Q4 2023 NexGen Energy Ltd Earnings Call

Unknown Executive: Ladies and gentlemen, thank you for your patience. Please do not disconnect.

Ladies and gentlemen, thank you for your patience. Please do not disconnect Nextgen conference will begin momentarily. Thank you for your patience.

Unknown Executive: NexGen conference will begin 2012 University of Georgia College of Agricultural and Environmental Sciences UGA Extension, www.larryweaver.com Good morning, ladies and gentlemen, and welcome to the NexGen Energy year-end and Q4 2019, Please note that all lines have been placed on mute to prevent any backlash to the speaker. There will be If you would like to ask a question during, simply press star then number 1 on your telephone. Would you, too, withdraw from the program? Simply press star then the number.

[music].

Leigh Robert Curyer: Also note that this call is being recorded. Leigh Curyer, CEO and Director of NexGen Energy, you may begin. Thank you, Sylvia, and thank you everyone for joining NexGen's Year End and Q4 2023 Financial Results Conference Call. I'm Leigh Curyer, Chief Executive Officer of NexGen Energy, with Travis McPherson, Chief Commercial Officer, and Benjamin Salter, Chief Financial Officer, who are joining me on today's call. I'll provide an update on the exciting progress made this quarter and reiterate the key accomplishments from the past year regarding the uranium market, permitting, project development, financing, and, for those who had seen the news release this morning, a very exciting discovery of new intense mineralization in a greenfield discovery only 3.5km from Arrow. After that, we'll move into the Q&A portion of the call.

Good morning, ladies and gentlemen, and welcome to the Nextgen energy year end and Q4 2023 conference call note that all lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. At the end if you would like to ask a question. During this time simply press Star then the number.

One on your telephone keypad, and if you would like to withdraw from the question queue simply press Star then the number two also note that this call is being recorded Mr. Liquor Your CEO and director for Nexgen Energy you May begin your conference.

Thank you Tony and thank you everyone for joining Nextgen E and in Q4 2023 financial results Conference call.

Correa, Chief Executive Officer of Nextgen energy with travelers Mcfadden, Chief commercial officer, and Benjamin Salter, Chief Financial Officer, who is joining me on today's call.

I'll provide an update on the exciting progress made this quarter and reiterate the key accomplishments from the past year getting a brand new market permitting project development financing and for those who have seen our news release this morning.

Very exciting discovery of new intense mineralization and a greenfield discovery on the three five kilometers for merrell or after.

After that we'll move into the Q&A portion of the call. We will make forward looking statements throughout the cold. So please visit our website. So they were out relevant disclaimers.

Leigh Robert Curyer: We will make forward-looking statements throughout the call, so please visit our website for the relevant disclaimers. As we collectively navigate the global energy transition, nuclear power has emerged as a pivotal force. It presently accounts for approximately 10% of the global electricity mix, with targets set to rise to 25% in the coming decades to meet three generational goals, the provision of power for an increasingly energy-intensive world, two, decarbonization, and three, providing access to power to those who currently do not have it. The commitment to expanding global nuclear capacity was prevalent at COP28, when NexGen presented on a panel with the Premier of Saskatchewan regarding the province's commitment to sustain This was further reflected at COP28, where countries pledging to triple nuclear capacity by 2050, acknowledging its essential role in achieving carbon neutrality, ensuring energy reliability, and enhancing national security. India recently announced it will be constructing an additional 18 civil nuclear reactors by 2032, aiming to boost its nuclear generation to 2.42 gigawatts, a tripling of its current capacity.

As we collectively navigate the global energy transition nuclear power has emerged as the pivotal force presently accounts for approximately 10% of the global electricity mix with target set to elevate.

The 20% to 25% in the coming decades to make trainee generational goes the provision of power for an increasingly energy intensive world.

Decarbonization and three providing access to power.

So nowadays we currently do not have that.

The commitment to expanding global nuclear, especially prevalent at cop 28, when nexgen presented on a panel with the premier of Saskatchewan regarding the provinces commitment to sustainably producing uranium to meet the global nuclear requirement. This was further reflected a cop 28 countries.

Countries pledging to triple nuclear capacity by 2050, acknowledging it sort of central rolling shaving carbon neutrality, ensuring energy reliability and enhancing national security.

India recently announced they'll be constructing an additional 18 simple nuclear reactors by 2032 aiming to boost its nuclear generation to 2.42, Gigawatts a tripling of its current capacity.

Leigh Robert Curyer: Canada supports these efforts, evidenced as recently as two weeks ago, with the issuance of its second green bond for nuclear development, raising $4 billion US, ensuring cost-effective financing for nuclear projects in Canada, and reflecting widespread federal government support for nuclear energy in Canada and globally. Further, Natural Resources Minister Jonathan Wilkinson announced the Governor General of Canada would expedite the approval processes of new nuclear projects domestically. Similarly, the EU has officially labelled nuclear power as strategic for its decarbonisation agenda, acknowledging its cost competitiveness and potential to draw investment. In November 2023, EDF successfully raised €1 billion for nuclear energy through a green bond issuance, representing the first of its kind in Europe. Japan has also demonstrated the impact of its strategy with the restart of 12 nuclear reactors and, as a consequence, has reduced their dependence on fossil fuels by 15%, demonstrating nuclear energy's immediate positive impact.

Supposedly evidenced as recently as two weeks ago with the issuance of its second green bonds for nuclear development, raising $4 billion U S ensuring cost effective financing for nuclear projects in Canada.

Collecting widespread federal government support for nuclear energy in Canada and globally.

That natural resources Minister, Jonathan Wilkinson announced the government of Canada would expedite the approval processes of new nuclear projects domestically Sydney.

Similarly, the AE has officially Libra nuclear power is strategic for a state carbonization agenda.

Alleging its cost competitiveness and potentially draw investment.

In November 2023, <unk> successfully raised 1 billion euro for nuclear energy through a green bond issuance represented in the phase of its cons in Europe.

Jan has also Japan has also demonstrated the impact of this strategy with the rates that are 12 nuclear reactors and as a consequence have reduced their dependence on fossil fuels by 15% that mistake, demonstrating nuclear energy immediate positive impact.

Leigh Robert Curyer: With the rise of technologies and the imperativeness for cleaner energy, the demand for uranium is projected to increase by 127% by 2030 and 200% by 2040. Yet the supply side presents a stark contrast with its fragility due to the confluence of factors, primarily underinvestment in exploration and development for over a decade, due to political tensions and supply chain challenges. Challenging mine restarts and overall resource depletion have all affected the current supply levels and the long-term forecasted ability of supply to come online.

With the rise of technologies and the imperative for.

For cleaner energy.

The demand for uranium is projected to increase by 127% by 2030 and 200% by 2040.

Yet the supply side presents the Stark contrast, whether it's for agility due to the confluence of factors primarily underinvestment in exploration development for over a decade geopolitical tensions and supply chain challenges challenging non res starts and overall resource deflation have all affected.

The current supply levels in the long term forecasted ability of supply to come online.

Leigh Robert Curyer: The potential ban on Russian uranium imports by the U.S. Senate adds to this precarious situation, leaving many market participants reassessing future strategies and looking for sustainable, new diversified primary uranium sources in sound jurisdictions. Given these inventory scarcities and the trend towards increased contracting, we anticipate continuous upward pressure on the spot and term prices for uranium for a long period of time. This underscores a critical juncture for the nuclear sector; while nuclear power is embraced as a strategic component in the global decarbonization effort, ensuring a stable and sufficient uranium supply chain is paramount to fulfilling the growing energy needs. We are facing a probable long-term supply deficit, with an anticipated cumulative shortfall of over 1.5 billion pounds expected through 2040, underscoring the significant role and the value that NexGen has in the global energy market.

Attempts to ban on Russian uranium imports, while the U S Senate adds to this precarious situation.

Many market participants raised debt and future strategy and looking for sustainable neither basic thought primary uranium sources in some jurisdictions.

