, unprecedented community inclusion, and responsible alignment with global net-zero goals.

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 and 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.

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.

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 estimates for CapEx, OpEx and a payback period of 12 months, the appointment of a lead lender group, the availability of financing for the Project, the advancement of detailed engineering and contract negotiations, bolstering the globe's uranium supply chains to meet the rising demand for nuclear energy, the timing and cost of reclamation, including as part of the UGTMF and after-tax free cash flow remaining materially consistent with the FS, Free Cash Flow, Payback Period and IRR relative to various uranium prices, 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 financing for the Project will be available in a timely manner and on terms acceptable to the Company, 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 and updated/revised CapEx, OpEx, SusEx, and pay back period; 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, 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.

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 are cautioned not to place undue reliance on forward-looking information or statements due to the inherent uncertainty thereof. 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.

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SOURCE NexGen Energy Ltd.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/November2024/19/c8458.html

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Azarga Uranium Increases Measured and Indicated Resources by 128% for Gas Hills Uranium Project

Resource update underway in preparation for bringing significant satellite deposits into the mine plan

Strategy aligns with global efforts to expand nuclear power

Private sector support for nuclear energy in full swing

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