Morning everyone, and welcome to NexGen's inaugural Investor Day. Thank you for joining us. Before we begin, please note that today's webinar includes forward-looking statements and forward-looking information. Please refer to the relevant disclaimers on our website for further information. I will now turn it over to Leigh Curyer, Founder and Chief Executive Officer. Welcome to NexGen Energy's Investor Day. Everything you see in the video, the data centers, the cities, the factories, the AI, needs power. We all agree the cleanest, densest, most reliable form of that power runs on uranium. To provide some context as to how much power uranium generates, this tiny uranium fuel pellet, just three of those can power a typical North American household for over an entire year. That is the equivalent to approximately 8.1 tons of coal, and forgoing over 16.5 tons of carbon emissions. That is it. That is all it takes. Demand for uranium is rising sharply, and it is accelerating from here. Today, there is approximately 400 gigawatts of nuclear generating capacity globally, supplying just under 10% of the world's total electricity. As we speak, more than 88 gigawatts of new nuclear capacity is under construction, representing approximately 20% growth by 2032, and that is just the beginning. As of 2026, 38 countries pledged to triple global nuclear capacity by 2050. That would increase global nuclear generating capacity from approximately 400 gigawatts today to over 1,200 gigawatts over the next 25 years. That is a 3x from where we are today. Unprecedented heavy demand is underway for this key energy fuel. Thus far, the uranium supply response has struggled. Existing mines are depleting, which means the next generation of supply is under construction today. New uranium mines take on average 15 to 20 years to progress from discovery through to production. As we move through the second half of this decade and into the next, legacy supply diminishes, creating an even greater supply gap. The industry faces a significant challenge. NexGen is part of the solution. Arrow's production is only replacing what is expected to come offline in the early 2030s. So stark is the reality, we will not see a meaningful supply response till the 2040s given the long timelines. As mentioned, these discoveries still need to happen. A decade ago, uranium was only $17 U.S. a pound. Today, the long-term price has hit a record $97 a pound. That is a 5x in prices, and yet we are barely seeing a supply response. The demand and supply gap is getting greater. The deficit, as we sit today, is approximately 60 million pounds per annum and growing. From here, the gap between what the world needs and what the world can produce only gets wider. The world requires substantially more uranium. Let me show you what we are doing about it. At full production, NexGen will produce approximately 30 million pounds of uranium annually, the equivalent of powering more than 46 million homes over the course of a year. That is every single house in the top five populated states in the U.S.A. In four short years, the length of an undergraduate degree, Rook I will be the Western world's number one uranium producer, incorporating elite, top-of-class environmental performance and technological innovation, ensuring optimal safety standards for our valued team members. The next 40 minutes is a walkthrough on exactly what we're constructing. The major milestones will be presented by team members responsible for the actual execution on the ground. You'll see the schedule, you'll see the phased capital plan, you'll see the people building it, and you'll see why this asset, at this moment, with this team, is the most important project under construction today. From discovery to production, we're already approximately 75% of the way through that journey. The next stage of construction is the final 25%, and this is where substantial value is unlocked. It's where a world-class discovery becomes a world-class mining operation. It's where NexGen becomes the number one Western world uranium producer, and it's where one of the most strategic clean energy assets on the planet continues to deliver for shareholders, communities, governments, and the globe. Everything from this point is about execution. I'd like to introduce you to members of the NexGen construction team, led by Chris Copley, who have every single day of the next 48 months mapped out. Chris, over to you. Thanks, Leigh. Let me take you inside Rook I and show you exactly what we're building. Hi, I'm Chris Copley, Project Director at NexGen Energy. At NexGen, I lead the integrated delivery of the Rook I project, bringing together our engineering, procurement, construction, project controls, and contracts teams to ensure the project is delivered safely, efficiently, and in alignment with our cost, schedule, and quality objectives. The Rook I project is a conventional underground mine, and on average, 1,300 tons of ore is moved to surface each day. The ore itself is in stable, hard rock conditions, and the ore body is vertically stacked, allowing the use of gravity ore and waste passes. To put 1,300 tons per day into context, it's the equivalent volume of just one double-decker bus of uranium ore moved to surface each day. We've been successfully operating a camp at Rook I since 2013. Today, we have just under 490 hard-walled beds and nearly 570 beds in total, including soft-walled accommodation. Our accommodation complex is expandable up to 700 beds total, with an additional 200 beds nearby. We have year-round highway access, a 13-kilometer dual-lane access road