Given the inventory gets knees and the trend towards increased contracting we anticipate continuous upward pressure on the spot and term prices for uranium for a long period of time.

Underscores a critical juncture for the nuclear sector, while nuclear power has embraced as a strategic component in the global Decarbonization, if a majority of stable and sufficient uranium supply chain is paramount to fulfilling the growing energy needs. We are facing a probable long term supply.

With an anticipated keenly show all of the one 5 billion pounds expected through 2040, underscoring the significant well.

Oh, and the value that Nextgen has and the global energy markets.

There is an edge and Nathan all uranium from technically environmentally and jurisdictional age down sources of supply and that is the profile of Nextgen one project.

Leigh Robert Curyer: There is an urgent need for more uranium from technically, environmentally, and jurisdictionally sound sources of supply, and that is the profile of NexGen's Rook One project. We have just passed the 10 year anniversary of Discovering Arrow, and the significance of the deposit and project cannot be overstated. Once operational, it will dramatically reshape the Western supply landscape. As per SNI 43-101 feasibility study of February 2021, it is forecasted to deliver up to 30 million pounds of uranium to the market annually. This represents over 20% of current uranium fuel production and over 50% of Western suppliers.

We just passed the 10 year anniversary of discovering arrow and the significance of the deposit and project cannot be understated once operational it will dramatically reshaped the wet since supply landscape.

As far as then a 43 101 feasibility study at February 'twenty 'twenty. One it is forecasted to deliver up to 30 million pounds of uranium says the market annually.

This represents 20% of current uranium fuel production.

And under 50% of western supply.

Leigh Robert Curyer: This will not only re-establish Canada as a preeminent uranium producer in the globally recognized province of Saskatchewan but will also emphasize NexGen's unique position to meet the world's increasing uranium requirements. Over the past 12 months, NexGen has successfully and safely executed the Strategy to Advance the ROOP1 project. Our commitment to the company's values and dedication to excellence in everything we do has resulted in a world-class organization leading positive, necessary change in the sector and setting new standards for sustainable, responsible resource development. This is highlighted through our industry ESG standards approach, historic benefits agreements, and optimal permitting progress. From the outset, we have been focused on innovation and peak performance to bring Rook One into production this decade.

This will not only reestablished Canada as a preeminent uranium producer.

In the globally recognized departments of Saskatchewan, but will also emphasize next gens and unique positions made the wells increasing uranium requirements.

Over the past 12 months Nextgen has site successfully and safely executed the strategy to advance the <unk> project.

Amendment to the company's values and dedication to excellence in everything we do as resulted in a world class organization, leading positive necessary change in the sector and said he used to say and new standards for sustainable responsible resource development.

This is highlighted try industry ESG standards approach.

Start benefits agreements and optimal permitting progress.

The App sucks. It may have been focused on innovation and pay performance to bring one into production. This decade.

As our actions and track record demonstrates we are committed to playing our role was successfully in delivering the vast benefits of nuclear to improve the quality of living globally.

Leigh Robert Curyer: As our actions and track record demonstrate, we are committed to playing our role successfully in delivering the vast benefits of nuclear energy to improve the quality of living globally. We are well on our way. In November, we secured the Provincial Environmental Assessment Approval for the Rook One project, the first uranium project in Canada to obtain this approval in over 20 years, and the first ever in Canada from a non-governmental organization. With this approval, we have submitted the initial applications for approvals of site earthworks. Shaft Sinking Infrastructure, Site Water, Mine Waste Management Facilities, and Associated Ancillary Infrastructure Inserts

We are well on our way.

In November we secured the provincial environmental assessment approval and pulled the Roke won project.

The first uranium project in Canada to obtain this approval in over 20 years and.

Separately in Canada from a non government organization.

With this approval we have submitted the initial applications for approvals all sought athletics shops thinking infrastructure saltwater mine waste management facilities and associated ancillary infrastructure in sepsis.

Leigh Robert Curyer: We are continually in communication with the Saskatchewan Ministries regarding these phases of development so we can continue to progress Rook One and be ready for full construction once all federal permits are in hand. Recently, on February 12, we received the Canadian Nuclear Safety Commission's results of their thorough review of NexGen's responses to the federal technical comments received on the Environmental Impact Statement. The team is developing responses to the few remaining technical review comments as a matter of priority, and once complete, we'll be submitting these to the CNSC along with an updated federal EIS. In collaboration with our Indigenous community partners, we look forward to securing a commission hearing date with the CNSC in the near term to ensure the benefits of this generational project are realized as a priority for the region and its community. As mentioned earlier, we applaud the Federal Government of Canada's commitment to nuclear energy, evidenced by the Minister of Energy, Jonathan Wilkinson, announcing the focus to expedite the approval processes of new nuclear projects domestically.

Continually and communication will be applicable to scheduled ministries regarding these by the development. So we can continue to progress work on site and being ready for full construction once all federal permits are in hand.

On February 12, we received the Canadian Nuclear Safety Commission results of the thorough review of next gens responses to the federal technical comments received on the environmental impact statement.

Pay my developing responses to the few remaining technical review comments as a matter of priority and once complete will be submitting ne and se NSA along with an updated federal AI, yes.

In collaboration with an indigenous community partners, we look forward to securing a commission hearing date with the same they stay in the near term.

To ensure the benefits this generational projects are realized as a priority for the region and its community.

As mentioned earlier, we applaud the federal government on Canada's commitment to nuclear energy evidenced by the resource Minister junk for Wilkinson announcing the focus to expedite the approval processes of new nuclear projects domestically.

Leigh Robert Curyer: In 2023, NexGen made considerable progress on its site confirmation work, expecting completion by the end of this quarter. The Site Confirmation Program has been highly successful in providing the data to validate and inform future design of the production shaft and exhaust shaft for the Rook One project, which is on the critical path. In the meantime, we are finalizing detailed engineering and are well underway in procuring long-lead items, and the awarding of the shaft sinking contract is imminent, signifying, subject to federal approval, the construction readiness of the project. While the company is focused on advancing the Rook One project, NexGen has also embarked on a bold exploration program on this highly prospective land package in the southwestern Athabasca Basin.

In 2023, Nextgen made considerable progress on its thought confirmation works.

Specced in completion by the end of this quarter.

Thought confirmation program has been highly successful in providing the data to validate and inform future design of the production shaft and exhaust shop for the weak wind project, which is on the critical path.

In the meantime, we are finalizing the detailed engineering and are well underway and procuring long lead items and.

The awarding of the shaft sinking contract is imminent.

Signifying subject to federal approval the construction readiness of the project.

Yeah.

While the company is focused on advancing Uruguay project Nextgen has also embarked on a bold exploration program on this highly prospective land package in the southwest and Athabasca Basin.

Leigh Robert Curyer: Our 2024 30,000 meter exploration program follows up on last year's successful program which identified highly anomalous areas to follow up as well as generate new target areas based on our previous drilling and geophysical surveys. All of this is focused on making new material discoveries over and above the Tier 1 Arrow deposit. Adding value through the drill bit, and we are pleased to announce this morning the discovery of new intense uranium mineralization on our 100% owned SW2 property, Brook One, approximately 3.5 kilometres east of NexGen's world-class aero deposit, FIGA-1, as per the news release. The new mineralized occurrence in RK24183 is located on a previously untested conductor segment of the Patterson Corridor East. Localized uranium mineralization was intersected for 19.8 metres, between 347 metres and 367.5 metres below surface, with peaks up to and greater than 61,000 counts per second.

24, 30000 made exploration program follows up on last year's successful alright.

Graham, which identified highly anomalous areas to follow up as well as generate new target areas based on our previous drilling and geophysical surveys.

All of this is focused on making new material discoveries I've ever been about the tier one ore deposit.

Adding value through the drill bit.

And we are pleased to announce this morning, the discovery of new intense uranium mineralization on our 100% on SWT two property or Kwan.

Approximately three five kilometers east of mix change World class Aero deposit can you go one has been neutralized.

