<SEC-DOCUMENT>0001279569-21-000629.txt : 20210507
<SEC-HEADER>0001279569-21-000629.hdr.sgml : 20210507
<ACCEPTANCE-DATETIME>20210507162918
ACCESSION NUMBER:		0001279569-21-000629
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20210331
FILED AS OF DATE:		20210507
DATE AS OF CHANGE:		20210507

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NexGen Energy Ltd.
		CENTRAL INDEX KEY:			0001698535
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS METAL ORES [1090]
		IRS NUMBER:				840123707
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38072
		FILM NUMBER:		21903220

	BUSINESS ADDRESS:	
		STREET 1:		1021 WEST HASTINGS STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6E 0C3
		BUSINESS PHONE:		(604) 428-4112

	MAIL ADDRESS:	
		STREET 1:		1021 WEST HASTINGS STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6E 0C3
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>nexgen6k.htm
<DESCRIPTION>FORM 6-K
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        <P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>
        <P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>___________________</B></P>
        <P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: center"><B>Form 6-K</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT
        TO RULE 13a-16 OR 15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">For the month of May 2021</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Commission File Number 001-38072</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>



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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>___________________</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>NexGen Energy Ltd.</B></P>
        <P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><I>(Translation
        of registrant's name into English)&nbsp;</I></FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Suite 3150, 1021 &ndash; West Hastings Street<BR>
        Vancouver, B.C., Canada V6E 0C3</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(<I>Address
        of principal executive offices</I>)</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>___________________</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">I<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ndicate
        by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form
        20-F&nbsp;&nbsp;&nbsp;&#9744; &#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 40-F&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&thorn;</FONT> </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Indicate
        by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1) &#9744;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Indicate
        by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7) &#9744;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 1in">.<B>&nbsp;</B></P></TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>INCORPORATION
BY REFERENCE</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exhibits
99.1 and 99.2 to this Report on Form 6-K are hereby incorporated by reference as Exhibits to the Registration Statement on Form F-10
of NexGen Energy Ltd. (File No. 333-253512).</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="text-decoration: underline; width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B><U>Exhibit</U></B></FONT></TD>
    <TD STYLE="text-decoration: underline; width: 83%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B><U>Description</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><A HREF="ex991.htm">99.1</A></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><A HREF="ex991.htm">Unaudited
    Condensed Consolidated Interim Financial Statements for Periods Ending  March 31, 2021 and 2020</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><A HREF="ex992.htm">99.2</A></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><A HREF="ex992.htm">Management&rsquo;s
    Discussion and Analysis for the  Three Months Ended March 31, 2021</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><A HREF="ex993.htm">99.3</A></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="ex993.htm"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Form 52-109F2 Certification of Interim Filings - Chief Executive Officer</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><A HREF="ex994.htm">99.4</A></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="ex994.htm"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Form 52-109F2 Certification of Interim Filings - Chief Financial Officer</FONT></A></TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on May 7, 2021.</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>NEXGEN ENERGY LTD.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 5%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 39%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 6%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">/s/
    <I>Harpreet Dhaliwal</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Harpreet Dhaliwal</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Chief Financial Officer</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991.htm
<DESCRIPTION>Q1 2021 FINANCIAL STATEMENTS
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<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Exhibit 99.1</B></FONT></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><IMG SRC="logo.jpg" ALT="" STYLE="height: 146px; width: 300px"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"></P>

<P STYLE="font: 12pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center"><FONT STYLE="letter-spacing: 0.05pt"><B>Condensed
Interim Consolidated Financial Statements</B></FONT></P>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center">For the three months ended March 31, 2021</P>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center">(expressed in thousands of Canadian dollars)</P>

<P STYLE="font: 12pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 24pt"><B>&nbsp;</B></P>


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<P STYLE="font: small-caps 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: normal; letter-spacing: 1.05pt"><B>NexGen
Energy Ltd.</B></FONT></P>

<P STYLE="font: small-caps 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: normal">Condensed
Interim Consolidated Statements of Financial Position</FONT></P>

<P STYLE="font: small-caps 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid"><FONT STYLE="font-variant: normal">(expressed
in thousands of Canadian dollars) - Unaudited</FONT></P>
<P STYLE="font: 18pt/107% Verdana, Helvetica, Sans-Serif; margin: 0 0 8pt"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">As at March 31, 2021</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: right">As at December 31, 2020</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-left: 5.4pt">Assets</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Current assets</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-indent: 9pt; padding-left: 5.4pt">Cash</TD><TD STYLE="width: 8%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-weight: bold; text-align: right">226,798</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">74,022</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 9pt; padding-left: 5.4pt">Amounts receivable</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">258</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">304</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; text-indent: 9pt; padding-left: 5.4pt">Prepaid expenses and other</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">324</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">680</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">227,380</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75,006</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Non-current assets</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 9pt; padding-left: 5.4pt">Exploration and evaluation assets (Note 5)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">280,619</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">274,722</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 9pt; padding-left: 5.4pt">Equipment (Note 6)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">7,259</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,579</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; text-indent: 9pt; padding-left: 5.4pt">Deposits</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">85</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">85</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-left: 5.4pt">Total assets</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">515,343</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">357,392</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-left: 5.4pt">Liabilities</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Current liabilities</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 9pt; padding-left: 5.4pt">Accounts payable and accrued liabilities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">4,757</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6,544</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; text-indent: 9pt; padding-left: 5.4pt">Lease liabilities (Note 8)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">867</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">778</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">5,624</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7,322</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Non-current liabilities</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 9pt; padding-left: 5.4pt">Convertible debentures (Note 7)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">55,857</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">226,853</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 9pt; padding-left: 5.4pt">Long-term lease liabilities (Note 8)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,976</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,253</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; text-indent: 9pt; padding-left: 5.4pt">Deferred income tax liabilities</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">392</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">712</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left; padding-left: 5.4pt">Total liabilities</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">64,849</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">238,140</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-left: 5.4pt">Equity</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 9pt; padding-left: 5.4pt">Share capital (Note 9)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">653,882</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">255,953</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 9pt; padding-left: 5.4pt">Reserves</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">55,679</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54,939</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 9pt; padding-left: 5.4pt">Accumulated other comprehensive loss</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(514</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,339</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; text-indent: 9pt; padding-left: 5.4pt">Accumulated deficit</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(282,130</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(212,302</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 5.4pt">Equity attributable to NexGen Energy Ltd. shareholders</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">426,917</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">94,251</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; text-indent: 9pt; padding-left: 5.4pt">&nbsp;Non-controlling interests</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">23,577</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">25,001</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left; padding-left: 5.4pt">Total equity</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">450,494</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">119,252</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left; padding-left: 5.4pt">Total liabilities and equity</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">515,343</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">357,392</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD></TR>
  </TABLE>



<P STYLE="font: bold 9pt/95% Calibri, Helvetica, Sans-Serif; margin: 0 2.6in 0 0; text-indent: 1.8pt"><BR>
Nature of operations (Note 2)</P>

<P STYLE="font: bold 9pt/95% Calibri, Helvetica, Sans-Serif; margin: 0 2.6in 0 0; text-indent: 1.8pt">Commitments (Note 8)</P>

<P STYLE="font: bold 9pt/95% Calibri, Helvetica, Sans-Serif; margin: 0 2.6in 0 0; text-indent: 1.8pt">Subsequent events (Note 15)</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Calibri, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="1" STYLE="text-align: center; background-color: White">The accompanying notes are an integral part of these consolidated financial statements.</TD></TR>
  </TABLE>


<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>


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<P STYLE="font: small-caps 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="font-variant: normal; letter-spacing: 1.05pt"><B>NexGen
Energy Ltd.</B></FONT></P>

<DIV STYLE="border-bottom: Black 0.5pt solid; margin-right: 0in; padding: 0in 0in 1pt">

<P STYLE="font: small-caps 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: normal">Condensed
Interim Consolidated Statements of Net Loss and Comprehensive Loss</FONT></P>

<P STYLE="font: small-caps 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: small-caps 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: normal">(expressed
in thousands of Canadian dollars, except per share and share information) - Unaudited</FONT></P>

</DIV>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: small-caps 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: normal"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="padding-right: 5.4pt; font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: right">Three months ended March 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 1pt solid">2021</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 1pt solid">2020</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; padding-left: 5.4pt">Expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 56%; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left; text-indent: 9pt; padding-left: 5.4pt">Salaries, benefits and directors&rsquo; fees</TD><TD STYLE="width: 8%; font: bold 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="width: 12%; font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: right">2,451</TD><TD STYLE="width: 1%; font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="width: 12%; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right">1,011</TD><TD STYLE="width: 1%; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left; text-indent: 9pt; padding-left: 5.4pt">Office and administrative</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: right">971</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right">595</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left; text-indent: 9pt; padding-left: 5.4pt">Professional fees</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: right">829</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right">618</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-indent: 9pt; padding-left: 5.4pt">Travel</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: right">31</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right">169</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left; text-indent: 9pt; padding-left: 5.4pt">Depreciation (Note 6)</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: right">544</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right">535</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; text-indent: 9pt; padding-left: 5.4pt">Share-based payments (Note 9)</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: right">2,197</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right">1,678</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: right">7,023</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right">4,606</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left; text-indent: 9pt; padding-left: 5.4pt">Finance income</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: right">(125</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right">(185</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left; text-indent: 9pt; padding-left: 5.4pt">Mark-to-market loss on convertible debentures (Note 7)</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: right">59,009</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right">7,089</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left; text-indent: 9pt; padding-left: 5.4pt">Interest expense on convertible debentures (Note 7)</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: right">2,228</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right">3,026</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left; text-indent: 9pt; padding-left: 5.4pt">Interest on lease liabilities (Note 8)</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: right">72</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right">45</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left; text-indent: 9pt; padding-left: 5.4pt">Foreign exchange loss (gain)</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: right">178</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right">(1,741</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; text-indent: 9pt; padding-left: 5.4pt">Other expenses (income)</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right">(7</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt">Loss before taxes</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: right">68,385</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right">12,833</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; text-indent: 9pt; padding-left: 5.4pt">Deferred income tax expense (recovery)</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: right">(269</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right">(2,447</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt">Net loss</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: right">68,116</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right">10,386</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt">Items that may not be reclassified subsequently to profit or loss:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left; text-indent: 0.9pt; padding-left: 8.95pt">Change in fair value of convertible debenture attributable to the change in credit risk (Note 7)</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: right">295</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right">(10,170</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; text-indent: 0.9pt; padding-left: 8.95pt">Deferred income tax expense (recovery)</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: right">(50</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right">2,746</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; padding-left: 5.4pt">Net comprehensive loss</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: right">68,361</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right">2,962</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>Net loss attributable to: </B></P></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left; text-indent: 0.9pt; padding-left: 8.95pt">Shareholders of NexGen Energy Ltd.</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: right">66,090</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right">9,937</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; text-indent: 0.9pt; padding-left: 8.95pt">Non-controlling interests</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: right">2,026</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right">449</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: right">68,116</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right">10,386</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>Net comprehensive loss attributable to: </B></P></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left; text-indent: 0.9pt; padding-left: 8.95pt">Shareholders of NexGen Energy Ltd.</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: right">66,280</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right">2,513</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; text-indent: 0.9pt; padding-left: 8.95pt">Non-controlling interests</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: right">2,081</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right">449</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: right">68,361</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right">2,962</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt">Loss per share attributable to NexGen Energy Ltd. equity holders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left; text-indent: 9pt; padding-left: 5.4pt">Basic and diluted loss per share</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: right">0.17</TD><TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right">0.03</TD><TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 8.95pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; padding-left: 5.4pt">Weighted average common shares outstanding</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left; text-indent: 9pt; padding-left: 5.4pt">Basic and Diluted</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: right">407,466,970</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right">360,250,571</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center"><FONT STYLE="font-size: 8pt"><I>&nbsp;</I>The
accompanying notes are an integral part of these condensed interim consolidated financial statements.</FONT></P>


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<P STYLE="font: small-caps 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: normal; letter-spacing: 1.05pt"><B>NexGen
Energy Ltd.</B></FONT></P>

<P STYLE="font: small-caps 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: normal">Condensed
Interim Consolidated Statements of Cash Flows</FONT></P>

<P STYLE="font: small-caps 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid"><FONT STYLE="font-variant: normal">(expressed
in thousands of Canadian dollars) - Unaudited</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="padding-right: 5.4pt; font-weight: bold; text-align: right">Three months ended March 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2021</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; border-bottom: Black 1.5pt solid; text-align: right">2020</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 56%; text-align: left; text-indent: 9pt; padding-left: 5.4pt">Net loss for the period:</TD><TD STYLE="width: 8%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-weight: bold; text-align: right">(68,116</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">(10,386</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 9pt; padding-left: 5.4pt">Adjust for:</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 16.05pt">Depreciation (Note 6)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">544</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">535</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 16.05pt">Share-based payments (Note 9)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,197</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,678</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 16.05pt">Mark-to-market loss on convertible debenture (Note 7)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">59,009</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,089</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 16.05pt">Interest expense on convertible debentures (Note 7)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,228</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,026</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 16.05pt">Interest on lease liabilities (Note 8)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">72</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 16.05pt">Deferred income tax expense (recovery)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(269</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,447</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 16.05pt">Unrealized foreign exchange loss (gain)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">178</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,906</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Operating cash flows before working capital</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(4,157</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(2,366</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 9pt; padding-left: 5.4pt">Changes in working capital items:</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 16.05pt">Amounts receivable</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">48</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">118</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 16.05pt">Deposits</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 16.05pt">Prepaid expenses and other</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">355</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">111</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 16.05pt">Accounts payable and accrued liabilities</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">579</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(75</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-left: 5.4pt">Cash used in operating activities</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(3,175</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,212</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 16.05pt">Expenditures on exploration and evaluation assets</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(8,032</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,566</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 16.05pt">Acquisition of equipment</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(224</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(99</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-left: 5.4pt">Cash used in investing activities</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(8,256</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(7,665</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 16.05pt">Proceeds from bought-deal financing, net of share issuance costs</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">163,923</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 16.05pt">Proceeds from exercise of option and warrants</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,289</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 16.05pt">Payment of lease liabilities (Note 8)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(261</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(206</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 16.05pt">Interest paid on convertible debentures</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(1,566</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-left: 5.4pt">Cash provided by (used in) financing activities</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">164,385</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(204</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 16.05pt">Foreign exchange gain (loss) on cash</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(178</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,906</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-left: 5.4pt">Increase (decrease) in cash</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">152,776</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(8,175</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 12pt; padding-left: 16.05pt">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt">Cash, beginning of period</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">74,022</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,117</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 5.4pt">Increase (decrease) in cash</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">152,776</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(8,175</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-left: 5.4pt">Cash, end of period</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">226,798</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">43,942</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 7.1pt"><B>Supplemental cash flow information (Note 10)</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 7.1pt">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 7.1pt">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 7.1pt">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 7.1pt">&nbsp;</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center">The accompanying notes are an integral part of
these consolidated financial statements.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 7.1pt"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><B></B></P>

<P STYLE="font: small-caps 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: normal; letter-spacing: 1.05pt"><B>NexGen
Energy Ltd.</B></FONT></P>

<P STYLE="font: small-caps 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: normal">Condensed
Interim Consolidated Statements of Changes in Equity</FONT></P>

<P STYLE="font: small-caps 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid"><FONT STYLE="font-variant: normal">(expressed
in thousands of Canadian dollars, except share information) - Unaudited</FONT></P>
<P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Share Capital</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Common Shares</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Reserve</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Accumulated Other Comprehensive Loss</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Accumulated Deficit</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Attributable to shareholder&rsquo;s of NexGen Energy Ltd.</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Non-controlling interests</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 28%; font-weight: bold">Balance at December 31, 2019</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-weight: bold; text-align: right">360,250,571</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 5%; font-weight: bold; text-align: right">218,788</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 5%; font-weight: bold; text-align: right">51,559</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 5%; font-weight: bold; text-align: right">(2,247</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 5%; font-weight: bold; text-align: right">(103,401</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 5%; font-weight: bold; text-align: right">164,699</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 5%; font-weight: bold; text-align: right">21,650</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 5%; font-weight: bold; text-align: right">186,349</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Shares issued on exercise of warrants of subsidiary to non-controlling interests</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Share-based payments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,920</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,920</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,920</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Net loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,937</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,937</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(449</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(10,386</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 5.4pt">Other comprehensive loss</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,424</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,424</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,424</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-left: 5.4pt">Balance at March 31, 2020</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">360,250,571</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">218,788</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">53,479</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">5,177</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(113,339</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">164,105</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">21,204</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">185,309</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-left: 5.4pt">Balance at December 31, 2020</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">381,830,205</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">255,953</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">54,939</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(4,339</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(212,302</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">94,251</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">25,001</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">119,252</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Share-based payments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,098</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,098</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">289</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,387</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -16.05pt; padding-left: 16.05pt">Shares issued on exercise of stock options</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">633,334</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,675</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,032</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,643</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,643</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -16.05pt; padding-left: 16.05pt">Shares issued on convertible debentures redemption (Note 7)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,083,335</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">230,301</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">230,301</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">230,301</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -16.05pt; padding-left: 16.05pt">Shares issued for convertible debentures interest payments (Note 7)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">177,045</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">848</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">848</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">848</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -16.05pt; padding-left: 16.05pt">Shares issued on bought-deal financing, net of share issue costs (Note 9)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,410,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">163,205</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">163,205</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">163,205</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -16.05pt; padding-left: 16.05pt">Shares issued relating to the Rook 1 property development (Note 9)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">200,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(326</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">574</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">574</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -16.05pt; padding-left: 16.05pt">Ownership changes relating to non-controlling interests</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">277</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">277</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">368</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">645</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -16.05pt; padding-left: 16.05pt">Net loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(66,090</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(66,090</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,026</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(68,116</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -16.05pt; padding-left: 16.05pt">Reclass accumulated other comprehensive income related to converted debentures (Note 7)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,015</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,015</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 5.4pt">Other comprehensive loss</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(190</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(190</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(55</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(245</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-left: 5.4pt">Balance at March 31, 2021</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">469,333,919</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">653,882</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">55,679</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(514</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(282,130</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">426,917</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">23,577</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">450,494</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center">The accompanying notes are an integral part of
these consolidated financial statements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: small-caps 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"><FONT STYLE="font-variant: normal; letter-spacing: 1.05pt"><B>NexGen
Energy Ltd.</B></FONT></P>

<DIV STYLE="margin-right: 0in; margin-left: 14.2pt; padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid">

<P STYLE="font: small-caps 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: normal">Notes
to the Condensed Interim Consolidated Financial Statements</FONT></P>

<P STYLE="font: small-caps 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: normal">For
the three months ended March 31, 2021 and 2020</FONT></P>

<P STYLE="font: small-caps 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: normal">(expressed
in thousands of Canadian dollars, except as otherwise stated) - Unaudited</FONT></P>

