Good day. Thank you for standing by. This is the conference Operator. Before we begin today, we encourage anyone joining by telephone to also access the live webcast, where NexGen will be showing current site construction photos and video at the Rook I project. Access for the webcast details can be found in today's news release. Welcome to the NexGen Energy Second Quarter 2026 Results Conference Call. As a reminder today, all participants are in a listen-only mode and the conference is being recorded. After the speaker's remarks today, there will be a question and answer session. To join the question queue at that time, you may press star then one on your telephone keypad. You will hear a tone acknowledging your request. Should you need assistance during the conference call, you may signal an Operator by pressing star then zero. I would now like to turn the conference over to Mr. Leigh Curyer, Founder and Chief Executive Officer and Director with NexGen Energy Ltd. Please go ahead, sir. Thank you, Chris. Good morning and thank you for joining NexGen's Q2 2026 Financial Results and Investor Call. Joining me today are Travis McPherson, Chief Commercial Officer, Ryan Podrasky, who recently joined in Q2 from Elk Valley Resources as Chief Financial Officer. Ryan brings more than 25 years of project development and operational finance leadership in operating $10 billion revenue business with over 5,000 employees and overseeing capital projects in excess of $5 billion. Chris Copley, our Director of Engineering. During today's call, I'll provide an update on our construction, exploration, and commercial activities during the second quarter of 2026. At the conclusion of this presentation, we'll move to a short slideshow and then move into Q&A portion of the call where you'll have the opportunity to ask myself, Travis, Ryan, and Chris any questions you would like. We'll be making forward-looking statements throughout the call today. Please visit our website for all the relevant disclaimers. The broader environment. I'd like to commence by acknowledging the broader nuclear energy environment in which NexGen is advancing Rook I. As a Canadian company developing the world's largest and most strategic energy project in Saskatchewan, we are seeing Canada's policy environment turn highly constructive towards the country's future leadership across the nuclear landscape. From small modular reactors and large-scale reactor deployments, to reestablishing Canada as the world's leading supplier of uranium through our Rook I project. The confluence of this supportive global policy and NexGen's timing to production is perfectly aligned. As NexGen brings the Rook I project into operation just four short years from now, the world's largest current production centers will be nearing the end of their lives, meaning NexGen's output will effectively only replace that declining material. This underscores the importance of our ongoing exploration efforts at Patterson Corridor East, PCE, and the district-scale package we hold to support this incredible nuclear future. The world is changing rapidly and governments everywhere have arrived at the same conclusion. Economic and national security now depend on energy sovereignty. Ongoing geopolitical conflict has reinforced supply chain diversification as a key strategic priority, creating an opportunity for Canada to become the leading supplier of critical energy resources. The facts are striking. While 70% of nuclear demand comes from OECD nations, just 25% of fuel supply comes from those same nations. Add to that the fact that over 90% of OECD uranium production is already contracted and therefore unavailable for future sale, NexGen's timing with the Rook I project is perfectly aligned. We're seeing this translate into policy. The Building Canada Act marks a significant shift in support for major energy infrastructure projects, Canada's newly released nuclear energy strategy sets out clear ambitions, including a doubling of uranium exports by 2035. NexGen is fundamental to Canada in delivering on this vision. In this context, NexGen's offtake sales strategy has been proven correct in optimizing the economic return on every single pound to be produced, providing investors with world-leading leverage to the future price of uranium. Simply, NexGen has orders of magnitude more pounds to sell than any other Western world supplier, and we retain full upside on every single pound. Truly untapped leverage to the future uranium market. That market spot consolidated during the quarter in the mid-80s, while the term market continued to trade steadily higher, reaching $97 per pound as reported by TradeTech. That's above the $ 95 high of the 2007 cycle. The five-year forward price now sits at $105 per pound. This trend clearly shows where the market is heading and validates NexGen's strategy of maximizing our leverage and exposure to the future price at the time of delivery. While prices keep moving higher, there has still been no meaningful supply response to date. When we zoom out, this becomes obvious. Uranium prices have increased 500% over the last decade, while supply has only grown 14% over the same period. The past 12 months have only reinforced how little new supply is available to come online, and how increasingly challenging it is to keep existing producing sources running. On uranium sales contracts, we continue to advance, and in some cases, execute sales agreements with customers. We recently executed, during the quarter, a term sheet to sell another 1.3 million pounds to a U.S. utility customer at market prices at the time of delivery. This again validates another end user confirming NexGen's offtake strategy, which is beneficial for our utility customers as well as for NexGen. We continue to