The new mineralized occurrence in archive 24, 183 is located in a previously untested conduct a segment of the Paterson tolerable East.

Localized uranium mineralization was intercepted the 19.8 meters between 347 meters and 367 five meters below surface with takes up to a greater than 61000 accounts per second.

Leigh Robert Curyer: To put this intercept into context, it intersects at 3 metres of greater than 61,000 casts per second, which is significantly higher on all metrics than RK1421, the aero-discovery hole, which only intersected less than 0.5 of a meter of greater than 9,999 CPS. Exploration is predominantly open in all directions, including over 1.5 km of strike in a setting incorporating many of the geological features seen in and around Arrow. Figures 2 and 3 of today's news release. I'd like to take this opportunity to congratulate and acknowledge the fine, dedicated work of the NexGen geological team. Our understanding of the markers of utilization in the region improved with every drill hole and geophysical survey, and the NexGen exploration programs of the past years have been extremely valuable in contributing to today's results. A highly prospective land position in the southwestern section of the Athabasca Basin is still in its infancy, and a significant amount of exploration is in front of us to fully define the extent of mineralization at this location and on the balance of the Rook One SW2 property.

To support this intersect into context, he interest take the trade made to the greater than 61000 accounts per second which is significantly higher on old metrics, then I pay 14, 21, yeah or discovery haul.

We're trying to lead in this sector at less than <unk> five of the nature of greater than 9990 non C. P. S.

Exploration is predominantly open in all directions, including over 1.5 kilometers of strike in a setting incorporating many of the geological features sitting in and around Iraq.

Figures, two and three of today's news release.

Although I have to take the opportunity to graduate and acknowledged the bond dedicated work of the Nextgen geopolitical change.

Our understanding of the market of mineralization in the region improved with every drill hole and geophysical survival.

And the Nextgen exploration programs of the policies have been extremely valuable and contributing to today's results.

Our highly prospective land position in the southwestern section of the Athabasca Basin is still in its infancy and a significant amount of exploration is in front of us to fully define the extent of mineralization at this location and on the balance of the Roke won SWT property.

Leigh Robert Curyer: Consequently, drilling will continue to focus on this area, and later this year, kill parallel at SW1. As development progresses, community initiatives are at the forefront of our approach, and planning for the long-term success of the project. I'm proud to share that last year, in 2023, over 300 community members from the local priority area participated in our education, training, and certification programs, of which 39% were Indigenous women, and we expect that number to grow to approximately 400 in 2024.

Consequently drilling will continue to focus on this area and later this year in parallel and ASW want.

Yeah.

As development progresses community initiatives are at the forefront of that approach and planning for the long term success of the project.

I'm proud to share that last year in 2023 over 300 community members of the local priority area.

Providing our education training and certification programs of which 39% or indigenous women and we expect that number to grow to approximately 402024.

Leigh Robert Curyer: We are contributing to building a strong and thriving local workforce, which has always been an important aspect of our development and success. We will continue to expand these initiatives to contribute to the local economy while creating a highly qualified talent pool located within the local project area, which will build on our existing world-class team. Over the last year, we've been and continue to be highly engaged with investors, industry members, and those who play a key role in the nuclear fuel cycle. Throughout those conversations, several themes have emerged.

We are contributing to building a strong and thriving local workforce, which has always been an important aspect of that development and success and will continue to expand these initiatives to contribute to the local economy, while grabbing a highly qualified talent pool located within the local project area and that will build.

Onto our existing world class team.

Yeah.

Over the last year Weird thing and continue to be highly engaged with investors industry members and those who play a key role in the nuclear fuel cycle through those conversations.

Several themes have emerged.

Leigh Robert Curyer: First and foremost, there is a lot of interest in NexGen, and the company has been elevated to a key supplier for global utilities as they seek to find future material sources of sustainable uranium. It is well understood and accepted that the project is vital to support the growing demand. Our Spot Contracting Strategy, Explained B, is well recognized as it provides transparency, price discovery, and promotes the resiliency of uranium miners and the nuclear industry. To be clear, we will only produce uranium that is needed and that will optimize market dynamics.

First and foremost there's a lot of interest in Nextgen and the company has been elevated to a key supplier for global utilities.

I think to find feature material sources of sustainable uranium.

It is well understood and accepted that the project is vital to support the growing demand.

Asphalt country chat campau spot contracting strategy.

Thanks, Blaine baseband well recognized.

It provides transparency plus discovery and promotes the resiliency of uranium miners and the nuclear industry.

Very clear, we will only produce uranium that is needed and that will optimize the market dynamics.

Leigh Robert Curyer: We are taking a leadership role in the sector, given the unparalleled flexibility, scale, and cost structure of the project, the technical nature of the project, and a natural hedge through the low all-in sustaining cost, approximately $10 US per pound as per the 43-101 feasibility study. Our contracts will be predominantly volume-based over the life of the project and linked directly to the spot prices at the time of delivery, fully leveraging future uranium prices and capturing the economics. We acknowledge this approach will signify a transition from traditional practices, but one that has been seen in other valued commodities worldwide and one that is in the beneficial interest of all stakeholders in the industry, ensuring a sustainable and successful energy transition.

I can leave you shrink weldment and sector, given the unparalleled flexibility scale and cost structure of the project.

Due to the technical nature of the project and the natural hedge showed the low all in sustaining cost approximately $10 U S per pound as part of the 43 101 feasibility study.

Our contracts will be predominantly volume based over lots of the project and linked directly to the spot prices at the time of delivery fully lady bridging to the future uranium prices and capturing the economics.

We knowledge based approach will sickness signify a transition from traditional practices.

One that has been saying another valued commodities worldwide and one that is in the beneficial interest of all stakeholders in the industry, ensuring a sustainable and successful energy transition.

Leigh Robert Curyer: Further, growing interest from global lenders reinforces that we have a sound strategy, with expressions of interest now totaling over 1.25 billion US dollars. We are starting the final confirmatory technical due diligence and are aiming to be at a decision point with respect to the total funding mix for the project in the second half of this year. Finally, it is clear that our focus and disciplined approach is setting new standards in every aspect of responsible mine development.

Further.

Growing interest from global lenders reinforces that we have a sound strategy.

Expressions of interests now totaling over 135 billion U S.

We are starting the final confirmatory due diligence and are aiming to be in a decision point with respect to the total funding mix for the project in the second half of this year.

Finally, it is clear that our focused and disciplined approach is setting new standards in every aspect of responsible mine development.

Leigh Robert Curyer: The team in place is focused on optimally bringing the Rook One project into production, continuously delivering industry-leading economic, social, and environmental performance. Now for an overview of our financial position ending on December 31, 2023. NexGen had a working capital balance of $279 million as at the end of the year, post-December 31.

The team in place he focused on optimally, bringing the Rosemont project into production continuously delivering industry, leading economic social and environmental performance.

Now for an overview of our financial position ending on December 31, 2023.

Nextgen had a working capital balance of $279 million is that ended the year post December 31.

An additional 100 million U S was raised through the ATM with a single, Australia and dumb solid investor who has increased their shareholding.

Leigh Robert Curyer: An additional 100 million US dollars was raised through the ATM with a single Australian domiciled investor who has increased their shareholding. Consequently, as I speak, NexGen has approximately 410 million Canadian dollars in its treasury to fund all programs, permitting, and running expenses. To the end of 2023, NexGen Sins Incorporation has deployed approximately $451 million in the successful development of the Rook One project and other exploration properties against the current market capitalization, a 5.4 billion Canadian, all whilst maintaining an industry-leading low ratio of general and administrative expenses relative to development and market capitalization in any given year. Furthermore, we are pleased to announce that NexGen has been included in the FTSE Global Index as well as Our ASX listing continues to grow in terms of CDI market capitalisation as well as daily liquidity, and this index inclusion will continue to build on that, in the large. Capital market dynamics combined with strong resource market focus in Australia.

