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Here are 1-3 brief analogies to describe NexGen Energy:

• Newmont for uranium: NexGen Energy aims to be a major pure-play uranium miner, similar to how Newmont is a leading pure-play gold miner.

• ExxonMobil for uranium mining: Focused on extracting a key energy fuel, much like ExxonMobil specializes in oil and gas extraction, but for nuclear power.

• Rio Tinto for nuclear fuel: Developing a critical raw material for a global industry, aspiring to be a significant supplier of nuclear fuel, akin to how Rio Tinto supplies various raw materials worldwide.

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• Uranium Concentrate (U3O8): This is the high-grade refined uranium compound that NexGen Energy plans to produce from its Rook I project for sale to global nuclear energy markets.

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NexGen Energy (NXE) is a Canadian-based company focused on the development of the Rook I uranium project in Saskatchewan, Canada, which hosts the high-grade Arrow deposit. As an exploration and development company, NexGen Energy is currently in the pre-production phase and does not have major customers or generate sales revenue from uranium production at this time.

Once the Rook I project is developed into an operational mine, NexGen Energy's business model will involve selling uranium concentrate (U₃O₈) to other companies. These future major customers are anticipated to be:

• Nuclear Power Utilities: Companies globally that operate nuclear power plants and require a stable, long-term supply of uranium to fuel their reactors. These include large utility providers in North America, Europe, Asia, and other regions with nuclear energy programs.
• Uranium Traders and Brokers: Entities that facilitate the sale and purchase of uranium, acting as intermediaries between producers and utilities.
• National Governments or Government-Owned Entities: In some cases, governments may directly purchase uranium for strategic reserves or to supply state-owned nuclear programs.

As of now, NexGen Energy has not announced any firm off-take agreements or long-term sales contracts with specific customers, which is typical for companies in the advanced development stage of a major mining project.

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Leigh Curyer, Chief Executive Officer and Director

Mr. Curyer is the founder, President & Chief Executive Officer of NexGen Energy Ltd. and has over 20 years of experience in the resources and corporate sector. He previously served as Chief Financial Officer and Head of Corporate Development for Southern Cross Resources (now Uranium One). Mr. Curyer also held the position of Head of Corporate Development for Accord Nuclear Resource Management, where he assessed uranium projects globally for First Reserve Corporation, a global energy-focused private equity and infrastructure investment firm, indicating a pattern of managing companies backed by private equity firms. While CFO of Southern Cross Resources, he managed the exploration, permitting, and feasibility study of the Honeymoon Uranium Project in South Australia. He also guided a small uranium company in South Australia as CFO through permitting and feasibility before its sale in 2006. From 2015 to 2020, he served as Chairman & Chief Executive Officer of Consolidated Uranium, Inc.

Benjamin Salter, Chief Financial Officer

Mr. Salter is an experienced Chartered Professional Accountant (CPA,CA) with over 15 years of experience, primarily in the energy and commodities sectors. He was appointed CFO effective September 1, 2023, having previously served as NexGen's Vice President, Finance since joining in June 2021. Prior to his time at NexGen, Mr. Salter held multiple roles at Methanex Corporation and Innergex Renewable Energy Inc. (formerly Alterra Power Corporation). In these roles, he managed teams responsible for financial reporting, regulatory compliance, internal controls, global budgeting, and the finance, external reporting, and treasury functions for various Canadian and US power projects, including overseeing the construction of a run-of-river hydroelectric power plant. He obtained his CPA, CA designation at PricewaterhouseCoopers.

Travis McPherson, Chief Commercial Officer

Mr. McPherson is a Canadian entrepreneur with over 15 years of experience in the global natural resources sector. He joined NexGen in early 2014 and has been instrumental in raising $1.5 billion in equity and structuring strategic financings, as well as in the creation of IsoEnergy Ltd. His career began in investment banking at Haywood Securities Inc. Before joining NexGen, he served as the Head of Corporate Development for a TSX-listed gold producer and developer, where he was involved in corporate strategy, budgeting, M&A, mine permitting, feasibility, financing, and construction.

Graeme Johnson, Chief Project Officer

Mr. Johnson brings over 30 years of international experience in the mining and metals industry, spanning Australia, Africa, and Canada. He is a proven leader with extensive expertise in engineering, project management, community relations, and permitting. His career began in a brown coal-fired power station, followed by over a decade with a global smelting technology company. He then moved into leadership roles with major Engineering, Procurement, and Construction Management (EPCM) firms and leading mining operators in the copper and gold sectors.

Monica Kras, Vice President, Corporate Development

Ms. Kras has over 12 years of Capital Markets experience across both North American and European markets. She has been involved in hundreds of capital raises for publicly listed and private equities and possesses a deep understanding of market dynamics. Prior to NexGen, Ms. Kras was the Director of Institutional Equity Sales at Canaccord Genuity, where she led Canadian equity distribution into the United Kingdom and Europe. She began her career in financial services as a sales associate with ScotiaMcLeod before transitioning to Institutional Equity Sales at Beacon Securities and then Canaccord. Ms. Kras holds a Bachelor of Arts in Economics from the University of Western Ontario.