</DIV>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: small-caps bold 13pt/105% Calibri, Helvetica, Sans-Serif; margin: 12pt 6.95pt 12pt 14.2pt; letter-spacing: 0.5pt; text-indent: 0in">1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Reporting Entity</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">NexGen Energy Ltd. (&ldquo;NexGen&rdquo;
or the &ldquo;Company&rdquo;) is an exploration and development stage entity engaged in the acquisition, exploration and evaluation and
development of uranium properties in Canada. The Company was incorporated pursuant to the provisions of the British Columbia Business
Corporations Act on March 8, 2011. The Company&rsquo;s registered records office is located on the 25th Floor, 700 West Georgia Street,
Vancouver, B.C., V7Y 1B3.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">The Company is listed on the Toronto Stock
Exchange (the &ldquo;<B>TSX</B>&rdquo;) and NYSE American exchange (the &ldquo;<B>NYSE American</B>&rdquo;) under the symbol &ldquo;NXE&rdquo;
and is a reporting issuer in each of the provinces of Canada other than Qu&eacute;bec.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">In February 2016, the Company incorporated
four wholly owned subsidiaries: NXE Energy Royalty Ltd., NXE Energy SW1 Ltd., NXE Energy SW3 Ltd., and IsoEnergy Ltd. (collectively, the
&ldquo;Subsidiaries&rdquo;). The Subsidiaries were incorporated to hold certain exploration assets of the Company. In the three months
ended June 30, 2016, certain exploration and evaluation assets were transferred to each of IsoEnergy Ltd. (&ldquo;IsoEnergy&rdquo;), NXE
Energy SW1 Ltd. and NXE Energy SW3 Ltd. Subsequent to the transfer, IsoEnergy shares were listed on the TSX-V. As of March 31, 2021, NexGen
owns 50.58% of IsoEnergy&rsquo;s outstanding common shares (December 31, 2020 &ndash; 51.08%).</P>

<P STYLE="font: small-caps bold 13pt/105% Calibri, Helvetica, Sans-Serif; margin: 12pt 6.95pt 12pt 14.2pt; letter-spacing: 0.5pt; text-indent: 0in">2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Nature of operations</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">As an exploration and development stage
company, the Company does not have revenues and historically has recurring operating losses. As at March 31, 2021, the Company had an
accumulated deficit of $282,130 and working capital of $221,756. The Company will be required to obtain additional funding in order to
continue with the exploration and development of its mineral properties.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">The business of exploring for minerals
and development of projects involves a high degree of risk. NexGen is an exploration and development company and is subject to risks and
challenges similar to companies in a comparable stage. These risks include, but are not limited to, the challenges of securing adequate
capital; development and operational risks inherent in the mining industry; changes in government policies and regulations; the ability
to obtain the necessary environmental permits or, alternatively NexGen's ability to dispose of its exploration and evaluation assets on
an advantageous basis; as well as global economic and uranium price volatility; all of which are uncertain.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">The underlying value of the exploration
and evaluation assets is dependent upon the existence and economic recovery of mineral reserves and is subject to, but not limited to,
the risks and challenges identified above. Changes in future conditions could require material write-downs of the carrying value of exploration
and evaluation assets.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">During 2020, the World Health Organization
declared a global pandemic known as COVID-19 and governments around the world enacted measures to combat the spread of the virus. The
duration and impact of the COVID-19 outbreak is not known at this time, but the risks to the Company may include, but are not limited
to, delays in the previously disclosed timelines and activity levels associated with the Company&rsquo;s baseline engineering, environmental
assessment and the ability to raise funds through debt and equity markets. To date, the Company&rsquo;s operations and ability to raise
funds have not been significantly impacted.&nbsp; The Company has implemented proper covid protocols at each of its locations that are
in line with the respective regional health authorities COVID-19 guidelines.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 13pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><P STYLE="font: small-caps 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"><FONT STYLE="font-variant: normal; letter-spacing: 1.05pt"><B>NexGen
Energy Ltd.</B></FONT></P>

<DIV STYLE="border-bottom: Black 0.5pt solid; margin-right: 0in; margin-left: 14.2pt; padding: 0in 0in 1pt">

<P STYLE="font: small-caps 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: normal">Notes
to the Condensed Interim Consolidated Financial Statements</FONT></P>

<P STYLE="font: small-caps 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: normal">For
the three months ended March 31, 2021 and 2020</FONT></P>

<P STYLE="font: small-caps 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: normal">(expressed
in thousands of Canadian dollars, except as otherwise stated) - Unaudited</FONT></P>

</DIV>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="font: small-caps bold 13pt/105% Calibri, Helvetica, Sans-Serif; margin: 12pt 6.95pt 12pt 14.2pt; letter-spacing: 0.5pt; text-indent: 0in">3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Basis of Preparation and Significant Accounting Policies</P>

<P STYLE="font: bold 12pt/105% Calibri, Helvetica, Sans-Serif; margin: 12pt 0 6pt 14.2pt; letter-spacing: 0.05pt; text-align: justify; text-indent: 0in">a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Basis of preparation</P>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-align: justify">These condensed interim consolidated
financial statements have been prepared in accordance with International Accounting Standard (&ldquo;IAS&rdquo;) 34, Interim Financial
Reporting, using accounting policies consistent with International Financial Reporting Standards (&ldquo;IFRS&rdquo;). Certain disclosures
required by IFRS have been condensed or omitted in the following note disclosures as they are disclosed or have been disclosed on an annual
basis only. Accordingly, these condensed interim consolidated financial statements should be read in conjunction with the consolidated
financial statements for the years ended December 31, 2020 and 2019 (&ldquo;annual financial statements&rdquo;), which have been prepared
in accordance with IFRS. These condensed interim consolidated financial statements follow the same accounting policies and methods of
application as the annual financial statements.</P>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-align: justify">On May 6, 2021, the Audit Committee
of the Board of Directors authorized these financial statements for issuance.</P>

<P STYLE="font: bold 12pt/105% Calibri, Helvetica, Sans-Serif; margin: 12pt 0 6pt 14.2pt; letter-spacing: 0.05pt; text-align: justify; text-indent: 0in">b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Basis of consolidation</P>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 14.2pt; text-align: justify">The accounts of the subsidiaries
controlled by the Company are included in the condensed interim consolidated financial statements from the date that control commenced
until the date that control ceases. Control is achieved where the Company has the power to govern the financial and operating policies
of an entity so as to obtain benefits from its activities. The subsidiaries of the Company and their geographic locations at March 31,
2021 are as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; margin-left: 14pt">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 64%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt"><B>Name of Subsidiary</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 18%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt"><B>Location</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 18%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt"><B>Ownership</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">NXE Energy Royalty Ltd.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">Canada</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">100%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">NXE Energy SW1 Ltd.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">Canada</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">100%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">NXE Energy SW3 Ltd.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">Canada</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">100%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">IsoEnergy Ltd.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">Canada</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">50.6%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-align: justify">Intercompany balances, transactions,
income and expenses arising from intercompany transactions are eliminated in full on consolidation.</P>

<P STYLE="font: small-caps bold 13pt/105% Calibri, Helvetica, Sans-Serif; margin: 12pt 6.95pt 12pt 14.2pt; letter-spacing: 0.5pt; text-indent: 0in">4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Critical Judgements, Estimates and Assumptions in Accounting Policies</P>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-align: justify">Judgements, estimates and assumptions
are continually evaluated and are based on management&rsquo;s experience and other factors, including expectations of future events that
are believed to be reasonable under the circumstances. The significant judgments, estimates and assumptions made by management in applying
the Company&rsquo;s accounting policies are consistent with those that applied to the annual financial statements and actual results may
differ from these estimates.</P>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: small-caps 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"><FONT STYLE="font-variant: normal; letter-spacing: 1.05pt"><B>NexGen
Energy Ltd.</B></FONT></P>

<DIV STYLE="border-bottom: Black 0.5pt solid; margin-right: 0in; margin-left: 14.2pt; padding: 0in 0in 1pt">

<P STYLE="font: small-caps 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: normal">Notes
to the Condensed Interim Consolidated Financial Statements</FONT></P>

<P STYLE="font: small-caps 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: normal">For
the three months ended March 31, 2021 and 2020</FONT></P>

<P STYLE="font: small-caps 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: normal">(expressed
in thousands of Canadian dollars, except as otherwise stated) - Unaudited</FONT></P>

</DIV>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="font: small-caps bold 13pt/105% Calibri, Helvetica, Sans-Serif; margin: 12pt 6.95pt 12pt 14.2pt; letter-spacing: 0.5pt; text-indent: 0in">5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Exploration and Evaluation Assets</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif; margin-left: 0">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; font-size: 12pt">&nbsp;</TD><TD STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Rook 1</TD><TD STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; white-space: nowrap; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Other Athabasca<BR>
 Basin Properties</TD><TD STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">IsoEnergy<BR>
 Properties</TD><TD STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Total</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 5.4pt">Acquisition cost</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; padding-left: 5.4pt">Balance at December 31, 2020</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">235</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">1,458</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">26,778</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">28,471</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 5.4pt">Additions/expenditures</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-left: 5.4pt">Balance as at March 31, 2021</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">235</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">1,458</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">26,778</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">28,471</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif; margin-left: 0">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Deferred exploration costs</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; padding-left: 5.4pt">Balance at December 31, 2020</TD><TD STYLE="width: 3%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">216,350</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">9,173</TD><TD STYLE="width: 1%; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="width: 3%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">20,728</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">246,251</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;Additions:</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drilling</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">112</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">112</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General exploration</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">313</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">314</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Environmental and permitting</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,632</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,633</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technical, engineering and design</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">549</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">550</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geological and geophysical</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">7</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">8</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">15</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Labour and wages</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">847</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">191</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,038</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based payments</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">157</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">33</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">190</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travel</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">43</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">45</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;Total Additions</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">5,500</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">7</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">390</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">5,897</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-left: 5.4pt">Balance as at March 31, 2021</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">221,850</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">$</TD><TD STYLE="font-weight: bold; text-align: right">9,180</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">21,118</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">252,148</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 12pt; border-bottom: Black 1pt solid; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 12pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-left: 5.4pt">Total costs, March 31, 2021</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">222,085</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">10,638</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">47,896</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">280,619</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif; margin-left: 0">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; font-size: 12pt">&nbsp;</TD><TD STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Rook 1</TD><TD STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: right">Other Athabasca<BR>
 Basin Properties</TD><TD STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; white-space: nowrap; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">IsoEnergy<BR>
 Properties</TD><TD STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Total</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 5.4pt">Acquisition Cost</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 40%; padding-left: 5.4pt">Balance at December 31, 2019</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">235</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">1,458</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">26,636</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">28,329</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 5.4pt">Additions/expenditures</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">142</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">142</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-left: 5.4pt">Balance as at December 31, 2020</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">235</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">1,458</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">26,778</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">28,471</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif; margin-left: 0">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Deferred exploration costs</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 40%; padding-left: 5.4pt">Balance at December 31, 2019</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">199,784</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">9,164</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">15,104</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">224,052</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;Additions:</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drilling</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,801</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,801</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General exploration</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,407</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">594</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,006</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Environmental and permitting</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,725</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">137</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">6,862</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technical, engineering and design</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,158</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">225</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">4,383</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geochemistry and assays</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">318</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">318</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geologicial and geophysical</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">35</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Labour and wages</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,925</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,140</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">4,065</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based payments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,281</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">235</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,516</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travel</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">70</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">143</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">213</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;Total Additions</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">16,566</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,624</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">22,199</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-left: 5.4pt">Balance as at December 31, 2020</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">216,350</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">9,173</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">20,728</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">246,251</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 12pt; border-bottom: Black 1pt solid; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 12pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-left: 5.4pt">Total costs, December 31, 2020</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">216,585</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">10,631</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">47,506</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">274,722</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

  <P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

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<P STYLE="font: small-caps 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"><FONT STYLE="font-variant: normal; letter-spacing: 1.05pt"><B>NexGen
Energy Ltd.</B></FONT></P>

<DIV STYLE="border-bottom: Black 0.5pt solid; margin-right: 0in; margin-left: 14.2pt; padding: 0in 0in 1pt">

<P STYLE="font: small-caps 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: normal">Notes
to the Condensed Interim Consolidated Financial Statements</FONT></P>

<P STYLE="font: small-caps 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: normal">For
the three months ended March 31, 2021 and 2020</FONT></P>

<P STYLE="font: small-caps 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: normal">(expressed
in thousands of Canadian dollars, except as otherwise stated) - Unaudited</FONT></P>

</DIV>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: small-caps bold 13pt/105% Calibri, Helvetica, Sans-Serif; margin: 12pt 6.95pt 12pt 14.2pt; letter-spacing: 0.5pt; text-indent: 0in">6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Equipment</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif; margin-left: 0">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="27" STYLE="border-top: Black 1.5pt solid; font-size: 12pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; font-size: 12pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Computer<BR> Equipment</TD><TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Software</TD><TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Field<BR> equipment</TD><TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Office,<BR> Furniture and<BR> Leasehold<BR> Improvements</TD><TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Road</TD><TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Total</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt"><B>Cost</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: left"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">As at December 31, 2019</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">417</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">939</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">6,891</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">3,007</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">2,079</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">13,333</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">Additions</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">121</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,135</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,313</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">Disposals</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(92</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(92</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">At December 31, 2020</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">451</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,060</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6,822</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5,142</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,079</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">15,554</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">Reclassification</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(275</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">275</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">Additions </FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">114</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">42</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">58</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">224</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt"><B>Balance as at March 31, 2021</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">461</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">1,174</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">6,589</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">5,475</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">2,079</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">15,778</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif; margin-left: 0">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt; font-weight: bold">Accumulated Depreciation</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; padding-left: 5.4pt">As at December 31, 2019</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 6%; text-align: right">292</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 6%; text-align: right">651</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 6%; text-align: right">2,964</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 6%; text-align: right">710</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 6%; text-align: right">1,128</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 6%; text-align: right">5,745</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt">Depreciation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">78</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">190</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">857</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">710</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">455</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,290</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 5.4pt">Disposals</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(60</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(60</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt">At December 31, 2020</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">370</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">841</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,420</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,583</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7,975</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt">Reclassification</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(193</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">193</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 5.4pt">Depreciation</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">46</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">150</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">225</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">114</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">544</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-left: 5.4pt">Balance as at March 31, 2021</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">379</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">887</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,718</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,838</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,697</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">8,519</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt; border-bottom: Black 1pt solid; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 12pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-left: 5.4pt">Net book value at December 31, 2020</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">81</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">219</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,061</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,722</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">496</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">7,579</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-left: 5.4pt">Net book value at March 31, 2021</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">82</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">287</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,871</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,637</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">382</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">7,259</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: small-caps bold 13pt/105% Calibri, Helvetica, Sans-Serif; margin: 12pt 6.95pt 12pt 14.2pt; letter-spacing: 0.5pt; text-indent: 0in">7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Convertible Debentures</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif; margin-left: 0">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: left; font-size: 12pt">&nbsp;</TD><TD STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2016<BR>
 Debentures</TD><TD STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2017<BR>
 Debentures</TD><TD STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2020<BR>
 Debentures</TD><TD STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">IsoEnergy<BR>
 Debentures</TD><TD STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Total</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 13%; text-align: left"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">Fair value at December 31, 2020</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">94,768</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">86,568</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">31,483</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">14,034</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">226,853</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">Fair value adjustment</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,291</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,674</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,631</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,709</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59,305</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">Settlement with shares</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(125,059</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(105,242</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(230,301</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt"><B>Fair Value at March 31, 2021</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">39,114</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">16,743</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">55,857</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 12pt 0 6pt 14.2pt; text-align: justify">The fair value of the debentures
decreased from $226,853 on December 31, 2020 to $55,857 at March 31, 2021, resulting from the conversion of the 2016 and 2017 debentures
offset with a mark-to-market loss of $59,305 for the three months ended March 31, 2021 (March 31, 2020 - $3,081 gain). The loss for the
three months ended March 31, 2021 was bifurcated with the amount of the change in fair value of the convertible debentures attributable
to changes in the credit risk of the liability recognized in other comprehensive loss of $295 (2020 - $10,170 gain) and the remaining
amount recognized in loss for the quarter of $59,009 (March 31, 2020 - $7,089). The interest expense during for the three months ended
March 31, 2021 was $2,228 (March 31, 2020 - $3,026)</P>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 12pt 0 6pt 14.2pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><P STYLE="font: small-caps 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"><FONT STYLE="font-variant: normal; letter-spacing: 1.05pt"><B>NexGen
Energy Ltd.</B></FONT></P>

<DIV STYLE="border-bottom: Black 0.5pt solid; margin-right: 0in; margin-left: 14.2pt; padding: 0in 0in 1pt">

<P STYLE="font: small-caps 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: normal">Notes
to the Condensed Interim Consolidated Financial Statements</FONT></P>

<P STYLE="font: small-caps 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: normal">For
the three months ended March 31, 2021 and 2020</FONT></P>

<P STYLE="font: small-caps 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: normal">(expressed
in thousands of Canadian dollars, except as otherwise stated) - Unaudited</FONT></P>

</DIV>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 14.2pt"><B>2016 and 2017 Convertible
Debentures</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">On February 18, 2021 and February 23,
2021,&nbsp;the holders of the 2016 and 2017 debentures elected to convert their respective US$60 million aggregate principal amount of
7.5% unsecured convertible debentures, both due to mature on July 22, 2022, into common shares of the Company. The Company issued 25,794,247
and 22,289,088 common shares relating to the conversion of the principal of the 2016 and 2017 debentures, respectively, and 89,729 and
87,316 common shares relating to the accrued and unpaid interest up to the date of conversion for the 2016 and 2017 debentures, respectively.
The amounts recorded in Other Comprehensive Income as a result of changes in credit risks of the 2016 and 2017 debentures from inception
through to conversion totaling losses of $4,015 were reclassified to accumulated deficit.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">The fair value of the 2016 and 2017 debentures
at conversion was based on the number of shares issued at the closing share price on the conversion date. The closing share price on February
18, 2021 was $4.69 and $4.88 on February 23, 2021 and the conversion price for the 2016 debenture was US$2.33 and US$2.69 for the 2017
debenture. The fair value of the shares issued for interest was based on the closing share price on the date of issuance and recorded
as interest expense in the consolidated statement of net loss and comprehensive loss (Note 9).</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 14.2pt"><B>2020 Convertible Debentures</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">On May 27, 2020, the Company issued US$15
million principal amount of convertible debentures (the &ldquo;2020 Debentures&rdquo;). The Company received proceeds of $20,889 (US$15
million) and a 3% establishment fee of $627 (US$450) was paid to the debenture holders through the issuance of 348,350 common shares and
a consent fee of $355 was paid to the investors of the 2016 and 2017 Debentures in connection with the financing through the issuance
of 180,270 common shares. The fair value of the 2020 Debentures on issuance date was determined to be $20,261 (US$14,550).</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">The 2020 Debentures bear interest at a
rate of 7.5% per annum, payable semi-annually in US dollars on June 10 and December 10 in each year. Two thirds of the interest (equal
to 5% per annum) is payable in cash and one third of the interest (equal to 2.5% per annum) is payable, subject to any required regulatory
approval, in common shares of the Company, using the volume-weighted average trading price (&ldquo;VWAP&rdquo;) of the common shares on
the exchange or market that has the greatest trading volume in the Company&rsquo;s common shares for the 20 consecutive trading days ending
three trading days preceding the date on which such interest payment is due. The 2020 Debentures are convertible, from time to time, into
common shares of the Company at the option of the debenture holders under certain conditions.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">The 2020 Debentures were valued using
a convertible bond pricing model based on a system of two coupled Black-Scholes equations where the debt and equity components are separately
valued based on different default risks and assumptions. The inputs used in the pricing model as at March 31, 2021 and December 31, 2020
are as follows:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; margin-left: 0">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 56%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 22%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt"><B>March 31, 2021</B></FONT></TD>
    <TD STYLE="width: 22%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt"><B>December 31, 2020</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">Volatility </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">37.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">38.00%</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">Expected life in years</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">4.16 years</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">4.41 years</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">Risk free interest rate</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">1.25%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">0.74%</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">Expected dividend yield</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">0%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">0%</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">Credit spread</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">17.58%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">19.53%</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">Underlying share price of the Company</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">$4.53</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">$3.51</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">Conversion exercise price</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">$2.34</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">$2.34</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">Exchange rate (C$:US$)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">$0.7961</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">$0.7854</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 14.2pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 14.2pt"><B>&nbsp;</B></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><P STYLE="font: small-caps 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"><FONT STYLE="font-variant: normal; letter-spacing: 1.05pt"><B>NexGen
Energy Ltd.</B></FONT></P>

