Slides
Page 1
C O R P O R A T E P R E S E N T A T I O N Good Energy For Generations S E P T E M B E R 2 0 2 6
Page 2
C O R P O R A T E P R E S E N T A T I O N | F O R W A RD L O O K I N G S T A T E M E N T S Forward-Looking Information The information contained herein contains "forward -looking statements" within the meaning of applicable United States securities laws and regulations and "forward -looking information" within the meaning of applicable Canadian securities legislation. "Forward -looking information" includes, but is not limited to, statements with respect to mineral reserve and mineral resource e stimates, the 2021 Arrow Deposit, Rook I Project and estimates of uranium production, grade and long -term average uranium prices, anticipated effects of completed drill results on the Rook I Project, planned work programs and development activitie s and budgets, Canadian Nuclear Safety Commission and other approvals, completion of further site investigations and engineering work to support basic engineering of the project and expected outcomes. Generally, but not always, forward -looking information a nd statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such w ords and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" o r "be achieved" or the negative connotation thereof. Statements relating to "mineral resources" are deemed to be forward -looking infor mation, as they involve the implied assessment that, based on certain estimates and assumptions, the mineral resources described can be profitably produced in the future. Forward -looking information and statements are based on the then current expectations, beliefs, assumptions, estimates and forec asts about NexGen's business and the industry and markets in which it operates. Forward -looking information and statements are made based upon numerous assumptions, including among others, that the mineral reserve and resources estimates and the key assumptions and parameters on which such estimates are based are as set out in this presentation and the technical report for the property , the results of planned exploration activities are as anticipated, the price and market su pply of uranium, the cost of planned exploration activities, that financing will be available if and when needed and on reasonab le terms, that third party contractors, equipment, supplies and governmental and other approvals required to conduct NexGen's planned e xploration activities will be available on reasonable terms and in a timely manner and that general business and economic conditions will not change in a material adverse manner. Although the assumptions made by the Company in providing forward lo oking information or making forward looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate in the future. Forward -looking information and statements also involve known and unknown risks and uncertainties and other factors, which may c ause actual results, performances and achievements of NexGen to differ materially from any projections of results, performances and achievements of NexGen expressed or implied by such forward -looking information or statements, including, among others, the existence of negative operating cash flow and dependence on third party financing, uncertainty of the availability of additional financing, the risk that pending assay results will not confirm previously announced preliminary r esults, conclusions of economic valuations, the risk that actual results of exploration activities will be different than antici pated, the cost of labour, equipment or materials will increase more than expected, that the future price of uranium will decline or otherwise not ris e to an economic level, the appeal of alternate sources of energy to uranium -produced energy, that the Canadian dollar will strengthen against the U.S. dollar, that mineral resources and reserves are not as estimated, that actual costs or actual res ults of reclamation activities are greater than expected, that changes in project parameters and plans continue to be refined an d may result in increased costs, of unexpected variations in mineral resources and reserves, grade or recovery rates or other risks generally associated with mining, unanticipated delays in obtaining governmental, regulatory or First Nations approvals, risks related to First Nations title and consultation, reliance upon key management and other personnel, deficiencies in the Compan y’s title to its properties, uninsurable risks, failure to manage conflicts of interest, failure to obtain or maintain required p ermits and licences, risks related to changes in laws, regulations, policy and public perception, as well as those factors or other risks as mor e fully described in NexGen’s Annual Information Form dated March 3, 2026 filed with the securities commissions of all provinces and territories of Canada and in NexGen’s 40 -F filed with the United States Securities and Exchange Commission, which are available on SEDAR+ at www.sedarplus.ca and Edgar at www.sec.gov . Although the Company has attempted to identify important factors that could cause actual results to differ materially from th ose contained in the forward -looking information or statements or implied by forward -looking information or statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned not to place undue reliance on forward -looking information or statements due to the inherent uncertainty thereof. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materiall y from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward -looking statements or information. The Company undertakes no obligation to update or reissue forward -looking information as a result of new information or events except as required by applicable securities laws. This presentation includes Mineral Reserves and Mineral Resources classification terms that comply with reporting standards i n Canada and the Mineral Reserves and the Mineral Resources estimates are made in accordance with NI 43 -101. NI 43 -101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer mak es of scientific and technical information concerning mineral projects. These standards differ from the requirements of the Securities and Exchange Commission (“SEC”) set the SEC's rules that are applicable to domestic United States reporting compan ies. Consequently, Mineral Reserves and Mineral Resources information included in this presentation is not comparable to similar information that would generally be disclosed by domestic U.S. reporting companies subject to the reporting and discl osure requirements of the SEC Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards. All material scientific and technical information in this presentation is derived from the Company’s independent feasibility study (the “Rook I FS Technical Report” or the “FS”) entitled “Arrow Deposit, Rook I Project, Saskatchewan, Nl 43-101 Technical Report on Feasibility Study dated March 10, 2021 filed under the Company’s profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov . For details of the Rook I Project, including the key assumptions, parameters and methods used to estimate the Mineral Resources described in this Presentation, please refer to the Rook I FS Technical Report. All scientific and technical information in this presentation has been reviewed and approved by Mr. Simon Allard, P.Eng, Vice President, Commercial, and Mr. Jason Craven, P.Geo., Vice President, Exploration for NexGen. Mr. Allard approved the scientific and technical information related to operational matters contained in this MD&A and Mr. Craven approved the scientific and te chnical information related to exploration matters. Each of Mr. Allard and Mr. Craven is a qualified person for the purposes of NI 43-101. 1
Page 3
N E X G E N | P O W ER I N G W H A T ’ S N E X T NexGen is in construction at Rook I. It is currently the largest single source of uranium in the world under development2, with uncapped leverage, more uranium available for sale than its peers, and market prices realized on delivery. ~20%¹ of global primary supply over 50%¹ of western supply 2
Page 4
N E X G E N | P O WE R I N G W H A T ’ S N E X T World Class Project Conventional hard-rock mining with ultra-high grades, delivering up to 30 million lbs annually with expansion potential and robust after-tax cash flow 1,2,3. Re- establishing Canada as the top uranium fuel jurisdiction. Under Construction Received approval by the CNSC to construct the Rook I Project on March 5, 2026. Began construction June 2026. Structural Supply Deficit Expected to come online when demand surges, legacy supply dwindles, and structural deficit drives long-term prices higher 4. Leveraged To Rising Prices Market-related contracting strategy optimizing exposure to future uranium pricing. To date, 11.7 million lbs sales commitments with major utilities have been awarded 2. Decades Of Relevant Experience Proven leadership team that has built, financed and operated globally significant mining projects. Local Support Formal Indigenous community supportthrough industry- leading Benefit Agreements in Rook I’sLocal Priority Area5. 1 Statements regarding future cash flows of the Rook I Project are subject to the various risks and assumptions as outlined in the Company’s AIF, and those further described under the heading “Forward Looking Information” of this Presentation. 2 Refer to August 5, 2025 Press Release for more information. 3 Refer to Rook I Feasibility Study Technical Report. 4 As per the WNA - World Nuclear Fuel Report 2025 – Upper Case Scenario modeling. 5 Refer to NexGen’s most recent Management Discussion and Analysis (“MD&A”). The world’s most strategic uranium asset. 3
Page 5
The Market 4
Page 6
Nuclear is booming. AI will supercharge demand. N E X G E N | T H E M A R K E T : U R A N I U M’S M O M E N T 80 441 Reactors under construction Operating reactors powering ~10% of global electricity 20% Growth Adding 88 gigawatts (GW) of new capacity¹ — a ~20% increase in global nuclear capacity by the early 2030s, adding 35–44 million lbs of new annual U₃O₈ demand. Tripling Capacity With 38 countries pledging to triple nuclear capacity by 2050², from 380 GW to 1,200 GW, this adds 800 GW of new power. Each 1 GW of nuclear power requires ~200 tonnes of uranium per year. 60 Million pounds of U3O8 required if U.S. AI-demand fully nuclear powered AI & Data Centre Growth If the U.S. alone were to power its AI buildout entirely with nuclear, demand would reach up to 60 million lbs of uranium per year by 2030³. 1 World Nuclear Association (WNA) 2 WNA World Nuclear Fuel Report 2025 – September 5, 2025 3 McKinsey & Co, August 2025 - Scaling bigger, faster, cheaper data centers with smarter designs 5
Page 7
