Q2 2024 NexGen Energy Ltd Earnings Call

August 8, 2024

good morning ladies and gentlemen and welcome to the next ten energy q twothousand twenty four financial results conference call

Operator: Financial Results Conference School. At this time, all lines are in listen-only mode.

Operator: Results Conference. At this time, all lines are in listen-only mode.

Operator: This time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Thursday, August 8, 2024. I would now like to turn the conference over to Mr. Leigh Curyer, CEO and Director of NexGen Energy. Please go ahead.

Operator: Following the presentation, we will conduct a question-and-answer session. If at any time during this call, you require immediate assistance, please press star zero for the operator.

Speaker Change: At this time, all lines are in listen-only mode.

Speaker Change: Following the presentation, we will conduct a question and answer session.

Operator: Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Thursday, August 8, 2024. I would now like to turn the conference over to Mr. Leigh Curyer, CEO and Director of NexGen Energy. Please go ahead.

Leigh Curyer: If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Thursday, August 8, 2024. I would now like to turn the conference over to Mr. Leigh Curyer, CEO and Director of NexGen Energy. Please go ahead.

Operator: This call is being recorded on Thursday, August 8, 2024.

Operator: I would now like to turn the conference over to Mr. Leigh Curyer, CEO and Director of NexGen Energy. Please go ahead.

Leigh Curyer: Thank you, Calvin. Welcome and thank you all for joining NexGen's Q2-24 update and financial results call. On Lee Curyer, Chief Executive Officer of NexGen Energy, joining me is Travis McPherson, Chief Commercial Officer, and Benjamin Salter, Chief Financial Officer.

Leigh Curyer: Thank you, Calvin. Welcome and thank you all for joining NexGen's Q2-24 update and financial results school. On Lee Curyer, Chief Executive Officer of NexGen Energy, joining me is Travis McPherson, Chief Commercial Officer, and Benjamin Salter, Chief Financial Officer. We will be making forward-looking statements throughout the call, so please visit our website for any relevant disclaimers.

Leigh Curyer: Thank you, Calvin. Welcome and thank you all for joining NexGen's Q2 2024 update and financial results call. I'm Leigh Curyer, Chief Executive Officer of NexGen Energy. Joining me is Travis McPherson, Chief Commercial Officer, and Benjamin Salter, Chief Financial Officer.

Leigh Curyer: thank you kevin

Leigh Curyer: welcome and thank you all for joining next end q two two thousand twenty four update and financial results call only korea chief ecive officer of next gen energy joining me is travelismcfher chief commercial officer and benjamin soalter chief financial officer

Leigh Curyer: We will be making forward-looking statements throughout the call, so please visit our website for any relevant disclaimants. Since we last spoke in May, there have been exciting developments in advancing the OEC1 project closer to production and actions within our industry that further underscore the need for a diversified and sustainable uranium supply chain. One that has more production capability and longevity in Western jurisdictions, where there has been a tremendous underinvestment, with the exception of a few, in all aspects of the Uranium industry for decades. The uranium market continues to be dynamic, with demand for stable electricity in every country worldwide increasing, whilst on the nuclear fuel supply side, current production continues to labour with significant production challenges regarding limited supply input availability, skilled labour and simply modernised nearing the end of their results life.

Leigh Curyer: We will be making forward-looking statements throughout the call, so please visit our website for any relevant disclaimers. Since we last spoke in May, there have been exciting developments in advancing the Rook One project closer to production, and actions within our industry that further underscore the need for a diversified and sustainable uranium supply chain. One that has more production capability and longevity in Western jurisdictions where there has been tremendous underinvestment, with the exception of a few, in all aspects of the uranium industry for decades.

Speaker Change: We will be making forward-looking statements throughout the call, so please visit our website for any relevant disclaimers.

Leigh Curyer: Since we last spoke in May, there have been exciting developments in advancing the Rook One project closer to production, and actions within our industry that further underscore the need for a diversified and sustainable uranium supply chain, one that has more production capability and longevity in Western jurisdictions where there has been a tremendous under-investment with the exception of a few in all aspects of the uranium industry for decades. The Iranian market continues to be dynamic.

Leigh Curyer: simply last spokenin may there have been exciting development in advancing r onean project closer to production and actions within our industry that further underscore the need for a diversified and sustainable uranium supply chain

Speaker Change: one that has more production capability and longevity in western jurisdictions wheretherthere has been a tremendous under investment with the exception of the few in all aspects of the iranian industry for decades

Leigh Curyer: The Iranian market continues to be dynamic. With demand for stable electricity in every country worldwide increasing, whilst on the nuclear fuel supply side, current production continues to suffer, with significant production challenges regarding limited supply input availability, skilled labor, and simply mine lives nearing the end of their resource life. During the quarter, additional factors arose, exacerbating these already significant supply side challenges.

Leigh Curyer: With demand for stable electricity in every country worldwide increasing, whilst on the nuclear fuel supply side, current production continues to suffer, with significant production challenges regarding limited supply input availability, skilled labor, and simply mining lives nearing the end of their resource life. During the quarter, additional factors arose, exacerbating these already significant supply side challenges.

Leigh Curyer: The Uranium market continues to be dynamic.

Leigh Curyer: with demand for stable electricity in every country worldwide increasing whilst on the nuclear fuel supply side current production continues to labor with signnant production challenges regarding limited supply input availability

Speaker Change: skilled labor and simply modernli nearing the end of there is all sluck

Leigh Curyer: During the quarter, additional factors arose, exacerbating these already significant supply-side challenges. Movement largely influenced by legislative impacts, including taxation, in current largest producers at Kazakhstan, with simply results in their in-country production costs becoming higher, and additional geopolitical impacts, such as in Niger, canceling mining leases. The focus on securing long-term supply in the face of these ongoing challenges continues to manifest amid the growing supply deficit, which is currently estimated to be approximately 60 million pounds annually and growing to over 240 million pounds by 2014. Long-term prices for uranium over the quarter continue to rise, as demand continues to outpace supply, and investment in the sector is nowhere near the run rate to ensure long-term supply stability, particularly as governments continue to reinforce their clean energy commitments as energy security concerns grow materially with the advent of energy-hungry data centres.