<DIV STYLE="border-bottom: Black 0.5pt solid; margin-right: 0in; margin-left: 14.2pt; padding: 0in 0in 1pt">

<P STYLE="font: small-caps 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: normal">Notes
to the Condensed Interim Consolidated Financial Statements</FONT></P>

<P STYLE="font: small-caps 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: normal">For
the three months ended March 31, 2021 and 2020</FONT></P>

<P STYLE="font: small-caps 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: normal">(expressed
in thousands of Canadian dollars, except as otherwise stated) - Unaudited</FONT></P>

</DIV>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 14.2pt"><B>IsoEnergy Debentures</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">On August 18, 2020, IsoEnergy entered
into a US$6 million private placement of unsecured convertible debentures (the &ldquo;IsoEnergy Debentures&rdquo;). The IsoEnergy Debentures
are convertible at the holder&rsquo;s option at a conversion price of $0.88 into a maximum of 9,206,311 common shares of IsoEnergy. IsoEnergy
received gross proceeds of $7,902 (US$6,000). A 3% establishment fee of $272 (US$180) was also paid to the debenture holders through the
issuance of 219,689 common shares in IsoEnergy. The fair value of the IsoEnergy Debentures on issuance date was determined to be $7,630
(US$5,820).</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">The IsoEnergy Debentures were valued using
a convertible bond pricing model based on a system of two coupled Black-Scholes equations where the debt and equity components are separately
valued based on different default risks and assumptions. The inputs used in the pricing model as at March 31, 2021 and December 31, 2020
are as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; margin-left: 0">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 56%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 22%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt"><B>March 31, 2021</B></FONT></TD>
    <TD STYLE="width: 22%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt"><B>December 31, 2020</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">Volatility </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">49.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">46.00%</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">Expected life in years</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">4.4 years</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">4.65 years</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">Risk free interest rate</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">1.31%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">0.79%</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">Expected dividend yield</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">0%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">0%</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">Credit spread</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">19.76%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">21.70%</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">Underlying share price of the Company</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">$2.40</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">$1.87</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">Conversion exercise price</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">$0.88</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">$0.88</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">Exchange rate (C$:US$)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">$0.7961</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">$0.7854</FONT></TD></TR>
  </TABLE>
<P STYLE="font: small-caps bold 13pt/105% Calibri, Helvetica, Sans-Serif; margin: 12pt 6.95pt 12pt 14.2pt; letter-spacing: 0.5pt; text-indent: 0in">8.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Leases</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/105% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif"><B>(a)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; line-height: 105%"><B>Right-of-use assets</B></FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; margin-left: 0">
  <TR STYLE="background-color: White">
    <TD STYLE="width: 62%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 19%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt"><B>March 31, 2021</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">December 31, 2020</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">Right-of-use assets, beginning of period</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt"><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,544</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,217</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">Additions</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">2,069</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">Depreciation </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt"><B>(208)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">(742)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">Balance, end of period</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,336</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,544</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 6pt 0 6pt 14.2pt; text-align: justify">The right-of-use assets recognized
by the Company are comprised of $3,280 (December 31, 2020 - $3,464) related to corporate office leases and $56 (December 31, 2020 - $80)
related to the rental of field equipment and are included in the office, furniture and leasehold improvements category and the field equipment
category, respectively in Note 6.</P>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 6pt 0 6pt 14.2pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><P STYLE="font: small-caps 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"><FONT STYLE="font-variant: normal; letter-spacing: 1.05pt"><B>NexGen
Energy Ltd.</B></FONT></P>

<DIV STYLE="border-bottom: Black 0.5pt solid; margin-right: 0in; margin-left: 14.2pt; padding: 0in 0in 1pt">

<P STYLE="font: small-caps 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: normal">Notes
to the Condensed Interim Consolidated Financial Statements</FONT></P>

<P STYLE="font: small-caps 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: normal">For
the three months ended March 31, 2021 and 2020</FONT></P>

<P STYLE="font: small-caps 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: normal">(expressed
in thousands of Canadian dollars, except as otherwise stated) - Unaudited</FONT></P>

</DIV>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/105% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif"><B>(b)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; line-height: 105%"><B>Lease liabilities </B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif; margin-left: 0">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; font-size: 12pt">&nbsp;</TD><TD STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">March 31, 2021</TD><TD STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right">December 31, 2020</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 56%; padding-left: 5.4pt">Lease liabilities, beginning of period</TD><TD STYLE="width: 8%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-weight: bold; text-align: right">4,031</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">2,645</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt">Additions</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,121</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt">Terminations</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(34</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Interest expense on lease liabilities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">73</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">254</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 5.4pt">Payment of lease liabilities</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(261</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(955</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 5.4pt">Balance, end of period</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">3,843</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">4,031</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Current portion</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">867</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">778</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 5.4pt">Non-current portion</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,976</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,253</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 5.4pt">Balance, end of period</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">3,843</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">4,031</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 6pt 0 6pt 14.2pt; text-align: justify">The undiscounted values of the
lease liabilities as at March 31, 2021 was $6,506 (December 31, 2020 - $6,889).</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/105% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 30.8pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif"><B>(c)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; line-height: 105%"><B>Amounts recognized in
profit and loss </B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif; margin-left: 0">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; font-size: 12pt">&nbsp;</TD><TD STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">March 31, 2021</TD><TD STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right">March 31, 2020</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 56%; text-align: left; padding-left: 5.4pt">Expense relating to short-term leases</TD><TD STYLE="width: 8%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">2,126</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 5.4pt">Expense relating to variable lease payments</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">112</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">83</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 6pt 0 6pt 14.2pt; text-align: justify">The Company engages drilling
companies to carry out its drilling programs on its exploration and evaluation properties. The drilling companies provide all required
equipment for these drilling programs. These contracts are short-term in nature and the Company has elected not to recognize right-of-use
assets and associated lease liabilities in respect to these contracts but rather to recognize lease payments associated with these leases
as incurred over the lease term. Payments to the drilling company in the three months ended March 31, 2021 were $nil (March 31, 2020 -
$1,331).</P>

<P STYLE="font: small-caps bold 13pt/105% Calibri, Helvetica, Sans-Serif; margin: 12pt 6.95pt 12pt 14.2pt; letter-spacing: 0.5pt; text-indent: 0in">9.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Share Capital</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/105% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; letter-spacing: 0.05pt"><B>(a)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; letter-spacing: 0.05pt"><B>Authorized capital</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 14.2pt">Unlimited common shares
without par value.</P>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 14.2pt">Unlimited preferred shares
without par value.</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"><B>For the three months ended March
31, 2021: </B></P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">On February 18, 2021 and February 23,
2021,&nbsp;the Company issued 25,794,247 and 22,289,088 common shares relating to the conversion of the principal of the 2016 and 2017
Debentures at a fair value of $125,059 and $105,242, respectively. In addition, 89,729 and 87,316 common shares were issued relating to
the accrued and unpaid interest up to the date of conversion for the 2016 and 2017 Debentures at a fair value of $407 and $441, respectively
(Note 7).</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">On March 11, 2021, the Company completed
a bought deal financing where 33,400,000 common shares of the Company were issued at a price of $4.50 per common share (the &ldquo;Offering
Price&rdquo;) for gross proceeds of approximately $150,300. On March 16, 2021, the Company closed the over-allotment of 5,010,000 common
shares of the Company at the Offering Price for additional proceeds of $22,545. In connection with the financing, $9,590 was incurred
for share issue costs.</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: small-caps 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"><FONT STYLE="font-variant: normal; letter-spacing: 1.05pt"><B>NexGen
Energy Ltd.</B></FONT></P>

<DIV STYLE="border-bottom: Black 0.5pt solid; margin-right: 0in; margin-left: 14.2pt; padding: 0in 0in 1pt">

<P STYLE="font: small-caps 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: normal">Notes
to the Condensed Interim Consolidated Financial Statements</FONT></P>

<P STYLE="font: small-caps 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: normal">For
the three months ended March 31, 2021 and 2020</FONT></P>

<P STYLE="font: small-caps 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: normal">(expressed
in thousands of Canadian dollars, except as otherwise stated) - Unaudited</FONT></P>

</DIV>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">On February 3, 2021 and February 23,
2021, the Company issued an aggregate of 200,000 common shares to arm&rsquo;s length parties to advance the development of the Rook 1
property at a fair value of $900.</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"><B>For the year ended December 31,
2020: </B></P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">On May 27, 2020, the Company completed
a financing that consisted of a US$15 million private placement of common shares and US$15 million of the 2020 Debentures (Note 7). In
connection with the financing the Company issued 11,611,667 common shares at a price of $1.80 for the private placement, 348,350 common
shares at a price of $1.80 for the establishment fees of the 2020 Debentures, and 180,270 common shares at a deemed price of $1.97 for
a consent fee to the investors of the 2016 and 2017 debentures in connection with the 2020 Debentures financing.</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">On June 8, 2020, the Company issued
1,092,142 common shares at a fair value of $2,152 to the convertible debenture holders for the share portion of the debenture interest
payment.</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">On December 10, 2020, the Company
issued 856,206 common shares with a fair value of $2,586 to the convertible debenture holders for the share portion of the debenture interest
payment.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/105% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; letter-spacing: 0.05pt"><B>(b)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; letter-spacing: 0.05pt"><B>Share options</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">Pursuant to the Company&rsquo;s stock
option plan, directors may, from time to time, authorize the issuance of options to directors, officers, employees and consultants of
the Company, enabling them to acquire up to 20% of the issued and outstanding common shares of the Company.</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">The options can be granted for a maximum
term of 10 years and are subject to vesting provisions as determined by the Board of Directors of the Company.</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-align: justify">A summary of the changes in the
share options is presented below:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif; margin-left: 0">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Options outstanding</TD><TD STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Weighted average<BR>
 exercise price (C$)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 26%; text-align: left"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">At December 31, 2019</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 26%; text-align: right">36,617,495</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 26%; text-align: right">2.14</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;Granted </FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,555,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.54</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;Exercised</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,490,999</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.90</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;Expired</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,208,334</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2.75</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">At December 31, 2020</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,473,162</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2.47</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;Granted </FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">250,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.16</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;Exercised </FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(633,334</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2.59</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt"><B>At March 31, 2021 - Outstanding</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">36,089,828</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2.48</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt"><B>At March 31, 2021 - Exercisable</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">27,022,337</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2.52</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: small-caps 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"><FONT STYLE="font-variant: normal; letter-spacing: 1.05pt"><B>NexGen
Energy Ltd.</B></FONT></P>

<DIV STYLE="border-bottom: Black 0.5pt solid; margin-right: 0in; margin-left: 14.2pt; padding: 0in 0in 1pt">

<P STYLE="font: small-caps 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: normal">Notes
to the Condensed Interim Consolidated Financial Statements</FONT></P>

<P STYLE="font: small-caps 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: normal">For
the three months ended March 31, 2021 and 2020</FONT></P>

<P STYLE="font: small-caps 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: normal">(expressed
in thousands of Canadian dollars, except as otherwise stated) - Unaudited</FONT></P>

</DIV>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt 14.2pt">The following table summarizes information about the
exercisable share options outstanding as March 31, 2021:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; margin-left: 0">
  <TR>
    <TD STYLE="width: 14%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt"><B>Number of<BR>
 share options<BR>
 outstanding</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt"><B>Number of share<BR>
 options exercisable</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt"><B>Exercise prices (C$)</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt"><B>Remaining<BR>
 contractual life<BR>
 (years)</B></FONT></TD>
    <TD STYLE="width: 26%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt"><B>Expiry date</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">250,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">250,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">2.69</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">0.19</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">June 8, 2021</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">4,125,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">4,125,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">2.65</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">0.23</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">June 23, 2021</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">2,700,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">2,700,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">2.24</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">0.71</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">December 15, 2021</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">25,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">25,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">3.11</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">1.06</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">April 22, 2022</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">3,500,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">3,500,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">3.39</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">1.71</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">December 14, 2022</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">75,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">75,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">2.39</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">2.04</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">April 13, 2023</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">3,750,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">3,750,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">2.85</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">2.19</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">June 8, 2023</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">100,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">100,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">2.66</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">2.22</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">June 20, 2023</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">720,482</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">720,482</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">2.49</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">2.39</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">August 21, 2023</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">2,725,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">2,725,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">2.41</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">2.75</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">December 31, 2023</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">500,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">500,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">2.27</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">2.98</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">March 21, 2024</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">250,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">250,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">2.22</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">2.99</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">March 27, 2024</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">3,558,333</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">2,316,668</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">1.92</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">3.20</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">June 12, 2024</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">188,679</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">188,679</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">1.59</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">3.38</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">August 16, 2024</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">3,867,334</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">2,578,222</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">1.29</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">3.74</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">December 24, 2024</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">4,575,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">1,491,666</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">1.80</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">4.20</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">June 12, 2025</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">4,930,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">1,643,327</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">3.24</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">4.70</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">December 11, 2025</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">250,000</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">83,333</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">5.16</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">4.88</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">February 16, 2026</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt"><B>36,089,828</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt"><B>27,022,377</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt"><B>2.52</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt"><B>2.25</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 6pt 0 6pt 14.2pt; text-align: justify">The following weighted average
assumptions were used for Black-Scholes valuation of the share options granted during the three months ended March 31, 2021 (March 31,
2020 &ndash; no share options granted):</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; margin-left: 0">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 57%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 43%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">Risk-free interest rate </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">0.60%</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">Expected life</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">5 years</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">Annualized volatility </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">61.68%</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">Dividend rate </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">0.00%</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">Fair value per option granted in period</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">$2.60</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">Share-based payments for options vested
for the three months ended March 31, 2021 amounted to $2,387 (2020 &ndash; $1,920) of which $2,197 (2020 &ndash; $1,678) was expensed
to the statement of net loss and comprehensive loss and $190 (2020 - $242) was capitalized to exploration and evaluation assets (Note
5).</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 14 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 13pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><P STYLE="font: small-caps 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"><FONT STYLE="font-variant: normal; letter-spacing: 1.05pt"><B>NexGen
Energy Ltd.</B></FONT></P>

<DIV STYLE="border-bottom: Black 0.5pt solid; margin-right: 0in; margin-left: 14.2pt; padding: 0in 0in 1pt">

<P STYLE="font: small-caps 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: normal">Notes
to the Condensed Interim Consolidated Financial Statements</FONT></P>

<P STYLE="font: small-caps 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: normal">For
the three months ended March 31, 2021 and 2020</FONT></P>

<P STYLE="font: small-caps 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: normal">(expressed
in thousands of Canadian dollars, except as otherwise stated) - Unaudited</FONT></P>

</DIV>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="font: small-caps bold 13pt/105% Calibri, Helvetica, Sans-Serif; margin: 12pt 6.95pt 12pt 14.2pt; letter-spacing: 0.5pt; text-indent: 0in">10.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;
</FONT>Supplemental Cash Flow Information</P>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-align: justify">The Company did not have any cash
equivalents as at March 31, 2021 and December 31, 2020.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Schedule of non-cash investing
and financing activities: </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif; margin-left: 0">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; text-align: left; font-size: 12pt; vertical-align: middle">&nbsp;</TD><TD STYLE="padding-right: 5.4pt; text-align: center; border-top: Black 1.5pt solid; font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; vertical-align: middle; font-weight: bold; text-align: right">Three months ended March 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; border-bottom: Black 1pt solid; text-align: left; font-size: 12pt; vertical-align: middle">&nbsp;</TD><TD STYLE="padding-right: 5.4pt; text-align: center; font-weight: bold; border-bottom: Black 1pt solid; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; border-bottom: Black 1pt solid; vertical-align: middle; font-weight: bold; text-align: right">2021</TD><TD STYLE="padding-right: 5.4pt; border-bottom: Black 1pt solid; text-align: right; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; border-bottom: Black 1pt solid; vertical-align: middle; text-align: right">2020</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: middle; width: 63%; text-align: left; padding-left: 5.4pt">Capitalized share-based payments</TD><TD STYLE="text-align: center; width: 1%; font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 1%; font-weight: bold; text-align: right">$</TD><TD STYLE="vertical-align: middle; width: 12%; font-weight: bold; text-align: right">190</TD><TD STYLE="vertical-align: middle; width: 1%; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="text-align: right; width: 8%; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 1%; text-align: right">$</TD><TD STYLE="vertical-align: middle; width: 12%; text-align: right">242</TD><TD STYLE="vertical-align: middle; width: 1%; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: middle; white-space: nowrap; text-align: left; padding-left: 5.4pt">Exploration and evaluation asset expenditures included in accounts payable and <BR>
accrued liabilities</TD><TD STYLE="text-align: center; font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="vertical-align: middle; font-weight: bold; text-align: right">2,529</TD><TD STYLE="vertical-align: middle; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: right">2,069</TD><TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle; text-align: left; padding-left: 5.4pt">Interest expense included in accounts payable and accrued liabilities</TD><TD STYLE="text-align: center; font-weight: bold; border-bottom: Black 1pt solid; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle; font-weight: bold; text-align: right">440</TD><TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle; text-align: right">3,192</TD><TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; font-size: 12pt; padding-left: 5.4pt; vertical-align: middle">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: right">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: small-caps bold 13pt/105% Calibri, Helvetica, Sans-Serif; margin: 12pt 6.95pt 12pt 14.2pt; letter-spacing: 0.5pt; text-indent: 0in">11.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;
</FONT>Related Party Transactions</P>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 6pt 0 12pt 14.2pt; text-align: justify">The remuneration of key management
which includes directors and management personnel responsible for planning, directing and controlling the activities of the Company during
the period was as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif; margin-left: 0">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; text-align: left; border-top: Black 1.5pt solid; font-size: 12pt">&nbsp;</TD><TD STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; font-weight: bold; text-align: right">Three months ended March 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; text-align: left; font-size: 12pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-right: 5.4pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; text-align: right; border-bottom: Black 1pt solid">2020</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 61%; text-align: left"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">Short-term benefits<SUP>(1)</SUP></FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 26%; font-weight: bold; text-align: right">648</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 26%; text-align: right">883</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">Stock options<SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,648</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,291</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">Consulting fees<SUP>(3)</SUP></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">33</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">43</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2,329</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2,217</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-align: justify"><SUP>(1) </SUP>Short-term compensation
to key management personnel for the period ended March 31, 2021 amounted to $648 (2020 - $883) of which $598 (2020 - $595) was expensed
and included in salaries, benefits and directors&rsquo; fees on the statement of net loss and comprehensive loss. The remaining $50 (2020
- $288) was capitalized to exploration and evaluation assets.</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-align: justify"><SUP>(2) </SUP>Share-based payments to
key management personnel for the period ended March 31, 2021 amounted to $1,648 (2020 - $1,291) of which $1,644 (2020 - $1,219) was expensed
and $4 (2020 - $72) was capitalized to exploration and evaluation assets.</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-align: justify"><SUP>(3) </SUP>The Company used consulting
services from a company associated with one of its directors in relation to advice on corporate matters for the period ended March 31,
2021 amounting to $33 (2020 - $43).</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-align: justify">As at March 31, 2021, there was $33
(December 31, 2020 - $45) included in accounts payable and accrued liabilities owing to its directors and officers for compensation.<BR STYLE="clear: both"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: small-caps 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"><FONT STYLE="font-variant: normal; letter-spacing: 1.05pt"><B>NexGen
Energy Ltd.</B></FONT></P>

<DIV STYLE="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt; margin-right: 0in; margin-left: 14.2pt">

<P STYLE="font: small-caps 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: normal">Notes
to the Condensed Interim Consolidated Financial Statements</FONT></P>