Supply can’t keep up. By 2040, primary uranium deficit is projected to reach 335 Mlbs per year¹ Uranium demand is surging and structurally inelastic. A typical 15 - 20 year timeline from mine discovery to production, means supply cannot respond fast enough. Higher prices - for longer - are essential to incentivize new production Meeting forecasted 2040 demand of ~530 Mlbs will require mine supply to more than triple from today’s levels. A Widening Uranium Supply Gap (Upper Scenario)¹ 600 500 400 300 200 100 0 Gap of 16.5% (42 Mlbs) 2030 Gap of 28.7% (109 Mlbs) 2035 Gap of 63.0% (335 Mlbs) 2040 70% 60% 50% 40% 30% 20% 10% 0 Uranium requirements (Mlbs U₃O₈) - Demand Expected primary supply (Mlbs U ₃O₈) - Supply 1 World Nuclear Association (WNA), The Nuclear Fuel Report (September 2025 edition), Section 5.7 “Uranium supply and demand” — Figures 5.11–5.13 and Table 5.13 (Upper Scenario). N E X G E N | T H E M A R K E T: U R A N IU M ’ S M O M E N T Shortage in Million Pounds (Mlbs) 6
Page 8
A Structural Uranium Supply Deficit Since 1991. 8.6bn lbs U₃O₈ mined 1945 (when uranium was first mined) – 2024 7.3bn lbs U₃O₈ required 2025–2050 85% of all the uranium mined since 1945 will be consumed in the next 25 years, and it takes 20+ years to bring a new discovery into production. The world may consume almost as much uranium in the next 25 years as it has mined over the previous 80. Meeting it requires u ranium on a scale approaching the industry's entire historical production. Supply outlook is uncertain. Structural primary and secondary supply gap. N E X G E N | T H E M A R K E T : S U P P L Y P AR A D O X 7
Page 9
Why prices alone can’t fix a 20-year problem. S U P P L Y C O N S T R A I N E D T O D A Y A N D N E X T D EC A D E1 P R I C E H A S N O T T R I G G E R ED A S U P P L Y R E S PO N S E2 Mine development is a 20-year journey from discovery to production: Today Discovery +3–5 yrs Feasibility +7–10 yrs Permitting +13–17 yrs Construction +20 yrs Production Last major mines came online in 2014 (Cigar) & 2016 (Husab): <5 PR O JE C TS A PPR O VED since 2011 2040s EA R L IE ST N EW D I SC O VER ED SU PPL Y comes online Price signals sent today won’t deliver new supply until the 2040s. $17/lb uranium ~2000 low ~5× price increase $90/lb uranium today 140mlbmined ~2011 ~14% supply response at midpoint ~160mlb mined today Despite a 5× price increase, global uranium supply grew just ~14% over 13 years. The industry runs on 20 -year timelines, by 2040, the world needs 335 million lbs per year. The gap cannot close without higher, sustained prices. 1 World Nuclear Association, The Nuclear Fuel Report (published September 2025, Reference Scenario) – for uranium requirements 2. UxC, LLC – Uranium Market Outlook (UMO) (2025–2026) N E X G E N | T H E M A R K E T : T H E C L O C K P R O B L E M 8
Page 10
Critical supply, foreign reliance. OECD*: 70% Demand¹, Only 25% Supply² 70% of demand relies on foreign, state -backed sources. <1% Domestic production from the US, UK, and Europe. >90% of Western supply tied to long-term contracts below market pricing. Rook I is the critical component through to 2040 and beyond diversifying global supply away from geopolitically risky sources but …more new supply is urgently needed. 1 OECD (Organisation for Economic Co-operation and Development) Uranium 2022, Resources, Production, Demand 2 WNA - World Nuclear Fuel Report 2023 – Upper Case scenario 70% OECD Demand OECD Supply Opportunity to Fill the Gap N E X G E N | T H E M A R K E T : F O R E I G N R E L I A N C E Fulfilment Gap 45% 25% 9
Page 11
Every reactor needs fuel. Fuel is the bottleneck. U308 → Nuclear Services → Nuclear Reactor → Energy Infrastructure → Connect Clean Economy (U3O8). N E X G E N | T H E M A R K E T : F U E L B O T T L E N E C K The entire nuclear chain, from reactor to grid to clean economy, depends on a single input. Uranium. The fuel is the bottleneck. And the fuel is what we produce. 10
Page 12
The Asset 11
Page 13
The Future Of Good Energy NexGen is positioned to produce up to 30 million pounds a year, enough uranium to power cities, nations and underwrite the nuclear renaissance. N E X G E N | T H E A S SE T : R O O K I One mine. 20% of the world’s uranium. At a time when it’s needed most. 12
Page 14
The unrivaled Arrow deposit. Grade and geology make this one of the most robust, economically resilient deposits in the world. • Reserves grade 2.37% for 239.6 million lbs. Over 65%¹ of Measured & Indicated resource at 15.9% U3O8, 160x the global average² ˒³ • Simple, predictable structure allows for conventional, safe, and efficient mining³ • Hard rock conditions allow for underground tailings storage which reduce surface tailings exposure to near zero³ Reserves and resources: Economics based on probable reserves of 239.6 Mlbs as outlined in the 2021 Feasibility Study. Total Measured & Indicated resource of 256.7 Mlbs (inclusive of reserves) and Inferred resource of another 80.7 Mlbs³. Probable mineral reserves Indicated mineral resource Inferred mineral resource Remains open along strike and at depth · 1KM 1 Additional details regarding Mineral Reserves and Mineral Resources can be found in the FS and the Appendix of this presentation. Mineral Resources are inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. · 2 WNA – Uranium Mining Overview. September 25, 2025 · 3 Rook I Feasibility Study, 2021 N E X G E N | T H E A S SE T : R O O K I 13
Page 15