Speaker Change: during the quarter additional factors arose exacerbating these already significant to supply side challenges

Leigh Curyer: Movements largely influenced by legislative impacts, including taxation in the country's current largest producer, Kazakhstan, which simply results in their in-country production costs becoming higher, and additional geopolitical impacts such as Niger canceling mining leases. The focus on securing long-term supply in the face of these ongoing challenges continues to manifest amid the growing supply deficit, which is currently estimated to be approximately 60 million pounds annually and growing to over 240 million pounds by 2040.

Speaker Change: Movements largely influenced by legislative impacts, including taxation,

Leigh Curyer: Current largest producer, Kazakhstan, which simply results in their in-country production costs becoming higher and additional geopolitical impacts such as in Niger cancelling mining leases.

Speaker Change: The focus on securing long-term supply in the face of these ongoing challenges continues to manifest amid the growing supply deficit.

Speaker Change: which is currently estimated to be approximately 60 million pounds annually and growing to over 240 million pounds by 2040.

Leigh Curyer: Long-term prices for uranium over the quarter continued to rise as demand continued to outpace supply, and investment in the sector is nowhere near the run rate to ensure long-term supply stability, particularly as governments continued to reinforce their clean energy commitments as energy security concerns grew materially with the advent of energy-hungry data centers. The sector continues to receive a steady stream of positive news, reinforcing that the global resurgence in nuclear energy demand has never been stronger, and it's simply growing.

Speaker Change: Long-term prices for uranium over the quarter continue to rise as demand continues to outpace supply and investment in the sector is nowhere near the run rate to ensure long-term supply stability.

Speaker Change: Particularly, as governments continue to reinforce their clean energy commitments as energy security concerns grow materially with the advent of energy-hungry data centres.

Leigh Curyer: The sector continues to receive a steady stream of positive news, reinforcing that the global resurgence in nuclear energy demand. It has never been stronger and is simply growing. In the United States, milestones include the vocal four reactor entering commercial operation, steps to boost advanced reactors, the Department of Energy's 3.4 billion U.S. requests for proposals to stockpile low enriched uranium to provide a backup supply to replace Russian imports, and the bipartisan support to enhance the U.S. and its Allied partners' capacity to enrich, convert mining uranium in order to sustain the required nuclear power generation in the U.S.

Speaker Change: The sector continues to receive a steady stream of positive news, reinforcing that the global resurgence in nuclear energy demand.

Leigh Curyer: In the United States, milestones include the Vogel 4 reactor entering commercial operation. Steps to boost advanced reactors, the Department of Energy's $3.4 billion U.S. request for proposals to stockpile low-enriched uranium to provide a backup supplier to replace Russian imports, and the bipartisan support to enhance the U.S. and its allied partners' capacity to enrich, convert, mine uranium in order to sustain the required nuclear power generation in the U.S. Other notable developments include the U.S. Senate passing the advance, and multiple initiatives to restart and extend the life of existing nuclear plants, including welcome turnarounds at Three Mile Island, the Palisades and Indian Point.

Leigh Curyer: In the United States, milestones include the Vogel 4 reactor entering commercial operation, Steps to boost advanced reactors, the Department of Energy's $3.4 billion U.S. request for proposals to stockpile low-enriched uranium to provide a backup supplier to replace Russian imports, and the bipartisan support to enhance the U.S. and its allied partners' capacity to enrich, convert, mine uranium in order to sustain the required nuclear power generation in the U.S. Other notable developments include the U.S. Senate passing the advance, and multiple initiatives to restart and extend the life of existing nuclear plants, including welcome turnarounds at Tremor Island, the Palisades and Indian Point. Additionally, Canada announced the construction of its first small mod reactor in Saskatchewan, home of the Rook One project, and continues to make further investments in small mod reactor research while developing new nuclear engineering hubs.

Speaker Change: It has never been stronger and is simply growing.

Speaker Change: In the United States, milestones include the Vogel 4 reactor entering commercial operation,

Speaker Change: Steps to boost advanced reactors.

Speaker Change: the department of energy is three point four billion u s requests for proposals to stop paul loanenriched uraniianum to provide a backup supplyer to replace russian imports

Speaker Change: and the bipartisan support to enhance the u s and its adllied partners capacity to enrich convert min uranium in order to sustain the required nuclear power generation in the us

Leigh Curyer: Other notable developments include the U.S. Senate passing the Advanced Act and multiple initiatives to restart and extend the life of existing nuclear plants, including welcome turn around the Three Mile Island, the Palisades and Indian Points. Additionally, Canada announced the construction of its first small modulator in Saskatchewan, home of the Rook 1 project, and continues to make further investments in small modular reactor research while developing new nuclear engineering hubs. Furthermore, we've seen signs of both Australia and Italy are contemplating lifting their bands of nuclear power, and several European countries, including France, Poland and the UK, are currently expanding their nuclear capabilities.

Speaker Change: other notable development include the u s senate passing the advan act

Speaker Change: and multiple initiatives to restart and extend the life of existing nuclear plants including welcome turnarounds at Three Mile Island, the Palisades and Indian Point.

Leigh Curyer: Additionally, Canada announced the construction of its first small mod reactor in Saskatchewan, home of the Rook One project, and continues to make further investments in small mod reactor research while developing new nuclear engineering hubs. Furthermore, we've seen signs that both Australia and Italy are contemplating lifting their bans on nuclear power, and several European countries, including France, Poland, and the UK, are currently expanding their nuclear capability. South Korea, Japan, and India are also ramping up their nuclear energy programs, while other nations, such as Turkey, Saudi Arabia, and the Philippines, are exploring new nuclear project objectives.

Speaker Change: Additionally, Canada announced the construction of its first small mod reactor in Saskatchewan, home of the Rook One project, and continues to make further investments in small mod reactor research while developing new nuclear engineering hubs.

Leigh Curyer: Furthermore, we've seen signs that both Australia and Italy are contemplating lifting their bans on nuclear power, and several European countries, including France, Poland, and the UK, are currently expanding their nuclear capabilities. South Korea, Japan, and India are also ramping up their nuclear energy programs, while other nations, Turkey, Saudi Arabia, and the Philippines, are exploring new nuclear project objectives.

Speaker Change: Furthermore, we've seen signs that both Australia and Italy are contemplating lifting their bans of nuclear power and several European countries including France, Poland and the UK are currently expanding their nuclear capabilities.