to site, and the first phase of the airstrip is complete. Importantly, we've demonstrated our ability to execute through delivery of a $100 million early works program with material completion on time and on budget. The major activities defining the critical path are, number one, preparation of the shaft pads. Number two, sinking of the exhaust shaft. Number three, commencement of underground development. And finally, number four, completion of the underground tailings management facility, or UGTMF, and the underground material handling systems. Here's a high-level view of the project timeline and major activities. I'll break these down in more detail in the animation. In the video, you can see our access road and expanded accommodation facility. The accommodation facility is commissioned, complete, and occupied. We have also completed construction of a 3,000-foot exploration airstrip, enabling the handling of propeller aircraft. The main focus during the second half of 2026 is site development earthworks to prepare the site for shaft sinking. During this period, we will complete the following. Construction of the waste management and construction facility pads and installation of temporary facilities and utilities. Extension of the site runway from 3,000 ft to 5,840 ft to enable the landing of jet aircraft. Construction of the effluent diffuser road and in-water pipeline for water management. Construction of the production and exhaust shaft terraces. Start of concrete foundations for the shaft head frames, hoist house, and winch house. Installation of the shaft freeze plants. In 2027, installation of the temporary shaft infrastructure continues, and the freeze plants are activated in the first quarter. As spring arrives, work begins on expanding the site footprint with the construction of the mill terrace pads, access road, waste rock storage facility, and site water management features, including runoff ponds, dewatering ponds, and water treatment monitoring ponds. Development of these features continues through 2027, and they are completed prior to the winter months. 2027 also marks the construction of the temporary effluent treatment plant and environmental analytical laboratory, which will be used to treat processing groundwater recovered during main shaft sinking occurring in 2028. Pre-sinking for both shafts begins mid-year and is completed by the fourth quarter, allowing the start of headframe and hoist house construction to begin. In parallel to shaft sinking, we begin construction of the processing plant and its supporting ancillary buildings, including the operations effluent water treatment plant. By fall of 2028, the majority of surface buildings will be erected, with the processing plant continuing to advance through the winter months. In 2028, we start the main sink of both the exhaust and production shafts, reaching the basement rock interface in June and August of 2028 for the exhaust and production shafts, respectively. By the beginning of 2029, we hit shaft bottom of the exhaust shaft and commence underground development. Underground mining is carried out through proven long hole stoping and transverse stoping methods. Mining begins with the establishment of ore drives and crosscuts at regular intervals throughout the deposit. These workings are equipped with ventilation, services, and ground support systems, providing safe and efficient access to the ore body. Long hole drills create either parallel or fan-shaped drill patterns between sublevels. The drill holes are approximately 114 millimeters in diameter and range from 5m to 30m in length. Hole spacing is carefully designed to optimize fragmentation, minimize solution, and maximize ore recovery. The holes are charged with explosives and blasted. Following each blast, the mine's high capacity ventilation system, delivering approximately 620 cubic m of air per second, clears blasting gases in just 15 to 21 minutes, allowing mining activities to resume efficiently. Following ventilation clearance, load haul dump units, or LHDs, collect the broken ore and load it into underground haul trucks. The haul trucks transport the ore to strategically located ore passes, where it flows down to underground ore bins. There, remotely operated rock breakers reduce the material to approximately 300mm in size before it is transferred onto the underground conveyor system. The conveyor network carries the ore to the shaft loading pocket, where it is loaded onto the production shaft skip. Each skip has a capacity of 17 tons, hoisting the ore to surface for processing through the Rook I surface facilities. This highly efficient mining and material handling system supports the operations ability to achieve its planned production profile while maintaining industry leading operating costs. By the third quarter of 2030, all surface and underground features are completed, and we deliver first ore for the start of commissioning and production. In just over four years, Rook I transitions from a construction project into the world's largest uranium mining operation. We have built an integrated project team for the development of the Rook I project. It is comprised of highly skilled professionals across underground mining, uranium processing, radiation protection, and project execution. Every work stream has clear accountability, the right expertise is brought to the conversation early, and decisions are made by the people closest to the work. That integrated ownership model is a key reason we've been able to advance the Rook I project with discipline, speed, and alignment across all functions. I'll