Conventional mining: Arrow’s unique advantage. Uranium can be mined using several methods, dependent on the deposit’s geology and grade. Arrow’s geology is rare in uranium mining, more analogous to high -grade underground gold in hard rock than typical uranium deposits. And that’s a good thing. The depth, ha rd rock setting, and exceptionally high grades¹ provide ideal conditions for conventional underground mining, resulting in low operat ing costs. Open Pit Mining • Near-surface ore, large-scale surface digging • Typically, low grade < 0.5% U3O8 • ~ 20% of global product ion uses t his method • Environm entally disruptive and difficult to control In-Situ Recovery • Soft , wet rock (e.g., sandst one aquifers) • Very low-grade mines < 0.3% U3O8 • Com plex metallurg y and recovery rate consist ency • ~ 60% of g lobal uranium production use t his m ethod Freeze Mining in Sandstone • Water-sat urated , unstable formations that are technically com plex • Requires continuous ground freezing years in advance • Com plex geotechnical and metallurgical charact eristics • ~ 20% of global uranium production use t his m ethod A R ROW ’ S M IN I NG M E TH OD Underground Mining in Hard Rock • Com pet ent, hard rock with minim al hydraulic act ivit y • Shafts and t unnels to access ore, and higher recovery rates • Well understood, comm only used method for hard rock mines • Provid es unique prod uction flexibilit y optionalit y SAN DSTON E · ARROW · Crystalline Basement Rock · Freeze Pipes 1 Additional details regarding the geological setting and mining methods within Arrow can be found in the 2021 Rook I FS. N E X G E N | T H E A S SE T : R O O K I 14
Page 16
Major construction has commenced. Sept 2023 Nov 2023 Nov 2024 Nov 19 2025 Feb 9–13 2026 Mar 5 2026 June 2026 Major Construction Began C U R R E N T S T A T U S Completed materially on time and schedule: Current ongoing site construction — Q3 & Q4 2026: N E X G E N | T H E A S SE T : R O O K I 15
Page 17
Rook I progress on the ground – H2 2026. Airstrip Apron Area Camp AreaOn-site Access Road Crushing Operation Operation Diffuser Installation and Access Road Airplane Landing on 3,000 ft runway N E X G E N | T H E A S SE T : R O O K I 16
Page 18
N E X G E N | T H E C L O C K P RO B L E M Low material movement. High-value output. High-grade ore enables just 3 trucks per day to feed the mill* - compared to hundreds or thousands at typical mining operations. And just 2 trucks leaving site - dramatically reducing infrastructure and environmental impact. Low footprint. Low cost. Extraordinarily high value. 3 TRUCKS* Ore is mined, brought to surface through the shaft and trucked to the mill 1,300 TONNES Of ore processed through the mill = 63 TONNES Refined U3O8 157 BARRELS Of U3O8 produced 2 TRUCKS Barrels shipped from site DAILY INPUT DAILY OUTPUT N E X G E N | T H E A S SE T : R O O K I *Based on maximum licensed capacity and 450 tonne trucks 17
Page 19
The Investment Case 18
Page 20
Leveraged to rising uranium prices. N E X G E N | T H E I N V E S T M E N T C A S E : C O NT R AC T I N G S T R A T E G Y Uranium Price (US$/lbs.U3O8) 2030 2031 2032 2033 2034 $80 $79 $79 $79 $79 $79 $100 $99 $99 $99 $99 $99 $150 $141 $141 $141 $141 $141 $175 $150 $150 $150 $150 $150 Realized Weighted Volume Average Price For The First 3 Sales Commitments* Realized Table (Excludes Escalation): Table based on initial sales commitments totaling 1 Mlbs U3O8 per annum over 5 years *Rounded to the nearest dollar, includes any applicable discounts, excludes ancillary commissions, and associated costs of d elivery. It is intended for illustrative pricing outcomes under 5 million pounds of committed volumes, based on various assumed spot price scenarios. These outcomes exclude the Company’s market-related pricing structure. Table does not include the August 2025 contract of an additional 5 million pounds. Refer to the December 4, 2024 Press Release for more information. Total sales commitments for 11.7 million lbs at market- related pricing, scheduled from commercial production. 1 Statements regarding future cash flows, production, sales, uranium price, and operating costs of the Rook I Project are subject to the various risks and assumptions as outlined in the Company’s AIF, and those further described under the heading “Forward Looking Information” of this Presentation. 2 Refer to August 6, 2025 Press Release for more information. - NexGen’s contracting strategy is designed to capture rising prices: • Volume-based contracts • Market-related price mechanisms at the time of delivery • Structure provides optimum leverage to future uranium prices • Low OPEX provides protection in any pricing cycle Applying a simple strategy which reflects the geological hard rock setting of Arrow: - Maximize profitability (price) per lb sold by aligning sales with market demand. Built by design. 19
Page 21
Path to becoming a top 10 global mining company. NexGen: 1 Asset · 1 Region — Avg Annual After-Tax FCF (Y1 -5) (US$M) 414 573 811 888 1,046 1,205 1,368 1,530 $30 $40 $50 $60 $70 $80 $90 $100 U3O8 Price (US$/ b) Mining Companies Ranked by 2025A FCF (Excl. Precious Metals and Steel Companies)¹ Rank Company Name 2025A FCF (US$M) # of Assets (#) # of Regions (#) Market Cap. (US$B) Enterprise Value (US$B) 1 BHP Group $10,184 57 9 $209.1 $228.6 2 Rio Tinto $4,497 51 10 $163.1 $214.6 3 Glencore $5,138 109 18 $80.0 $115.5 4 Fortescue Metals $3,120 12 3 $40.8 $41.8 5 Vale $4,785 57 6 $66.7 $78.7 6 Southern Copper $3,382 34 4 $145.3 $146.7 7 Anglo American $2,189 25 9 $57.8 $70.6 8 Freeport -McMoRan $1,116 23 6 $90.4 $109.2 9 Lundin Mining $658 8 3 $20.8 $22.2 10 First Quantum $512 14 7 $22.7 $29.5 1 FactSet, CapIQ. Peer FCF represents 2025A Operating Cash Flow less CAPEX (calendarized) as reported by FactSet ; screen excludes precious metals and steel producers and companies solely listed on t he Moscow Exchange. Active mining propert ies and jurisdictions from CapIQ. Peer market capitalization and