Currently as I State Nextgen has approximately 410 million Canadian and its treasury to fund all programs are meeting and running expenses.

At the end of 2020 trait nexgen since incorporation has deployed approximately $451 million and the successful development of the required project and other exploration properties against the current market capitalization of.

A $5 4 billion Canadian.

Oh, whilst maintaining an industry, leading low ratio of general and administrative expenses relative to development.

And market capitalization in any given year.

Okay.

We are pleased to announce that Nextgen has been included in the F. T S. A global index as well as the Sx 300 index effective in mid March 2024.

This reflects the continued growth and strength of that come in a global market and especially in the Australian context.

Six leased and continues to grow in terms of safety our market capitalization as well as daily liquidity in this index inclusion will continue to build on that.

Given the large captive.

Capital market dynamics combined with strong results market focus in Australia. The growth of iOS takes ownership of Nextgen is expected to increase.

For 2024 hour focus is advancing the <unk> project during the final phases of permitting process.

Leigh Robert Curyer: The growth of ASX ownership of NexGen is expected to increase. For 2024, our focus is advancing the Work One project through the final phase of the permitting process, detailed engineering, and procurement, all while aggressively pursuing new material discovery. With that, our priorities for the year include safely completing the site confirmation program, establishing a Federal Commission hearing date and approval, continuing critical path detailed engineering and procurement, formalizing our finance package, and marketing our products. It's shaping up to be a historic year for the company, as we continue to see strong and vocal support from local and Indigenous communities to see NexGen steward this opportunity through to fruition. We've continued collaboration from government partners, growing shareholder and investor interest, especially large generalists globally, and a surging requirement for uranium nuclear energy. I'm incredibly proud of the focus and discipline the entire NexGen team exhibits.

Detailed engineering and procurement, all while aggressively pursuing new material discoveries.

With that our priorities for the year include stifled Complaisant sought confirmation program.

February she had federal commission hearing date and approval continuing critical path detailed engineering and procurement.

<unk> finance package and marketing our product.

It's shaping up to be a historic year for the company as we continue to see strong and vocal support from local and indigenous communities since they nextgen steward this opportunity through to fruition.

We've continued pillar <unk>.

Collaboration from government partners growing shareholder and Investor interest, especially large generalist globally and a surge in requirement for Iranian nuclear energy.

I'm incredibly proud of the focus and discipline into our Nextgen team exhibits.

He already.

Now, let's transition into Q&A and we encourage questions from all of you I'll turn it over to the moderator to commence.

Thank you, Sir ladies and gentlemen that stated earlier, if you would like to ask a question. Please press star followed by one on your Touchtone phone.

Tom prompt acknowledging your request and if you would like to withdraw from the question queue, you'll need to press star two on your keypad and if you're using a speaker phone. Please lift the handset first before pressing any case. Please go ahead and press Star one now if you have any questions.

Unknown Executive: We are ready. Now we transition into Q&A, and we encourage questions from all of you. I'll turn it over to the moderator to commence. Thank you. Ladies and gentlemen, as stated earlier, if you would like to ask... Press Star followed by 1, you will hear a prompt acknowledging you would like to withdraw. Press Start. Using a speakerphone, please lift, Press, Go ahead and press Star 1 now.

And your first question will be from Casey.

Canaccord. Please go ahead.

Hey, good morning, guys and thanks for taking my question also congrats on the new discovery announced this morning.

I was just wondering if you could.

Riley <unk>.

No I.

I was just saying thank you yeah, we're very excited about it.

Oh, it was awesome to see that especially now that you guys have pivoted back to the regional exploration is showing depressed activity in the land package that you have.

Katie Lachapelle: And your first question will be from Katie Lachapelle at Kanaka. Hey, good morning, guys. And thanks for taking my question. Also, congrats on the new discovery notes this morning. I was just wondering if you could.

And a bureau, but but but on aerospace typically I was just wondering if you're able to provide any more granularity on the progress that you're going to read out the federal regulators with respect to the nature of some of the remaining technical questions as.

Unknown Executive: Thank you. Thank you, Leigh. Thank you, Riley. Thank you. No, I was just saying, "Thank you."

As well when are you expecting to provide a response to those questions.

Leigh Robert Curyer: Yeah, we're very excited about it. It was awesome to see that, especially now that you guys have pivoted back to regional exploration to show the prospectivity of the land package that you have outside of ARRW. But on ARRW specifically, I was just wondering if you're able to provide any more granularity on the progress that you're going through right now with the federal regulators with respect to the nature of some of the remaining technical questions. As well, when are you expecting to provide a response to those questions? Thanks Katie. We're really pleased with the report card that we got back on February the 12th from the CNSC. It was effectively an A+ grade.

Yeah. Thanks, Scotty well, we're really pleased with the report card that we got back on February 12 from the same let's say it was effectively an a plus.

Well it went down.

About 40 I.

Mining items.

That require a response to the same let's say and we're in the process of of.

Triaging those those 48 remaining items.

And we expect to see a.

Hand back our responses to those questions in a <unk>.

One of the I S.

In the coming weeks, so yeah, given the speed of or apply it it really does signify the materiality of those questions overall.

Walsh every question is very very important we assess the materiality of them today are low.

Low end and will be easily clarified in and and concluded.

Leigh Robert Curyer: We're down to about 48 remaining items that require a response from the CNSC, and we're in the process of triaging those 48 remaining items, and we expect to hand back our responses to those questions in a black line of the EIS in the coming weeks. So given the speed of reply, it really does signify the materiality of those questions overall. Thank you. Whilst every question is very, very important, we assess the materiality of them to be low, and they will be easily clarified and concluded. So, when you consider when you start this process... You've got thousands and thousands of questions, if not easily, probably about 20,000 aspects to address. We are in the final stages of the process. We also have full community support with respect to our EIS, as currently presented, and we expect a pretty efficient process here on out with respect to federal approval. Maybe just one follow-up.

So when you consider when you start this process.

You've got thousands and thousands of a.

Questions if not.

Haisley, probably about 20000 aspects to address we are in the final stages all of the process.

When you say has full community support with respect to I E. R. I S.

As currently presented and.

We are we expect a pretty efficient process here on out with respect to the.

The federal approval.

Awesome and then maybe just one follow up you've obviously made pretty considerable progress with advanced engineering as well as procurement now underway.

When if at all are you expecting to update the market with a revised capital cost as well as the operating cost figures and your view, where that was a requirement to trigger the debt or the potential filing of a long term contract this year.

Yeah sure. So we're in that process at the moment look we are subject.

Subject to inflation like everyone else.

In this in this industry and.

Leigh Robert Curyer: You've obviously made pretty considerable progress with advanced engineering as well as procurement now underway. When, if at all, are you expecting to update the market with revised capital costs as well as operating cost figures? And, in your view, are those a requirement to trigger the debt or the potential signing of a long-term contract as, Yeah, sure.

The feasibility study of February 2021 we have been impacted by inflation and we are.

Finalizing the exact design scope of the project.

And costs have gone up but as we can as we speak I don't believe that they will have affected the overall after tax economics of the project.

In fact.

Leigh Robert Curyer: And so we're in that process at the moment. Look, we are subject to inflation like everyone else in this industry. Since the feasibility study of February 2021, we have been impacted by inflation, and we are finalizing the exact design scope of the project. Costs have gone up, but as we speak, I don't believe that they will have affected the overall after-tax economics of the project. In fact, given the commodity price movement, I would dare say that the payback period has even been shortened from what was presented back in February 2021. We will be updating the market with respect to those aspects in the second half of this year once that process is concluded. Awesome. Thank you, guys. That's all my questions. The next question will be from Alex. Bank of Montreal.

Given the.

Commodity price movement, Oh decided that the payback period is has even been shortened from what was presented back in.

February of 2021, we will be updating the market with respect to those aspects.

In the second half of this year once that process is concluded.

Awesome. Thank you guys Thats all my question.

Thank you next question will be from Alexander Pearce at the Bank of Montreal. Please go ahead.