advance a number of additional sales agreements with global utilities, covering, in addition to the U.S., Asia, Europe, and the Middle East. Our objective remains consistent: to secure high-quality, long-term partnerships whilst preserving the exposure to future prices that will maximize profitability per pound and ultimately value for our shareholders. This is also a responsibility by NexGen to ensure royalties to the Saskatchewan government, which are based off realized price for uranium, is maximized. Royalty revenue, which funds health, education, and social commitments, which reflects our appreciation of the Saskatchewan government's longstanding support for the initiatives NexGen have delivered. With 96% of our reserve base available for future sale, we have the highest leverage in the uranium universe to where uranium prices go from here. When we analyze the potential future source of uranium, their cost profiles, and timelines, it is not hard to see how constructive the backdrop is, given the structural nature of the supply deficit. We are therefore concluding and expecting prices to continue to strengthen materially from these current levels. With respect to construction milestones during the quarter, we have completed all planned key construction milestones to scope and budget and schedule. At conclusion of this commentary, we'll provide a short slide update of construction at the Rook I project during the quarter. You will see a lot has been accomplished in a short space of time. In detail, we've completed our 3,000-ft airstrip. Our accommodation complex is fully commissioned, complete and occupied, and capable of 700 persons. The team at the Rook I site now currently numbers approximately 300 people and is growing weekly as construction activities gain pace. We are well advanced on major earthworks and surface infrastructure. Construction of the laydown facilities, the effluent diffuser road, the in-water works, and the site road networks are all on schedule. Earthworks will dominate site activities for the remainder of 2026 in preparation for shaft sinking, which commenced in Q1 2027. Pads for the production exhaust shaft mine terraces we'll completed in Q3. In Q4, we will begin concrete foundations for the shaft headframes, hoist house, and winch house, install the temporary freezing plant, and erect the primary batch plant. December 2026, the full 5,840-ft airstrip will be complete. The latest construction progress photos will be posted on the homepage of our website. Further, we will host our Investor Day webinar on Tuesday, September 1, where we will provide a comprehensive update on each phase of the Rook I construction pathway. During the webinar, you'll hear directly from our highly experienced project team, whose expertise spans hard rock mining, engineering, and construction, with extensive experience in large-scale copper and gold projects, complemented by deep uranium milling and processing expertise. We have also recently awarded major contracts during the quarter. The final major engineering procurement contract and the shaft sinking contract, structured to fully incentivize and align outcomes with the shaft sink itself. Further, the mine hoist equipment, among the most critical components in the shaft operated underground mines, commenced back in mid-2025 and is advancing on schedule. We'll be hosting a groundbreaking ceremony next week on August 13th at Rook I with global investors, customers, partners, indigenous nations, and the government of Saskatchewan. This will be a major moment for Canada, signifying officially the critically important role NexGen will play in delivering Canada's energy commitment. The team we've assembled at NexGen is high caliber, proven, and holds itself and others to elite standards. Together, we provide the experience, capability, and expertise required to successfully deliver the world's most important uranium project. Combined, this team has delivered over CAD 20 billion of capital projects and brings more than 2,100 years of relevant experience. On the exploration front, Patterson Corridor East is one of the most exciting exploration discoveries in the Athabasca Basin, and we continue to be highly encouraged by results. With approximately 50% of our planned 42,000-meter drilling program now complete, our focus remains on expanding the overall mineralized footprint and the growing high-grade shears within the system. Every meter drilled improves our understanding of the scale and potential of this latest discovery. Importantly, exploration success complements the value being created across NexGen. As construction advances towards production, continued success at PCE, together with opportunities across the company's dominant land position in the southwestern Athabasca Basin, all will continue to drive growth for decades to come and create unparalleled shareholder value. Results from the drilling at PCE will be issued in the coming months. Balance sheet and funding. Our balance sheet is very strong, with a liquidity position of over CAD 970 million at the end of Q2. Given the backdrop I've outlined, NexGen's positioning within it, and our unique exposure to the future upside in uranium prices, the company has significantly creative options for funding. These include project finance, strategic corporate or asset-level financings, and prepayments of future uranium deliveries. The liquidity on hand validates we can evaluate optimally all of these options. NexGen remains a one of one in the uranium sector. The facts: We are in construction of what is considered by many analysts to be the world's most important uranium project. We have the largest quantity of uranium in the industry available for sale, and we have the most leverage to a rising uranium price. In