enterprise value (as reported by FactSet) are as of June 30,2026; currency figures presented in US$ with conversions at FactSet spot rates as of that date. NexGen basis: NexGen’s projected after-tax FCF figures are non-GAAP measures and are derived from the 2021 Feasibility Study base case (US$50/lb U3O8), with sensit ivity prices shown based on the August 2024 Interim Trend Update. C omparability and assumptions: Peer figures may not be directly comparable due to differences in def initions, accounting policies, tax regimes, sustaining vs. growth capital treatment , and timing; NexGen’s after-tax FCF should not be considered in isolation or as a substitute for IFRS measures. Sensitivit ies are illustrative only and do not represent forecasts of uranium prices or prices at which uranium produced from the Rook I Project can be sold. Forward-looking information and risks: This slide contains forward-looking information subject to risks and uncertainties – including uranium price and FX assumptions, permitting and regulatory approvals, construction execution, financing availability and terms, supply chain and inflationary pressures, and broader market condit ions. Actual results may diff er materially; see “Forward-Looking Statement s” in this presentation. Prospective investors should avoid undue reliance on sensitivity analyses or forward-looking information; NXE Market cap as of June 30, 2026. N E X G E N | T H E I N V E S T M E N T C A S E : T O P 1 0 20
Page 22
This is what 30 million pounds of uranium looks like in the real world. Fueling enough carbon -free energy to power up to 46 million homes annually. Approximately 1 in 3 homes across the entire United States. Removing the equivalent of 70 million cars from the road every single year. Displacing more than 300 million tonnes of CO2 annually. Not offset. Displaced. N E X G E N | T H E I N V E S T M E N T C A S E : I M P A C T *Annual impact metrics (e.g., cars off the road, CO₂ displaced, homes powered) are calculated based on the Rook I Feasibility Study production schedule – approximately 30 million lbs U₃O₈ per year, Years 1–5, as outlined in the 2021 FS. These figures are illustrative only, do not imply any increase to reserves or extension of mine life, are subject to permitting, financing, operating performance, and market conditions, and do not include construction-phase impacts. Our Impact. 21
Page 23
The communities closest to Rook I aren't just supportive. They're invested. THIS IS WHAT GOOD ENERGY LOOKS LIKE LIKE ON THE GROUND. - Chief Teddy Clark, CRDN “Since as early as 2013, the Rook I Project has been a platform for both NexGen and the CRDN, together with regulatory authorities, to set a new and elite standard on Indigenous engagement, participation, and partnerships for projects in the traditional territory of Indigenous peoples.” “The Rook I Project is bringing once-in-a-lifetime opportunities and change to our Citizens in NRII. NexGen has shown leadership in the industry, by working with us, and recognizing our voice, and our people … We applaud NexGen for its leadership, and its respectful, and collaborative approach, and we look forward to the development of the Rook I Project.” - Leonard Montgrand, MN-S Regional Director for NRII N E X G E N | T H E I N V E S T M E N T C A S E : I M P A C T Industry-leading Benefit Agreements signed with all four identified Local Priority Area Indigenous communities reflecting tremendous advocacy for the Project: ✓ Clearwater River Dene Nation ✓ Birch Narrows Dene Nation ✓ Buffalo River Dene Nation ✓ Métis Nation – Saskatchewan Northern Region II, in partnership with the Métis Nation – Saskatchewan Indigenous-led partnership: NexGen partnered with Clearwater River Dene Nation and Métis Nation to develop a 59-room hotel in La Loche, creating 36 local jobs and supporting Rook I, with full community ownership at completion. 22
Page 24
Investing in people. Competitive Advantage 1 NexGen 2024 Sustainability Rep ort N E X G E N | T H E I N V E S T M E N T C A S E : I M P A C T 500+ Local Priority Area (LPA) students have participated in Company-funded skills, certification, and professional development programs since 2023. 82% Of NexGen's Rook I site employees in 2024 were from the LPA in northern Saskatchewan. Located 150 km north of La Loche and Clearwater River Dene Nation (combined population 4,500+), the Rook I Project is integrating local talent by creating training programs, hiring locally and developing skillsets that extend beyond mining¹. 94% of Rook I procurement spend in 2024 went to local suppliers and Indigenous partnered businesses — totaling C$56.6 million. Rook I Procurement Spend in 2024 6% Other Suppliers 94% Local Priority Area Suppliers Educational Partners in Saskatchewan: 23
Page 25
$37 Billion economic engine for Canada. A Nation Building Project. N E X G E N | T H E I N V E S T M E N T C A S E : I M P A C T in Provincial taxes in Federal taxes in wages nationally 1,400 annual total jobs in Saskatchewan economic output nationally$37.0Bn $8.0Bn $3.0Bn $3.8Bn Total Economic Impact1 Over Construction and the First 11 Years of Production (figures in C$) ✓ Supporting families, Indigenous employment, and local communities. ✓ Fuels public infrastructure, services, and growth. ✓ A generational opportunity for Canadian economic and clean energy leadership. 24
Page 26
The Optionality 25
Page 27