Yes.

Great. Thank you good morning, Lee and my question is just it just around.

Obviously.

King.

Talking about targeting.

A decision point, maybe an H two this year I just wanted to in terms of the climate up in Saskatchewan, you know how much of an impact if it is a little bit later in the year, how much of an impact it could have on your kind of critical path timing for first production given that obviously gets very proud of that.

Yeah, sure and Luckily.

Yeah, we're we're very eagerly awaiting the conclusion of this federal.

Permitting process, but look at it it is ideal to commence activities during the dry months, but it's not an absolute requirement.

Alexander Robert Peel Pearce: Please go ahead. Great, thank you. Morning, Leigh.

We can commence.

Leigh Robert Curyer: My question is just around, obviously, permitting and, you know, talking about targeting a decision point, maybe an H2 this year. I just wondered, in terms of the climate up in Saskatchewan, you know, how much of an impact, if it is a little bit later in the year, how much of an impact it could have on your kind of critical path timing for first production, given, you know, it obviously gets very cold up there. We're very eagerly awaiting the conclusion of this federal permitting process. But look, it is ideal to commence activities during the drier months, but it's not an absolute requirement.

The full scale construction at any time during the year.

I'm sorry.

Yeah, It certainly won't be terribly determinant or impactful.

With respect to when we stopped but ultimately yeah, we would love to be starting the full scale construction at the earliest point in time.

Already we know exactly what we're building.

It's well understood by ourselves and oversight of the local community and we.

We are we just look forward to the conclusion of this federal permitting process.

Great. Thank you.

Thank you next question will be from Craig Hutchison.

Please go ahead.

Hey, good morning, guys. Thanks for taking my question.

Just with regards to setting up the hearing for the federal government do they require all the responses to be big fleets from the information requests or cannot be set up in advance of that and then just can you give us some sort of sense of what the timing is once they're set up that hearing to potentially making a final decision.

Leigh Robert Curyer: We can commence full-scale construction at any time during the year. So, seasonally, it won't be terribly determinant or impactful with respect to when we start, but ultimately, yeah, we would love to be starting full-scale construction at the earliest point in time. We're ready. We know exactly what we're building. It's well understood by ourselves and also the local community, and we just look forward to the conclusion of this federal permitting process. Great, thank you. The next question will be from Craig. Please go ahead.

Yeah.

Yeah.

We see these days.

It's fair enough for us to receive a commission hearing date, we believe the nature of the remaining 48 questions well it will not but we believe we know the nature. The remaining questions. Whilst every question is important.

In an overall context.

The determined is fairly immaterial.

Whether they are the same as they choose to provide a commission hearing date in advance so of concluding those 40, either not Tom Hotel.

Craig Hutchison: Yeah, good morning, guys. Thanks for taking my question. Um, just in regards to setting up the hearing for the federal government, do they require all, Ltd. Yeah, look, we see that there's, you know, it's fair enough for us to receive a commission hearing date. We believe the nature of the remaining 48 questions, well not that we believe, we know that the nature of the remaining questions, whilst every question is important, in an overall context, they're determined to be fairly immaterial. Whether the CNSC chooses to provide a commission hearing date in advance of concluding those 48 or not, time will tell. We're not seeking a shortcut or a favor or anything.

But yeah, we're not.

Well, we don't see we're not seeking a short cut or or fiber or anything we respect the process and respect the same as they have their protocols and procedures in place.

And I.

I guess, what we're expressing that we feel that we're in the final stages of all of them completing the review and are in a position to say that commission hearing date as soon as possible based on previous.

Companies in these physician that the commission hearing date as a.

Cause a notice period of three to six months.

But every case is different.

And look we have met all requirements.

Leigh Robert Curyer: We respect the process and respect the CNSC having their protocols and procedures in place. I guess what we're expressing is that we feel that we're in the final stages of them completing the EIS review and are in a position to see their commission hearing date as soon as possible. Based on previous... Thank you, everyone.

With respect to the EIA.

S approval process.

And so.

The documents, Spain, well understood and out in the public Forum since November of 2023, sorry.

Sorry in November 2022, and.

When it concluded the 100 day 20.

120 day public comment period. So it's look it's incredibly transparent all the information is out there for everyone to assess.

Leigh Robert Curyer: But, you know, every case is different, and look, we have met all requirements with respect to the EIS approval process. And so the document's been well understood and out in the public forum since November of 2023. Sorry, November of 2022, when it concluded the 120-day public comment period. So, look, it's incredibly transparent.

Assess and and so we would expect that to.

To be on the shorter end of that a notice period once the commission hearing date.

Nine months.

Okay, great thanks for that and just.

There is a sense of what you're planning in terms of a budget for exploration.

So the early works that you guys have planned for this year.

Yeah, the 30000 meter set a budget of $12 million.

All of these with this new discovery this morning that we announced.

Leigh Robert Curyer: All the information is out there for everyone to assess, and so we would expect to be on the shorter end of that notice period once the commission hearing date has been announced. Great, thanks for that. And just give us a sense of what you're planning in terms of the budget for exploration and maybe some of the early work that you guys have planned for this year. Yeah, the 30,000 meters had a budget of $12 million.

Look we are going to be really focusing on that area.

It's safe to expect that the drilling budget.

We'll increase.

Or even above that $12 million.

In 2024, and obviously dependent on results, but given.

We've found a and in the state, which which shows.

E on all fronts is.

Far more exciting than that arrow discovery haul.

Leigh Robert Curyer: Obviously, with this new discovery this morning that we announced, look, we're going to be really focusing on that area. So it's safe to expect that the drilling budget will increase over and above that $12 million in 2024, obviously dependent on results. But given we've found an intercept which, on all fronts, is far more exciting than the Arrow Discovery Hole, we suspect we're going to be there for a decent period of time. So expect that budget to increase, Craig, from $12 million upward. I'll talk about that as well. Sorry, it just dropped out there, Craig.

We suspect we're going to be that for a decent period of time so.

Expect that budget to increase Greg from $12 million.

Okay.

It's an early remarks I'll talk on that as well.

And I'm, sorry, just dropped out there Craig.

Sorry, just wondering the early works construction work. So you guys had planned or is there still a bit of a balance left on that any plans or spending here in la in 'twenty three and four.

Yeah, so old but they are early confirmation works are on budget and we will have those.

Polluted in.

Internally near the end of.

The first quarter here early in the second.

But overall everything is on budget.

As as a as we currently speak and and we expected to be on budget for 2024.

Craig Hutchison: Sorry, just wondering about the early works, pre-construction works that you guys had planned. I think there's still a bit of a balance left on that, primes are spending here in 2024. Yeah, so all of the early confirmation works are on budget. We'll have those concluded imminently, near the end of the first quarter here or early in the second, but overall, everything is on budget as we currently speak, and we expect it to be on budget for 2024. A lot of the long-lead time items have been ordered, and we've got them well in hand. As I said, everything's ready to really go up a significant notch once the federal approvals are received. Great, thank you. The next question will be from Graham Tanaka at Tanaka Capital. Congratulations, guys, to you and your team.

What are the long lead time items.

<unk> had been ordered.

And yes, we've got it well in hand, and as I said everything is ready to to really go off a significant notch once the federal approvals that were saved.

Okay, great. Thank you guys.

Thank you next question will be from Graham Tanaka Tanaka Capital management. Please go ahead.

Congratulations guys to you and your team.

I'd like to focus on Patterson East quarter discovery could you tell us a little bit more about the geologic structure.

And maybe what it implies for the ease or difficulty of replicating in Aero.

Rick one.

And then in terms of timing cost and then some.

Separately.

How would you plan to dovetail a development of the Patterson quarter East with the Arrow.

Graham Yoshio Tanaka: I'd like to focus on the Patterson East Corridor discovery. Could you tell us a little bit more about the geologic structure and maybe what it implies for the ease or difficulty of replicating an arrow, Rook One development in terms of timing, cost, and then, somewhat separately, how would you plan to dovetail the development of the Patterson Quarter East with the Arrow Mine development production? Do you anticipate overlapping so that you'll have a rise in production sometime in the next six to eight years? Thanks.