<P STYLE="font: small-caps 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: normal">For
the three months ended March 31, 2021 and 2020</FONT></P>

<P STYLE="font: small-caps 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: normal">(expressed
in thousands of Canadian dollars, except as otherwise stated) - Unaudited</FONT></P>

</DIV>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="font: small-caps bold 13pt/105% Calibri, Helvetica, Sans-Serif; margin: 12pt 6.95pt 12pt 14.2pt; letter-spacing: 0.5pt; text-indent: 0in">12.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;
</FONT>Capital Management</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">The Company manages its capital structure
and makes adjustments to it, based on the funds available to the Company, in order to support the acquisition, exploration, development
and evaluation of assets. To effectively manage the entity&rsquo;s capital requirements, the Company has in place a planning, budgeting
and forecasting process to help determine the funds required to ensure the Company has the appropriate liquidity to meet its operating
and growth objectives. The Board of Directors does not establish quantitative return on capital criteria for management, but rather relies
on the expertise of the Company&rsquo;s management to sustain the future development of the business.</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">In the management of capital, the
Company considers all components of equity and debt and is dependent on third party financing, whether through debt, equity, or other
means. Although the Company has been successful in raising funds to date, there is no assurance that the Company will be successful in
obtaining required financing in the future or that such financing will be available on terms acceptable to the Company.</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">The properties in which the Company
currently has an interest are in the exploration and development stage. As such the Company has historically relied on the equity markets
and convertible debt to fund its activities. The Company will continue to assess new properties and seek to acquire an interest in additional
properties if it determines that there is sufficient geologic or economic potential and if it has adequate financial resources to do so.</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">The Company is not subject to externally
imposed capital requirements. There were no changes in the Company&rsquo;s approach to capital management during the period.</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">In the management of capital, the
Company includes the components of equity, and convertible debentures, net of cash.</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-align: justify">Capital, as defined above, is summarized
in the following table:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif; margin-left: 0">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; font-size: 12pt">&nbsp;</TD><TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">March 31, 2021</TD><TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; border-bottom: Black 1pt solid; text-align: right">December 31, 2020</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 56%; padding-left: 5.4pt">Equity</TD><TD STYLE="width: 8%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-weight: bold; text-align: right">450,494</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">119,252</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 5.4pt">Convertible debentures (Note 7)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">55,857</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">226,853</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">506,351</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">346,105</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 5.4pt">Less: Cash</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(226,798</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(74,022</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">279,553</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">272,083</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: small-caps bold 13pt/105% Calibri, Helvetica, Sans-Serif; margin: 12pt 6.95pt 12pt 14.2pt; letter-spacing: 0.5pt; text-indent: 0in">13.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;
</FONT>Financial Instruments and Risk Management</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">The Company&rsquo;s financial instruments
consist of cash, amounts receivable, accounts payable and accrued liabilities and convertible debentures.</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">Financial instruments measured at
fair value are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used
to estimate the fair values.</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-align: justify">The three levels of the fair value
hierarchy are:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Level 1 &ndash; unadjusted
quoted prices in active markets for identical assets or liabilities</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Level 2 &ndash; inputs other
than quoted prices that are observable for the asset or liability either directly or indirectly; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Level 3 &ndash; inputs that
are not based on observable market data.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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<P STYLE="font: small-caps 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"><FONT STYLE="font-variant: normal; letter-spacing: 1.05pt"><B>NexGen
Energy Ltd.</B></FONT></P>

<DIV STYLE="border-bottom: Black 0.5pt solid; margin-right: 0in; margin-left: 14.2pt; padding: 0in 0in 1pt">

<P STYLE="font: small-caps 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: normal">Notes
to the Condensed Interim Consolidated Financial Statements</FONT></P>

<P STYLE="font: small-caps 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: normal">For
the three months ended March 31, 2021 and 2020</FONT></P>

<P STYLE="font: small-caps 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: normal">(expressed
in thousands of Canadian dollars, except as otherwise stated) - Unaudited</FONT></P>

</DIV>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">The fair values of the Company&rsquo;s
cash, amounts receivable, and accounts payable and accrued liabilities approximate their carrying values due to their short-term nature.</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">The convertible debentures are re-measured
at fair value at each reporting date with any change in fair value recognized in profit or loss with the exception that under IFRS 9,
the change in fair value that is attributable to change in credit risk is presented in other comprehensive income (Note 7). The convertible
debentures are classified as Level 2.</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"><B>Financial Risk</B></P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">The Company is exposed to varying
degrees of a variety of financial instrument-related risks. The Board approves and monitors the risk management processes, controlling
and reporting structures. The type of risk exposure and the way in which such exposure is managed is provided as follows:</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"><I><U>Credit Risk </U></I></P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">Credit risk is the risk that one party
to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. Financial instruments
potentially subject to credit risk are cash and amounts receivable. The Company holds cash with large Canadian banks. The Company&rsquo;s
amounts receivable consists of input tax credits receivable from the Government of Canada and interest accrued on cash. Accordingly, the
Company does not believe it is subject to significant credit risk.</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-align: justify">The Company&rsquo;s maximum exposure
to credit risk is as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif; margin-left: 0">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; font-size: 12pt">&nbsp;</TD><TD STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">March 31, 2021</TD><TD STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; white-space: nowrap; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right">December 31, 2020</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 56%; text-align: justify; padding-left: 5.4pt">Cash</TD><TD STYLE="width: 8%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-weight: bold; text-align: right">226,798</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">74,022</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid; padding-left: 5.4pt">Amounts receivable</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">258</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">304</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: justify; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">227,056</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">74,326</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"><I><U>Liquidity Risk </U></I></P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">Liquidity risk is the risk that an
entity will encounter difficulty in raising funds to meet commitments associated with financial instruments. The Company attempts to manage
liquidity risk by maintaining sufficient cash balances. Liquidity requirements are managed based on expected cash flows to ensure that
there is sufficient capital to meet short-term obligations. The Company&rsquo;s approach to managing liquidity risk is to ensure that
it will have sufficient liquidity to meet liabilities when due. As at March 31, 2021, NexGen had cash of $226,798 to settle accounts payable
and accrued liabilities of $4,757.</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-align: justify">The Company&rsquo;s significant
undiscounted commitments at March 31, 2021 are as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif; margin-left: 0">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; font-size: 12pt">&nbsp;</TD><TD STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Less than </B></P> <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>1 year</B></P></TD><TD STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>1 to 3</B></P> <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>years</B></P></TD><TD STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>4 to 5</B></P> <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>years</B></P></TD><TD STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Over 5</B></P> <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>years</B></P></TD><TD STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>&nbsp;</B></P><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Total</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 35%; text-align: left; padding-left: 5.4pt">Trade and other payables</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">4,757</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">4,757</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Convertible debentures</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55,857</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">55,857</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 5.4pt">Lease liabilities</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,096</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,183</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,227</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">6,506</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">5,853</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">4,183</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">57,084</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">67,120</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"><I>&nbsp;</I></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><P STYLE="font: small-caps 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"><FONT STYLE="font-variant: normal; letter-spacing: 1.05pt"><B>NexGen
Energy Ltd.</B></FONT></P>

<DIV STYLE="border-bottom: Black 0.5pt solid; margin-right: 0in; margin-left: 14.2pt; padding: 0in 0in 1pt">

<P STYLE="font: small-caps 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: normal">Notes
to the Condensed Interim Consolidated Financial Statements</FONT></P>

<P STYLE="font: small-caps 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: normal">For
the three months ended March 31, 2021 and 2020</FONT></P>

<P STYLE="font: small-caps 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: normal">(expressed
in thousands of Canadian dollars, except as otherwise stated) - Unaudited</FONT></P>

</DIV>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"><I><U>Foreign Currency Risk </U></I></P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">The functional currency of the Company
and its subsidiaries is the Canadian dollar. The Company is affected by currency transaction risk and currency translation risk. Consequently,
fluctuations of the Canadian dollar in relation to other currencies impact the fair value of financial assets, liabilities and operating
results. Financial assets and liabilities subject to currency translation risk primarily includes US dollar denominated cash, US dollar
accounts payable, 2020 Debentures and IsoEnergy Debentures. The Company maintains Canadian and US dollar bank accounts in Canada.</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">The Company is exposed to foreign
exchange risk on its US dollar denominated 2020 Debentures and IsoEnergy Debentures. At maturity, the US$21 million principal amount of
the 2020 Debentures and IsoEnergy Debentures is due in full, and prior to maturity, at a premium upon the occurrence of certain events.
The Company holds sufficient US dollars to make all cash interest payments due under the 2020 Debentures and IsoEnergy Debentures until
maturity but not to pay the principal amount. Accordingly, the Company is subject to risks associated with fluctuations in the Canadian/US
dollar exchange rate that may make the 2020 Debentures and IsoEnergy Debentures more costly to repay.</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">As at March 31, 2021, the Company&rsquo;s
US dollar net financial liabilities were US$30,881. Thus a 10% change in the Canadian dollar versus the US dollar exchange rates would
give rise to a $3,883 change in net loss and comprehensive loss.</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">The Company has not entered into any
agreements or purchased any instruments to hedge possible currency risks at this time.</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"><I><U>Equity and Commodity Price Risk
</U></I></P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">The Company is exposed to price risk with
respect to commodity and equity prices. Equity price risk is defined as the potential adverse impact on the Company&rsquo;s earnings due
to movements in individual equity prices or general movements in the level of the stock market. Accordingly, significant movements in
the Company&rsquo;s share price may affect the valuation of the Convertible Debentures which may adversely impact its earnings.</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">Commodity price risk is defined as
the potential adverse impact on earnings and economic value due to commodity price movements and volatility. Future declines in commodity
prices may impact the valuation of long-lived assets. The Company closely monitors commodity prices of uranium, individual equity movements,
and the stock market to determine the appropriate course of action, if any, to be taken by the Company.</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"><I><U>Interest Rate Risk</U></I></P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">Interest rate risk is the risk that
the future cash flows of a financial instrument will fluctuate due to changes in market interest rates. The Company holds its cash in
bank accounts that earn variable interest rates. Due to the short-term nature of these financial instruments, fluctuations in market rates
do not have a significant impact on the estimated fair value of the Company&rsquo;s cash balances as of March 31, 2021. The Company manages
interest rate risk by maintaining an investment policy for short-term investments. This policy focuses primarily on preservation of capital
and liquidity. The Company monitors the investments it makes and is satisfied with the credit rating of its banks. The 2020 Debentures
and IsoEnergy Debentures, in an aggregate principal amount of US$21 million, carry fixed interest rates of 7.5% and 8.5% respectively
and are not subject to interest rate fluctuations.</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/96% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: small-caps 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"><FONT STYLE="font-variant: normal; letter-spacing: 1.05pt"><B>NexGen
Energy Ltd.</B></FONT></P>

<DIV STYLE="border-bottom: Black 0.5pt solid; margin-right: 0in; margin-left: 14.2pt; padding: 0in 0in 1pt">

<P STYLE="font: small-caps 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: normal">Notes
to the Condensed Interim Consolidated Financial Statements</FONT></P>

<P STYLE="font: small-caps 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: normal">For
the three months ended March 31, 2021 and 2020</FONT></P>

<P STYLE="font: small-caps 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: normal">(expressed
in thousands of Canadian dollars, except as otherwise stated) - Unaudited</FONT></P>

</DIV>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="font: small-caps bold 13pt/105% Calibri, Helvetica, Sans-Serif; margin: 12pt 6.95pt 12pt 14.2pt; letter-spacing: 0.5pt; text-indent: 0in">14.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;
</FONT>Non-Controlling Interests</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-align: justify">For financial reporting purposes, the
assets, liabilities, results of operations, and cash flows of the Company&rsquo;s wholly owned subsidiaries and non-wholly owned subsidiary,
IsoEnergy, are included in NexGen&rsquo;s consolidated financial statements. Third party investors&rsquo; share of the net earnings of
IsoEnergy is reflected in the net loss and comprehensive loss attributable to non-controlling interests in the consolidated statements
of net loss and comprehensive loss.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 14.2pt">As at March 31, 2021,
the non-controlling interests in IsoEnergy was $23,577 (December 31, 2020 &ndash; $25,001).</P>

<P STYLE="font: small-caps bold 13pt/105% Calibri, Helvetica, Sans-Serif; margin: 12pt 6.95pt 12pt 14.2pt; letter-spacing: 0.5pt; text-indent: 0in">15.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;
</FONT>Subsequent Events</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/105% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Subsequent to March 31, 2021,
1,350,000 stock options were exercised for gross proceeds of $3,672.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/105% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Subsequent to March 31, 2021,
the Company exercised 1,537,760 warrants of IsoEnergy at $0.60 per share for a total outlay of $923.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/105% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Subsequent to March 31, 2021,
the Company granted 650,000 stock options with an exercise price of $4.53 and expiry date of April 1, 2026.</FONT></TD></TR></TABLE>

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>ex992.htm
<DESCRIPTION>Q1 2021 MANAGEMENT'S DISCUSSION AND ANALYSIS
<TEXT>
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<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Exhibit 99.2</B></FONT></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: bold 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 7.05pt; margin-bottom: 7.05pt; text-align: center">&nbsp;<IMG SRC="logo.jpg" ALT="" STYLE="height: 146px; width: 300px"></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center"><FONT STYLE="letter-spacing: 0.05pt"><B>Management&rsquo;s
Discussion and Analysis</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center">For the three months ended March 31, 2021</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center">(expressed in thousands of Canadian dollars,
except as noted)</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 1.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 1.05pt"><B>NexGen Energy Ltd.<FONT STYLE="color: #BF8F00">&#9;</FONT></B></FONT></P><P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Management&rsquo;s Discussion and Analysis for the three months ended March 31, 2021</P><P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">(expressed in thousands of Canadian dollars, except as noted)</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: left"></P>

<P STYLE="font: small-caps 14pt/107% Calibri, Helvetica, Sans-Serif; margin: 0pt; text-transform: uppercase; letter-spacing: 0.5pt"><B>Contents</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 5pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 96%; padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Cautionary Note Regarding Forward-Looking Information</FONT></TD>
    <TD STYLE="width: 4%; padding-right: 0pt; padding-bottom: 5pt; padding-left: 0pt; text-align: right">4</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Business Overview</FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-bottom: 5pt; padding-left: 0pt; text-align: right">5</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Q1 2021 Highlights</FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-bottom: 5pt; padding-left: 0pt; text-align: right">5</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Operations Review - Rook 1 Project</FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-bottom: 5pt; padding-left: 0pt; text-align: right">6</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Operations Outlook</FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-bottom: 5pt; padding-left: 0pt; text-align: right">10</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Health, Safety and Environment</FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-bottom: 5pt; padding-left: 0pt; text-align: right">10</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Financial Results for the Period</FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-bottom: 5pt; padding-left: 0pt; text-align: right">11</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12pt; padding-right: 5.4pt; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Financial Results</FONT></TD>
    <TD STYLE="padding-left: 0pt; padding-right: 0pt; padding-bottom: 3pt; text-align: right">11</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12pt; padding-right: 5.4pt; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Financial Condition Summary</FONT></TD>
    <TD STYLE="padding-left: 0pt; padding-right: 0pt; padding-bottom: 3pt; text-align: right">12</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12pt; padding-right: 5.4pt; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Liquidity and Capital Resources</FONT></TD>
    <TD STYLE="padding-left: 0pt; padding-right: 0pt; padding-bottom: 3pt; text-align: right">13</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12pt; padding-right: 5.4pt; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Capital Management</FONT></TD>
    <TD STYLE="padding-left: 0pt; padding-right: 0pt; padding-bottom: 3pt; text-align: right">14</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12pt; padding-right: 5.4pt; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Contractual Obligations and Commitments</FONT></TD>
    <TD STYLE="padding-left: 0pt; padding-right: 0pt; padding-bottom: 3pt; text-align: right">14</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12pt; padding-right: 5.4pt; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Summary of Quarterly Results</FONT></TD>
    <TD STYLE="padding-left: 0pt; padding-right: 0pt; padding-bottom: 3pt; text-align: right">14</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12pt; padding-right: 5.4pt; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Related Party Transactions</FONT></TD>
    <TD STYLE="padding-left: 0pt; padding-right: 0pt; padding-bottom: 3pt; text-align: right">15</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12pt; padding-right: 5.4pt; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Outstanding Share Data</FONT></TD>
    <TD STYLE="padding-left: 0pt; padding-right: 0pt; padding-bottom: 3pt; text-align: right">16</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Off-Balance Sheet Arrangements</FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-bottom: 5pt; padding-left: 0pt; text-align: right">16</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Segment Information</FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-bottom: 5pt; padding-left: 0pt; text-align: right">16</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Accounting Policy Overview</FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-bottom: 5pt; padding-left: 0pt; text-align: right">16</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12pt; padding-right: 5.4pt; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Critical Accounting Policies and Judgements</FONT></TD>
    <TD STYLE="padding-left: 0pt; padding-right: 0pt; padding-bottom: 3pt; text-align: right">16</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12pt; padding-right: 5.4pt; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Key Sources of Estimation Uncertainty</FONT></TD>
    <TD STYLE="padding-left: 0pt; padding-right: 0pt; padding-bottom: 3pt; text-align: right">16</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Financial Instruments and Risk Management</FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-bottom: 5pt; padding-left: 0pt; text-align: right">17</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12pt; padding-right: 5.4pt; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Risk Factors</FONT></TD>
    <TD STYLE="padding-left: 0pt; padding-right: 0pt; padding-bottom: 3pt; text-align: right">17</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12pt; padding-right: 5.4pt; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Financial Risks</FONT></TD>
    <TD STYLE="padding-left: 0pt; padding-right: 0pt; padding-bottom: 3pt; text-align: right">17</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12pt; padding-right: 5.4pt; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Other Risk Factors</FONT></TD>
    <TD STYLE="padding-left: 0pt; padding-right: 0pt; padding-bottom: 3pt; text-align: right">19</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Disclosure Controls and Procedures</FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-bottom: 5pt; padding-left: 0pt; text-align: right">23</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12pt; padding-right: 5.4pt; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Internal Controls Over Financial Reporting</FONT></TD>
    <TD STYLE="padding-left: 0pt; padding-right: 0pt; padding-bottom: 3pt; text-align: right">23</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12pt; padding-right: 5.4pt; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Changes in Internal Controls</FONT></TD>
    <TD STYLE="padding-left: 0pt; padding-right: 0pt; padding-bottom: 3pt; text-align: right">23</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12pt; padding-right: 5.4pt; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Limitations of Controls and Procedures</FONT></TD>
    <TD STYLE="padding-left: 0pt; padding-right: 0pt; padding-bottom: 3pt; text-align: right">23</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Technical Disclosure</FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-bottom: 5pt; padding-left: 0pt; text-align: right">24</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Approval</FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-bottom: 5pt; padding-left: 0pt; text-align: right">24</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 5pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 5pt; text-align: justify"><B>&nbsp;</B></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 1.05pt"><B>NexGen Energy Ltd.<FONT STYLE="color: #BF8F00">&#9;</FONT></B></FONT></P><P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Management&rsquo;s Discussion and Analysis for the three months ended March 31, 2021</P><P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">(expressed in thousands of Canadian dollars, except as noted)</P></TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: left">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">This Management&rsquo;s Discussion and
Analysis (&ldquo;MD&amp;A&rdquo;) was prepared as of May 6, 2021 and provides an analysis of the financial and operating results of NexGen
Energy Ltd (&ldquo;NexGen&rdquo; or &ldquo;the Company&rdquo;) for the three months ended March 31, 2021. Additional information regarding
NexGen, including its Annual Information Form for the year ended December 31, 2020, as well as other information filed with the Canadian
and US securities regulatory authorities, is available under the Company&rsquo;s profile on the System for Electronic Document Analysis
and Retrieval (&ldquo;SEDAR&rdquo;) at <FONT STYLE="color: Blue"><U>www.sedar.com</U></FONT> and on Electronic Data Gathering, Analysis,
and Retrieval (&ldquo;EDGAR&rdquo;) at <FONT STYLE="color: Blue"><U>www.edgar.gov</U></FONT>. All monetary amounts are in thousands of
Canadian dollars unless otherwise specified.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The following discussion and analysis
of the financial condition and results of operations of NexGen should be read in conjunction with the Company&rsquo;s unaudited condensed
interim consolidated financial statements for the three months ended March 31, 2021 and March 31, 2020 (the &ldquo;Interim Statements&rdquo;),
as well as the audited consolidated financial statements for the year ended December 31, 2020 and December 31, 2019, and the related notes,
which have been prepared in accordance with International Financial Reporting Standards (&ldquo;IFRS&rdquo;).</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">In accordance with IFRS, IsoEnergy Ltd.&rsquo;s (&ldquo;IsoEnergy&rdquo;)
financial results are consolidated with those of NexGen, including in this MD&amp;A. However, IsoEnergy is listed on the TSX Venture Exchange
under the ticker symbol &ldquo;ISO&rdquo; and has its own management, directors, internal control processes and financial budgets and
finances its own operations.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Management is responsible for the Interim Statements
and this MD&amp;A. The Audit Committee of the Company&rsquo;s Board of Directors (the &ldquo;Board&rdquo;) reviews and recommends for
approval to the Board, who then review and approve, the Interim Statements and this MD&amp;A. This MD&amp;A contains forward-looking information.
Please see the section, &ldquo;Cautionary Note Regarding Forward-Looking Information&rdquo; for a discussion of the risks, uncertainties
and assumptions used to develop the Company&rsquo;s forward-looking information.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 1.05pt"><B>NexGen Energy Ltd.<FONT STYLE="color: #BF8F00">&#9;</FONT></B></FONT></P><P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Management&rsquo;s Discussion and Analysis for the three months ended March 31, 2021</P><P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">(expressed in thousands of Canadian dollars, except as noted)</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9.5pt/107% Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: small-caps bold 13pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 6pt; letter-spacing: 0.5pt; text-indent: 0in">Cautionary
Note Regarding Forward-Looking Information</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 9pt; text-align: justify"><I>This MD&amp;A contains &quot;forward-looking
statements&quot; within the meaning of the United States Private Securities Litigation Reform Act of 1995 and &quot;forward-looking information&quot;
within the meaning of applicable Canadian securities legislation. Forward-looking information and statements include, but are not limited
to, statements with respect to planned exploration and development activities, the future interpretation of geological information, the
cost and results of exploration and development activities, future financings, the future price of uranium and requirements for additional
capital.</I></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 9pt; text-align: justify"><I>Generally, but not always, forward-looking
information and statements can be identified by the use of forward-looking terminology such as &ldquo;plans&rdquo;, &ldquo;expects&rdquo;,
&ldquo;is expected&rdquo;, &ldquo;budget&rdquo;, &ldquo;scheduled&rdquo;, &ldquo;estimates&rdquo;, &ldquo;forecasts&rdquo;, &ldquo;intends&rdquo;,
&ldquo;anticipates&rdquo;, or &ldquo;believes&rdquo; or the negative connotation thereof or variations of such words and phrases or state
that certain actions, events or results &ldquo;may&rdquo;, &ldquo;could&rdquo;, &ldquo;would&rdquo;, &ldquo;might&rdquo; or &ldquo;will
be taken&rdquo;, &ldquo;occur&rdquo; or &ldquo;be achieved&rdquo; or the negative connotation thereof.</I></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>Forward-looking information and statements are
based on the then current expectations, beliefs, assumptions, estimates and forecasts about NexGen&rsquo;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
the results of planned exploration and development activities are as anticipated, the price of uranium, the cost of planned exploration
and development activities, that financing will be available if and when needed and on reasonable terms; that financial, uranium and other
markets will not be adversely affected by a global pandemic (including COVID-19); that third-party contractors, equipment, supplies and
governmental and other approvals required to conduct NexGen&rsquo;s planned exploration and development 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;
the expectations regarding mineral reserves and mineral resources; realization of mineral reserves and mineral resource estimates; and
results, estimates, assumptions and forecasts in the Rook I FS Technical Report (as defined below). 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.</I></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>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 the availability of additional financing, the risk that pending assay results will not confirm previously announced preliminary results,
imprecision of mineral resource estimates, the appeal of alternate sources of energy and sustained low uranium prices, aboriginal title
and consultation issues, exploration and development risks, reliance upon key management and other personnel, deficiencies in the Company&rsquo;s
title to its properties, uninsurable risks, failure to manage conflicts of interest, failure to obtain or maintain required permits and
licenses, changes in laws, regulations and policy, competition for resources,; and financing and other factors discussed or referred to
in the Company&rsquo;s most recent Annual Information Form under &ldquo;Risk Factors&rdquo;.</I></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>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 implied
by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended.</I></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>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 forward-looking
information and statements contained in this MD&amp;A are made as of the date of this MD&amp;A and, accordingly, are subject to change
after such date. 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.</I></P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0pt; text-align: left"></P>