Patterson Corridor East (PCE) Evolving High-Grade Discovery, 3.5 km East of Arrow Multiple High-Grade Uranium Intercepts Confirm Expansion and Continuity of PCE • PCE continues to exhibit extensive mineralization, with 79 of 115 holes mineralized, including 54 intersecting high -grade (>10,000 cps) and 21 off -scale hits (61,000 cps), indicating extremely grade uranium. • High-grade subdomain vertical extent expanded 17% to 644 m, with uranium mineralization now extending to 930 m depth² . Recent high-grade intercepts include: • RK-25-232 - 15.0 m @ 15.9% U₃O₈ including an exceptional 0.5 m section of @ 68.8% - - best discovery- phase intercept to-date • RK-25-239 – 13.0 m @ 5.2% U₃O₈, including 0.5 m @ 30.2% • RK-25-240 – 10.0 m @ 3.95% U₃O₈, including 0.5 m @ 33.3% • RK-25-244 - 17.0 m @ 7.63% U₃O₈, including 6.0 m @ 21.1% • RK-25-256 - 5.5 m @ 21.4% U₃O₈, including 2.5 m @ 46.1% with 0.5 m @ 74.8% 2026 Program: 45,500 m exploration program underway (42,000 at PCE and 3,500 at SW3), with a fifth drill added t o accelerate expansion and definition of the PCE high -grade subdomain. Figure 1: Interpreted model of mineralization at PCE (as of this release); new holes emphasized by larger diameter pierce points and bold labels with the trace of down plunge test in dashed black; view is a long section that looks perpendicular to the primary mineralized plane; total mineralized footprint in orange and the high-grade subdomains in red¹ Figure 2: Close-up of long section view of PCE high -grade subdomain around RK - 25-232 (15.0 m at 15.9% U3O8). 1 Refer to the News Releases dated 25 August 2026, 7 May 2026, 22 April 2026, 15 Jan 2026, 29 July 2025, 27 May 2025 and 24 M arch 2025 and the Company’s MD&A dated August 5, 2025 for the periods ended June 30, 2025 and filed under the Company's profile on SEDAR+ at se darplus.ca, on EDGAR at www.sec.gov, and on the ASX at www.asx.com.au for the detailed spectrometer and assay results and other drilling det ails. · 2 These results are preliminary in nature and do not have demonstrated economic viability. No economic analysis has been completed, and any f uture resource or reserve estimates will require further drilling and technical evaluation. Geological similarities to the Arrow deposit are pr ovided for context only. Such similarities are not indicative of mineralization, grade, tonnage, continuity, or economic potential elsewhere within the pro ject. N E X G E N | T H E O P T I O NA L I T Y : PC E 26
Page 28
Cash Flow Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year + Inferred material not included in FS Exploration Discoveries Arrow deposit remains open along strike and depth NexGen’s 190,000+ land package has the potential to become its own uranium-rich district – with Rook I as the foundation 1. Recent success at Patterson Corridor East has confirmed that high-grade uranium mineralization extends well beyond Arrow. A DISTRICT IN THE MAKING. THE KIND THAT REWRITES THE SUPPLY MAP ENTIRELY . 150 exploration target areas across 27 key corridors From project to district. N E X G E N | T H E O P T I O NA L I T Y : L A N D P A C K A G E Rook I is set to deliver strong after -tax net cash flow for years 2, with potential for resource expansion once in production 3. Future Expansion Potential: 1 Additional details regarding reserves and resources can be found in the Rook I FS. Mineral Resources are inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. 2 Statements regarding future cash flows, production, sales, uranium price, and operating costs of the Rook I Project are subject to the various risks and assumptions as outlined in the Company’s AIF, and those further described under the heading “Forward Looking Information” of this Presentation. 3 The current mine plan and economics remain those in the 2021 Feasibility Study 27
Page 29
IsoEnergy: Hidden Value in Plain Sight NexGen Energy holds ~28% of IsoEnergy , providing exposure to a diversified portfolio of high-quality uranium assets globally, including strategic, large and high-grade U.S. assets. IsoEnergy has a balanced portfolio across near-term production, development, and strategic long-term optionality. 1 Coles Hill resource is a historical estimate under NI 43-101. A qualified person has not done sufficient work to classify the historical estimate as current, and NexGen is not treating it as a current mineral resource. IsoEnergy has disclosed that it would need to conduct further exploration, including twinning historical drill holes, to verify this as a current mineral resource. N E X G E N | T H E O P T I O NA L I T Y : I S O E N E R G Y Australia Queensland: Milo Ben Lomond Ardmore Teddy Mountain South Australia: Yarrana United States / Canada Mines Utah: Tony M* Daneros* Rim Virginia Coles Hill* Quebec Dieter Lake Matoush Saskatchewan Larocque East – Hurricane* Near-Term Production Flagship IsoEnergy Uranium Assets DevelopmentExplorationUpside Map Key * 28
Page 30
The Team 29 30
Page 31
Leigh Curyer Chief Executive Officer, President & Director Travis Mcpherson Chief Commercial Officer Ryan Podrasky, CPA Chief Financial Officer Monica Kras VP, Corporate Development Luke Moger VP, Environment, Permitting, Licensing NexGen’s executive and leadership team brings expertise across the entire mining cycle - including permitting, project financing, construction, and operations - backed by centuries of combined industry experience and ready to deliver. N E X G E N | T H E T E A M Executive and leadership team. Dylan Smart VP, Regional Development Jason Craven VP, Exploration Proven leadership. 30
Page 32