<unk>.

Development production.

Do you do you anticipate overlapping so that youll have a rise in production sometime in the next time.

A six to eight years. Thanks.

Yes, Thanks, Graham an absolute key focus is once we understand what we have at.

This this new parents three five kilometers almost julie's a barrel, but also had a similar decks.

<unk>.

There are of mineralization.

Well look I think.

It's still very early days and I'll just reference everyone to figure three in the in the news release. This this hole is.

Leigh Robert Curyer: Yeah, thanks, Graham, and they're all absolute key folks once we understand what we have at this new occurrence, 3.5 kilometers, almost due east of Arrow, but also at a similar depth to their own mineralization. Look, I think it's still very early days. I've just referenced everyone to figure three in the new release.

Like I said, a lot better than the discovery haul at Arrow.

What we do know today.

Is that we had one five kilometers strike target for us to investigate.

We're seeing a lot of the similarities of the holes in and around arrow in the holes that were drilled to date now it's obviously subject to further drilling as to what we have here. While we can tell you though is that.

Leigh Robert Curyer: This hole is, like I said, a lot better than the discovery hole at Arrow. What we do know today is that we have a 1.5-kilometer strike target for us to investigate. We're seeing a lot of the similarities of the holes in and around Arrow in the holes that have been drilled to date. Now it's obviously subject to further drilling as to what we have here. What we can tell you though is that today's result has confirmed that Patterson Corridor East is a mineralized corridor similar to Patterson Corridor which hosts Arrow, Cannon, Bow, Harpoon, and also RRR owned by Fission to the south west. So we know we're in a heavily mineralized area, and to give some context to Arrow. As I said, we've got three meters, and what we learned from Arrow is when you get that type of intense mineralization, you know you're near a source.

That.

Today's result has confirmed that the Patterson, Colorado East is a mineralized corridor, similar said Patterson, Cardinal which host Sarah Cannon Harpoon and also triple a pass season.

To the southwest so we know we're in a heavily mineralized area.

And to give some context to arrow.

And as I said that we've got free meters.

Greater than 61000 accounts.

Perfect and so that is incredibly intense mineralization, that's significantly higher than the arrow discovery haul. We know are in the right setting with hit some very intense mineralization and what we had learned from arrow is when you get that type of intense mineralization you know you need it.

Our source.

Leigh Robert Curyer: And normally, you know, subject to further drilling, a very, very significant source of uranium mineralization. So, any discovery of this nature is obviously going to be incredibly accretive to the long-term mine plan of Arrow. In terms of CAPEX and OPEX, etc., again, way too early to determine that until we've done a number of programs that you've seen us do in the past, since 2014 at Arrow. But it's, yeah, the Arrow Group 1 feasibility study was always designed on the basis of facilitating additional uranium deposits in the area. We've also been incorporating that into the final design and scope of the project, all within the federal permitting parameters, of course, and any new occurrence such as that Patterson Corridor we found today, if proven to be economically viable, would also be subject to permitting.

And normally subject to further drilling a very very significant source of uranium mineralization sorry.

Any discovery all of this nature is obviously going to be incredibly.

Incredibly accretive to the long term mine plan of Arrow.

In terms of Capex, and Opex et cetera, again way too early to determine that until we're done.

A number of programs that you've seen us during the past since 2014 at Arrow.

It's yes.

The the alrighty.

Rick one feasibility study was always designed on the basis.

To facilitate additional uranium deposits in the area Lavoy Osama incorporate that into the final design and scope of the project all within the federal permitting parameters of course.

And any new accounts, such as that Paterson corridor et cetera found today is proving it proven to be economic.

We would also be subject to permitting.

Leigh Robert Curyer: But look, I think the takeaway from everyone today is that we expect to be producing at Rook One for considerably longer than the current feasibility studies suggest. We've also got mineralization below Arrow at depth, and whilst that mineralization is yet to be fully defined and assessed economically, it's clearly a reasonable expectation that you'll see that go through the mill as well at Rook One.

But look I think the takeaway for everyone today's.

That we expect to be producing.

At <unk> one.

So well and it will considerably longer than what the current feasibility studies.

Suggests we've always known that we've always say got mineralization below alloy.

At debts so when.

And whilst that mineralization is yet to be fully defined and assist economically.

It's clearly a raise on the expectation that you will see that go through the mill as well at Roke won sites, it's incredibly exciting in fact potentially a major game changer.

Leigh Robert Curyer: So it's incredibly exciting, in fact, potentially a major game-changer over and above what we already have at Arrow, which is world class. So Graham, give us some time, and we look forward to responding with respect to all of those points that you've made. Yeah, I would just, if I could, sorry, there's so much here to try to digest.

Over and above what we already have that arrow, which is world class. So Graham give us some time and we look forward to responding.

With respect to all of those points that you've made.

Yeah, I would just if I could.

Alright, there's so much here to try to digest it.

Graham Yoshio Tanaka: I'm sure even for you, but could you just give us a hint as to the geologic structure and whether a potential mine on PCE, Port Patterson Corridor East, would be similar to Arrow, and therefore also, given your applications for approvals for the Arrow Loop One project, can you accelerate the timeline for the development of a second major corridor? I can only tell you what we know at the moment, Graham, and it's exhibiting the holes in and around this new intercept are exhibiting a similar... um, Metrics, similar style to the setting that is at Arrow. I can't yet quantify exactly what's there and the potential economics. It's 3.5km away, and it's on land. Economically, depositions within the vicinity of Arrow will be able to be accommodated, but subject to obviously the permitting of those subsequent deposits.

I'm sure even for you but.

Could you just give us a hint as to the geologic structure and whether the.

Potential mine on P. C E Patterson corridor east would would be similar to Aero and therefore.

Also given your applications for approvals for the Arrow look one project.

Can you accelerate the timeline for the development of a second <unk>.

Quarter.

Or would it take well exceed the 12 well, it's what I can tell you based on what we know I can only tell you what we know at the moment Graham and it's exhibiting the halls in around this new in the set.

Nibbling similar.

Matrix similar style to the setting that is at arrow.

I can't yet quantify exactly what's there and the potential economics.

It's straight 0.5, guys y and its on land.

So any.

Economic place this debt.

The position.

Within the vicinity of there will be a debate accommodated but subject to obviously get permitting.

Of all.

Those subsequent deposits that needs to be determined.

Leigh Robert Curyer: That is to be determined. I think what you can take away based on what we know today is that any economic... mineralization within the vicinity of Arrow, practically and environmentally, would obviously go through the mine. I think it's way too early to talk about accelerating the development of any new occurrence after so few holes, though. Yes. Thank you very much.

I think what I'm or what what you can take away based on what we know today is that any economic.

Mineralization within.

The Sydney area, Barra practically and environmentally.

It would be.

Obviously, you go through the mine our guidance I think it's way too early to talk about accelerating the development of any new occurrence.

After so few holes, though.

Yeah.

Yes. Thank you very much good luck.

Graham Yoshio Tanaka: Good luck. Thank you. The next question will be from Brian MacArthur at Ramey. Good morning.

Thank you.

Next question will be from Brian Macarthur at.

Raymond James Please go ahead.

Brian MacArthur: Thank you for taking my question. If I can just follow up on the last one, you mentioned material in depth as well, if that turned out to be more. Obviously. Question about regulations again?

Good morning, and thank you for taking my question I'm. If I can just follow up on the last question you mentioned mature a lot as well.

If if that turned out to be more economic.

Obviously, you have to be potentially pretty good there.

The new patterns, Denise could you do that under the current permit I guess, what I'm trying to get at here is what's actually being permitted now.

