NexGen Energy Ltd. Investor Day 2026

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. 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 CAD 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 feet to 5,840 feet 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 5 to 30 meters 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 meters 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 300 millimeters 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.