Building the World's
Largest and Most Strategic Uranium Mine
ROOK I SITE TOUR PRESENTATION
OCTOBER 2026
The Future
Of Good Energy
NexGen is positioned to produce up to 30 million pounds a year, enough uranium to power cities, states, and countries.
NEXGEN | THE ASSET: ROOK I
One mine.
20% of the world’s uranium.
Over 50% of the western world’s supply.
2
Rook I Impact
239.6 million lb U₃O₈
Probable reserves at Arrow
2.37% U₃O₈
Average reserve grade
80.7 million lb U₃O₈
Inferred
Up to 30 million lb / year
≈ one double decker bus by volume
ARROW RESERVE PROFILE
PRODUCTION POTENTIAL
≈ 20%
of current global primary uranium supply
of ore per day
3
PROJECT OVERVIEW
RESERVES AND PRODUCTION POTENTIAL
OPERATING SCALE
1,300 tonnes
≈ 20%
1.7% of global electricity
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.
NEXGEN | THE INVESTMENT CASE: IMPACT
*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.
4
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 U₃O₈) - 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).
NEXGEN | THE MARKET: URANIUM’S MOMENT
Shortage in Million Pounds (Mlbs)
5
Why prices alone can’t fix a 20-year problem.
PRICE HAS NOT TRIGGERED A SUPPLY RESPONSE2
$17/lb U3O8
~2000 low
~5×
price increase
$90 /lb U3O8
today
140mlb mined
~2011
~14%
supply response at midpoint
~160mlb mined
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.
2. UxC, LLC – Uranium Market Outlook (UMO) (2025–2026)
NEXGEN | THE MARKET: SUPPLY TAKES TIME
today
6
URANIUM PRICE
<5
PROJECTS APPROVED
Why prices alone can’t fix a 20-year problem.
SUPPLY CONSTRAINED TODAY AND NEXT DECADE1
Mine development is a 20-year journey from discovery to production:
Last major mines came online in 2014 (Cigar) & 2016 (Husab):
since 2011
2040s
EARLIEST NEW DISCOVERED SUPPLY
comes online
Price signals sent today won’t deliver new supply until
the 2040s.
1 World Nuclear Association, The Nuclear Fuel Report (published September 2025, Reference Scenario) – for uranium requirements
NEXGEN | THE MARKET: SUPPLY TAKES TIME
7
Major construction has commenced.
PERMITTING TIMELINE
Sept 2023
Federal License Application Deemed Sufficient
Nov 2023
Provincial Environmental Assessment Approved
Nov 2024
Federal Technical Review Complete
FEED complete
Nov 19 2025
CNSC Hearing
(Part 1)
Feb 9–13 2026
CNSC Hearing
(Part 2)
Mar 5 2026
Final Federal Approval Granted
June 2026
Major Construction Began
CURRENT STATUS
Completed materially on time and schedule:
- 3,000-ft airstrip complete
- Advancing major earthworks and surface infrastructure
- Site road networks
Current ongoing site construction — Q3 & Q4 2026:
- Production and exhaust shaft mine terrace pads
- Concrete foundations for the shaft headframes, hoist house and winch house
- Installation of temporary freezing plant
- Primary batch plant erected
NEXGEN | THE ASSET: ROOK I
- An additional 373-bed hard-walled camp,
fully commissioned, complete and occupied
- Effluent diffuser installation and road access
2019
Formal Commencement of EA and Licensing
Summer 2025
2025 Site Program
$100 m exploration program: airstrip, accommodation and dual traffic road access
8
Investing in People
6%
94%
ROOK I PROCUREMENT SPEND IN 2025
9
NEXGEN IMPACT
COMPETITIVE ADVANTAGE
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 2025 went to local suppliers and Indigenous partnered businesses — totaling C$96.2 million.
700+
56%
Local Priority Area (LPA) students have participated in Company-funded skills, certification, and professional development programs since 2023.
Of NexGen's Rook I site employees in 2025 were from the LPA
in northern Saskatchewan.