now pass it to Dylan, who will discuss training and labor. I'm Dylan Smart, Vice President of Regional Development at NexGen Energy. At NexGen, my role is simple, ensure local communities are partners in our success. We work every day to maximize business opportunities, create meaningful careers, and build long-term economic prosperity throughout the region. What makes this model especially powerful is how tightly it is aligned with execution. We are delivering training in lockstep with project development. That means people are gaining the right skills at the right time for opportunities that are coming. At the core of this project is a belief that goes well beyond development itself. We believe that the most meaningful and lasting impact we can create in Northern Saskatchewan is through people, through education, training, and long-term career development. Since 2022, we've been taking that commitment directly into the communities. We have delivered training programs on the ground in partnership with the local leaders, and today, nearly 700 participants have completed programs ranging from project readiness, radiation and environmental courses, and skilled trades development through electrical, carpentry, and pipe fitting initiatives. What's important here? It's not just the scale, it's the approach. We're not waiting for the project to drive workforce readiness. We are building that workforce in advance, and we are doing it with the communities, not around them. We are continuing to build that momentum. In the summer of 2026 alone, we are training over 60 students across water management, heavy equipment operations, and Pathways to the Future program, which is focused on preparing participants for careers in the mining sector. Rook I is located in the most favorable geological settings in the Athabasca Basin, significantly reducing what is traditionally a dominating risk for underground operations. The next section will walk you through how the geological conditions are known and understood and the methods we have deployed to minimize risk associated with shaft sinking and underground development. I first want to give you a visual representation of the rock quality we have at Rook I. There is no better explanation of the geology than seeing it firsthand. First, we will spray some water over these rocks so you can see what happens when we add moisture. From left to right, we have Athabasca sandstone, we have our host rock, which has been sampled from the pilot hole of the shafts, and we have our high-grade mineralization, which has been sampled, and that is why it is broken up. Moving to the sandstone, you can see it just crumbles apart when squeezed. This is why sandstone settings are so challenging to develop. Ground conditions like this require constant ground freezing to hold it together. Now compare this to hard rock. This is the rock we are sinking the shaft into. As you can see, it is solid and technically competent, which gives us a high degree of certainty on development costs and rates. Finally, the ore itself. It has been spliced for sampling, but what is important here is that the mineralization sits within that same competent basement rock you just saw. So unlike deposits sitting at or above unconformity in the sandstone, we are mining in strong, stable ground from development right through to production. We often get asked how Rook I compares to Jansen. The simple answer is they are completely different projects. Rook I is shallower with smaller shaft diameters and uses conventional shaft sinking methods. Jansen is a much deeper project in softer, more variable ground conditions, requiring a deeper ground freeze and very different execution approach. While both projects involve shafts, the geology, engineering, and construction methods are fundamentally different. We have assembled an experienced management team with deep shaft sinking and construction expertise that will be managing the full shaft contract. Their involvement throughout the process has enabled informed decision-making during both the engineering phase and contractor selection process. To further de-risk the project and inform the final design, we completed an extensive geotechnical and hydrogeological investigation drilling program. This included drilling of 60 holes along with a central pilot hole extending to approximately 950m depth. The objective was straightforward: to understand the ground conditions, identify any potential water-bearing zones, and validate the design assumptions. We encountered competent, stable ground conditions with no significant groundwater activity beyond the near surface environment. A significant milestone in the shaft sinking program is reaching basement rock. We reached basement rock in both the exhaust and production shafts in mid-2028. Once basement rock is reached and the hydrostatic shaft liner is completed, the temporary ground freezing stops and hydrological and geotechnical risk is greatly reduced. Now let me show you how the shaft sinking process works. There are three distinct ground conditions the shafts will pass through. The first is approximately 50m- 80m of overburden, consisting of sediments and glacial till. The second is unconsolidated rock extending to roughly 150m deep, and below that lies the competent basement rock at approximately 150m- 175m for the exhaust shaft and 200m- 225m for the production shaft. To safely pass through the overburden and unconsolidated rock, we will freeze the upper 150m-200m surrounding the shafts. The freeze plant circulates chilled brine through a series of pipes, creating a