Leigh Curyer: South Korea, Japan, and India are also ramping up their nuclear energy programs, while other nations, Turkey, Saudi Arabia, and the Philippines, are exploring new nuclear project objectives. It's a remarkable global effort in the expansion and procurement of clean, base load power while simultaneously decarbonizing energy generation. We're seeing significant activity in the market, particularly from the U.S. and European utilities, aiming to reduce reliance on Russian supplies and the revocation of uranium mining licenses in the Niger, and also in the UK. Also, ERAs, Jabalucamide, increasing the uncertainty of future supplies. These actions further highlight the critical demand for uranium source from politically stable and sustainable regions such as Saskatchewan, the U.S.

Speaker Change: South Korea, Japan, and India are also ramping up their nuclear energy programs, while other nations Turkey, Saudi Arabia, and the Philippines are exploring new nuclear project objectives.

Leigh Curyer: It's a remarkable global effort in the expansion and procurement of clean baseload power while simultaneously decarbonizing energy generation. We're seeing significant activity in the market, particularly from the US and European utilities, aiming to reduce reliance on Russian supplies and the revocation of uranium mining licenses in Niger and also ERA's Jabalouka mine, increasing the uncertainty of future suppliers. These actions further highlight the critical demand for uranium from politically stable and sustainable regions such as Saskatchewan, the US, and Australia.

Leigh Curyer: It's a remarkable global effort in the expansion and procurement of clean baseload power while simultaneously decarbonizing energy generation. We're seeing significant activity in the market, particularly from the U.S. and European utilities, aiming to reduce reliance on Russian suppliers and the revocation of uranium mining licenses in Niger and also ERA's Jabalouka mine, increasing the uncertainty of future suppliers. These actions further highlight the critical demand for uranium from politically stable and sustainable regions such as Saskatchewan, the US, and Australia.

Speaker Change: It's a remarkable global effort in the expansion.

Speaker Change: and procurement of clean baseload power while simultaneously decarbonizing energy generation.

Speaker Change: We're seeing significant activity in the market, particularly from the U.S. and European utilities, aiming to reduce reliance on Russian suppliers and the revocation of uranium mining licenses in Niger and also ERA's Jabalouka mine.

Speaker Change: increasing the uncertainty of future suppliers these actions further highlight the critical demand for uranium source from politicallyue stable and sustainable regions such as subscheduing the u s and australia

Leigh Curyer: and Australia. Also supporting the growing need for uranium and a stable supply, nuclear energy, represented as a Google, Microsoft, OpenAI, and Meta, continue to advocate for nuclear power sources to help meet the growing demand for low carbon energy to power AI and the data centers. Both U.S. Democratic and Republican leaders have recently advocated the U.S. would rely heavily on nuclear power to meet the electrical demands from these data centers. As the critical need for new uranium supplies grows, we're advancing our Ruk1 project optimally and are in the final stages of federal approvals, having received both the acceptance of our federal license application as well as full provincial environmental assessment approval in September and November 2023, respectively.

Leigh Curyer: Also supporting the growing need for uranium and a stable supply of nuclear energy, representatives of Google, Microsoft, OpenAI, and Meta continue to advocate for nuclear power sources to help meet the growing demand for low-carbon energy to power AI and the data center. Both U.S. Democratic and Republican leaders have recently said the U.S. would rely heavily on nuclear power to meet the electrical demand growth from these data centers.

Speaker Change: Also supporting the growing need for Uranium and a stable supply of nuclear energy.

Speaker Change: Representatives of Google, Microsoft, OpenAI and Meta continue to advocate for nuclear power sources to help meet the growing demand for low-carbon energy to power AI and the data centers.

Speaker Change: both u s democratic and republican leaders have recently advocated the u s would rely heavily onunnuclear power to meet theelectrical demand growth from these data centers

Leigh Curyer: As the critical need for new uranium supplies grows, we are advancing our ROOC1 project optimally and are in the final stages of federal approvals, having received both the acceptance of our federal license application as well as full provincial environmental assessment approval in September and November 2023, respectively. On June 21, 2024, the Canadian Nuclear Safety Commission concluded the 30-day completeness check of our May 2021 submission, which included responses to the remaining 49 aspects.

Leigh Curyer: As the critical need for new uranium supplies grows, we are advancing our ROOC1 project optimally and are in the final stages of federal approvals, having received both the acceptance of our federal license application, as well as full provincial environmental assessment approval, in September and November 2023, respectively. On June 21, 2024, the Canadian Nuclear Safety Commission concluded the 30-day completeness check of our May 2021 submission, which included responses to the remaining 49 aspects.

Speaker Change: As the critical need for new uranium supplies grows, we are advancing our Rook One project optimally and are in the final stages of federal approvals.

Speaker Change: Having received both the acceptance of our federal license application, as well as full provincial environmental assessment approval in September and November 2023 respectively.

Leigh Curyer: On June 21, 2024, the Canadian New Persafely Commission concluded that 30-day completeness check of our May 2021 submission, which included the responses to the remaining 49 aspects. The technical review of this submission is now in completion, so we look forward to the CNSC confirming that all aspects are accepted, the EIS being deemed final, and the CNSC promptly setting the date to the federal commission hearing. The commission hearing date and subsequent commission decision represent the final stages of full approvals. The project is strongly supported by indigenous nation partners who have advocated many times publicly and directly with this project to be approved immediately.

Speaker Change: On June 21, 2024, the Canadian Nuclear Safety Commission concluded the 30-day completeness check of our May 2021 submission, which included responses to the remaining 49 aspects.

Leigh Curyer: Technical review of this submission is now nearing completion. We look forward to the CNSC confirming that all aspects are accepted, the EIS being deemed final, and the CNSC promptly setting the date for the Federal Commission hearing, with the date of the Commission hearing and subsequent Commission decision representing the final stages of full approval.

Speaker Change: Technical review of this submission is now nearing completion. We look forward to the CNSC confirming that all aspects are accepted, the EIS being deemed final, and the CNSC promptly setting the date for the Federal Commission hearing.

Speaker Change: The Commission hearing date and subsequent Commission decision representing the final stages of full approvals.

Leigh Curyer: The project is strongly supported by Indigenous Nation Partners, who have advocated many times publicly and directly for this project to be approved immediately. The project squarely fits with all of the Government of Canada's targets with respect to critical minerals, Indigenous engagement, and decarbonization, and will be instrumental to building Canada's place as the leading supplier of the cleanest baseload fuel source known to mankind. We're ready to commence full sail construction activities immediately upon receipt of those final federal approvals.