addition, we see a future in which supply remains in long-term deficit and demand for reliable base load nuclear power continues to accelerate higher, just as NexGen commences production at Rook I. In closing, safety, disciplined execution, and community advancement remain at the core of everything we do. On the latter, we recently conducted the groundbreaking ceremony for the La Loche Hotel, which we have financially guaranteed and have brought the CRDN and the Métis Nation—Saskatchewan Northern Region 2 as partners. This is another example of how we at NexGen believe everyone should expect better from the mining industry, and we are proud to be redefining and leading this new era of successful resource development. We look forward to updating you on our continued progress throughout the year as we deliver key construction milestones and advance Rook I towards first production. I'll now provide a brief slideshow of construction pictures of construction during the second quarter and then open the call to questions. Just one moment. On the front slide there, for those who are on the video webcast, that is the airstrip that was commissioned last week. It's currently 3,000 ft in length and is up and running. This is a wider view across the site. Confirmation drill holes to a depth of 250 m ring the production and the exhaust shafts. The freeze plant installation is currently underway, and up the top there is the location of the future mill terrace. The pilot hole, which I'll show you now, has been drilled down to 950 m. You can see on those pictures just the level of competency that the ground conditions exhibit. We know every single millimeter of the rock that we're about to excavate with the sinking of the production and the exhaust shafts. Moving to the camp. This is the total camp that we have at site. Accommodation available for up to 770 people. Successfully installed, commissioned, and operating to schedule. The project is completely underway in construction as we speak. The next slide is an indication of the level of crushed aggregate stockpiles that we have in place. We've been crushing aggregate for many, many months now with a CRDN, Clearwater River Dene Nation partnered business, and we have 575,000 tons of gravel successfully crushed to date and ahead of schedule. Employing up to 50 local residents, and that's been going around the clock and during the winter months. We have a huge stockpile of crushed gravel. We need a lot of crushed gravel. That signifies that we've gotten ahead in order to ensure that the successful construction of the project is occurring. Everything that we do with this construction, on any given day, if the design is finalized, we have ordered the equipment. Even if we need it in three to four years from now, if we have finalized the design, we have already ordered it. That is just astute to ensure that we're not subject to any unforeseen delays. This is the apron at the southwestern end of the runway with a fully contained airstrip with very clear lines between the vegetation and the airstrip. The next photo is that this 3,000-ft airstrip is already underway, being extended to 5,840 ft, which will be completed by December 2026, a little over five months from now. Here, the road installation of the diffuser road from the Rook I production pad down to the lake. You can see there the diffuser installation site, which commenced this month in August. Here, we have the turbidity containment with the installation of the diffuser, the underwater diving unit, all equipment and supplies and people in place constructing. Here, we've also excavated, as I mentioned in the call, a lot of the capital works that have been conducted during Q2 and for the balance of this year. Earthworks is a very heavy component of it, preparing the ground for all of the foundations that will be constructed thereafter. Here, we have the drill rigs, a short three and a half kilometers. You can actually see these drill rigs from the production and exhaust pads from the Arrow Deposit, 3.5 km away. Currently, halfway through the 42,000-m PCE exploration program. As discussed during the call, we'll be having results released continuously over the course of the coming months. In order to house the additional core and also for 2027 and 2028 drilling, we are extending the core yard storage as we speak in order to house the additional core that we see coming from PCE over the next couple of years at a minimum. Here, we're just about to press play on a video which gives you more of a panoramic view of the Rook I project. Could you please press play? Thank you. There we're just going over the exhaust shaft here, and to the left there is another gravel pit that we're accessing aggregate. Also, the aggregate coming up from the two shafts will be used for surface aggregate. Here is the airstrip during the month of early July in the final stages of completing. Here, as I mentioned before, is the diffuser installation. All equipment in place. Construction is happening every day. You'll see this is the road that heads up towards the production shaft of Arrow. As you can see, very clear lines between what is impacted and what is not and successfully installed. That's a view of one of our gravel crushing operations. As I said, approximately 575,000 tons has been pre-crushed and is in stockpile ready for construction. The camp to the left is the core sheds. That's over 400,000 m of core. As I said, we're extending that facility to accommodate drilling core from PCE, for the balance of this year and then 2027, 2028 as well, which really does signify our confidence in the PCE drilling. With respect to the camp, it can accommodate up to 770 people. Look, for myself, having stepped on the ground back in 2012 and we started exploration