frozen cylinder around the shaft and providing a stable environment for excavation. Freeze preparation begins in late 2026, with freezing commencing in early 2027. The initial freeze is 3.5 Months before excavations begin. Freeze sinking then begins the third quarter of 2027. Through the overburden, we expect sink rates of approximately 1m per day, increasing to 1.5m per day through the unconsolidated rock. These rates are industry benchmark for shafts sunk in frozen conditions. As shaft sinking progresses, we will continue to verify conditions using a probe hole drilling program. This allows the team to continually assess the ground below, identify and adapt accordingly as required. Once we reach competent basement rock in mid-2028 for both shafts, the hydrostatic shaft liner is completed, temporary freeze turned off, and the project risk greatly reduces from a geotechnical and hydrogeological perspective. Sinking rates then accelerate to 2.5m-2.9m per day, and the shaft liner system transitions to a simple non-hydrostatic liner. Once shaft bottom is reached, conventional underground equipment is hoisted down the shaft to begin lateral development. Once we reach shaft bottom, underground development begins, maintaining the critical path. The focus now shifts to developing the stopes and key infrastructure. By mid-2029, we achieve breakthrough between the production shaft and the exhaust shaft, connecting the two shaft networks. This completes the full ventilation circuit and provides a second means of egress, clearing the way for production ramp-up. Hi, I'm Bryan Dyck, lead processing and metallurgy at NexGen Energy. At NexGen, my role is to ensure that the Rook I process plant delivers exceptional performance, reliability, and efficiency right from the start. We are building a conventional mill, processing ore with low impurity risks from deleterious elements such as arsenic. Plant is optimized for a maximum 5% head grade with an average grade of approximately 3%. The flow sheet is proven conventional and designed for high recovery rates using established methods successfully implemented in the Athabasca Basin. The advantage we have today is the ability to build on decades of operational experience, learning from past challenges, while integrating modern automation and safety systems. The milling process is well established and is designed with flexibility to mill the range of ore grades expected across the mine life. There's opportunity to mill future ore sources and continue to utilize the full 30 million pounds per year capacity of the mill. Ore arrives from underground into graded stockpiles and is blended by a loader to feed the grinding circuit. Ore is sized through a grizzly screen with the oversized material broken by a rock breaker. Ore passing through the screen is carried on the conveyor belt to feed the semi-autogenous grinding mill. The ore is ground by a combination of steel grinding balls and the ore itself while it's mixed with water to create a slurry suitable for pumping and leaching. The uranium is dissolved in the solution through a conventional leaching process using acid and peroxide. The uranium-varying solution is then washed and separated from the solids and collected for further processing. The uranium solution is purified, removing minor impurities, and concentrated in the solvent extraction process. The remaining acid is neutralized, and gypsum solids are washed and removed from the process. The uranium is precipitated as yellowcake, then thickened and washed. The yellowcake is dried and heated to produce a dense, stable uranium concentrate product. The final product is packaged into sealed drums and prepared for shipment. The flow sheet utilizes proven technologies that have been used successfully across the uranium industry for decades. Simple, conventional, and proven. One of the most differentiated aspects of Rook I is how we manage processed ore, known as tailings. Traditionally, the mining industry has relied on storing the majority of tailings on surface. Enabled by the hard rock conditions of the Arrow deposit, a purpose-built underground tailings facility, or UGTMF, will be developed to allow 100% of the tailings to be deposited back underground. Tailings are transported underground through a dedicated borehole adjacent to the production shaft. They are placed into mined-out chambers as well as paste backfilled into mined-out stopes and fully stored underground as the mine develops. The facility itself is built progressively in alignment with the mine plan, allowing tailings management to become an integral part of the mine and not separate from it. The result is simple. No surface tailings dam. None. Now let me hand it over to Neil, who will walk you through how we are integrating best-in-class technology across the site from day one of operations. My name is Neil Chiles. I am the Director of Information Technology at NexGen Energy. At NexGen, I lead the technology strategy for the Rook I project, designing a digitally native mine from the ground up. Automation, remote operations, and real-time data built in from day one to make one of the world's most significant uranium projects safer, faster, and more efficient for decades. Most existing mines were not designed to be automated. They were retrofit. We have the rare advantage of designing automation from day one. Not first of a kind, best of class applied right from the get-go. We will have a remote operation center, 5G throughout, and auto-controlled vehicles from the surface, with a goal of having as few people underground as possible. Let me show