Speaker Change: The project is strongly supported by Indigenous Nation Partners who have advocated many times publicly and directly for this project to be approved immediately.

Leigh Curyer: Lee. The project squarely fits with all of the Government of Canada's targets with respect to critical minerals, Indigenous engagement, and decarbonisation. It will be instrumental to building Canada's place as the leading supplier of the cleanest base load fuel source known to mankind. We are ready to commence full-sale construction activities and immediately upon receipt of those federal, final federal approvals. And we will be in production approximately 40 months, 40 months thereafter. Bring online what is capable of being the world's largest uranium mine and one capable of generating an excess of two billion dollars Canadian annually in free cash flow at current uranium prices.

Speaker Change: The project squarely fits with all of the Government of Canada's targets with respect to critical minerals, Indigenous engagement and decarbonisation.

Speaker Change: and will be instrumental building canada's place as the leading supplier of the cleaners baseload fuel source nontode mankindite

Speaker Change: we are ready to commence whollale construction activities andimmediately upon receipt ofthosege federal a final federal approvals

Leigh Curyer: And we'll be in production approximately 40 months thereafter, bringing online what is capable of being the world's largest uranium mine and one capable of generating in excess of $2 billion Canadian annually in free cash flow at current uranium prices. We've made significant progress with the Rook One project this year. Procurement of critical path items is tracking well, including the temporary freeze plant, which is now complete, in storage, and ready for shipment to site. Both the shaft infrastructure partner and the hoist partner have been identified, and with final contractual terms being concluded, the team is ready to mobilize.

Leigh Curyer: And we'll be in production approximately 40 months thereafter, bringing online what is capable of being the world's largest uranium mine and one capable of generating in excess of $2 billion Canadian annually in free cash flow at current uranium prices. We've made significant progress with the Rukwon project this year. Procurement of critical path items is tracking well, including the temporary freeze plant, which is now complete, in storage, and ready for shipment to site. Both the shaft infrastructure partner and the hoist partner have been identified, and with final contractual terms being concluded, the team is ready to mobilize.

Speaker Change: and will'll be in production approximately forty months for zero months

Speaker Change: thereafter bring online what is capable of being the world's largest uranium mine and one capable of generating in excess of two billion dollars Canadian annually in free cash flow at current uranium prices.

Leigh Curyer: We've made significant progress with the Rukwan project this year. Procurement of critical path items are tracking well, including the temporary freeze part, which are now complete, in storage and ready for shipment to site. Both the sharp infrastructure partner and hoist partner have been identified, and with final contractual turns being concluded. The team is ready to mobilize as soon as final permits are received. The remaining procurement plan for 2024 is consistent with previous communication and is predicated on optimising the timing of financial commitments based on a combination of risk reduction, optimisation of the project's critical call path and capital spend efficiency to maintain a ready state to commence construction upon receipt of requisite final federal approvals.

Speaker Change: We've made significant progress with the Rook One project this year. Procurement of critical path items are tracking well, including the temporary freeze plant which are now complete, in storage and ready for shipment to site.

Speaker Change: Both the shaft infrastructure partner and hoist partner have been identified and with final contractual terms being concluded. The team is ready to mobilize as soon as final permits are received.

Leigh Curyer: As soon as final permits are received, the remaining procurement plan for 2024 is consistent with previous communications and is predicated on optimizing the timing of financial commitments based on a combination of risk reduction, optimisation of the project's critical path, and capital spend efficiency to maintain a ready state to commence construction upon receipt of requisite final federal approval. We've completed enhanced site infrastructure on and around the site in preparation for full construction to commence upon final federal approval. Last week, we provided updated feasibility study economic estimates for the Rook One project. Stay updated!

Leigh Curyer: As soon as final permits are received, the remaining procurement plan for 2024 is consistent with previous communications and is predicated on optimizing the timing of financial commitments based on a combination of risk reduction, optimisation of the project's critical path, and capital spend efficiency to maintain a ready state to commence construction upon receipt of requisite final federal approval. Last week, we provided updated feasibility study economic estimates for the Rook One project. Stay updated.

Speaker Change: feeling

Speaker Change: The remaining procurement plan for 2024 is consistent with previous communications and is predicated on optimising the timing of financial commitments based on a combination of risk reduction, optimisation of the project's critical path,

Speaker Change: and capital spend efficiency to maintain a ready state took commend's construction upon receipt of requisite final federal approvals

Leigh Curyer: We've completed an outside infrastructure on and around the site in preparation for full construction to commence upon final federal approval. Last week we provided updated feasibility study economic estimates for the Rukwan project. The updated estimates place Rukwan as one of the world's elite resource projects economically, was delivering elite environmental performance throughout its life cycle and enclosure alongside industry-leading local community aspects and outcomes. Incorporating US $95 at pound, the MPB of the project increased the 6.3 billion Canadian, and the payback period remained consistent at approximately 12 months whilst incorporating capex adjustments to 2.2 billion Canadian or 1.58 billion US, and an off-ex increase to $998 US per pound related to inflation and enhanced environmental performance.

Speaker Change: we have completed an hansite infrastructure on and around the site in preparation for full construction to commence upon final federal approval

Speaker Change: Last week we provided updated feasibility study economic estimates for the Rook One project.

Leigh Curyer: Estimates place Rook One as one of the world's elite resource projects economically, whilst delivering elite environmental performance throughout its life cycle and on closure, alongside industry-leading local community aspects and our, Incorporating US $95 a pound, the NPV of the project increased to 6.3 billion Canadian dollars, and the payback period remained consistent at approximately 12 months. Wallace's Incorporating CapEx Adjustment, to $2.2 billion Canadian or $1.58 billion US and an OPEX increase to $9.98 US per pound related to inflation and enhanced environmental performance.

Speaker Change: they have ded

Speaker Change: Estimates place Rook One as one of the world's elite resource projects economically, whilst delivering elite environmental performance throughout its life cycle and, on closure,

Speaker Change: alongside industry-leading local community aspects and outcomes.

Speaker Change: incorporating u s ninety-five dollars at pound

Speaker Change: The NPV of the project increased to 6.3 billion Canadian and the payback period remained consistent at approximately 12 months.