Leigh Robert Curyer: Yeah, well, so, thank you, Brian. Directly under Arrow is obviously within the area of influence of the approvals that we're currently pursuing. You know, the practicality of the matter, though, is that any mine extension goes through a certain process, but anything under and in and around Arrow that is subsequently discovered will, I think, and you can safely assume, will come under the current approval. The new occurrence is at 3.5 kilometers on the Patterson Corridor East.

For flexibility I E. What else could you bring in in the later years without having to go through a whole process again.

Yeah, well sorry.

Great. Thank you Brian directly under our is obviously within the area of influence salt. They are the approvals that we're currently pursuing.

Yes, the practicality of the matter matter, though is that any mine extension goes through its own process, but.

Anything under LOI, I think and in and around Arrow that is subsequently discovered.

I think.

You can safely assume will come under the current.

Approval.

New account says it as that.

<unk> three.

0.5 kilometers on the Patterson corridor East.

Leigh Robert Curyer: Potentially, but we don't know yet. We need to do many, many assessments around the environmental aspects of it and to ensure that what we're suggesting is consistent with what we've been approved for. If it's not, we would start that work very early on the basis that it does prove to be economically viable with further drilling. So, in summary, based on what we know today, or even before discovery today, anything within an economic distance of Arrow, we would... look to augment into the Rook One mill as proposed under the federal approval process we're undergoing. Great, thanks. And following up just another question, I think you mentioned a minor scope change when you were answering Katie's question about the new PathX and OffX. Is that correct, or is there anything major changing there, like throughput rate, 1300 to 1400 tons a day? Is there anything like that in there, or is it just me?

Yes, potentially we don't know yet we need to do many many assessments around the environmental aspects of it.

To ensure that what we're suggesting is is.

Consistent with with what we have been approved for it if it's not.

<unk> stopped that work very early on.

On the basis that it does prove to be economic and with further drilling site.

In summary, based on what we know today and or even the full discovery today anything within an economic distance of ore we would.

Look to augment into the.

The <unk> mill is proposed under the the federal approval process we're undergoing.

Great. Thanks, and follow up just another question I think you mentioned minor scope change when you were talking answering <unk> question about the new Capex and Opex is that correct or is there anything major changing their like throughput rate 1300, 1400 tons a day there isn't joining like body narrows it yes.

Minor adjustments shall I say to the construction and things like that.

Brian MacArthur: minor adjustments, shall I say, construction and things like that. Yeah, Brian, it's a good question. The mining and milling method has been identical from the very first Preliminary Economic Assessment through the Prefeasibility Study and the Feasibility Study.

Yeah, Brian It's a good question it is the.

The mining and.

Milling method.

As been identical from the very first preliminary economic assessment through the pre feasibility study and the feasibility study we are talking exactly the same mani of milling method with some slight improvements in the design to enhance environmental performance out of the lots of demand.

Leigh Robert Curyer: We are talking exactly the same mining and milling method with some slight improvements in the design to enhance environmental performance over the life of the mine. So nothing material, nothing dramatic, just some improvements around the edges in the long-term interest of the project. That's all. Great, thanks. And maybe I could ask one more quick question. It's great.

Nothing material nothing dramatic just a some some improvements.

Improvements around the edges in the long term interest of the project.

<unk>.

Great. Thanks, maybe I'll just ask one more quick.

Leigh Robert Curyer: You now have 1.25 billion versus 1.1 billion in commitment. Can you just talk a little bit again about, I know you need documentation, but how much you might have to contract, if any, to get that done? You said you would get it done by the back half of the year.

That's great you've now got 125 billion versus $1 1 billion.

Can you just talk a little bit again about.

Why do you need to do you I know you need documentation, but how much you might have to contracting any can get that done.

<unk>.

You said you'd get it done by the back half of the year and maybe whether there's been any new the new people coming in are they still a what I would call.

Travis G. McPherson: And maybe whether there's been any new... The new people coming in, are they still saying what I would call... International Institutions? There are actually utilities and customers coming in during that last 150 minutes. Yeah, look, I'll start with the first part of that answer and then hand it over to Travis. The amount of interest that we are receiving every day is increasing. The project's profile from an economic, ESG, and green perspective is increasing the number of avenues or sources of potential debt and equity funding for the project. With respect to the... The percentage required in terms of contracting and offtake, I'll hand over to Travis in a moment, but what we do know from the process to date is that the lenders are very comfortable with us signing volume-based contracts that are tied to spot at the time of delivery in order to service that debt. Travis. Yeah, yeah, exactly. That's the key point, Leigh.

International institutions are actually utilities and customers coming in and not lost $150 million.

It was a I'll start with the first part of that answer then hand over to Travis.

The amount of interest that we are receiving.

Every day is increasing and the project's profile from an economic ESG and Green perspective is increasing the number of avenues.

I've been usual sources of potential debt and equity funding for the project.

With respect to the.

Percentage required in terms of contracting and off take I'll hand over to Travis in a moment.

But.

What we do know I am from.

The process to date is that the lenders are very comfortable with us.

Signing volume based.

Contracts that are tied to spot at the time of delivery in order to service that debt.

Travis.

Yes, yes, exactly that's the key point Lee and in terms of the quantum and the amount. It will obviously be relatively immaterial to the overall production volumes given the.

Leigh Robert Curyer: And in terms of the quantum and the amount, it will obviously be relatively immaterial to the overall production volumes given, you know, the economics and how quickly it pays back. Obviously, the exact percentage will be determined by the, you know, agreed upon forecasted long-term uranium price, predominantly. But again, you know, you're talking about a very immaterial amount of production being volume-based contracted, or sorry, I should say, a requirement to do that anyway by the lenders. It will be a very small percentage of a few years of the first part of production, and then everything else, as we want to optimize and determine best for ourselves and the Great. Thank you both for answering all my questions. Thank you, Brian. The next question will be from Andrew Wong at RBC Capital. Hey, good morning.

The economics and how quickly it pays back.

Say the exact percentage will be determined by the <unk>.

Agreed upon forecasted long term uranium price predominantly.

But again, you know you're talking about a very immaterial amount of production being volume based contracted or sorry, I should say a requirement to do that anyway by the lenders.

<unk> will be a very small percentage of a few years of the first part of production and then.

Everything else is as we we want to optimize and determined best for ourselves in the market.

Great. Thanks, Thank you both for answering all my questions.

Thank you Brian.

Next question will be from Andrew Wong RBC capital markets. Please go ahead.

Andrew D. Wong: Thanks for taking my questions. Just some questions on the contract discussion. I guess the first question is, could you kind of talk about what kind of customers you're talking to? Are they mostly utilities? Are there intermediaries? What kind of countries or regions are these customers from? And my second question is more around, like, how would you, how do you plan to incorporate some flexibility around the timing of the mine startup? I'd assume there'd be some volume flex, pull forward, push out, you know, obviously there's always uncertainty around mine startup and timing.

Hey, good morning, Thanks for taking my questions just some questions on contract discussions.

I guess first is could you kind of talk about kind of customers you're talking to is that most of the utilities are there intermediaries what kind of car.

Countries or regions are these customers from.

And my second question was more around like how would you how do you plan to incorporate some flexibility around timing of the mine startup I'd assume there would be some volume flex pulse.

<unk> pushed out.

There's always uncertainty around mine startup and timing.

Leigh Robert Curyer: Can you just talk about that? Yeah, I'll start with that and then also hand it over to Travis. With respect to the timing of deliveries, it's very dependent on when we receive the federal permit, and we've been very transparent with the utilities in our negotiations that once we have that timing confirmed, we'll be able to get very specific with respect to quantities by a certain date. And the important part of the whole process is that we are transitioning this towards a more transparent pricing market, as we saw in iron ore back in the 2000s, and that We've also got other discussions underway in other parts of the world, but the US, Europe, and Japan are the more advanced negotiations as we speak. Yeah, and I might just add, "Exactly." And we, you know, we're only speaking with, you know, the largest consumers of nuclear fuel in the world in those regions.

Can you just talk about that.

Yeah, I'll start with that and then also I hand over to Travis Mccourt.