with just two two-man tents and to see what has transpired and is in action and ready for this construction phase, it does represent the NexGen team's dedication and commitment to excellence. Everyone who visits the camp from outside the operation, everyone walks away saying that is the best they've seen. For the people coming up to the groundbreaking ceremony this coming Thursday, it's our absolute privilege to host. Whilst it's an incredible milestone, everyone is focused on construction and everything's been conducted incredibly safely, as it has always been the case at NexGen. With that, I'll hand over the call to any questions that the audience may have. Thank you. Ladies and gentlemen, we will now begin the question- and- answer session. To join the question queue, you may press star then one on your telephone keypad. You will hear a tone acknowledging your request. If you are using a speakerphone, please pick up your handset before pressing any keys. Should you wish to decline from the questioning process, please press star followed by the number two. We will now pause for a moment as callers join the queue and while we prepare the Q&A order. Today's first question comes from George Eadie with UBS, p lease go ahead. Good day, Leigh and team. Thanks for the call and update today. Can I just ask about the term sheet at the start, the 1.3 million pound, is that total? What is the period of delivery? Secondly, can I ask why so few pounds? I'm guessing there was a lot of interest or there is. Why don't you go more sort of 5 million pounds or higher? It's 1.3 million pounds over a very short duration to a U.S. utility, totally leveraged to the spot price at the time of delivery. These contracts that we're doing at the moment are really introductory type contracts, to establish a longer term relationship. We currently have contracts under negotiation for up to 20 million pounds, as we speak. That is coming from, not only the U.S., but also Asia and Europe. I wouldn't take this as our template other than the element that we are seeking shorter duration ones than what has traditionally been done over the last couple of decades. The key component, which we're identified by, is total leverage to the price at the time of delivery. I wouldn't look into the volume as any real indicator of what's actually happening. The indicator is good because there hasn't been a lot of contracts signed over the Northern Hemisphere summer, and yet we're extremely busy as a company. We're now up to 11.3 million pounds contracted and fully exposed to the spot price at the time of delivery in the future. You'll see added contracts layered on in the future. When they make sense, and in line with our whole identity of being the world's most levered company to the future price of uranium. That's very helpful. This sort of all news we keep seeing with the U.S. government that's clearly more supportive. What do you see as sort of the next leg to drop, I guess, in the next 12 to 18 months in the uranium market besides potential price indications? What do you think is sort of the next thing to spur prices higher and getting that contract price sort of sustainably above $ 100 a pound? It's not only us reporting it, but I've listened to the other calls and all the market commentary is that the prices are now well into the low hundreds. You can see the three and the five-year price is at $ 105. I would like to explain everyone, when contracts are being drafted, there's not one of those prices that stands out all alone. It is a combination if you want to look at more like floors and ceilings. The pricing is really determined by a number of factors, but it's the spot price. The three-year price and the five-year price kind of provides the base for a contract which is structured with a floor and a ceiling. As I said before, the one that we've just signed is fully exposed to spot at the time of delivery. It's very exciting. We're seeing the spot price has stabilized at $85 a pound. I think everyone can consider that or reasonably consider that as a new floor for pricing. Yet we're seeing that three-year and five-year price hit record highs, exceeding past the previous historic high in 2007. I think you're going to see, particularly coming into the seasonal period of an increase in contracting post the WNA in London in early September right through the winter months. I think you're going to see a real uptick in contracting being announced. From a U.S. government perspective, well, the demand and the policy setting is matching that of the Canadian government. Both Canada and the U.S. are heavily supporting nuclear energy on not only the construction of reactors, but also the fuel supply fabrication, but also the U₃O₈, the uranium mining. We've been down to the White House a number of times. The demand is clearly evident, and you'll see that continue to play out. I think people should take the 1.3 million pounds that we have signed just recently, is a very good indication of what is historically or seasonally a very, very quiet period. It's looking extremely positive going forward. All right. Thanks for that, Leigh. Thanks, team. All the best. Thanks, George. The next question is from Orest Wowkodaw with UBS, p lease proceed. Hi, it's Orest. I'm actually from Scotiabank. Question, just as you're getting the project off the ground in terms of construction, ordering equipment, and I like the fact that you're ordering long lead time items here, as soon as the design's finalized. I'm just curious, your last official capital number for the project is from 2024. Now that you're getting going here, can you give us any sense of what you're seeing with respect to capital cost inflation, just given the industry pressures out there? Yeah, no, absolutely. Look, the