Speaker Change: bost incorporating capex adjustments to two point two billion canadian or one point five eight billion u s and an opex increase to nine hundred ninety eight dollars u us per pound related to inflation and enhanced environmental performance

Leigh Curyer: This is supported by advancing from 18% as per the feasibility study to 45% through the completion of front end and engineering design. As guided, this increase includes approximately 320 million Canadian due to inflation and approximately 590 million Canadian for design enhancements, improving the efficiency, operating flexibility, and operability of the mine. The mine line from production profile are entirely consistent with the 2021 Feasibility Study. Lee. Importantly and uniquely included in the cost for the project are reclamation liabilities being incurred throughout the mine life. This total is approximately 900 million Canadians and will lead the project with a full estimate on closure of $70 million Canadian, which is a fraction of that of other projects in Canada where liabilities are significant and at the time multiple decades taken to reclimate; such was the case at Kloth Lake.

Leigh Curyer: This is supported by advancing from 18% as per the feasibility study to 45% through the completion of front-end and engineering design. As guided, this increase includes approximately 320 million Canadian due to inflation and approximately 590 million Canadian for design enhancements improving efficiency, operating flexibility, and operability of the mind.

Speaker Change: This is supported by advancing from 18% as per the feasibility study to 45% through the completion of front-end and engineering design.

Speaker Change: As guided, this increase includes approximately $320 million Canadian due to inflation and approximately $590 million Canadian for design enhancements improving the efficiency,

Leigh Curyer: The monoliths in production for fall are entirely consistent with the 2021 feasibility study. Importantly, and uniquely included in the cost for the project are reclamation liabilities being incurred throughout the mine life. This totals approximately 900 million Canadians and will leave the project with a full estimate on closure of $70 million, which is a fraction of that of other projects in Canada where liabilities are significant and, at the time, multiple decades taken to reclimate, such as the case at Clough Lake.

Leigh Curyer: The modern life and production profile are entirely consistent with the 2021 feasibility study. Importantly, and uniquely included in the cost for the project are reclamation liabilities being incurred throughout the mine life. This total is approximately 900 million Canadian dollars and will leave the project with a full estimate on closure of 70 million dollars, which is a fraction of that of other projects in Canada where liabilities are significant and at the time multiple decades taken to reclimate, such as the case at Clough Lake.

Speaker Change: Operating flexibility and operability of the mind.

Speaker Change: The monoliths in production for fall are entirely consistent with the 2021 feasibility study.

Speaker Change: Importantly, and uniquely, included in the costs for the project are reclamation liabilities,

Speaker Change: Being incurred throughout the mind-life.

Speaker Change: this total approximately nine hundred million canadian

Speaker Change: and we leave the project when the full

Speaker Change: Estimate on closure of $70 million Canadian, which is a fraction of that of other projects in Canada, where liabilities are significant, and at the time, multiple decades taken to reclimate, such was the case at Clough Lake.

Leigh Curyer: This aspect is one of the many elite design and industry innovative approaches the company is committed to investigate and subsequently materialise. This approach will be applied throughout its operational phase, with further advancements in technology and innovation, with the objective of having its few persons underground as achievable through the use of remote sensing and operation technology, which delivers optimal operation and safety performance. Next end is going further and might safely in production efficiently than has ever been seen before. Further, this updated cost reflects the advanced stage of the project, with the site enhancements over the first half of 2024 incorporating a doubling of the accommodation support for exploration and development activity and road maintenance and readiness for heavy haulage transportation on the successful receiver federal approvals.

Leigh Curyer: This aspect is one of the many elite design and industry innovative approaches the company is committed to investigating and subsequently materializing. This approach will be applied throughout its operational phase with further advancements in technology and innovation with the objective of having as few persons underground as achievable through the use of remote sensing and operation technology, which delivers optimal operation and safety performance.

Leigh Curyer: This aspect is one of the many elite design and industry innovative approaches the company is committed to investigating and subsequently materializing. Further, this updated cost reflects the advanced stage of the project with the site enhancements over the first half of 2024, incorporating a doubling of the accommodation, support for exploration and development activities, and road maintenance in readiness for heavy haulage transportation on the successful receipt of federal approval. We are currently contributing to the Direct Foot Own Partnership to 82% of Rook One site services and commerce.

Speaker Change: This aspect is one of the many elite design and industry innovative approaches the company is committed to investigate and subsequently materialize.

Speaker Change: this approach will be applied throughout its operational phase with further advancements in technology and innovation with the objective ofb having its few persons undergram as achievable through the use of remote sensing and operation technology which delivers optimal operation and safety performance

Leigh Curyer: NexGen is going further in mine safety and production efficiency than has ever been seen before. Further, this updated cost reflects the advanced stage of the project with the site enhancements over the first half of 2024, incorporating a doubling of the accommodation, support for exploration and development activities, and road maintenance in readiness for heavy haulage transportation on the successful receipt of federal approval. This has been achieved side-by-side with our local community partners.

Nexgen: NexGen is going further in mine safety and production efficiency than has ever been seen before.

Nexgen: further this updated cost reflects the advanced stage of the project with the site enhouncement over the first half of two thousand and twenty four

Nexgen: Incorporating a doubling of the accommodation.

Speaker Change: Support for exploration and development activities.

Nexgen: and Road Maintenance in Readiness for Heavy Haulage Transportation on the successful receipt of federal approvals.

Leigh Curyer: This has been achieved side by side with our local community partners who are currently contributing in the direct for their own partnership to 82% of Rook 1 site services and commerce. Rook 1 is ready to begin major construction upon receipt of final approvals, with identification and engagement of the industry experts in shaft thinking infrastructure underground development in place. Early stage construction aspects are fully engineered and designed. The team continues to work towards further optimisation, such as enhanced recovery energy initiatives through kinetic heat recovery and increased automation of material handling and processes. To exploration, in March, we announced a new Greenfield discovery on Patterson Corridor East, PCE, 3.5 kilometers east of Arrow on our 100% owned SW2 Rook 1 property.

Unknown Attendee: Financial Results Conference School. At this time, all lines are in listen only mode. Following the presentation, we will conduct a question and answer session.

Leigh Curyer: So we're currently contributing either directly or in partnership to 82% of Rook One site services and commerce. Rook One is ready to begin major construction upon receipt of final approvals, with the identification of the industry experts in shaft sinking, infrastructure, and underground development in place. Early stage construction aspects are fully engineered and designed.