Bryan Dyck Lead Processing & Metallurgy Chris Copley Project Director 20+ years’ experience delivering complex mining developments on time and on budget. Don Merriman VP, Engineering 30+ years’ experience leading large-scale EPC/EPCM engineering projects in mining. Becky Douglas Director, Procurement 25+ years’ experience leading procurement and supply chain for major projects. Chris Komperdo Area Manager 20+ years’ experience in underground mining, shaft sinking and early operations. 13+ years’ experience leading uranium processing and metallurgy programs. Engineered for execution, NexGen’s Project Development team has successful execution experience across the full mining life cycle from early operational planning through to full-scale construction and long -term operations. Collectively, they have delivered globally significant projects, amassing over 2,122+ years of combined experience. N E X G E N | T H E T E A M Project development team. 3,140+ Total Cumulative Years Experience 207 Combined Team Size 20+ Total Senior Leaders 2,122+ Cumulative Years Experience 127 Team Size $20B+ Total $ Value Delivered As of July 30, 2026 Operations and Project Development Team Proven leadership. 3031
Page 33
The Board enhances NexGen’s deep expertise through a dozen subject matters, ranging from mining to capital markets, and regulatory and government affairs. Chris McFadden Chairman Richard Patricio Director Brad Wall Director Karri Howlett Director Warren Gilman Director Ivan Mullany Director Sybil Veenman Director Sharon Birkett Director Proven leadership. N E X G E N | T H E T E A M Board of directors. 32
Page 34
Growth 33
Page 35
Liquidity & Strategic Assets C$930 M Cash1 PROJECT FINANCING OPTIONALITY: Project Debt, Prepaym ents, Strategic Partners and others ~30% Iso Energy Ltd. Ownership (C$304M)2 2.7 Mlbs of U3O8 Strategic Uranium Inventory Shares Issued 671 M Options 47 M Fully Diluted4 ~718 M Q1/26 Average Daily Trading Volume5 C$220 M Supports a fully funded path to production with supportive shareholder alignment. OWNERSHIPS OF JUNE 30, 20266 1 Approx im ate cash balance as per June 30 st 2026 2 Based on IsoEnergy market capitalization as of Aug ust 25, 2026 3 On M ay 8, 2024 the Co mpany entered into a b inding term sheet with MM Cap International Inc. SPC f or purchase of 2,702,410 lb of natural uranium conc entrate for an aggregate purchase pric e of US$250M based on the 5 -day average UxC spot price. This transaction c losed on M ay 28 th 2024. 4 Inclusion of the new US$110M 2023 Debentures and the US$250M 2024. Debentures, converted at US$6.76 and US$10.73, respectivel y, would bring the numb er to fully diluted shares to 757,427,218. Assumes potential conv ersio n of the US$110M 2023 Debentures conv erted at US$6.76 (~16M ), and of the US$250M 2024 Debentures co nverted at US$10.73 (~23M ) 5 Traded on the TSX, NYSE and ASX f or Q4 2025 6 Management ownership figures inc lud e shares held by Mega Uranium Ltd. For c larity, these shares are no t owned or c ontrolled b y NexGen management or insiders, as per SEDI filings. 7 Rounded to the nearest percentage. Americ as includes USA and L atin America, Australia includes Asia Pacific. Retail Institution al MANAGEMENT 5% 18% RETAIL INSTITUTIONAL 76% N E X G E N | G RO W T H : C A P T A B L E Positioned to fund, build and deliver Share Structure Analyst Coverage 34 OWNERSHIPS OF JUNE 30, 20266 Retail Institutiona l Management & Board
Page 36
G R O W T H 2026 Priorities. Maintain Schedule and Budget Finalize Optimal Financing Advance Detailed Engineering and Critical Path Procurement Continue Negotiations of Offtake Contracts Continue Local Training Programs, Advance Hiring PCE Exploration Drilling, Refining Extent of System N E X G E N | G RO W T H 35
Page 37
N E X G E N | G RO W T H W H Y I N V E S T N O W Right People. Right Asset. Right Time. A strategic natural resource project capable of re-establishing Canada as the largest uranium supplier globally. The world’s most levered Company to uranium prices. Carefully curated team to execute the project flawlessly. Fully supported by all Indigenous partners. Cash flow generation will re-rate company significantly. Underinvestment in uranium supply for +15 years means a growing supply deficit and incentive prices rising. 36
Page 38
We’re changing the world of nuclear energy , so nuclear energy can change the world. 37
Page 39
Appendix 38
Page 40
Favourable Geology Meets Mining Advantage. Hosted underground in crystalline-granite rock with low hydraulic conductivity. Ideal conditions for conventional bulk mining methods.¹ Low water egress, monometallic, stable ground conditions, and nearly vertically stacked. The high grades and favorable technical conditions drive low operating operating costs, creating a natural cost hedge and flexibility to structure structure contracts that will capture upside price potential. Allows for flexibility of production volumes and provides consistent grades grades with predictable supply. 1 Rook I Feasibility Study, 2021 39 N E X G E N | A P P E N DI X Inactive / Past Producers Current In Development Known Deposit
Page 41