pressures are well documented by many other mining projects. We have just signed during the quarter the shaft sinking and underground engineering. That component of the project is over 50% of the overall build, and that number has come out right in line with our August 2024 number. What did that validate? It validated that we're ultra-conservative in that guidance in August 2024. The labor component of the underground engineering is a material percentage of the overall cost. Wages will go up, and there are cost pressures. We're actually not seeing the cost pressures on the same scale as what's being reported in other parts of the world with respect to resources projects. Our project or that contract, which makes up a very large component of the CAD 2.2 billion, has a very transparent cost structure that we can manage. The development rate on the shaft sinking is a risk or a reward or a gain or pain type contract, where they're rewarded for meeting development rates, and not so rewarded when they don't achieve it. Those development rates as well are conservative in nature as we were with our financial estimate in August of 2024. To answer your question, in addition to that, Orest, we to date have not seen anything material in that move, in that CAD 2.2 billion guidance that we made in August 2024. As I said, that validates that we have been a healthy dose of conservatism in our financial estimates. Wow, that's fantastic. Thank you for the update. Thank you. Our next question is from Ralph Profiti with Stifel Financial, p lease go ahead. Thank you. Good morning? Thanks for taking my questions. You gave a little bit of detail on some of the project milestones between now and, say, Q1 2027. I'd like a little bit more detail, if possible, on the ground freeze plan. Is 200 m still the optimal depth given some of the ongoing geotechnical work? When will freeze establishment begin? I'll start with the answer and then hand over to Chris Copley, the Director of Engineering and Project Construction. It's the same plan as what we've previously guided. I would also encourage everyone to watch the webinar that we will have the week prior to WNA in the first week of September. It goes through a very comprehensive, transparent analysis of the total construction process, underground, but also at surface in the mill, which explains everything, and it'll be a reference point for everyone to go back on and track how we are progressing with the construction. The plan is still the same. Nothing's going to change geotechnically between now and the actual sinking of the shafts, as I showed in that pilot hole. We know every single millimeter for 950 m. Those holes have been drilled through the center of both the production and exhaust shafts. We are expecting very little variability once we get into the basement rock, and we hit that basement rock between 100 m and 120 m from surface. Then the freezing, once the hydrostatic line is in place, will be removed permanently from that process. Chris? Thanks, Leigh. Some of the more specific things we'll be doing through the balance of the year as we head up to freeze Relate to establishing the foundations at the headframes. In the photos that you saw earlier through the slideshow, the construction facilities pad was shown. There we've got a pad being prepared for the batch plant. We've got two batch plants that will be coming to site. A dry mix plant, which is already staged in Alberta, and a wet mix plant, which is currently being manufactured overseas and will be ready to start shipping in September. Once the dry mix plant is on site, which will happen shortly, we will complete our trial batching and start installation of those foundations, which enable us to then tie in the freeze plants, which as previously reported, are also staged in Alberta and ready for mobilization to site. The freeze comes on in early 2027. There's no change in our plan there. You saw the shaft pads themselves have started development. The earthworks on those will continue to progress into Q3, and into the early parts of Q4 to enable the mobilization of the shaft sinker themselves to establish their temporary facilities, and the temporary power that's required to run the freeze plants. Those are some of the key activities that will enable that freeze to come on in early 2027. As Leigh mentioned, no change geotechnically. The confirmation holes allowed us to validate the freeze assumptions. They really haven't changed from previous understanding. Just added more information, and more certainty to the exact freezing timelines. With all that will allow us to start the pre-sinking by the middle of 2027 and start making some meters. Thanks, Chris. Those on the webcast, I have a picture there I've just highlighted. That is the core. Those ground conditions are exceptionally competent, that you can see in those core photos. Again, that is the pilot test hole that's gone through the middle of the production shaft and we also have a corresponding one with the exhaust shaft as well. All the testing has been done and dusted, and there's no project that I'm aware of in the world that has had this level of testing prior to the commencement of construction. Thanks for that greater detail. I really appreciate it. Leigh, you had talked about prepayments as a financing alternative. Is the market strong enough that you think you can enter into that type of a transaction and maintain leverage to the price, say, at the time of delivery? Some of your comments around floors and ceilings, and I'm just wondering about the trade-off in a prepayments deal between sort of capital and price discovery. Yes. To answer your question, prepayments is one of five main areas that we are focusing on with respect to the delta of construction financing. Our discussions to date around prepayments are very positive. Let's put it into context here. 10 million pounds at today's spot price is $850 million, which is, I think it leaves only about $300 million to complete construction. 