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The most significant risks to NexGen Energy's business include:

1. Project Development and Execution Risk: NexGen Energy is a development-stage company with no current revenue, with its future dependent on the successful completion and operation of its flagship Rook I project. This entails substantial risks related to obtaining final federal regulatory approval, potential delays in construction timelines, and the possibility of capital cost overruns. The company is currently preparing for the Canadian Nuclear Safety Commission (CNSC) Commission Hearing, a critical step towards commencing construction.
2. Financial Risk and Dependence on Financing: As a company without operating revenue, NexGen Energy experiences significant net losses due to aggressive capital deployment for the Rook I project. While the company has undertaken substantial equity raises to bolster its liquidity, there is an ongoing need for financing to fund the capital-intensive development phase and manage its cash burn until the project generates revenue.
3. Uranium Price Volatility: The long-term profitability and economic viability of NexGen Energy's Rook I project are intrinsically linked to the market price of uranium. While the uranium spot price has shown strength recently, future fluctuations due to shifts in global demand, changes in alternative energy sources, or geopolitical factors could materially impact the company's future revenues and overall project economics.

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NexGen Energy (NXE) is poised for future revenue growth over the next 2-3 years, primarily driven by the development of its flagship Rook I Project and favorable market dynamics for uranium. Key drivers include:

1. Rook I Project Production Commencement: The most significant driver for NexGen's future revenue is the anticipated commencement of production from its 100%-owned Rook I Project, centered around the high-grade Arrow Deposit. Regulatory approvals are advancing, with Canadian Nuclear Safety Commission (CNSC) hearings scheduled for November 2025 and February 2026, after which a final approval decision is expected. Production is targeted to begin in 2027, with the project expected to produce up to 30 million pounds of uranium (U3O8) annually.
2. Increasing Uranium Prices: A robust and growing global demand for uranium, coupled with an undersupplied market, is projected to lead to sustained increases in uranium prices. Analysts forecast elevated uranium prices, with some predicting a multi-year peak of US$150/lb starting in late 2026. NexGen's contracting strategy is designed to capitalize on these market-related pricing mechanisms, ensuring the company benefits from rising commodity values.
3. Expansion of Offtake Agreements: NexGen is actively negotiating and securing additional long-term offtake agreements with utilities across North America, Europe, the Middle East, and Asia. The company recently doubled its contracted volumes through a significant offtake agreement with a major US utility, which helps to de-risk future revenues by ensuring a demand base for its production.
4. Growing Global Demand for Nuclear Energy: The global shift towards cleaner energy solutions and the increasing recognition of nuclear power's role in achieving decarbonization goals are driving unprecedented growth in nuclear energy infrastructure. Many countries are expanding their nuclear energy capacity and extending reactor lifespans, creating a structurally undersupplied uranium market and a strong underlying demand for NexGen's future output.

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Share Issuance

• On October 16, 2025, NexGen Energy closed a global equity offering for approximately C$950 million (A$1 billion), with proceeds earmarked for the Rook I Project's engineering and pre-production capital costs, and general corporate purposes.
• This offering included the sale of 33,112,583 North American shares at C$12.08 per share for gross proceeds of approximately C$400 million, and 45,801,527 Australian CDIs at A$13.10 per CDI for gross proceeds of approximately A$600 million.
• In May 2020, NexGen issued approximately 11.6 million common shares at C$1.80 per share as part of a US$15 million private placement to Queen's Road Capital.

Inbound Investments

• In May 2020, Queen's Road Capital invested US$30 million in NexGen, comprising a US$15 million private placement of common shares and US$15 million in unsecured convertible debentures.
• In September 2023, NexGen closed a US$110 million private placement of unsecured convertible debentures with Queen's Road Capital and Washington H Soul Pattinson and Company Limited.
• In November 2025, NexGen secured a $380 million deal with MMCap International for the purchase of approximately 2.7 million pounds of natural uranium concentrate, structured through unsecured debentures convertible into NexGen shares.

Outbound Investments

• NexGen holds a 31.8% equity stake in IsoEnergy as of March 31, 2025, and recorded an $81 million impairment and an $8 million dilution loss on this investment in Q1 2025.
• In Q3 2025, the company acquired the 10% production carried interest held by Rio Tinto Exploration Canada Inc. over 39 of NexGen's mineral claims, including those hosting the Patterson Corridor East discovery, resulting in 100% ownership of its entire portfolio.

Capital Expenditures

• The estimated pre-production capital costs for the Rook I Project were updated to C$2.2 billion (US$1.58 billion) in August 2024, a 70% increase from the C$1.3 billion estimated in 2021. This increase includes approximately C$310 million due to inflation since 2020 and C$590 million for enhanced engineering and procurement since March 2021.
• Sustaining capital costs for the Rook I Project are estimated at C$785 million, averaging approximately C$70 million per year over the life of mine, including closure costs of around C$70 million.
• NexGen spent over C$28 million on exploration and evaluation activities in the first quarter of 2025 alone. Total site activities for the Rook I Project, encompassing exploration, engineering, development, and supporting infrastructure, have amounted to C$706 million since 2013.