<P STYLE="font: small-caps bold 13pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 6pt; letter-spacing: 0.5pt; text-indent: 0in">Business
Overview</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">NexGen is a British Columbia&nbsp;corporation with
a focus on developing into production the 100% owned Rook I Project located in the south western Athabasca&nbsp;Basin of Saskatchewan,
Canada. NexGen has a highly experienced team of uranium industry professionals with a successful track record in the discovery of uranium
deposits and in the development of projects from discovery to production.&nbsp; NexGen also owns a portfolio of highly prospective uranium
properties in the south western Athabasca Basin of Saskatchewan, Canada.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 9pt; text-align: justify"><FONT STYLE="font-size: 11pt">The Rook I Project
is the location of the Company&rsquo;s Arrow Deposit discovery in February 2014. The Arrow Deposit has measured and indicated mineral
resources totalling 3.75Mt grading 3.10% U3O8 containing 257M lbs U3O8. The probable mineral reserves were estimated at 240 M lbs U3O8
contained in 4.6Mt grading 2.37% U3O8.</FONT> &nbsp;<FONT STYLE="font-size: 11pt">See &ldquo;<I>Feasibility Study</I>&rdquo; below.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company has also intersected numerous other mineralized
zones on trend from Arrow along the Patterson Corridor on Rook 1 which are subject to further exploration before economic potential can
be assessed. The Rook I Project consists of thirty-two (32) contiguous mineral claims totaling 35,065 hectares.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company is listed on the Toronto Stock Exchange
(the &ldquo;TSX&rdquo;) and NYSE American exchange (the &ldquo;NYSE American&rdquo;) under the symbol &ldquo;NXE&rdquo; and is a reporting
issuer in each of the provinces of Canada other than Qu&eacute;bec.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company currently holds 50.58% of the outstanding
common shares of IsoEnergy.</P>

<P STYLE="font: small-caps bold 13pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 6pt; letter-spacing: 0.5pt; text-indent: 0in">Q1
2021 Highlights</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Operational </B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">On February 22, 2021, NexGen announced the results
of an independent feasibility study (&ldquo;FS&rdquo;) and mineral reserve and mineral resource update of the basement-hosted, vein type
uranium deposit (the &ldquo;Arrow Deposit&rdquo;), located on the Company&rsquo;s 100% owned Rook 1 Project (related National Instrument
43-101 <I>Standards of Disclosure for Mineral Projects </I>(&ldquo;NI 43-101&rdquo;) technical report entitled &ldquo;Arrow Deposit, Rook
1 Project, Saskatchewan, NI 43-101 Technical Report on Feasibility Study dated 10 March 2021&rdquo; (the &ldquo;Rook 1 FS Technical Report&rdquo;).
Refer to &ldquo;Discussion of Operations&rdquo; section below and the Rook I FS Technical Report for further detail.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Corporate</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">On February 25, 2021, the Company announced an equity
financing on a bought deal basis of 33,400,000 common shares of the Company at a price of $4.50 per common share (the &ldquo;Offering
Price&rdquo;) for gross proceeds of approximately $150&nbsp;million (the &ldquo;Offering&rdquo;). The Company also granted the Underwriters
an option, exercisable at the Offering Price for a period of 30 days following the closing of the Offering, to purchase up to an additional&nbsp;5,010,000
common shares to cover over-allotments, (the &ldquo;Over-Allotment Option&rdquo;). The Offering closed on March 11, 2021 and the Over-Allotment
Option was exercised by the Underwriters and closed on March 16, 2021, for additional gross proceeds of $22,545.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">On February 18, 2021 the Company announced that the
holders of US$120 million aggregate principal amount of convertible debentures have provided notice to the Company and the indenture trustee
that they have elected to convert their debentures into common shares of the Company. The convertible debentures consist of US$60 million
aggregate principal amount of 7.5% unsecured convertible debentures issued by the Company in 2016 (the &quot;2016 Debentures&quot;) and
the&nbsp;US$60 million&nbsp;aggregate principal amount of 7.5% unsecured convertible debentures issued by the Company in 2017 (the &quot;2017
Debentures&quot; and, together with the 2016 Debentures, the &ldquo;2016 and 2017 Debentures&rdquo;) both due to mature on&nbsp;July 22,
2022.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Further detailed information on the financings can
be found under the &ldquo;<I>Liquidity and Capital Resources</I>&rdquo; section below.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 1.05pt"><B>NexGen Energy Ltd.<FONT STYLE="color: #BF8F00">&#9;</FONT></B></FONT></P><P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Management&rsquo;s Discussion and Analysis for the three months ended March 31, 2021</P><P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">(expressed in thousands of Canadian dollars, except as noted)</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: left">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: small-caps bold 13pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 6pt; letter-spacing: 0.5pt; text-indent: 0in">Operations
Review - Rook 1 Project</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">During Q1 2021, NexGen continued with the advancement
of the FS on the Rook I Project, which was subsequently completed and issued a news release outlining the results on February 22, 2021.
The FS validates the previous stage engineering, supports the EA process and licensing application activities, and produces a Class 3
(AACE) capital and operating cost estimate that are summarized in the Rook I FS Technical Report.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Permitting workflows, including the advancement of
the draft Environmental Impact Statement (&ldquo;EIS&rdquo;) under the Environmental Assessment (&ldquo;EA&rdquo;) work program and corresponding
licensing application to prepare the site for construction continued during Q1 2021.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company is continuing its engagement with the
communities within the proximity to the Rook I Project, as per certain study agreements entered into with four Indigenous groups in the
second half of 2019 (the &ldquo;Study Agreements&rdquo;). The Study Agreements provide a framework for working collaboratively to advance
the EA and exchange information that will be used to inform the Crown as the Crown undertakes its duty to consult. The Study Agreements
provide funding to each Indigenous group and outline a collaborative process for formal engagement to support the inclusion of Indigenous
knowledge in the EA. The Study Agreements also outline processes for identifying potential effects to Indigenous rights, treaty rights,
and socio-economic interests, and avoidance and accommodation measures in relation to the Rook I Project.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company and the Indigenous communities have committed
to engagement through joint working groups to support the inclusion of each community&rsquo;s traditional knowledge throughout the EA
process, including incorporating traditional land use and dietary studies undertaken by each of the respective communities. The Company
has and will continue to provide funding for all aspects of the above, including the Joint Working Groups, and to lead, review and independently
confirm the Traditional Land Use studies for inclusion into the EA.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Further, the Study Agreements agree that the parties
will negotiate Impact Benefit Agreements in good faith and as early in the regulatory process as possible to allow the parties greater
certainty.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Feasibility Study </B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Rook I FS Technical Report includes updated mineral
reserve and mineral resource estimates for the Arrow Deposit. The information contained in this MD&amp;A regarding the Rook I Project
has been derived from the Rook I FS Technical Report, is subject to certain assumptions, qualifications and procedures described in the
Rook I FS Technical Report and is qualified in its entirety by the full text of the Rook I FS Technical Report. Reference should be made
to the full text of the Rook I FS Technical Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: left"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B></B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 9pt; text-align: justify"><B><I><U>Highlights</U></I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 9pt; text-align: justify"><B>Summary of Arrow Deposit Feasibility Study
(based on US $50/lb U<SUB>3</SUB>O<SUB>8</SUB>)</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: Black 1.5pt solid; white-space: nowrap; width: 67%; border-right: Black 1pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; width: 33%; border-right: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">FS</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">After-Tax NPV @ 8%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">$3.47 Billion</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">After-Tax Internal Rate of Return (IRR)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">52.4%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">After-Tax Payback</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">0.9 Year</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Pre-Commitment Early Works Capital</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">$157 Million</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Project Execution Capital</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">$1,143 Million</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Total Initial Capital Costs (&ldquo;CAPEX&rdquo;)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">$1,300 Million</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Average Annual Production (Years 1-5)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">28.8 M lbs U<SUB>3</SUB>O<SUB>8</SUB></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Average Annual After-Tax Net Cash Flow (Years 1-5)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">$1,038 Million</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Average Annual Production (Life of Mine)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">21.7 M lbs U<SUB>3</SUB>O<SUB>8</SUB></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 67%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Average Annual After -Tax Net Cash Flow (Life of Mine)</FONT></TD>
    <TD STYLE="width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">$763 Million</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Nominal Mill Capacity</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">1,300 tonnes per day</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Average Annual Mill Feed Grade</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">2.37% U<SUB>3</SUB>O<SUB>8</SUB></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Mine Life</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">10.7 Years</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Average Annual Operating Cost (&ldquo;OPEX&rdquo;, Life of Mine)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">$ 7.58 (US$5.69)/lb U<SUB>3</SUB>O<SUB>8</SUB></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt/106% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">1)</TD><TD STYLE="text-align: justify">The economic analysis was based on the timing of a final investment decision (&ldquo;FID&rdquo;) and does
not include the Pre-Commitment Early Works Capital, which are costs NexGen intends on expending prior to the FID. Pre-Commitment Early
Works scope includes site preparation, and the supporting infrastructure (concrete batch plant, Phase I camp accommodations and bulk fuel
storage) required to support full Project Execution Capital.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt/106% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">2)</TD><TD STYLE="text-align: justify">FS based on CAD $1.00 = US $0.75 and US $50/lb U<SUB>3</SUB>O<SUB>8</SUB> price.</TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.25in 0 9pt; text-align: justify"><B>Mineral Resources</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt; text-align: justify">The updated mineral resource estimate has an
effective date of June 19, 2019 and builds upon the mineral resource estimate used in the Company&rsquo;s previously released pre-feasibility
study by incorporating holes drilled in 2018 and 2019. The updated mineral resource estimate is principally comprised of measured mineral
resources of 209.6 M lbs of U3O8 contained in 2,183 kt grading 4.35% U3O8 as well as, indicated mineral resources of 47.1 M lbs of U3O8
contained in 1,572 kt grading 1.36% U3O8, and inferred mineral resources of 80.7 M lbs of U3O8 contained in 4,399 kt grading 0.83% U3O8,
summarized in the table below.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="font: 10pt Calibri; width: 50%; text-align: right"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 1.05pt"><B>NexGen Energy Ltd.<FONT STYLE="color: #BF8F00">&#9;</FONT></B></FONT></P><P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Management&rsquo;s Discussion and Analysis for the three months ended March 31, 2021</P><P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">(expressed in thousands of Canadian dollars, except as noted)</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 9pt; text-align: justify"><B>Arrow Deposit Mineral Resource Estimate</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="4" STYLE="border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt"><B>FS Mineral Resource</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 16%; border-left: Black 1pt solid; border-bottom: black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt"><B>Structure</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 16%; border-bottom: black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt"><B>Tonnage <BR>
(k tonnes)</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 16%; border-bottom: black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt"><B>Grade (U<SUB>3</SUB>O<SUB>8</SUB>%)</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 51%; border-bottom: black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt"><B>Contained Metal (U<SUB>3</SUB>O<SUB>8</SUB> M lb)</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="white-space: nowrap; border-right: black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt"><B>Measured</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">A2 LG</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">920</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">0.79</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">16.0</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">A2 HG</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">441</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">16.65</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">161.9</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">A3 LG</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">821</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">1.75</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">31.7</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt"><B>Total:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt"><B>2,183</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt"><B>4.35</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt"><B>209.6</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="white-space: nowrap; border-right: black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt"><B>Indicated</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">A2 LG</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">700</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">0.79</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">12.2</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">A2 HG</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">56</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">9.92</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">12.3</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">A3 LG</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">815</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">1.26</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">22.7</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt"><B>Total:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt"><B>1,572</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt"><B>1.36</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt"><B>47.1</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="white-space: nowrap; border-right: black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt"><B>Measured and Indicated</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">A2 LG</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">1,620</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">0.79</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">28.1</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">A2 HG</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">497</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">15.9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">174.2</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">A3 LG</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">1,637</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">1.51</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">54.4</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt"><B>Total:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt"><B>3,754</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt"><B>3.1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt"><B>256.7</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="white-space: nowrap; border-right: black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt"><B>Inferred</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">A1 LG</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">1,557</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">0.69</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">23.7</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">A2 LG</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">863</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">0.61</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">11.5</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">A2 HG</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">10.95</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">0.6</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">A3 LG</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">1,207</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">1.12</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">29.8</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">A4 LG</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">769</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">0.89</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">15.0</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt"><B>Total:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt"><B>4,399</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt"><B>0.83</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt"><B>80.7</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Notes:</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">1.</TD><TD STYLE="text-align: justify">CIM Definition Standards were followed for mineral resources. Mineral resources are reported inclusive
of mineral reserves.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">2.</TD><TD STYLE="text-align: justify">Mineral Resources are reported at a cut-off grade of 0.25% U<SUB>3</SUB>O<SUB>8</SUB> based on a long-term
price of US$50 per lb U<SUB>3</SUB>O<SUB>8</SUB> and estimated costs.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">3.</TD><TD STYLE="text-align: justify">A minimum mining width of 1.0 m was used.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">4.</TD><TD STYLE="text-align: justify">The effective date of Mineral Resources is June 19, 2019</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">5.</TD><TD STYLE="text-align: justify">Numbers may not add due to rounding.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">6.</TD><TD STYLE="text-align: justify">Mineral Resources that are not Mineral Reserves do not have demonstrated economics.</TD></TR></TABLE>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 9pt; text-align: justify"><B>Mineral Reserves</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt; text-align: justify">The Rook I FS Technical Report defines probable
mineral reserves of 239.6 million lbs of U<SUB>3</SUB>O<SUB>8</SUB> contained in 4,575 kt grading 2.37% U<SUB>3</SUB>O<SUB>8</SUB> from
the measured and indicated mineral resources, summarized in the table below. The probable mineral reserves include diluting materials
and allowances for losses which may occur when material is mined. Although a majority of the mineral reserves are based on measured mineral
resources, it was decided to allocate 100% of the mineral reserves to the probable category (as opposed to the proven category), since
the Rook I Project is at a development stage.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 9pt; text-align: justify"></P>