What was it.

With respect to the.

Timing of deliveries, that's very dependent on when we received the federal permit.

And we've been very transparent with the utilities in our negotiations that once we had that.

Timing.

Confirmed will be able to get very specific with respect to.

Quantities by certain dates.

What the important part of the whole process is that we are transitioning this towards a more transparent.

Pricing market as we've seen and I'll hand over back in the two thousands.

And that's been an interest of both producers and the purchases of the commodity.

And al area of focus or utilities that we are in advanced discussions with are located in the U S Europe and Japan as we currently speak we've always said about other discussions underway in other parts of the world, but the U S Europe and Japan are the most.

More advanced our negotiations as we speak Travis.

Yeah, and I might just add yes exactly.

Broadly speaking with the largest consumers of nuclear fuel in the world in those regions and.

Travis G. McPherson: And, What we can tell you is that the approach and philosophy of the company with respect to these volume-based contracts are very much understood and accepted by. Again, given the fact that not only does it benefit us as producers and future producers, but also the utilities themselves in the, you know, in the dynamic as we look forward in the Okay, so I guess, so let's assume you get the permit, maybe as early as this year, and you could get into construction, and everything goes smoothly. It goes into production in 2028, so you sign contracts for delivery starting in 2028. But, you know, we never know what happens, and anything can come out, like, let's say it gets pushed up to 2029 or 2030. I get them showing, I understand, on the NexGen side, these contracts, is there flexibility for how that works? Like, would you be in it?

What we can tell you is that the approach and philosophy of the company with respect to these volume based contracts is very much.

Understood and accepted by.

These counterparties that were in discussions with again, given the fact that not only does it benefit us as producers and future producers, but the utilities themselves.

You know on the changing dynamic as we look forward in the uranium markets.

Okay. So I guess so.

Assuming you get the permit.

Maybe it was early this year and you could get into construction and everything goes smoothly and it goes into production between 2008 signed contracts with delivery starting in 2020, but.

We never know what happens and then anything you can call. It like let's say it gets pushed out to 2021 'twenty three I.

I guess I'm just trying to understand on next Gen. Five these contracts is there flexibility for how that works I guess would you be in that.

Andrew D. Wong: But in a situation where, you know, you have to deliver it by 2028, for example, just trying to figure out how to, Yeah, well, we're not going to. Sorry, Travis. No, no, go ahead.

But in a situation where you don't have that delivered by 2028 for example.

I'm, just trying to figure out around that.

Yes.

Yes.

I mean, there's sorry Travis.

No no.

Yeah, Andrew we're not going to put out shows in a position that.

Leigh Robert Curyer: Yeah, well, Andrew, we're not going to put ourselves in a position that unnecessarily inhibits. The optimisation or maximization of returns on each pound produced, we'll do this in a very conservative nature, and as we've done with everything since the company incorporated, like our use of capital is extremely efficient, and we always have a very healthy dose of conservatism in the expectations we set, and we deliver against those with respect to the contracting That approach will incorporate all of those disciplines and approaches. So whilst I can't tell you today specifically what the terms and conditions of those contracts are, you can take away that we're going to do it in our traditional conservative, very careful, and disciplined manner. Okay, that's great. Thank you. The next question will be from Chris. P.I.

Unnecessarily.

Unnecessarily inhibits.

The.

The optimization of the maximizing the returns on H pounds produced.

We'll do this in a very.

Conservative nature.

Nature.

And.

And as.

As we've done with everything.

Since the company incorporated like Al.

Use of capital is extremely efficient.

And and.

And we always have a very healthy dose of conservatism in the expectations, we set and we deliver it.

Against those the with respect to the contracting that approach will incorporate all of those disciplines and approaches so wall Street.

I can tell you today, specifically, what the changing conditions of those contracts are you can take away that we're going to do it in our traditional conservative very careful and disciplined manner.

Yeah.

Okay. That's great. Thank you very much.

Thank you.

Next question will be from Chris Thompson at Pi Financial Please go ahead.

Chris Thompson: Good morning, Leigh and team. Congratulations on this morning's news. Just on that, on the discovery there, I'm just reading through the descriptions. It seems to be largely basement hosts. And Mineralization. Fully basement hosted, yeah.

Good morning, guys.

And team congratulations on this morning's news.

So Matt on the on the discovery there I'm just trying to read through the descriptions.

It seems to be largely basement highs is that correct mineralization.

Hopefully vitamin <unk>.

No.

Leigh Robert Curyer: Great, thanks. And apologies; I might have missed this in an earlier response to a question, but could you give us a sense of the remaining budget for this year? What is the budget for this year outside of exploration? So, including exploration, the budget for this year is about $170 million, which is subject to, obviously, the timing of federal approval.

Great.

Thanks, and then.

Apologies I might've missed this in an earlier response to a question but.

Could you give us a sense of the remaining budget for this year what is the budget for this year outside of exploration.

So excluding exploration budget this year is about $117 million.

Machines, which is.

Which is yeah.

Leigh Robert Curyer: Beautiful. Okay, that's it. Thank you very much, guys. Congratulations again. Thank you. Thank you. And at this time, Mr. Curyer, we have no other questions.

Subject to <unk>.

Obviously, the timing of federal approvals.

Yeah wonderful okay. That's it. Thank you very much guys. Congratulations again, thank you.

Thank you.

And at this time Mr carrier, we have no other questions. Please proceed.

Well, thank you everyone.

Leigh Robert Curyer: Well, thank you everyone, I very much appreciate everyone's interest in NexGen, and it's an incredibly exciting time, focused on the remaining aspects of the federal approval as discussed on this call. We are eagerly awaiting the conclusion of that process, respectfully, with taking into account total stakeholder engagement. We have a fantastic project on the task force of going into construction to meet the world's energy needs and one which, at the current spot price, will take us into the top nine or top 10 mining companies worldwide on an after-tax cash flow basis. So today to add a new discovery to the story is just incredibly exciting for everyone involved, and it really does signify the prospectivity of that dominant land package that we have in the mighty southwestern section of the basin.

Very much I appreciate that.

And everyone's interest in Nextgen, and it's incredibly exciting time.

Focused on the remaining aspects of the federal approval as as.

Discussed on this call we're eagerly awaiting conclusion of that process respectfully.

We've taken into account.

Total stakeholder engagement.

We have a fantastic project.

The cost of going into construction to meet the world's energy needs and and one which will.

At the current spot price.

We will take us into the top nine or top 10 mining companies worldwide on an after tax cash flow basis.

Cause I to add a new.

A new discovery.

Into the story.

He is just incredibly exciting for everyone involved.

It really does signify that frustrated many of that dominant land package that we have and the mighty southwestern section of the bison.

Leigh Robert Curyer: And so we have a lot of work ahead of us to fully define the true extent of uranium mineralization on our property. But yeah, the feasibility study on NexGen, I think it's safe for everyone to view that as a base case that this is going to be an incredibly large, Generational Mind, which will impact the local communities, Saskatchewan, Canada, and the whole world when you consider the impact of the fuel that it will produce. And so with that, we look forward to heading into Q2 and the balance of this year and really delivering on a number of initiatives we have been working on for over 10 years now. And with that, I thank you all for listening and your continued support. Ladies and gentlemen, this does, Once again, thank you, by Zola Levitt Ministries. The End

And so we have a lot of work ahead of us to fully define the true extent of uranium mineralization on their properties.

But yeah.

Yeah. The the feasibility study on Nextgen a site for everyone to view that as a base case that.

This is going to be an incredibly large genera.

Generation or mine, which will impact the local community, Saskatchewan, Canada, and the whole world when you consider that the.

The impact of the fuel that it.

We will produce and so with that we look forward to heading into Q2 and the balance of this year and really delivering on.

On a number of initiatives, we have been working on for over 10 years, now and <unk> and with that I. Thank you all for listening and your continued support.

Thank you, Sir ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending and at this time, we do ask that you. Please disconnect your lines.

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