NexGen mineral resources and reserves.¹ 2021 FS Probable Mineral Reserves Zone Tonnage (k Tonnes) Grade (% U3o8) Contained Metal (Mlb U3o8) A2 2,594 3.32 190.0 A3 1,982 1.13 49.5 Probable Reserves Total 4,575 2.37 239.6 2021 FS Mineral Resources Classification Zone Tonnage (k Tonnes) Grade (% U3o8) Contained Metal (Mlb U3o8) Measured A2 LG 920 0.79 16.0 A2 HG 441 16.65 161.9 A3 LG 821 1.75 31.7 Measured Total 2,183 4.35 209.6 Indicated A2 LG 700 0.79 12.2 A2 HG 56 9.92 12.3 A3 LG 815 1.26 22.7 Indicated Total 1,572 1.36 47.1 Measured & Indicated A2 LG 1,620 0.79 28.1 A2 HG 497 15.9 174.2 A3 LG 1,637 1.51 54.4 Measured & Indicated Total 3,754 3.10 256.7 Inferred A1 LG 1,557 0.69 23.7 A2 LG 863 0.61 11.5 A2 HG 3 10.95 0.6 A3 LG 1,207 1.12 29.8 A4 LG 769 0.89 15.0 Inferred Total 4,399 0.83 80.7 1 Rook I 2021 FS Technical Report as source. 1) Mineral Reserves are reported with an effective date of 21 January 2021. Mine ral Reserves are estimated using a long -term metal price of US$50/ lb U3O8. (2) Mineral Resources are inclusive of Mineral Reserves. Mineral Resources that are not Mineral R eserves do not have demonstrated economic viability. N E X G E N | A P P E N DI X 40
Page 42
Tailings Management: Industry-Leading Design The UGTMF will set a new global standard in environmental mine management. 1 For more detail on the mining and tailings method please refer to the Rook I FS. Eliminates surface tailings disturbance and reclamation. Near zero risk of surface tailings failures, mitigating one of the most significant risks in operating mining projects. N E X G E N | A P P E N DI X : U G T M F Rook I Project UGTMF 41
Page 43
U.S Electricity Demand Outlook. U.S. Electricity Demand Outlook (ICF)¹ — TWh 8,000 7,500 7,000 6,500 6,000 5,500 5,000 4,500 4,000 3,500 3,000 2001-24 0.7% CAGR 2024-30 3.3% CAGR 2024-50 2.1% CAGR 2001 2004 2007 2010 2013 2016 2019 2022 2024 2030E 2040E 2050E Years 2001-2024 Years 2030-2050 1 EIA, ICF forecast, RBC Capital Markets N E X G E N | A P P E N DI X : E L E C T R I C I T Y ’ S R E S UR G E N CE 42
Page 44
AI needs nuclear. N E X G E N | A P P E N DI X The electrification boom: tailwinds for nuclear power. Artificial Intelligence (AI) and Sector Electrification: Stable Energy Supply: Low-Carbon Objectives: Unleashing the Potential of Advanced Nuclear Technologies: Safety and Public Perception: E s ti m a t e d e n e r g y c on s u m p ti o n pe r r e q u e s t f o r v a r i o u s a i- p o w e r e d s y s te m s c o m p a r ed t o a s ta n d a r d g o o g l e s e a rc h ¹ Google search ChatGPT BLOOM AI-powered Google search (New State Research) AI-powered Google search (SemiAnalysis) 1 The growing energy footprint of artificial intelligence by Alex de Vries 43
Page 45
Clean Energy from Nuclear Power. 10% to 34% 20x smaller M in i ng i n ten s it y o f c l ea n el e ct r ic i ty g e ne r a ti on ¹ AP1000 EPR BWRX-300 Solar PV farm farm LFP Kg OF ROCK PER GWh GENERATION CLEAN ELECTRICITY GENERATION SOURCE 1 Break Through Institute – Updated Mining Footprint and Raw Material Needs for Clean Energy. April 2024 AP1000 (Advanced Passive 1000), EPR (European Pressurized Reactor), BWRX-300 (Boiling Water Reactor, 300 MWe class), Solar Solar PV farm (Solar Photovoltaic farm) and LFP (Lithium Iron Phosphate). N E X G E N | A P P E N DI X Nuclear advantage. 44
Page 46
N E X G E N | A P P E N DI X : E L E C T R I C I T Y ’ S R E S UR G E N CE Efficient Use of Capital NexGen’s ratio of exploration and development spend relative to its general and administrative spend is the highest compared to its uranium peers, while the Company’s ratio of general and administrative spend relative to its market capitalization is the lowest compared to its uranium peers. General and Administrative Spend Per Dollar of Exploration and Development Spend ($CAD) (as of Dec. 31)⁽¹˒²⁾ $4.50 $4.00 $3.50 $3.00 $2.50 $2.00 $1.50 $1.00 $.50 $ $0.33 $4.25 2021 $0.29 $4.26 2022 $0.43 $3.31 2023 $0.37 $3.51 2024 $0.23 $2.62 2025 1. Exploration and Development spend includes costs related to exploration, drilling, environmental and permitting, engineeri ng and design, direct labour and associated costs. Source: Publicly filed Annual Financial Statements and Management Information Circular of the managemen t selected “Uranium Peers” for 2025, or projected if not available at the time of publishing this report, being Cameco Corp, Denison Mines Corp, Energy Fuels Inc, an d Uranium Energy Corp. · 2. General and Administrative spend includes General or Administrative expenses as defined in each peer ’s financial statements, or projected if not available at the time of publishing this report. Source: Publicly filed Annual Financial Statements and Management Information Circular of the managem ent selected “Uranium Peers”, being Cameco Corp, Denison Mines Corp, Energy Fuels Inc, and Uranium Energy C orp. · 3. Market Capit alization sourced from S&P Capital IQSource : Publicly filed Annual Financial Statements and Management Information Circular of the management selected “Uranium Peers”, being Cameco Corp, Denis on Mines Corp, Energy Fuels Inc, Fission Uranium Corp and Uranium Energy Corp. 45
Page 47
Global Growth is Surging Across All Major Markets NA 111 Operating 2 Planned 37 Proposed 0 Under Construction LATAM 7 Operating 0 Planned 4 Proposed 2 Under Construction EMEA 170 Operating 64 Planned 95 Proposed 22 Under Construction APAC 150 Operating 58 Planned 175 Proposed 56 Under Construction Global Reactor count is rising led by APAC and EMEA, with North America re-entering growth mode 1 WNA July 2026 - Plans For New Reactors Worldwide. LATAM (Latin America), APAC (Asia-Pacific), EMEA (Europe, Middle East, and Africa) and NA (North America). N E X G E N | A P P E N DI X Nuclear reactors worldwide 1 46
Page 48
N E X G E N E N E R G Y L T D . S E P T E M B E R 2 0 2 6 Monica Kras | VP, Corporate Development mkras@nxe-energy.ca Investor Relations investors@nxe -energy.ca Vancouver Office Suite 3150, 1021 West Hastings Street Vancouver BC V6E 0C3 The World Needs Good Energy. We’re Building it.