<!-- Field: Page; Sequence: 8; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="font: 10pt Calibri; width: 50%; text-align: right"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 1.05pt"><B>NexGen Energy Ltd.<FONT STYLE="color: #BF8F00">&#9;</FONT></B></FONT></P><P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Management&rsquo;s Discussion and Analysis for the three months ended March 31, 2021</P><P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">(expressed in thousands of Canadian dollars, except as noted)</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Arrow Probable Mineral Reserves</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="4" STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt"><B>Probable Mineral Reserves </B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; width: 15%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt"><B>Structure</B></FONT></TD>
    <TD STYLE="width: 26%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Tonnage</B></P>
    <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>(k tonnes)</B></P></TD>
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Grade </B></P>
    <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>(U<SUB>3</SUB>O<SUB>8</SUB>%)</B></P></TD>
    <TD STYLE="width: 27%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Contained Metal</B></P>
    <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>(U<SUB>3</SUB>O<SUB>8</SUB> M lb)</B></P></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt"><B>A2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">2,594</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">3.32%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">190.0</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt"><B>A3</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">1,982</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">1.13%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">49.5</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt"><B>4,575</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt"><B>2.37%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt"><B>239.6</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0"><B><I>Notes:</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">1.</TD><TD STYLE="text-align: justify">CIM definitions were followed for mineral reserves.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">2.</TD><TD STYLE="text-align: justify">Mineral Reserves are reported with an effective date of January 21, 2021.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">3.</TD><TD STYLE="text-align: justify">Mineral Reserves include transverse and longitudinal stopes, ore development, marginal ore, special waste
and a nominal amount of waste required for mill ramp-up and grade control.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">4.</TD><TD STYLE="text-align: justify">Stopes were estimated at a cut-off grade of 0.30% U<SUB>3</SUB>O<SUB>8</SUB>.&nbsp;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">5.</TD><TD STYLE="text-align: justify">Marginal ore is material between 0.26% U<SUB>3</SUB>O<SUB>8</SUB> and 0.30% U<SUB>3</SUB>O<SUB>8</SUB>
that must be extracted to access mining areas.&nbsp;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">6.</TD><TD STYLE="text-align: justify">Special waste in material between 0.03% and 0.26% U<SUB>3</SUB>O<SUB>8</SUB> that must be extracted to
access mining areas. 0.03% U<SUB>3</SUB>O<SUB>8</SUB> is the limit for what is considered benign waste and material that must be treated
and stockpiled in an engineered facility.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">7.</TD><TD STYLE="text-align: justify">Mineral Reserves are estimated using a long-term metal price of US$50 per pound U<SUB>3</SUB>O<SUB>8</SUB>,
and a 0.75 US$/C$ exchange rate (C$1.00 = US$0.75).&nbsp; The cost to ship the yellow cake product to a refinery is considered to be included
in the metal price.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">8.</TD><TD STYLE="text-align: justify">A minimum mining width of 3.0 m was applied for all long hole stopes.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">9.</TD><TD STYLE="text-align: justify">Mineral Reserves are estimated using a combined underground mining recovery of 95.5% and total dilution
(planned and unplanned) of 33.8%.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">10.</TD><TD STYLE="text-align: justify">The density varies according to the U<SUB>3</SUB>O<SUB>8</SUB> grade in the block model.&nbsp; Waste density
is 2.464 t/m<SUP>3</SUP>.&nbsp;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">11.</TD><TD STYLE="text-align: justify">Numbers may not add due to rounding.</TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><B>Economic Results</B></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Rook I FS Technical Report was based on
a uranium price estimate of US$50/lb U3O8 per pound, net of yellow cake transportation fees and a fixed USD:CAD conversion rate of 0.75.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The economic analysis is based on the timing
of a final investment decision (&ldquo;FID&rdquo;), and it does not include the pre-commitment early works capital costs, which are costs
NexGen intends on expending prior to the FID. The pre-commitment early works scope includes preparing the site, completing initial freeze
hole drilling, and building the supporting infrastructure (i.e., concrete batch plant, Phase I camp accommodations, and bulk fuel storage)
required for the Rook I Project. Costs for the pre-commitment early works will total an estimated $158 million.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/106% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">The Rook I FS Technical Report returned
an after-tax NPV@8% of $3.47 billion and an IRR of 52.4%. NPV and IRR are summarized in the following table using Base Case and other
flat uranium price estimates. The economic model was subjected to a sensitivity analysis to determine the effects of changing metals prices,
grade, metal recovery, exchange rate, OPEX, CAPEX, labour and reagent costs. The NPV is most sensitive to metals prices, grade, metal
recovery, and exchange rate.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>NPV and IRR Sensitivity to Uranium Price</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5pt; width: 45%; border: Black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; line-height: 115%"><B>Uranium Price (US$/lb U3O8)</B></FONT></TD>
    <TD STYLE="width: 24%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; line-height: 115%"><B>After-Tax NPV8</B></FONT></TD>
    <TD STYLE="width: 31%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; line-height: 115%"><B>After-Tax IRR</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; line-height: 115%">$65/lb U3O8</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; line-height: 115%">$4.87 Billion</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; line-height: 115%">62.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; line-height: 115%">$60/lb U3O8</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; line-height: 115%">$4.40 Billion</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; line-height: 115%">59.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; line-height: 115%">$55/lb U3O8</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; line-height: 115%">$3.93 Billion</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; line-height: 115%">56.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; line-height: 115%">$50/lb U3O8 (Base Case)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; line-height: 115%">$3.47 Billion</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; line-height: 115%">52.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; line-height: 115%">$45/lb U3O8</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; line-height: 115%">$3.00 Billion</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; line-height: 115%">48.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; line-height: 115%">$40/lb U3O8</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; line-height: 115%">$2.53 Billion</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; line-height: 115%">44.0%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: small-caps bold 13pt Calibri, Helvetica, Sans-Serif; margin: 0pt; letter-spacing: 0.5pt; text-indent: 0in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: small-caps bold 13pt Calibri, Helvetica, Sans-Serif; margin: 0pt; letter-spacing: 0.5pt; text-indent: 0in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 1.05pt"><B>NexGen Energy Ltd.<FONT STYLE="color: #BF8F00">&#9;</FONT></B></FONT></P><P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Management&rsquo;s Discussion and Analysis for the three months ended March 31, 2021</P><P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">(expressed in thousands of Canadian dollars, except as noted)</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: left"></P>

<P STYLE="font: small-caps bold 13pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0pt 6pt; letter-spacing: 0.5pt; text-indent: 0in">Operations
Outlook</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company intends to advance the development of
the Project as outlined in the Rook I FS Technical Report.&nbsp; The work will include: initiating Front End Engineering Design (&ldquo;FEED&rdquo;)
with a selected engineering, procurement, construction and management company; and conducting site investigation and process plant optimization
studies to support basic engineering.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Through 2021, the Company will continue to advance
the EA and licensing activities and engage with regulators and communities.&nbsp; The Company has scheduled the draft EIS to be completed
in Q4 2021.</P>

<P STYLE="font: small-caps bold 13pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 6pt; letter-spacing: 0.5pt; text-indent: 0in">Health,
Safety and Environment</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">NexGen places the health and safety of its people
as the highest priority and is committed to sustainable development in a safe and responsible manner. NexGen recognizes that the long-term
sustainability of its business is dependent upon elite stewardship in both the protection of the environment and the careful management
of the exploration, development, and extraction of mineral resources.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Management is focused on maintaining a strong culture
of safety, which includes equipping people with the tools, training, and mindset to result in constant safety awareness. NexGen strives
for an incident-free workplace, while also recognizing the need for emergency preparedness. The Company has a site specific emergency
response plan and conducts periodic exercises followed by critical analysis that evaluates the response and recommends improvements. This
plan is reviewed annually.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">NexGen takes a proactive and long-term approach to
risk management, an approach that supports investment in the practices needed to be successful and meet commitments.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company has implemented proper COVID-19 protocols
at each of its locations that are in line with the respective regional health authorities COVID-19 guidelines.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 13pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: left"><FONT STYLE="font-variant: small-caps; text-transform: uppercase; letter-spacing: 0.5pt"></FONT>&nbsp;</P>

<P STYLE="font: small-caps bold 13pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0pt 6pt; letter-spacing: 0.5pt; text-indent: 0in">Financial
Results for the Period</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 3pt; letter-spacing: 0.05pt">Financial Results</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Financial results for the three months ended
March 31, 2021 and 2020 (Unaudited)</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-top: Black 1.5pt solid; width: 56%; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-left: 5.4pt">$000s</TD><TD STYLE="border-top: Black 1.5pt solid; width: 8%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; width: 12%; text-align: right"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Three months ended</B></P> <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>March 31, 2021</B></P></TD><TD STYLE="border-top: Black 1.5pt solid; width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-top: Black 1.5pt solid; width: 8%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; width: 12%; text-align: right"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Three months ended</B></P> <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>March 31, 2020</B></P></TD><TD STYLE="border-top: Black 1.5pt solid; width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Salaries, benefits and director&rsquo;s fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,451</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,011</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Office and administrative</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">971</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">595</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Professional fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">829</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">618</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Travel</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">169</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Depreciation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">544</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">535</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 5.4pt">Share-based payments</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,197</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,678</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">7,023</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">4,606</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Finance income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(125</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(185</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Mark to market loss on convertible debentures</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59,009</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,089</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Interest expense on convertible debentures</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,228</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,026</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Interest on lease liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">72</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Foreign exchange loss (gain)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">178</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,741</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 5.4pt">Other expense (income)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(7</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 5.4pt">Loss before taxes</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">68,385</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">12,833</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 5.4pt">Deferred income tax expense (recovery)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(269</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,447</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left; padding-left: 5.4pt">Net loss</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">68,116</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">10,386</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 5.4pt">Basic and diluted loss per share</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.17</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.03</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0pt 10pt; text-align: justify">During the three months ended March 31,
2021 (the &ldquo;Current Quarter&rdquo;), NexGen recorded a net loss of $68.1 million or $0.17 per share compared to the three months
ended March 31, 2020 (the &ldquo;Comparative Quarter&rdquo;) with a net loss of $10.4 million or $0.03 per share, representing an increase
of $57.7 million quarter over quarter. The increase in net loss was primarily due to the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">Salaries, benefits and directors&rsquo; fees
increased by $1.4 million from $1.0 million during the Comparative Quarter to $2.4 million for the Current Quarter. The increase was a
combination of a change in allocation of salaries from exploration and evaluation to general and administrative costs to reflect the activities
of IsoEnergy, resignation of IsoEnergy&rsquo;s CEO which resulted in a severance in accordance with the terms of his employment contract,
general increases in compensation following market assessments and an increase in the number of employees in line with increased operations.
</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">Office and administrative costs increased by
$0.4 million in the Current Quarter compared to the Comparative Quarter. The increase is primarily related to increased regulatory and
listing fees associated with the bought deal financing referred to above.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">The Company recognized a mark-to-market loss
on the convertible debentures of $59 million during the Current Quarter compared to a mark-to-market loss of $7 million during the Comparative
Quarter. Mark-to-market gains and losses result from the fair value re-measurement of the convertible debentures at each reporting date,
with any changes in the fair value being recognized in the loss and comprehensive loss for the period. The mark-to-market loss for the
period ended March 31, 2021 is due mainly to debt accretion from an increase in the Company&rsquo;s and IsoEnergy&rsquo;s share prices
from December 31, 2020 to March 31, 2021. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 11; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="font: 10pt Calibri; width: 50%; text-align: right"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 1.05pt"><B>NexGen Energy Ltd.<FONT STYLE="color: #BF8F00">&#9;</FONT></B></FONT></P><P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Management&rsquo;s Discussion and Analysis for the three months ended March 31, 2021</P><P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">(expressed in thousands of Canadian dollars, except as noted)</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">Foreign exchange loss for the Current Quarter
was $0.2 million compared to the Comparative Quarter&rsquo;s gain of $1.7 million, representing an increase in foreign exchange loss of
$1.9 million. The difference relates to foreign exchange rate fluctuations realized on US dollar denominated transactions and payments
translated into Canadian dollars in addition to unrealized foreign exchange rate fluctuations on US dollar cash and accounts payable balances
held on each reporting period. The Comparative Quarter recorded a foreign exchange gain of $1.7 million primarily because the US dollar
significantly strengthened to an exchange rate of 1.4187 as at March 31, 2020 from 1.2988 as at December 31, 2019 coupled with a higher
US cash balance at March 31, 2020 whereas in the Current Quarter the US dollar weakened to an exchange rate of 1.2575 at March 31, 2021
from 1.2732 at December 31, 2020 coupled with a lower US cash balance at March 31, 2021. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">Deferred income tax recovery decreased by $2.1
million from $2.4 million in the Comparative Quarter to $0.3 million in Current Quarter. Deferred income tax recovery is comprised of
a recovery on losses recognized in the period, mostly arising from the mark to market loss on the convertible debentures. The deferred
income tax recovery in the Comparative Quarter was offset by a deferred income tax expense relating to the change in fair value of the
convertible debentures attributable to the change in credit risk included in other comprehensive loss.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 3pt; letter-spacing: 0.05pt">Financial Condition Summary</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Statement of financial position summary as
at March 31, 2021 (Unaudited) and December 31, 2020 (Audited)</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-top: Black 1.5pt solid; width: 56%; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">&nbsp;$000s</TD><TD STYLE="border-top: Black 1.5pt solid; width: 8%; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; width: 12%; font-weight: bold; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif"><B>March 31, 2021</B></FONT></TD><TD STYLE="border-top: Black 1.5pt solid; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-top: Black 1.5pt solid; width: 8%; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; width: 12%; font-weight: bold; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif"><B>December 31, 2020</B></FONT></TD><TD STYLE="border-top: Black 1.5pt solid; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Cash</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">226,798</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">74,022</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Amounts receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">258</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">304</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid">Prepaid expenses and other</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">324</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">680</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">227,380</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75,006</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify">Non-current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Exploration and evaluation assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">280,619</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">274,722</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,259</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,579</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid">Deposits</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">85</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">85</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Total assets</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">515,343</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">357,392</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify">Current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Trade and other payables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,757</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,544</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid">Lease liabilities</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">867</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">778</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">5,624</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">7,322</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify">Non-current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Convertible debentures</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55,857</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">226,853</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Long-term lease liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,976</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,253</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid">Deferred income tax liabilities</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">392</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">712</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Total liabilities</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">64,849</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">238,140</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify">Equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Equity attributable to NexGen Energy Ltd. Shareholders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">426,917</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">94,251</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid">Non-controlling interests</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">23,577</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">25,001</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Total shareholders&rsquo; equity</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">450,494</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">119,252</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0pt; text-align: left"><FONT STYLE="letter-spacing: 0.05pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0pt; text-align: left"><FONT STYLE="letter-spacing: 0.05pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 12; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="font: 10pt Calibri; width: 50%; text-align: right"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 1.05pt"><B>NexGen Energy Ltd.<FONT STYLE="color: #BF8F00">&#9;</FONT></B></FONT></P><P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Management&rsquo;s Discussion and Analysis for the three months ended March 31, 2021</P><P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">(expressed in thousands of Canadian dollars, except as noted)</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: left"><FONT STYLE="letter-spacing: 0.05pt"></FONT></P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 3pt; letter-spacing: 0.05pt">Liquidity and Capital Resources</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">On March 11, 2021 and March 16, 2021,
NexGen closed the Offering for aggregate gross proceeds of approximately $150.3 million and the Over-Allotment Option for aggregate gross
proceeds of approximately $22.5 million, respectively, for total gross proceeds of approximately $172.8 million. The Company intends to
apply the net proceeds of the Offering and Over-Allotment Option towards the development of the Rook I Project, including site investigations,
process plant optimizations and engineering, pre-commitment early works, and for general working capital as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: Black 1.5pt solid; white-space: nowrap; width: 55%; border-right: Black 1pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt"><B>Activity or Nature of Expenditure</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; width: 45%; border-right: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt"><B>Approximate Use of Net Proceeds ($000s)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Development of Rook 1 Project</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 15.3pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Site Investigation</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,000</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 15.3pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Process Plant Optimizations</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,500</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 15.3pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Engineering</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">$&nbsp;&nbsp;&nbsp;35,000</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Pre-Commitment Early Works</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">$&nbsp;&nbsp;&nbsp;94,500</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">General working capital</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">$&nbsp;&nbsp;&nbsp;23,205</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt"><B>$ 163,205</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">NexGen had a working capital surplus of
$221.8 million as at March 31, 2021 (December 31, 2020 - surplus of $67.7 million). The Company currently has sufficient cash and cash
equivalents to fund its current operating and administration costs.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The increase in working capital of $154.1
million from December 31, 2020 to March 31, 2021 was primarily attributable to the completion of the $172.8 million bought financing deal.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">On February 18, 2021,&nbsp;the Company announced
that the holders of US$120 million&nbsp;aggregate principal amount of convertible debentures have provided notice to the Company and the
indenture trustee that they have elected to convert into common shares of the Company. The convertible debentures consisted of&nbsp;US$60
million&nbsp;aggregate principal amount of 7.5% unsecured convertible 2016 Debentures and the&nbsp;US$60 million&nbsp;aggregate principal
amount of 7.5% unsecured convertible 2017 Debentures both due to mature on&nbsp;July 22, 2022.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The net change in cash position at March 31, 2021
compared to December 31, 2020 was an increase of $152.8 million, attributable to the following components of the statement of cash flows:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">NexGen&rsquo;s operating outflow before working
capital adjustments was $4.2 million for the three months ended March 31, 2021 (March 31, 2020 - outflow of $2.4 million) due to increased
salaries, benefits and directors&rsquo; fees primarily related to the resignation of IsoEnergy&rsquo;s CEO and the resulting severance
payment.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">Investing activities used $8.3 million, associated
primarily with the exploration and development of the Rook 1 Project (March 31, 2020 - $7.7 million). </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">Financing activities generated $164.4 million
(March 31, 2020 - outflow of $0.2 million) related primarily to the $172.8 million bought deal financing and proceeds received from the
exercise of options.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 1.05pt"><B>NexGen Energy Ltd.<FONT STYLE="color: #BF8F00">&#9;</FONT></B></FONT></P><P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Management&rsquo;s Discussion and Analysis for the three months ended March 31, 2021</P><P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">(expressed in thousands of Canadian dollars, except as noted)</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: left"></P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt; letter-spacing: 0.05pt">Capital Management</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">The Company manages its capital structure,
and makes adjustments to it, based on the funds available to the Company, in order to support the acquisition, exploration and evaluation
of assets. To effectively manage the entity&rsquo;s capital requirements, the Company has in place a planning, budgeting and forecasting
process to help determine the funds required to ensure the Company has the appropriate liquidity to meet its operating and growth objectives.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">In the management of capital, the Company considers
all components of equity and is dependent on third-party financing, whether through debt, equity, or other means. Although the Company
has been successful in raising funds to date, there is no assurance that the Company will be successful in obtaining the required financing
in the future or that such financing will be available on terms acceptable to the Company.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The properties in which the Company currently has
an interest are in the exploration and development stage. As such, the Company has historically relied on the equity markets to fund its
activities. The Company will continue to assess new properties and seek to acquire an interest in additional properties if it determines
that there is sufficient geologic or economic potential and if it has adequate financial resources to do so.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">As discussed in the section above entitled &ldquo;<I>Liquidity
and Capital Resources</I>&rdquo;, the Company completed the Offering and Over-Allotment Option, raising gross proceeds of $172.8 million
in the period ended March 31, 2021. The Company holds sufficient US dollars to make all interest payments due under the convertible debentures
until maturity.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company is not subject to externally imposed
capital requirements. There were no changes in the Company&rsquo;s approach to capital management during the period ended March 31, 2021.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 3pt; letter-spacing: 0.05pt">Contractual Obligations and
Commitments</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Significant Undiscounted Obligations and
Commitments as at March 31, 2021 (Unaudited)</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-top: Black 1.5pt solid; width: 35%; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid; padding-left: 5.4pt">$000s</TD><TD STYLE="border-top: Black 1.5pt solid; width: 2%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-top: Black 1.5pt solid; width: 9%; border-bottom: Black 1pt solid; text-align: right"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Less than </B></P> <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>1 year</B></P></TD><TD STYLE="border-top: Black 1.5pt solid; width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-top: Black 1.5pt solid; width: 2%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-top: Black 1.5pt solid; width: 9%; border-bottom: Black 1pt solid; text-align: right"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>1 to 3 </B></P> <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>years</B></P></TD><TD STYLE="border-top: Black 1.5pt solid; width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-top: Black 1.5pt solid; width: 2%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-top: Black 1.5pt solid; width: 9%; border-bottom: Black 1pt solid; text-align: right"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>4 to 5</B></P> <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>years</B></P></TD><TD STYLE="border-top: Black 1.5pt solid; width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-top: Black 1.5pt solid; width: 2%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-top: Black 1.5pt solid; width: 9%; border-bottom: Black 1pt solid; text-align: right"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Over 5</B></P> <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>years</B></P></TD><TD STYLE="border-top: Black 1.5pt solid; width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-top: Black 1.5pt solid; width: 2%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-top: Black 1.5pt solid; width: 9%; border-bottom: Black 1pt solid; text-align: right"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>&nbsp;</B></P><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Total</B></P></TD><TD STYLE="border-top: Black 1.5pt solid; width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-left: 5.4pt">Trade and other payables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4,757</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">4,757</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 5.4pt">Convertible debenture</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55,857</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">55,857</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid; padding-left: 5.4pt">Lease liabilities</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,096</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,183</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,277</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">6,506</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">5,853</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">4,183</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">57,084</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">67,120</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 3pt; letter-spacing: 0.05pt">Summary of Quarterly Results</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify"><B>Summary of Quarterly Results (Unaudited)</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-top: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="border-top: Black 1.5pt solid; font-weight: bold; text-align: center">For the three months ended</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left"></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 6pt; font-weight: bold; text-align: right">Mar 31,</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 6pt; font-weight: bold; text-align: right">Dec 31,</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 6pt; font-weight: bold; text-align: right">Sept 30,</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 6pt; font-weight: bold; text-align: right">Jun 30,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">($000s except per share amounts)</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 6pt; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 6pt; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2020</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 6pt; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2020</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; text-align: right; vertical-align: bottom"><B>2020</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; text-align: left; padding-left: 5.4pt">Finance income</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">125</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">84</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">87</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">55</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Net loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68,116</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">64,117</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,515</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,472</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Net loss for the period attributable to shareholders of NexGen Energy Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66,090</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59,965</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,680</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,245</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 5.4pt">Basic and diluted net loss per share</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.17</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.16</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.06</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.05</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 14; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="font: 10pt Calibri; width: 50%; text-align: right"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 1.05pt"><B>NexGen Energy Ltd.<FONT STYLE="color: #BF8F00">&#9;</FONT></B></FONT></P><P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Management&rsquo;s Discussion and Analysis for the three months ended March 31, 2021</P><P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">(expressed in thousands of Canadian dollars, except as noted)</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-top: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="border-top: Black 1.5pt solid; font-weight: bold; text-align: center">For the three months ended</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left"></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 6pt; font-weight: bold; text-align: right">Mar 31</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 6pt; font-weight: bold; text-align: right">Dec 31,</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 6pt; font-weight: bold; text-align: right">Sept 30,</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 6pt; font-weight: bold; text-align: right">Jun 30,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">($000s except per share amounts)</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 6pt; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2020</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 6pt; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2019</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 6pt; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2019</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; text-align: right; vertical-align: bottom"><B>2019</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; text-align: left; padding-left: 5.4pt">Finance income</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">185</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">291</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">406</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">511</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Net loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,386</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,194</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">809</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,521</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Net loss for the period attributable to shareholders of NexGen Energy Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,937</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,935</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">520</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,311</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Basic net loss per share</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.03</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.03</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.04</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 5.4pt">Diluted net loss per share</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.03</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.03</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.01</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.04</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: -7.1pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">NexGen does not derive any revenue from its operations
except for interest income from its cash and cash equivalent balances. Its primary focus is the acquisition, exploration, evaluation and
development of resource properties.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The significant fluctuations in loss are mainly the
result of mark-to-market losses recognized on the fair value re-valuation of the convertible debentures at each quarter driven primarily
by the increase in share price, with any changes in the fair value being recognized in the loss for the quarter.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Interest income recorded as finance income has fluctuated
depending on cash balances available to generate interest and the earned rate of interest.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The loss per period has also fluctuated depending
on the Company&rsquo;s activity level and periodic variances in certain items. Quarterly periods are therefore not comparable due to the
nature and timing of exploration and development activities.</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 3pt; letter-spacing: 0.05pt">Related Party Transactions</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Compensation of Key Management and Directors
(Unaudited)</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1.5pt solid; text-align: justify">&nbsp;</TD><TD STYLE="border-top: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="padding-right: 6pt; border-top: Black 1.5pt solid; font-weight: bold; text-align: right">Three months ended Mar 31,</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 56%; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid; padding-left: 5.4pt">$000s</TD><TD STYLE="width: 8%; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2021</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right">2020</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">Short-term benefits <SUP>(1)</SUP></FONT></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">648</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">883</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">Share options granted <SUP>(2)</SUP></FONT></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,648</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,291</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">Consulting fees <SUP>(3)</SUP></FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">33</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">43</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,329</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,217</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"><SUP>&nbsp;</SUP></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"><SUP>(1) </SUP>Short-term compensation
to key management personnel for the period ended March 31, 2021 amounted to $648 (2020 - $883) of which $598 (2020 - $595) was expensed
and included in salaries, benefits and directors&rsquo; fees on the statement of loss and comprehensive loss. The remaining $50 (2020
- $288) was capitalized to exploration and evaluation assets.</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"><SUP>&nbsp;</SUP></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"><SUP>(2) </SUP>Share-based payments to
key management personnel for the period ended March 31, 2021 amounted to $1,648 (2020 - $1,291) of which $1,644 (2020 - $1,219) was expensed
and $4 (2020 - $72) was capitalized to exploration and evaluation assets.</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"><SUP>&nbsp;</SUP></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"><SUP>(3) </SUP>The Company used consulting
services from Flying W Consulting Inc., which is associated with Brad Wall in relation to advice on corporate matters for the period ended
March 31, 2021 was $33 (2020 - $43) pursuant to a consulting contract providing for a monthly service fee of $11 and terminable upon three
months&rsquo; notice.</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">As at March 31, 2021, there was $33 (December 31,
2020 - $45) included in accounts payable and accrued liabilities owing to its directors and officers for compensation.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 15; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="font: 10pt Calibri; width: 50%; text-align: right"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 1.05pt"><B>NexGen Energy Ltd.<FONT STYLE="color: #BF8F00">&#9;</FONT></B></FONT></P><P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Management&rsquo;s Discussion and Analysis for the three months ended March 31, 2021</P><P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">(expressed in thousands of Canadian dollars, except as noted)</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: left"></P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt; letter-spacing: 0.05pt">Outstanding Share Data</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The authorized capital of NexGen consists
of an unlimited number of common shares and an unlimited number of preferred shares. As at May 6, 2021, there were 470,683,919 common
shares, 35,364,828 stock options with exercise prices ranging between $1.59 and $5.16 and no preferred shares issued and outstanding.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Outstanding Convertible Debentures at May
6, 2021</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 18%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif"><B>Convertible Debenture</B></FONT></TD>
    <TD STYLE="width: 22%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif"><B>Principal</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif"><B>Conversion Price</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif"><B>Type of shares issuable upon conversion</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif"><B>Number of shares issuable upon conversion</B></FONT><B> <FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></B></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">2020 Convertible Debenture</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">US$15 million</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">$2.34</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">Common shares of NexGen</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">7,820,513</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">IsoEnergy Debenture</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">US$6 million</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">$0.88</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">Common shares of IsoEnergy</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">8,318,182</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps 9pt Calibri, Helvetica, Sans-Serif; letter-spacing: 0.5pt; margin-top: 12pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 10.35pt"><FONT STYLE="font-variant: normal; font-weight: normal; letter-spacing: 0pt"><SUP>(1)</SUP></FONT></TD><TD><FONT STYLE="font-variant: normal; font-weight: normal; letter-spacing: 0pt">Converted to Canadian dollars using closing foreign exchange
rate of 1.2200 on May 6, 2021.</FONT></TD></TR></TABLE>