10 million pounds is one or four months' production over the initial 10 years of our reserve life. To qualify that, the resource is actually significantly larger than that. We have an initial mining license for 23 years. Every discussion we've had has meant that the prepayment would have a floating price to a degree, with respect to that prepayment would be absolved through the delivery of pounds, and if the uranium price was higher, you would deliver less pounds. If the uranium price is lower you deliver more pounds. Whilst we are still in the negotiation of that prepayment, we are having that discussion with multiple parties as we speak, and it's something which ultimately, why are we going after it? Well, it's the ideal financing, no dilution and maintaining leverage to the future price of uranium. As I said, in context, even if it was fixed at $85 a pound, I want to be crystal clear here. We're not fixing it at $85 a pound, but I'm trying to give you the goalposts here. 10 million pounds is $850 million. It's four months of the first year's production. Even if it was to be fixed to a degree, it still does not change our world-leading leverage to the future price of uranium for the project. Travis, anything to add? Yeah, I would just also reiterate that. It also ties back to one of the original questions on the call around the volumes and stuff, and it's what we've been really focused on with respect to our c ommercial contracts negotiations is kind of funneling that interest into these prepayment structures. To Leigh's point, there's absolutely no shortage of interest there. The direct answer to your question, Ralph, is yes, the market is definitely strong enough in NexGen's case anyways to facilitate prepayments. Great. Great answers. Thank you so much. Our next question is from Alexander Pearce with BMO, p lease go ahead. Thanks. Hi Leigh? My question builds a little on the first question around contracting and some of the comments you made. You flagged that you were looking for shorter-term contracts for now versus perhaps what the utility was asking. Is it fair to say that that's where the greatest variability or the spread between what you're looking for versus, say, the average utility? The second part of that question is that likely to form a key part of your kind of general contracting plan going forward, even when you're in production? Is that where you're aiming to get more of the flexibility in terms of your plans? You have a greater number of those shorter-term contracts versus perhaps what we've seen by some of your peers in the past. Thanks for the question, Alex. The key component is the pricing, which is fully exposed to the future price at the time of delivery, which is heavily tied to the spot price. Even the floor and ceiling contracts are heavily tied to the spot price at the time of delivery, or influenced by the spot price, or referenced to the spot price at the time of delivery. Spot price is a driver. This volume is 1.3 million pounds. I wouldn't take that as though this is the standard contract that NexGen wants to do for all utilities. Every utility has a very specific preference for a certain type of contract. Some want spot, some want floors and ceilings, some want larger quantities, others want smaller quantities. This is one of now five contracts that we have in place. It shouldn't signal a trend in terms of volume and duration, but it should with respect to the pricing mechanism, that we will always be heavily tied to spot price at the time of delivery in order to deliver the world-leading leverage to the future price of uranium. I want to be very clear, whilst this one seems in volume to be a little smaller, people should not be assuming that this is the standard contract for all of NexGen's contracts. As I said in the call or one of my earlier answers, we currently have one under negotiation for 20 million pounds. Completely different region, completely different utility to the one that we've just signed it with. The key driver, exposure to spot at the time of delivery. Okay. Thanks, Leigh. That's good color. Maybe can ask a second question. Absolutely. Is there any update in terms of the level of production that you want to have under contract by the time you get into production versus uncontracted? No change. In terms of annual run rate. Whatsoever. We've been very clear that our break-even point is around 3.7 million pounds per annum. We're more than halfway there on that. Even at 3.7 million pounds per annum, we have another 26.3 million pounds available for contracting and exposed to the future price of uranium. We don't have a fixed percentage as to what we want under contract. We are keeping our production profile completely levered to the future price of uranium. I might just add quickly. Given the reactors currently under construction and the reactors that will be online that are currently under construction by the time Rook I comes online, add another over 30 million pounds to market demand. That's just reactors under construction today that will be completed in 2030. That will require another arrow worth of new production to just fill those ones, let alone the deficit that we're already faced today. Excellent. Thanks, gents. Thank you. Thanks, Alex. Our next question comes from Andrew Wong with RBC Capital Markets, p lease go ahead. Hey, good morning? Thanks for taking my questions. I was wondering if, can you talk more about the potential for U.S. or Canadian government funding to help on the refund construction costs? Just would