Speaker Change: This has been achieved side-by-side with our local community partners who are currently contributing either directly or in partnership to 82% of Rook One site services and commerce.

Unknown Attendee: If at any time during this call, you require immediate assistance, please press star zero for the operator. This call is being recorded on Thursday, August 8, 2024.

Leigh Curyer: Rook One is ready to begin major construction upon receipt of final approvals, with the identification and engagement of the industry experts in shaft sinking, infrastructure, and underground development in place. We continue to build on these positive results, which are indicating a large mineralized footprint with remarkable continuity. Whereas that arrow is at the same stage, we had not intersected that until AR 1415, the 15th hole drilled. The drilling program at PCE is now specifically targeting two aspects.

Speaker Change: rook one is ready to begin major construction upon receivedof final approvals with identification in j engagement of the industry experts in shaarfthinking infrastructure underground development in place

Leigh Curyer: I would now like to turn the conference over to Mr. Leigh Curyer, CEO and Director of NexGen Energy. Please go ahead. Thank you, Calvin. Welcome and thank you all for joining NexGen's Q2-24 update and financial results call. On Lee Curyer, Chief Executive Officer of NexGen Energy, joining me is Travis McPherson, Chief Commercial Officer and Benjamin Salter, Chief Financial Officer. We will be making forward-looking statements throughout the call, so please visit our website for any relevant disclaimants.

Leigh Curyer: The team continues to work towards further optimisation, such as enhanced recovery, energy initiatives through kinetic heat recovery, and increased automation of material handling and processing. For Exploration, In March, we announced a new greenfield discovery on Patterson Corridor East, PCE, 3.5km east of Arrow on our 100% owned SW2 Rook 1 property. We continue to build on these positive results, with this morning announcing very exciting preliminary summer drilling results. To date,

Speaker Change: early stage construction aspects are fully engineered and designed

Speaker Change: The team continues to work towards further optimisation such as enhanced recoveries, energy initiatives through kinetic heat recovery, and increased automation of material handling and processes.

Leigh Curyer: Eight of 12 summer drill holes intersected mineralization, which is indicating a large mineralized footprint with remarkable continuity. Referencing figures 1 and 2 in this morning's news release, the footprint of PCE is currently larger than ARROWS at the same stage of meters drilled, with the geological setting indicating a tremendously prospective basement-hosted system with many geological similarities to ARROWS. In the first 15 holes at Arrow, mineralization was defined over a 550m vertical extent, 500m straight length, and 150m width.

Speaker Change: to exploration

Speaker Change: in march we announced a new greenfield discovery on cadusson corridor east pce three point five kilometers east of barrowed on one hundred percent owned s w two reone property

Leigh Curyer: Since we last spoke in May, there have been exciting developments in advancing the OEC1 project closer to production and actions within our industry that further underscore the need for a diversified and sustainable Uranium supply chain. One that has more production capability and longevity in Western jurisdictions, where there has been a tremendous underinvestment with the exception of a few in all aspects of the Uranium industry for decades. The Uranium market continues to be dynamic, with demand for stable electricity in every country worldwide, increasing whilst on the nuclear fuel supply side, current production continues to labour with significant production challenges regarding limited supply input availability, skilled labour and simply modernised nearing the end of their results life.

Leigh Curyer: We continue to build on these positive results, with this morning announcing very exciting preliminary summer drilling results. To date, eight of 12 summer drill holes intersected mineralisation, which is indicating a large mineralised footprint with remarkable continuity. Referencing figures one and two in this morning's usually, the footprint of PCE is currently larger than Arrows at the same stage of meters drilled, with the geological setting indicating a tremendously prospective basement-hosted system with many geological similarities to Arrows. In the first 15 holes at Arrow, mineralisation was defined over 550 metres vertical extent, 500 metres straight length, and 150 metres width.

Speaker Change: We continue to build on these positive results with this morning announcing very exciting preliminary summer drilling results to date.

Speaker Change: 8 of 12 summer drill holes intersected mineralization, which is indicating a large mineralized footprint with remarkable continuity.

Leigh Curyer: PCE already exhibits broader vertical and striped length of 600 metres and 400, 600 metres and 540 metres respectively, with the width currently of 75 metres. Further, there is the presence of intense mineralisation greater than 61,000 counts per second, which is the Holcher high grade mineralisation in four holes at PCE; whereas that arrow at the same stage, we had not intersected that until AR 1415, the 15th hole drilled, which then led to the vectoring in and discovery of the eight to high grade half, which represents approximately 180 million pounds at just under 20% average grade. When you consider the combination of these broad space holes at PCE and the similarities to arrows, the grouched potential here is obvious.

Leigh Curyer: PCOE already exhibits broader vertical and stripe lengths of 600 metres and 400 metres, at 600 metres and 540 metres, respectively, with a width currently of 75 metres. Furthermore, there is the presence of intense mineralization greater than 61,000 counts per second, which is the Holcher high-grade mineralization in four holes at PCE. Whereas that arrow was at the same stage, we had not intersected that until AR 1415, the 15th hole drilled, which then led to the vectoring in and discovery of the A2 high-grade heart, which represents approximately 180 million pounds at just under 20% average grade. When you consider the combination of these broad space holes at PCE and the similarities to Arrow.

Leigh Curyer: During the quarter, additional factors arose, exacerbating these already significant supply side challenges. Movement largely influenced by legislative impacts, including taxation, in current largest producers at Kazakhstan, with simply results in their in-country production costs becoming higher, and additional geopolitical impacts, such as in Niger, canceling mining leases. The focus on securing long-term supply in the face of these ongoing challenges continues to manifest amid the growing supply deficit, which is currently estimated to be approximately 60 million pounds annually and growing to over 240 million pounds by 2014.

Speaker Change: Mineralization in four holes at PCA.

Speaker Change: Where is that arrow at the same stage, we are not in a mistake did that until.

Speaker Change: 14, 15, the 15th hole drilled.

Speaker Change: Which then led to the Vectoring and discovery of the H two high grade hop, which represents approximately 180 million pounds at just under 20% average grade.

Leigh Curyer: Long-term prices for Uranium over the quarter continue to rise, as demand continues to outpace supply, and investment in the sector is nowhere near the run rate to ensure long-term supply stability, particularly as governments continue to reinforce their clean energy commitments as energy security concerns grow materially with the advent of energy-hungry data centres. The sector continues to receive a steady stream of positive news, reinforcing that the global resurgence in nuclear energy demand.