<P STYLE="font: small-caps bold 13pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 6pt; letter-spacing: 0.5pt; text-indent: 0in">Off-Balance
Sheet Arrangements</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">NexGen has not entered into any material
off-balance sheet arrangements such as guarantee contracts, contingent interests in assets transferred to unconsolidated entities, derivative
instrument obligations, or with respect to any obligations under a variable interest entity arrangement.</P>

<P STYLE="font: small-caps bold 13pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 6pt; letter-spacing: 0.5pt; text-indent: 0in">Segment
Information</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The Company operates in one reportable
segment, being the acquisition, exploration and development of uranium properties. All of the Company&rsquo;s non-current assets are located
in Canada.</P>

<P STYLE="font: small-caps bold 13pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 6pt; letter-spacing: 0.5pt; text-indent: 0in">Accounting
Policy Overview</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 3pt; letter-spacing: 0.05pt">Critical Accounting Policies
and Judgements</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The critical judgements that the Company&rsquo;s
management has made in the process of applying the Company&rsquo;s accounting policies, apart from those involving estimations, that have
the most significant effect on the amounts recognized in the Company&rsquo;s consolidated financial statements.</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 3pt; letter-spacing: 0.05pt">Key Sources of Estimation Uncertainty</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The preparation of consolidated financial
statements in conformity with IFRS requires management to make estimates and assumptions that affect the amounts reported in the consolidated
financial statements and related notes to the consolidated financial statements. Estimates and assumptions are continuously evaluated
and are based on management&rsquo;s experience and other factors, including expectations of future events that are believed to be reasonable
under the circumstances.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The significant assumptions about the
future and other major sources of estimation uncertainty as at the end of the reporting period that have a significant risk of resulting
in a material adjustment to the carrying amounts of the Company&rsquo;s assets and liabilities include impairment of exploration and evaluation
assets, deferred income taxes, convertible debentures and share-based payments. Refer to the consolidated financial statements for the
year ended December 31, 2020 and December 31, 2019 for further detail of the Company&rsquo;s Critical Accounting Estimates.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 16; Value: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 1.05pt"><B>NexGen Energy Ltd.<FONT STYLE="color: #BF8F00">&#9;</FONT></B></FONT></P><P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Management&rsquo;s Discussion and Analysis for the three months ended March 31, 2021</P><P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">(expressed in thousands of Canadian dollars, except as noted)</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: left">&nbsp;</P>