appreciate any details you can share on your conversations, which government bodies, magnitude that you're talking or discussing, and maybe any timelines around some news around that. Thank you. Travis? The short answer, Andrew, is yes. Interest across both, as well as other kind of governments, to support this. Certainly, and most predominantly, those two naturally, given the importance. I won't get into the specifics in terms of who, but there are for more than we need to complete the project in terms of quantums on extremely accretive terms and structures. Lots of interest there. We're very interested in it. Those are two of the top priorities of all of the very good options we have at hand and more to come in the very near future on those. Appreciate that. Then maybe one for Ryan. Given your extensive experience with other large CapEx projects, I was just curious to hear your thoughts on how Rook I compares with other projects that you've been involved in, and maybe just what learnings that you can bring to this project. Thank you for the question. I've been here a couple of months now and taken a look, NexGen is set up quite well when you look at their plans that are in place and the team that has been planning for the construction for a while. A lot of companies rush into construction. NexGen's not rushing into construction. We have set plans and milestones in place, as you can see from the presentation today as well. Commercial terms are being negotiated, we're creating that flexibility to ensure we're successful for construction and execution. From my perspective, we got the right people at the right time in the right seats. We've got an experienced project team and Chris' team that's in place, well set up with a lot of experience. The culture at NexGen, very nimble, well set up with key points of accountability and ownership that is well aligned, the responsibility to deliver the construction project across the enterprise, very well set up from that perspective as well. When you look at the characteristics and the team makeup at NexGen, it really is top class, well aligned with exceptional looks like an execution of successful construction project on time and budget. From my perspective, what I'm reinforcing and the experience I'm bringing, I'm going to be focusing on discipline capital allocation, maintaining a strong balance sheet, obviously focusing rigorous cost control, transparent communications with investors, just applying that operational finance experience that I've gained managing large-scale mining business to help deliver Rook I successfully. Great. Thanks, Ryan. Thanks, Leigh. Thanks, Travis. Thanks, Andrew. The next question is from Craig Hutchison with TD Cowen, p lease proceed. Hi, guys. Good morning? Thanks for the update on the construction progress. I was just wondering if you could give us a sense of what the budget is over the next sort of 12 months or so, or particularly through the end of this year. Are we now in a period where any spending on Rook I is effectively a deduction to the original estimate of CAD 2.2 billion? Thanks. I'll start with that. We have CAD 970 million as we speak in terms of working capital. Whilst we've got a lot of activity going on leading into December, the heavy spending doesn't really start until February and March of 2027. We have flexibility. To Ryan's earlier point, this has been incredibly well-planned from a long way up. That's actually the benefit of a long permitting process. We know exactly what we're doing on a daily basis over this next four years. We are clearly working on the delta of the financing for the construction capital. We will provide guidance on that in due course. Yes, as from today, well, actually even during Q2, as you can see by that work, that amount is coming off the CAD 2.2 billion, anything that's been spent in the last month or so. Okay, great. Just maybe on PCE, you guys mentioned in your opening comments. Can you remind us what the plans are for the balance of this year in terms of exploration meters and what should we expect in terms of timelines around assay results going forward? Thanks. We've got about 20,000 m to go on that program. We will be doing a little bit on SW3 as well, because we've done all the geophysical studies on there, and there's a number of targets that we'll also test. Approximately 20,000 m for the balance of this calendar year. As I said, we're expanding the core land to house exploration drilling on a similar frame through to the end of 2028. That's running in parallel. The geology department is completely independent of the focus on the construction of Rook I. There's no impairment in that sense. We'll have scintillometer results shortly for the recent round of drilling at PCE, and we'll continue to release the scintillometer results in a batched manner when we can provide some critical guidance on what has actually occurred in the drilling, because it's a combination of expanding the footprint, but also the high-grade subdomains within the area of mineralization can change the whole perception in terms of quantity and grade very quickly. We've got to release those results in a way which is informative. Given the nature of it, they will be in batches. Assays come when they are received from the lab accordingly. You can get a lot of guidance from the scintillometer results, and there's only one independent lab in Saskatchewan that process or does assays for all the cores right throughout the Athabasca Basin. We're a little subject to their ability to process the assays. The scintillometer results are very informative for everyone to see. Great. Thank you, guys. Thanks, Craig. The next question is from Mohamed Sidibé with National Bank, p lease go ahead. Hi, Leigh and team? Thanks for taking my