EDUCATIONAL PARTNERS IN SASKATCHEWAN:
Other Suppliers
Local Priority Area Suppliers
Where We Are Today
10
ROOK I
CONSTRUCTION UPDATE
OCTOBER 2026
MAJOR CONSTRUCTION UNDERWAY
COMPLETE
3,000-foot airstrip
IN PROGRESS FOR THE REMAINDER OF 2026
Complete
SITE ACCESS
Active
SITE DEVELOPMENT
Additional 373-bed camp, bringing total capacity to 570 beds onsite and an additional 200 beds at a nearby camp
Diffuser installation
Earthworks, roads and construction pads
Shaft terraces, foundations and freeze facilities
Construction of waste management and construction facility pads
Temporary facilities and utilities
Airstrip expansion to 5,840 feet
Project Sequence
ROOK I
SCHEDULE OF MAJOR ACTIVITIES | CRITICAL PATH MANAGED
2025
Activity
Engeneering
and Design
2026
2028
2029
2027
2030
Procurement
Mobilization of Infrastructure
Exhaust Shaft
Production Shaft
Underground Development
Process Plant
& Effluent Treatment Plant
Pre-commissioning
Engeneering
Procurement
Mobilization of Site Ancillary Infrastructure
and Laboratory Facilities
Prepare and Sink Exhaust Shaft
Prepare and Sink Production Shaft
Underground Tailings Management
and Material Handling
Process Plant and Effluent Treatment Plant
Pre-commissioning
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Phase 1
Site Development
BUILDING THE ESSENTIAL SURFACE INFRASTRUCTURE REQUIRED TO SUPPORT CONSTRUCTION AND OPERATIONS
ROOK I
SITE DEVELOPMENT
Phase 2
Shaft Construction
2028
2029
2027
Exhaust Shaft
Production Shaft
Freeze
15
Shaft Construction Schedule
ROOK I
SHAFT CONSTRUCTION
24 MONTHS TO HITTING BASEMENT
The ground setting validated by testing provides very high confidence
with respect to the schedule and cost of shaft sinking once in the basement setting
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Pre-Sink
Surface Infrastructure
Shaft Sinking - Conventional Sink
Basement - Q2'28
Freeze
Surface Infrastructure
Pre-Sink
Shaft Sinking - Conventional Sink
Complete Q2'29
Basement - Q3'28
Complete Q4'29
HOW SHAFT CONSTRUCTION WORKS
ROOK I
GEOLOGICAL SETTING
AND GROUND FREEZING
HOW SHAFT CONSTRUCTION WORKS
ROOK I
SHAFT CONSTRUCTION
HOW SHAFT CONSTRUCTION WORKS
ROOK I
SHAFT CONSTRUCTION & UNDERGROUND DEVELOPMENT
Phase 3
Building the Mine
NEXGEN | THE CLOCK PROBLEM
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
NEXGEN | THE ASSET: ROOK I
*Based on maximum licensed capacity and 450 tonne trucks
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UNDERGROUND DEVELOPMENTS
THROUGH CONVENTIONAL LONG HOLE STOPING
HOW SHAFT CONSTRUCTION WORKS
Operating the Mine
PROCESSING PLANT
ROOK I
OPERATING THE MINE
Best-in-Class Tailings Management
ROOK I
All tailings produced through the processing of ore will be stored underground as cemented paste, either in backfilled mine stopes or a purpose-built underground tailings management facility (UGTMF)
PROVEN TECHNOLOGY: NOVEL APPROACH
Underground uranium tailings storage has been conducted in other countries
(e.g., Olympic Dam)
Validated by geochemical and geotechnical testing programs ongoing since 2019
Storage of all tailings underground will be a first for a Canadian uranium project
Cemented tailings backfill extensively used in Canadian underground mines and in many parts of the world
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Building the World's Largest, Lowest-Cost Uranium Mines
ROOK I
LOOKING AHEAD
THE VISION
FROM CONSTRUCTION TODAY TO COMMERCIAL PRODUCTION
25
Thank You
ROOK I · SASKATCHEWAN, CANADA
QUESTIONS & DISCUSSION
NEXGEN ENERGY LTD.
OCTOBER 2026
Travis McPherson | Chief Commercial Officer
tmcpherson@nxe-energy.ca
Monica Kras | VP, Corporate Development
Investor Relations
Vancouver Office
Suite 3150, 1021 West Hastings Street
Vancouver BC V6E 0C3
The World Needs Good Energy.
We’re Building it.