<P STYLE="font: small-caps bold 13pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0pt 6pt; letter-spacing: 0.5pt; text-indent: 0in">Financial
Instruments and Risk Management</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company&rsquo;s financial instruments consist
of cash, amounts receivables, accounts payable and accrued liabilities and convertible debentures.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Financial instruments measured at fair value
are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate
the fair values.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The three levels of the fair value hierarchy
are:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 3pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">Level1  - unadjusted quoted prices in active markets for identical assets or liabilities</FONT></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">Level 2 - inputs other than quoted prices that
are observable for the asset or liability either directly or indirectly; and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt 21.3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 12pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">Level 3 - inputs that are not based on observable market data.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 21.3pt; text-align: justify"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The fair values of the Company&rsquo;s cash,
amounts receivables, and accounts payable and accrued liabilities approximate their carrying values due to their short-term nature.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 9pt; text-align: justify">The convertible debentures are re-measured
at fair value at each reporting date with any change in fair value recognized in profit or loss with the exception that under IFRS 9,
the change in fair value that is attributable to change in credit risk is presented in other comprehensive income. The convertible debentures
are classified as Level 2.</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 3pt; letter-spacing: 0.05pt">Risk Factors</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Readers of this Management&rsquo;s Discussion
and Analysis should give careful consideration to the information included or incorporated by reference in this document and the Company&rsquo;s
condensed interim consolidated financial statements and related notes for the three months ended March 31, 2021 and 2020. For further
details of risk factors, please refer to the most recent Annual Information Form dated March 19, 2021 filed on SEDAR at <U>http://www.sedar.com</U>,
the 2020 year-end audited consolidated financial statements, and the below discussions.</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 3pt; letter-spacing: 0.05pt">Financial Risks</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company is exposed to varying degrees of
a variety of financial instrument related risks. The Board approves and monitors the risk management processes, inclusive of counterparty
limits, controlling and reporting structures. The type of risk exposure and the way in which such exposure is managed is provided as follows:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I><U>Credit Risk </U></I></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Credit risk is the risk that one party to a financial
instrument will fail to discharge an obligation and cause the other party to incur a financial loss. Financial instruments potentially
subject to credit risk are cash and amounts receivable. The Company holds cash with large Canadian banks. The Company&rsquo;s amounts
receivable consists of input tax credits receivable from the Government of Canada and interest accrued on cash. Accordingly, the Company
does not believe it is subject to significant credit risk.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 17; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="font: 10pt Calibri; width: 50%; text-align: right"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 1.05pt"><B>NexGen Energy Ltd.<FONT STYLE="color: #BF8F00">&#9;</FONT></B></FONT></P><P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Management&rsquo;s Discussion and Analysis for the three months ended March 31, 2021</P><P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">(expressed in thousands of Canadian dollars, except as noted)</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The Company&rsquo;s maximum exposure to
credit risk is as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1.5pt solid; font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-top: Black 1.5pt solid; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1.5pt solid; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">March 31, 2021</TD><TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1.5pt solid; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid">December 31, 2020</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: justify; padding-left: 5.4pt">Cash</TD><TD STYLE="width: 8%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-weight: bold; text-align: right">226,798</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">74,022</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid; padding-left: 5.4pt">Amounts receivable</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">258</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">304</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: justify; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">227,056</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">74,326</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I><U>Liquidity Risk </U></I></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Liquidity risk is the risk that an entity will
encounter difficulty in raising funds to meet commitments associated with financial instruments. The Company attempts to manage liquidity
risk by maintaining sufficient cash balances. Liquidity requirements are managed based on expected cash flows to ensure that there is
sufficient capital to meet short-term obligations. The Company&rsquo;s approach to managing liquidity risk is to ensure that it will have
sufficient liquidity to meet liabilities when due. As at March 31, 2021, NexGen had cash of $226,798 to settle accounts payable and accrued
liabilities of $4,757.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company is exposed to foreign exchange risk
on its US dollar denominated convertible debentures and IsoEnergy Debentures. At maturity the US$21 million principal amount of the convertible
debentures and IsoEnergy Debentures is due in full, and prior to maturity, at a premium upon the occurrence of certain events. The Company
holds sufficient US dollars to make all cash interest payments due under the convertible debentures and IsoEnergy Debentures until maturity
but not to pay the principal amount. Accordingly, the Company is subject to risks associated with fluctuations in the Canadian/US dollar
exchange rate that may make the convertible debentures and IsoEnergy Debentures more costly to repay.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">As at March 31, 2021, the Company&rsquo;s US
dollar net financial liabilities were US$30,881. Thus a 10% change in the Canadian dollar versus the US dollar exchange rates would give
rise to a $3,883 change in loss and comprehensive loss.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company has not entered into any agreements
or purchased any instruments to hedge possible currency risks at this time.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I><U>Equity and Commodity Price Risk </U></I></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company is exposed to price risk with respect
to commodity and equity prices. Equity price risk is defined as the potential adverse impact on the Company&rsquo;s earnings due to movements
in individual equity prices or general movements in the level of the stock market. Accordingly, significant movements in the Company&rsquo;s
share price may affect the valuation of the Convertible Debentures which may adversely impact its earnings.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Commodity price risk is defined as the potential
adverse impact on earnings and economic value due to commodity price movements and volatility. Future declines in commodity prices may
impact the valuation of long-lived assets. The Company closely monitors commodity prices of uranium, individual equity movements, and
the stock market to determine the appropriate course of action, if any, to be taken by the Company.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 1.05pt"><B>NexGen Energy Ltd.<FONT STYLE="color: #BF8F00">&#9;</FONT></B></FONT></P><P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Management&rsquo;s Discussion and Analysis for the three months ended March 31, 2021</P><P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">(expressed in thousands of Canadian dollars, except as noted)</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0pt; text-align: left"><I>&nbsp;</I></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0pt; text-align: left"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I><U>Interest Rate Risk</U></I></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Interest rate risk is the risk that the future
cash flows of a financial instrument will fluctuate due to changes in market interest rates. The Company holds its cash in bank accounts
that earn variable interest rates. Due to the short-term nature of these financial instruments, fluctuations in market rates do not have
a significant impact on the estimated fair value of the Company&rsquo;s cash balances as of December 31, 2020. The Company manages interest
rate risk by maintaining an investment policy for short-term investments. This policy focuses primarily on preservation of capital and
liquidity. The Company monitors the investments it makes and is satisfied with the credit rating of its banks. The convertible debentures
and IsoEnergy Debentures, in an aggregate principal amount of US$21 million, carry fixed interest rates of 7.5% and 8.5% respectively
and are not subject to interest rate fluctuations.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 3pt; letter-spacing: 0.05pt">Other Risk Factors</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The operations of the Company are speculative due
to the high-risk nature of its business which is the exploration of mining properties. For a comprehensive list of the risks and uncertainties
facing the Company, please see &ldquo;<I>Risk Factors</I>&rdquo; in the Company&rsquo;s most recent annual information form and below
under &ldquo;<I>Industry and Economic Factors that May Affect the Business</I>&rdquo;. <FONT STYLE="letter-spacing: -0.25pt">These are
not the only risks and </FONT>uncertainties that NexGen faces. Additional risks and uncertainties not presently known to the Company or
that the Company currently considers <FONT STYLE="letter-spacing: -0.1pt">immaterial may also impair its business operations. </FONT>These
risk factors could materially affect the Company's future operating results and could cause actual events to differ materially from those
described in forward-looking statements relating to the Company.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">During 2020, the World Health Organization declared
a global pandemic known as COVID-19 and governments around the world enacted measures to combat the spread of the virus. The duration
and impact of the COVID-19 outbreak is not known at this time, but the risks to the Company may include, but are not limited to, delays
in the previously disclosed timelines and activity levels associated with the Company&rsquo;s baseline engineering, environmental assessment
and the ability to raise funds through debt and equity markets. To date, the Company&rsquo;s operations and ability to raise funds have
not been significantly impacted.&nbsp; The Company has implemented proper COVID-19 protocols at each of its locations that are in line
with the respective regional health authorities COVID-19 guidelines.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Negative Impacts by an Outbreak of Infectious
Disease or Pandemic </B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">An outbreak of infectious disease, pandemic or a
similar public health threat, such as the COVID-19 pandemic, and the response thereto, could adversely impact the Company, both operationally
and financially. The global response to the COVID-19 pandemic has resulted in, among other things, border closures, severe travel restrictions
and extreme fluctuations in financial and commodity markets. Additional measures may be implemented by one or more governments around
the world in jurisdictions where the Company operates. Labour shortages due to illness, Company or government imposed isolation programs,
or restrictions on the movement of personnel or possible supply chain disruptions could result in a reduction or interruption of the Company&rsquo;s
operations, including operational shutdowns or suspensions. The inability to continue ongoing exploration and development work could have
a material adverse effect on the Company&rsquo;s future cash flows, earnings, results of operations and financial condition. The extent
to which COVID-19 and any other pandemic or public health crisis impacts the Company&rsquo;s business, affairs, operations, financial
condition, liquidity, availability of credit and results of operations will depend on future developments that are highly uncertain and
cannot be accurately predicted, including new information which may emerge concerning the severity of and the actions required to contain
the COVID-19 pandemic or remedy its impact, among others.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 1.05pt"><B>NexGen Energy Ltd.<FONT STYLE="color: #BF8F00">&#9;</FONT></B></FONT></P><P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Management&rsquo;s Discussion and Analysis for the three months ended March 31, 2021</P><P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">(expressed in thousands of Canadian dollars, except as noted)</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Negative Operating Cash Flow and Dependence on
Third Party Financing</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company has no source of operating cash flow
and there can be no assurance that the Company will ever achieve profitability. Accordingly, the Company is dependent on third-party financing
to continue exploration activities on the Company&rsquo;s properties, maintain capacity and satisfy contractual obligations. Accordingly,
the amount and timing of expenditures depends on the Company&rsquo;s cash reserves and access to third-party financing. Failure to obtain
such additional financing could result in delay or indefinite postponement of further exploration and development of the Company&rsquo;s
properties, including the Rook I Project, or require the Company to sell one or more of its properties (or an interest therein). In particular,
there can be no assurance that the Company will have achieved profitability prior to the maturity date and may be required to finance
the repayment of all or a part of the principal amount of the Convertible Debentures. Failure to repay the Convertible Debentures in accordance
with the terms thereof would have a material adverse effect on the Company&rsquo;s financial position.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Uncertainty of Additional Financing</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">As stated above, the Company is dependent on third-party
financing, whether through debt, equity, or other means. Although the Company has been successful in raising funds to date, there is no
assurance that the Company will be successful in obtaining required financing in the future or that such financing will be available on
terms acceptable to the Company. The Company&rsquo;s access to third-party financing depends on a number factors including the price of
uranium, the results of ongoing exploration, the Company&rsquo;s obligations under the convertible debentures, a claim against the Company,
a significant event disrupting the Company&rsquo;s business or uranium industry generally, or other factors may make it difficult or impossible
to obtain financing through debt, equity, or other means on favourable terms, or at all. As previously stated, failure to obtain such
additional financing could result in delay or indefinite postponement of further exploration and development of the Company&rsquo;s properties,
including the Rook I Project, or require the Company to sell one or more of its properties (or an interest therein).</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>The Price of Uranium Price and Alternate Sources
of Energy </B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 10pt 0 0; text-align: justify">The price of uranium is at historically low
levels and the price of the Company&rsquo;s securities is highly sensitive to fluctuations in the price of uranium. Historically, the
fluctuations in these prices have been, and are expected to continue to be, affected by numerous factors beyond the Company&rsquo;s control.
Such factors include, among others: demand for nuclear power; political and economic conditions in uranium producing and consuming countries;
public and political response to a nuclear accident; improvements in nuclear reactor efficiencies; reprocessing of used reactor fuel and
the re-enrichment of depleted uranium tails; sales of excess inventories by governments and industry participants; and production levels
and production costs in key uranium producing countries.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">In addition, nuclear energy competes with other sources
of energy like oil, natural gas, coal and hydro-electricity. These sources are somewhat interchangeable with nuclear energy, particularly
over the longer term. If lower prices of oil, natural gas, coal and hydro-electricity are sustained over time, it may result in lower
demand for uranium concentrates and uranium conversion services, which, among other things, could lead to lower uranium prices. Growth
of the uranium and nuclear power industry will also depend on continuing and growing public support for nuclear technology to generate
electricity. Unique political, technological and environmental factors affect the nuclear industry, exposing it to the risk of public
opinion, which could have a negative effect on the demand for nuclear power and increase the regulation of the nuclear power industry.
An accident at a nuclear reactor anywhere in the world could affect acceptance of nuclear energy and the future prospects for nuclear
generation.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 1.05pt"><B>NexGen Energy Ltd.<FONT STYLE="color: #BF8F00">&#9;</FONT></B></FONT></P><P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Management&rsquo;s Discussion and Analysis for the three months ended March 31, 2021</P><P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">(expressed in thousands of Canadian dollars, except as noted)</P></TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">All of the above factors could have a material and
adverse effect on the Company&rsquo;s ability to obtain the required financing in the future or to obtain such financing on terms acceptable
to the Company, resulting in material and adverse effects on its exploration and development programs, cash flow and financial condition.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Exploration Risks</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Exploration for mineral resources involves a high
degree of risk and few properties that are explored are ultimately developed into producing mines. The risks and uncertainties inherent
in exploration activities include but are not limited to: general economic, market and business conditions, the regulatory process and
actions, failure to obtain necessary permits and approvals, technical issues, new legislation, competitive and general economic factors
and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events and management&rsquo;s
capacity to execute and implement its future plans. There is also no assurance that even if commercial quantities of ore are discovered
that it will be developed and brought into commercial production. The commercial viability of a mineral deposit once discovered is also
dependent upon a number of factors, most of which factors are beyond the control of the Company and may result in the Company not receiving
adequate return on investment capital.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Uninsurable Risks </B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Mining operations generally involve a high degree
of risk. Exploration, development and production operations on mineral properties involve numerous risks, including but not limited to
unexpected or unusual geological operating conditions, seismic activity, rock bursts, cave-ins, fires, floods, landslides, earthquakes
and other environmental occurrences, and political and social instability, any of which could result in damage to, or destruction of life
or property, environmental damage and possible legal liability. Although the Company believes that appropriate precautions to mitigate
these risks are being taken, operations are subject to hazards such as equipment failure or failure of structures, which may result in
environmental pollution and consequent liability. It is not always possible to obtain insurance against all such risks and the Company
may decide not to insure against certain risks because of high premiums or other reasons. Should such liabilities arise, they could reduce
or eliminate the Company's future profitability and result in increasing costs and a decline in the value of the common shares. While
the Company may obtain insurance against certain risks in such amounts as it considers adequate, the nature of these risks is such that
liabilities could exceed policy limits or be excluded from coverage. The potential costs that could be associated with any liabilities
not covered by insurance or in excess of insurance coverage may cause substantial delays and require significant capital outlays, thereby
adversely affecting the Company's business and financial condition.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Reliance upon Key Management and Other Personnel</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company relies on the specialized skills of management
in the areas of mineral exploration, geology and business negotiations and management. The loss of any of these individuals could have
an adverse effect on the Company. The Company does not currently maintain key-man life insurance on any of its key employees. In addition,
as the Company&rsquo;s business activity continues to grow, it will require additional key financial, administrative and qualified technical
personnel. Although the Company believes that it will be successful in attracting, retaining and training qualified personnel, there can
be no assurance of such success. If it is not successful in attracting, retaining and training qualified personnel, the efficiency of
the Company&rsquo;s business could be affected, which could have an adverse impact on its future cash flows, earnings, results of operation
and financial condition.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 1.05pt"><B>NexGen Energy Ltd.<FONT STYLE="color: #BF8F00">&#9;</FONT></B></FONT></P><P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Management&rsquo;s Discussion and Analysis for the three months ended March 31, 2021</P><P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">(expressed in thousands of Canadian dollars, except as noted)</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Imprecision of Mineral Resource Estimates</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Mineral Resource figures are estimates, and no assurances
can be given that the estimated levels of uranium will be produced. Such estimates are expressions of judgment based on knowledge, mining
experience, analysis of drilling results and industry practices. Valid estimates made at a given time may significantly change when new
information becomes available. While the Company believes that its Mineral Resource estimate is well established and reflects management&rsquo;s
best estimates, by their nature, Mineral Resource estimates are imprecise and depend, to a certain extent, upon statistical inferences
which may ultimately prove unreliable. Should the Company encounter mineralization or formations different from those predicted by past
sampling and drilling, resource estimates may have to be adjusted.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">These are not the only risks and uncertainties
that NexGen faces. Additional risks and uncertainties not presently known to the Company or that the Company currently considers immaterial
may also impair its business operations. These risk factors could materially affect the Company&rsquo;s future operating results and could
cause actual events to differ materially from those described in forward-looking statements relating to the Company.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Industry and Economic Factors that May Affect
the Business</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The business of mining for minerals involves a high
degree of risk. NexGen is an exploration and development company and is subject to risks and challenges similar to companies in a comparable
stage and industry. These risks include, but are not limited to, the challenges of securing adequate capital, exploration, development
and operational risks inherent in the mining industry; changes in government policies and regulations; the ability to obtain the necessary
permitting; as well as global economic and uranium price volatility; all of which are uncertain.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The underlying value of the Company&rsquo;s exploration
and evaluation assets is dependent upon the existence and economic recovery of mineral reserves and is subject to, but not limited to,
the risks and challenges identified above. Changes in future conditions could require material write-downs of the carrying value of the
Company&rsquo;s exploration and evaluation assets.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0.2pt 0 0; text-align: justify">In particular, the Company does not generate
revenue. As a result, the Company continues to be dependent on third-party financing to continue exploration and development activities
on the Company&rsquo;s properties, maintain capacity and satisfy contractual obligations including servicing the interest payments due
on the convertible debentures and repaying the principal amount thereof at maturity (or sooner in the event of redemption in accordance
with the terms of the convertible debentures). Accordingly, the Company&rsquo;s future performance will be most affected by its access
to financing, whether debt, equity or other means.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0.2pt 0 0; text-align: justify">Access to such financing, in turn, is affected
by general economic conditions, the price of uranium, exploration risks and the other factors described in the section entitled &quot;Risk
Factors&quot; in the Company&rsquo;s most recent annual information form.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 1.05pt"><B>NexGen Energy Ltd.<FONT STYLE="color: #BF8F00">&#9;</FONT></B></FONT></P><P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Management&rsquo;s Discussion and Analysis for the three months ended March 31, 2021</P><P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">(expressed in thousands of Canadian dollars, except as noted)</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-size: 11pt; line-height: 105%">For
further information on Risk Factors, refer to those set forth in the Company&rsquo;s Annual Information Form dated March 19, 2020, filed
under the Company&rsquo;s profile on SEDAR at </FONT><FONT STYLE="color: Blue"><U>www.sedar.com</U></FONT> <FONT STYLE="font-size: 11pt; line-height: 105%">on
EDGAR at </FONT><FONT STYLE="color: Blue"><U>www.edgar.gov</U></FONT><FONT STYLE="font-size: 11pt; line-height: 105%">. </FONT></P>

<P STYLE="font: small-caps bold 13pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 6pt; letter-spacing: 0.5pt; text-indent: 0in">Disclosure
Controls and Procedures</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 3pt; letter-spacing: 0.05pt">Internal Controls Over Financial
Reporting</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Disclosure controls and procedures have
been designed to provide reasonable assurance that all relevant information required to be disclosed by the Company is accumulated and
communicated to senior management as appropriate and recorded, processed, summarized and reported to allow timely decisions with respect
to required disclosure, including in its annual filings, interim filings or other reports filed or submitted by it under securities legislation.
The Company&rsquo;s Chief Executive Officer and Chief Financial Officer have concluded, based on their evaluation of the design of the
Company&rsquo;s disclosure controls and procedures, that as of March 31, 2021, the Company&rsquo;s disclosure controls and procedures
have been designed to provide reasonable assurance that material information relating to the Company is made known to them by others within
the Company.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The Company&rsquo;s management, including
the Chief Executive Officer and Chief Financial Officer, are responsible for establishing adequate internal control over financial reporting.
The Company&rsquo;s Chief Executive Officer and Chief Financial Officer have concluded, based on their evaluation, that the internal control
over financial reporting provides reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with IFRS.</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 3pt; letter-spacing: 0.05pt">Changes in Internal Controls</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">During the three months ended March 31,
2021, there were no changes in the Company&rsquo;s internal control over financial reporting that materially affected or are reasonably
likely to materially affect the Company&rsquo;s internal control over financial reporting.</P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 3pt; letter-spacing: 0.05pt">Limitations of Controls and
Procedures</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">The Company&rsquo;s management, including
the Chief Executive Officer and Chief Financial Officer, believe that any disclosure controls and procedures or internal controls over
financial reporting, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives
of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and
the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, they
cannot provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been prevented or detected.
These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because
of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or
more people, or by unauthorized override of the control. The design of any systems of controls also is based in part upon certain assumptions
about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under
all potential future conditions. Accordingly, because of the inherent limitations in a cost effective control system, misstatements due
to error or fraud may occur and not be detected.</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 1.05pt"><B>NexGen Energy Ltd.<FONT STYLE="color: #BF8F00">&#9;</FONT></B></FONT></P><P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Management&rsquo;s Discussion and Analysis for the three months ended March 31, 2021</P><P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">(expressed in thousands of Canadian dollars, except as noted)</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: small-caps bold 13pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0pt 6pt; letter-spacing: 0.5pt; text-indent: 0in">Technical
Disclosure</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 5.75pt 0 0; text-align: justify">All scientific and technical information
in this MD&amp;A is derived from the Company&rsquo;s Rook I FS Technical Report. For details of the Rook I Project, including the key
assumptions, parameters and methods used to estimate the updated mineral resource, please refer to the the Rook I FS Technical Report
filed under the Company&rsquo;s profile on SEDAR at <U>www.sedar.com</U> and on EDGAR at <U>www.edgar.gov</U>.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 5.75pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">All scientific and technical information in this
MD&amp;A has been reviewed and approved by Mr. Anthony (Tony) George, P.Eng., Chief Project Officer and Mr. Troy Boisjoli, Geoscience
Licensee, Vice President - Exploration &amp; Community for NexGen. Each of Mr. George and Mr. Boisjoli is a qualified person for the purposes
of NI 43-101. Mr. Boisjoli has verified the sampling, analytical, and test data underlying the information or opinions contained herein
by reviewing original data certificates and monitoring all of the data collection protocols.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 9pt; text-align: justify">Natural gamma radiation in drill core reported
in this MD&amp;A was measured in counts per second (cps) using a Radiation Solutions Inc. RS-120 gamma-ray scintillometer. 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.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 9pt; text-align: justify">All references in this MD&amp;A to &ldquo;mineral
resource&rdquo;, &ldquo;inferred mineral resource&rdquo;, &ldquo;indicated mineral resource&rdquo; and &ldquo;measured mineral resource&rdquo;
have the meanings ascribed to those terms by the Canadian Institute of Mining, Metallurgy and Petroleum, as the CIM Definition Standards
on Mineral Resources and Mineral Reserves adopted by CIM Council, as amended &ldquo;mineral e Canadian Institute of Mining, Metallurgy
and Petroleum, as the CIM Definition Standards on Mineral Resources and Mineral Reserves adopted by CIM Council, as amended.</P>

<P STYLE="font: small-caps bold 13pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 6pt; letter-spacing: 0.5pt; text-indent: 0in">Approval</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Board approved the disclosure contained in this
MD&amp;A. A copy of this MD&amp;A will be provided to anyone who requests it and can be located, along with additional information, including
the Company&rsquo;s current annual information form, on the Company&rsquo;s profile SEDAR website at www.sedar.com and on EDGAR at <U>www.edgar.gov</U>
or by contacting the Company&rsquo;s Corporate Secretary, located at Suite 3150, 1021 West Hastings Street, Vancouver, BC V6E 0C3 or at
(604) 428-4112.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>ex993.htm
<DESCRIPTION>CEO CERTIFICATION
<TEXT>
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<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Exhibit 99.3</B></FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Form 52-109F2</P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>Certification of Interim Filings</I></P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>Full Certificate</I></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">I, Leigh Curyer, C<I>hief Executive Officer of NexGen Energy Ltd.,
</I>certify the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD><B><I>Review:</I></B> I have reviewed the interim financial report and interim MD&amp;A (together, the &ldquo;interim filings&rdquo;)
of <B>NexGen Energy Ltd.</B> (the &ldquo;issuer&rdquo;) for the interim period ended <B>March 31, 2021.</B></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD><B><I>No misrepresentations:</I></B> Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain
any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement
not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><I>Fair presentation:</I></B> Based on my knowledge, having
exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings
fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of
and for the periods presented in the interim filings. </FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><I>Responsibility: </I></B>The issuer&rsquo;s other certifying
officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&amp;P) and internal control over
financial reporting (ICFR), as those terms are defined in National Instrument 52-109 <I>Certification of Disclosure in Issuers&rsquo;
Annual and Interim Filings,</I> for the issuer.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><I>Design:</I></B> Subject to the limitations, if any,
described in paragraphs 5.2 and 5.3, the issuer&rsquo;s other certifying officer(s) and I have, as at the end of the period covered by
the interim filings</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>designed DC&amp;P, or caused it to be designed under our supervision, to provide reasonable assurance that</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings
are being prepared; and</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 2in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it
under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation;
and</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with the issuer&rsquo;s GAAP.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.1</TD><TD><B><I>Control framework</I></B><I>:</I> The control framework the issuer&rsquo;s other certifying officer(s) and I used to design
the issuer&rsquo;s ICFR is the <I>Internal control &ndash; Integrated Framework</I> issued by the Committee of Sponsoring Organizations
of the Treadway Commission (COSO).</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.2</TD><TD>N/A</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.3</TD><TD>N/A</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.</TD><TD><B><I>Reporting changes in ICFR:</I></B> The issuer has disclosed in its interim MD&amp;A any change in the issuer&rsquo;s ICFR that
occurred during the period beginning on January 1, 2021 and ended on March 31, 2021 that has materially affected, or is reasonably likely
to materially affect, the issuer&rsquo;s ICFR.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Date: May 7, 2021</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&ldquo;Leigh Curyer&rdquo;</I></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">_______________________</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Leigh Curyer</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Chief Executive Officer</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
<P STYLE="margin: 0; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"></P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>ex994.htm
<DESCRIPTION>CFO CERTIFICATION
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Exhibit 99.4</B></FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Form 52-109F2</P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>Certification of Interim Filings</I></P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>Full Certificate</I></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">I, Harpreet Dhaliwal, C<I>hief Financial Officer of NexGen Energy
Ltd., </I>certify the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD><B><I>Review:</I></B> I have reviewed the interim financial report and interim MD&amp;A (together, the &ldquo;interim filings&rdquo;)
of <B>NexGen Energy Ltd.</B> (the &ldquo;issuer&rdquo;) for the interim period ended <B>March 31, 2021.</B></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD><B><I>No misrepresentations:</I></B> Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain
any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement
not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><I>Fair presentation:</I></B> Based on my knowledge, having
exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings
fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of
and for the periods presented in the interim filings. </FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><I>Responsibility: </I></B>The issuer&rsquo;s other certifying
officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&amp;P) and internal control over
financial reporting (ICFR), as those terms are defined in National Instrument 52-109 <I>Certification of Disclosure in Issuers&rsquo;
Annual and Interim Filings,</I> for the issuer.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><I>Design:</I></B> Subject to the limitations, if any,
described in paragraphs 5.2 and 5.3, the issuer&rsquo;s other certifying officer(s) and I have, as at the end of the period covered by
the interim filings</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>designed DC&amp;P, or caused it to be designed under our supervision, to provide reasonable assurance that</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings
are being prepared; and</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 2in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it
under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation;
and</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with the issuer&rsquo;s GAAP.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.1</TD><TD><B><I>Control framework</I></B><I>:</I> The control framework the issuer&rsquo;s other certifying officer(s) and I used to design
the issuer&rsquo;s ICFR is the <I>Internal control &ndash; Integrated Framework</I> issued by the Committee of Sponsoring Organizations
of the Treadway Commission (COSO).</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.2</TD><TD>N/A</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.3</TD><TD>N/A</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.</TD><TD><B><I>Reporting changes in ICFR:</I></B> The issuer has disclosed in its interim MD&amp;A any change in the issuer&rsquo;s ICFR that
occurred during the period beginning on January 1, 2021 and ended on March 31, 2021 that has materially affected, or is reasonably likely
to materially affect, the issuer&rsquo;s ICFR.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Date: May 7, 2021</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&ldquo;Harpreet Dhaliwal&rdquo;</I></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">_______________________</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Harpreet Dhaliwal</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Chief Financial Officer</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
<P STYLE="margin: 0; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>logo.jpg
<DESCRIPTION>GRAPHIC
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