question. Maybe a question for Travis. Could you provide us with any color on what you're seeing in terms of contracting for floor and ceiling? Do you continue to see upward pressure on those two metrics there? Thank you. Thanks, Mohamed. I would just reiterate, it's not really the discussions that we're having directly because that's not our approach, but obviously, pricing does come up and I would say yes, they continue to move up. Notwithstanding the fact, again, that's not what we're seeking or signing, to the point made earlier on the call about the contract we signed in the quarter. Yeah, short answer is yes. Prices across the board, as Leigh mentioned, whether you're talking about the spot price, the five-year, the long-term price, floors and ceilings. I assume base escalated prices all going up. That's really the important metric. I think investors obviously look at the spot price at times, and the spot price is extremely relevant. As you see over time in these charts, sometimes the spot price goes up and then the long-term prices all move up, and we're in that period where they've adjusted up. Then you have the spot price move up, and then the long-term prices adjust based on that. It's kind of this step function up. That's definitely what we're seeing. Thank you. Most of my other questions have been answered. Thank you. Thanks, Mohamed. Once again, if you do have a question, please press star then one. The next question comes from Brian MacArthur with Raymond James, p lease proceed. Good morning? Sorry, most of my question's been answered, but just it's a bit of a technicality. When you say you're keeping exposure to the spot price, I've heard spot price, I've heard uranium price. Are you technically making the reference in these contracts to the spot price or to the long-term price? Back to the point you were just talking about, Travis. Yeah. Oh, sorry. It is reference to the spot price, and I want to be very clear that even a contract with a floor and ceiling references the spot price at the time of delivery. Our contracts, as Travis said earlier, we are very focused on and we will only do contracts that give us the strong exposure to the spot price at the time of delivery. Some of these contracts reference a rolling average of three months' spot price leading into the delivery of a quantity of U₃O₈ as well. There's not one metric for all. These contracts are very individualized. The takeaway with respect to the contracts that NexGen is signing are that they reference the spot price or effectively the market price for uranium at the time of delivery, which has a very significant weighting to the spot price, either at the time or over, say, a rolling three-month period leading into that delivery. It could also reference the three-year price and the five-year price at the time as well. These contracts are very different. Like I said, no utility has the same contract, no utility buys all their uranium from the one mine, and no mine sells all their uranium to the one utility. They are very bespoke depending on the individual needs, and that changes from utility to utility and utilities in between countries and the utilities in countries. I want to be really clear that spot price exposure is the big driver with the way we are structuring and going to structure the contracts going forward. Great, thanks. I just heard a lot of different things. I just wanted to clarify that. The second thing is just on PCE. There used to be discussion that there might be a resource or something later next year or results. Is that still the plan for PCE or has anything changed there? Well, I've always been very clear, it's dependent on drilling with respect to the results. I hate saying wait and see, the drilling to date hasn't provided us a conclusion as to what PCE is. The footprint's expanding and so is the high-grade subdomains within the footprint of mineralization. As it continues to get bigger, or we feel like there's still more work to do to define, to actually provide some guidance as to what it is That dictates the timing of a resource statement. Great. Thanks very much, Leigh. Thanks, Brian. This does conclude our question and answer session for today. I would now like to turn the conference back over to Leigh Curyer for any closing remarks. Thank you, Chris. Thank you everyone for your attendance and excellent questions from those that called in. Again, it's incredible time for the company to see construction get off to such a flying start is incredible reflection on the dedication, commitment of the NexGen team that's been planning this for over seven years. We very much look forward to the webinar that we will be releasing the first week of September leading into the WNA. I encourage you all to watch that, where you'll meet the team that is building this magnificent project and the disciplines we have in place and very transparently showcasing all the aspects of construction so you can determine yourself as to how NexGen's tracking. This is an incredible story in resources worldwide, not just from an economic mineralization perspective, but from a development perspective, which incorporates all stakeholders and providing outcomes for all stakeholders. I really do encourage you to watch this space very, very clearly because we are the most exciting story in the nuclear fuel space, and will be for many decades to come. With that, thank you. Thank you to the team, the NexGen team, and we look forward to hosting our next call in Q3. Thank you. This brings to a close today's conference call. As a reminder, for those who were unable to join the webcast today, we encourage you to access the presentation and webcast replay on the company's website. Thank you for participating today, and you may now disconnect your lines.