you what we will be implementing as part of the build. We are designing the operations from inception around safety, efficiency, reliability, and real-time decision making, and enabling the operations to be operated remotely. Now I will hand it back to Leigh and Travis. Twelve months or one year of full production. That's all it takes for Rook I to pay back the CapEx using $90 spot price. Every dollar has been planned, scheduled, and allocated with the same disciplined approach we apply across the project from engineering and procurement through to contractor selection and execution. The capital profile mirrors the risk profile. We invest heavily in the early years as we build the critical infrastructure and complete the shafts. From there, both capital intensity and execution variability steadily decline as the project advances towards first production. More than half of the capital is the labor and materials, exactly what you'd expect in a mine build of this scale. This project will be built milestone by milestone in plain sight, and we invite you to hold us accountable every step of the way. Depending on the scope of work, contracts are structured as fixed price, unit rate, or risk-sharing arrangements. We use the model that best aligns incentives with optimal outcomes. Most importantly, these are teams that have done this before, and as major contracts are awarded, you will hear about them. As the project advances, you will see how capital is being efficiently deployed and how we are tracking against the schedule, scope, and budget every quarter. Now I'll hand it back over to Leigh. Uniquely, given the high grades in the initial life of mine, nameplate capacity only needs to run at approximately 60% capacity to produce 30 million pounds during the first two years of production. At the current spot price of approximately $85 a pound, Rook I generates approximately $1.3 billion USD in after-tax free cash flow. At $150 per pound, the level where many ceilings are being reported in recent offtake contracts, that increases the cash flow at NexGen to approximately $2.3 billion annually after tax. That's the advantage of combining exceptional grade, hard rock conditions, conventional mining techniques, and scale. Anything above $30 a pound uranium takes this asset and NexGen into the top ten mining companies globally based on after-tax net free cash flow whilst delivering exceptional environmental returns. Everything beyond $30 a pound increases the value which will be captured by shareholders, communities, governments, and the world. The next decade in uranium won't be defined by demand. Demand is already here. The question is: Who can deliver new supply? NexGen is building growth to support the current market and growing. In just four years, Rook I becomes the largest uranium producer in the Western world, entering production just as global supply continues to tighten. One of the unique advantages of a deposit like Arrow is its flexibility. It's an important distinction. We are optimizing the economic return on every single pound we produce. That's our responsibility to shareholders, the community, the government of Saskatchewan, and Canada. In a market where replacement supply remains very fragile, NexGen's production certainty is its defining character. As we conclude the session, let me summarize the opportunity in front of us. NexGen is in construction mode. The project is defined. The site preparation construction license is in hand. The financing is in hand. The construction team has been handpicked from the very best in the industry. Every milestone ahead of us is visible, measurable, and creates substantial value on the path to becoming a top 10 world mining company. NexGen is delivering better. Expect better. Thank you for joining the NexGen team today. Please join us on all of our quarterly calls for up-to-the-minute updates throughout the construction period. We appreciate your time and interest in this world-leading opportunity. This is a remarkable journey, a fantastic Canadian story about entrepreneurship, cooperation, and giving something back to the world. This is the future of AI all around the world, and we're right here at the cusp of it. I met this junior exploration company called NexGen, and it wasn't normal for these companies to come engage with our community. It was like, "Really? You want to talk to us?" We were kind of taken back. They actually came to the table and said, "This is what we're doing. This is what we're about. We want to engage." This was well before they even discovered something, and they really wanted to help our community. This is such a positive thing for our people, and I'm very proud because it not only brings hope and opportunity, it brings prosperity and it brings careers. What you've seen in how NexGen has played a role in this region and the commitment the leaders have put to be able to make it happen, it's tremendous. I look at it and I smile. This project right here beneath our feet, the work that has gone into this project over the course of the last decade and the work that remains represents Saskatchewan's ability to provide that energy security and ultimately that sovereignty to so many nations, including our own. Rook I is one of the most significant resource projects our province has seen in decades. Rook I is slated to support over 1,000 jobs, generate tens of billions in economic activity, and strengthen Canada's role as a global leader in uranium production at a time when the world is looking for clean, reliable nuclear energy.
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