Speaker Change: When you consider the combination of these broad space towards the PCA and the similarities to arrow the growth potential here is obvious and.

Leigh Curyer: The growth potential here is obvious. The drilling program at PCE is now specifically targeting two aspects. Continued broad-space drilling to define the extent of mineralization and, two, vectoring into the ultra-high-grade zones within the area of mineralization. Discoveries of the calibre of arrow all take their own path in terms of time and extent of drilling to fully define a world class oil body. PCE is now commencing its path, showing all the characteristics of Arrow at the same stage.

Leigh Curyer: The drilling programme at PCE is now specifically targeting two aspects: continued broad space drilling to define the extent of mineralisation and, two, vectoring into the ultra-high grade zones within the area of mineralisation. Discoveries of the calibre of arrows will take their own path in terms of time and extent of drilling to fully define a well-class all-body. PCE is now commencing its path, showing all the characteristics of Arrow at the same stage. PCE validates the continued prospectivity of the next-gen land package is incredibly immense and underpins the south-west section of the Basque Basin as the future of Canada's uranium industry's growth from the latter part of this decade and for over the balance of this century.

Speaker Change: The drilling program at pace as now specifically targeting two aspects continued broad sites drilling to define the extent of mineralization and to vectoring into the ultra high grade zones within the area of mineralization.

Leigh Curyer: Continued broad-space drilling to define the extent of mineralization and, two, vectoring into the ultra-high-grade zones within the area of mineralization. Discoveries of the calibre of arrow all take their own path in terms of time and extent of drilling to fully define a world class oil body.

Speaker Change: Discoveries of the caliber of arrow old tighten their own path in terms of time and extent of drilling to fully define a world class ore body pace.

Leigh Curyer: It has never been stronger and is simply growing. In the United States, milestones include the vocal four reactor entering commercial operation, steps to boost advanced reactors, the Department of Energy's 3.4 billion U.S, requests for proposals to stockpile low enriched Uranium to provide a backup supply to place Russian imports, and the bipartisan support to enhance the U.S, and its Allied partners' capacity to enrich, convert mining Uranium in order to sustain the required nuclear power generation in the U.S. Other notable developments include the U.S. Senate passing the Advanced Act and multiple initiatives to restart and extend the life of existing nuclear plants, including welcome turn around the three mile island, the Palisades and Indian points.

Speaker Change: <unk> is now commencing its pop showing all the characteristics of our at the same stage.

Leigh Curyer: PCE validates the continued prospectivity of the NexGen land package is incredibly immense and underpins the southwest section of the Athabasca Basin as the future of Canada's uranium industry growth from the latter part of this decade and for the balance of this century. Our summer drilling program is likely to be extended into the winter, incorporating a short break during the change of seasons, and more information regarding this will be disseminated once approved.

Speaker Change: <unk> validates the continued prospectively of the Nextgen land package is incredibly immense and underpins the southwest section of the Athabasca Basin is the future of Canada's uranium industry's growth.

Speaker Change: From the latter part of this decade and for the balance of this century.

Leigh Curyer: Our summer drilling programme is likely to be extended into the winter, incorporating a short break during the change of seasons, and more information regarding this will be disseminated once approved.

Speaker Change: As some of the drilling program is likely to be extended into the winter incorporating a short break during the change of seasons and more information regarding this will be disseminated once approved.

Leigh Curyer: We look forward to answering any questions the audience may have at the conclusion of this report on these exciting results. We are also progressing negotiations with the utilities and will advance this post-WNA in London this September. On the back of the Iranian purchase next-gen undertook, multiple new utilities have approached next-gen seeking uranium supply from 2028 and beyond, as well as there has been a material increase in the project from a variety of financiers. The current and future scarcity of uranium in the market cannot be understated, and hence why we remain steadfast in our contracting approach on maximising leverage to future prices.

Leigh Curyer: We look forward to answering any questions the audience may have at the conclusion of this report on these exciting results. We are also progressing negotiations with the utilities and will advance this post at the WNA in London this September. On the back of the uranium purchase NexGen undertook, multiple new utilities have approached NexGen, seeking uranium supply from 2028 and beyond. As well as there being a material increase in the project from a variety of financing, the current and future scarcity of uranium in the market cannot be understated, and hence why we remain steadfast in our contracting approach to maximize leverage to future prices.

Speaker Change: We look forward to answering any questions the audience might have at the conclusion of this report on these exciting results.

Speaker Change: We are also progressing negotiations the utilities and we will advance this post the WNS in London the September on.

Leigh Curyer: Additionally, Canada announced the construction of its first small modulator in Saskatchewan, home of the Rook 1 project and continues to make further investments in small modular reactor research while developing new nuclear engineering hubs. Furthermore, we've seen signs of both Australia and Italy are contemplating lifting their bands of nuclear power and several European countries, including France, Poland and the UK are currently expanding their nuclear capabilities. South Korea, Japan and India are also ramping up their nuclear energy programs, while other nations Turkey, Saudi Arabia and the Philippines, are exploring new nuclear project objectives.

Speaker Change: On the back of the uranium purchase Nextgen undertook multiple new utilities have approach nextgen, taking Iranian supply from 2020 and beyond as well as there's been a material increase in the project from a variety of finance it.

Speaker Change: The current and future scarcity of uranium in the market cannot be understated and hence why we remain steadfast in our contracting approach on maximizing leverage to future prices.

Leigh Curyer: We will only contract on terms that reflect the sustainable price to encourage and promote a more diversified Western world mine supply platform. This is a set price being substantially higher than the current uranium prices when considering the economics and permitting hurdles of Western world advanced development projects.

Leigh Curyer: We will only contract on terms that reflect the sustainable price to encourage and promote a more diversified Western world mine supply platform. This assessment price being substantially higher than the current uranium price when considering the economics and permitting hurdles of Western World Advanced Development Projects. I'd like to take the opportunity to highlight and remind the audience.

Speaker Change: We will only contract on terms that reflect the sustainable price to encourage and from a more diversified western world months' supply platform.

Speaker Change: But it's the first prize being substantially higher than the current uranium prices when considering the economics and permitting hurdles of western World Advanced development projects.

Leigh Curyer: It's a remarkable global effort in the expansion and procurement of clean, base load power while simultaneously decarbonizing energy generation. We're seeing significant activity in the market, particularly from the U.S, and European utilities, aiming to reduce reliance on Russian supplies and the revocation of uranium mining licenses in the Niger, and also in the UK. Also, ERAs Jabalucamide, increasing the uncertainty of future supplies. These actions further highlight the critical demand for uranium source from politically stable and sustainable regions such as Saskatchewan, the U.S, and Australia.

Leigh Curyer: I'd like to take the opportunity to highlight and remind the audience possible uranium projects in the Western world are straight up scarce. Those currently in production are either making razor-thin returns and, in some cases, losses, and those proposed face the toughest development and permitting challenges in the entire resources sector. Next-gen being at the conclusion of the permitting process has the most recent and first-hand experience of what is involved. It cannot simply be assumed, and history will support us on this. That all stated uranium development projects will move into production as a significant component of permitting success is dependent on multiple factors: economic, technical, environmental, skilled, experienced labour, stakeholder engagement; all facets which have to be met prior to a single pound being produced.

Speaker Change: A lot to take the opportunity to highlight and remind the audience.

Leigh Curyer: Profitable uranium projects in the Western World are straight up scared. Those currently in production are either making razor-thin returns and, in some cases, losses. And those proposed face the toughest development and permitting challenges in the entire resources sector.

Speaker Change: Profitable uranium projects in the Western World is straight up scared.

Speaker Change: It's currently in production either Mikey razor thin returns and in some cases losses and those proposed face the toughest development and permitting challenges in the entire resources sector.

Leigh Curyer: NexGen being at the conclusion of the permitting process, as the most recent and first-hand experience of what is involved. It cannot simply be assumed, and history will support us on this, that all stated uranium development projects will move into production as forecasted or possibly at all. A significant component of permitting success is dependent on multiple factors, economic, technical, environmental, skilled and experienced labor, and stakeholder engagement. All of which have to be met prior to a single pound being produced.

Speaker Change: Next gen being at the conclusion of the permitting process as.

Speaker Change: The most recent and first hand experience of what is what is involved.

Speaker Change: They can not simply be assumed and history will support us on this.

Leigh Curyer: Also supporting the growing need for uranium and a stable supply nuclear energy, represented as a Google, Microsoft, OpenAI and Meta, continue to advocate for nuclear power sources to help meet the growing demand for load carbon energy to power AI and the data centers. Both U.S. Democratic and Republican leaders have recently advocated the U.S, would rely heavily on nuclear power to meet the electrical demands from these data centers. As the critical need for new uranium supplies grows, we're advancing our Ruk1 project optimally and are in the final stages of federal approvals having received both the acceptance of our federal license application as well as full provincial environmental assessment approval in September and November 2023 respectively.

Speaker Change: That all stated uranium development projects will move into production is forecasted or possibly at all.

Speaker Change: <unk> component of permitting success is dependent on multiple factors economic technical environmental skilled and experienced labor stakeholder engagement.

Speaker Change: All facets.

Speaker Change: Have to be met prior to a single pound being produced.

Leigh Curyer: There are currently less than a handful of projects located in Canada, the US, and Australia, capable of reaching production within five years from now and at the current prices. To the financial section, as per the financial statement and disclosure's released as prior, at the end of the second quarter and being 30 to June 2024, NexGen has approximately 570 million Canadian in cash, having raised 346.5 million during the first half of 2024 and 340 million Canadian in uranium on our balance sheet. 161 million is budgeted to spend for the full year 2024, covering site program, engineering, procurement of long lead time items, project development costs, exploration permitting, community programs, and training.

Leigh Curyer: There are currently less than a handful of projects located in Canada, the US, and Australia capable of reaching production within five years from now and at the current price, in the financial section. As for the financial statements and disclosures released just prior,

Speaker Change: Eric currently less than a handful of projects located in Canada, The U S and Australia capable of reaching production within five years from now and at the current prices.

Speaker Change: Should the financial section.

Operator: As for the financial statements and disclosures released just prior, $161 million is budgeted. Spend for the full year 2024 covering the site program, engineering, procurement of long-lead time items, project development costs, exploration, permitting, community programs, and training, all focused on reading that it's for final approval. Thank you. These programs resulted in more than 300 students and community members participating throughout 2023, of which 39% were female and 99% Indigenous. We anticipate approximately 400 participants for our 2024 programs and expect 100% of the participants to be indigenous.

Speaker Change: As per our financial statements and disclosures relates just prior.

Leigh Curyer: At the end of the second quarter, ending 30th June 2024, NexGen has approximately 570 million Canadian dollars in cash, having raised $346.5 million during the first half of 2024, and 340 million Canadian dollars in uranium on our balance sheet. $161 million is budgeted. Thank you all for joining us today. Cash GNA for the quarter was $11.03 million, inclusive of some of the one-off costs associated with the capital raising proceeds of $346.5 million.

Speaker Change: We ended the second quarter, ending 30 June 2020 for Nextgen has approximately 570 million.

Speaker Change: Million Canadian E cash, having raised $346 5 million during the first half of 2024.

Leigh Curyer: On June 21, 2024, the Canadian New Persafely Commission concluded that 30-day completeness check of our May 2021 submission, which included the responses to the remaining 49 aspects. The technical review of this submission is now in completion, so we look forward to the CNSC confirming that all aspects are accepted, the EIS being deemed final and the CNSC promptly setting the date to the federal commission hearing. The commission hearing date and subsequent commission decision represent the final stages of full approvals.

Speaker Change: $340 million Canadian and uranium on our balance sheet.

Speaker Change: $161 million is budgeted.

Speaker Change: The spend for the full year 2024, covering sock program engineering procurement of long lead time items project development costs exploration permitting community programs and training.

Leigh Curyer: Cash GNA for the quarter with 11.03 million, inclusive of some of the one-off cost associated with the capital raising proceeds of $346.5 million. Four years 2024, GNA's forecast will represent less than one fifth of those total expenditures for the year in supporting a workforce approaching 100 persons and up to another 50 consultants and service providers engage across all activities totaling $161 million. All focus in reading that it's for final approval and subsequent commencement of construction, and once in operation generating over two billion Canadian free and cash flows. As we work to advance the Rook1 project, we maintain high standards for our sustainability practices and corporate governance.

Speaker Change: Cash G&A for the quarter was $11.0 million to $3 million includes sale of some of the one off costs associated with the capital raising proceeds of $346 $5 million.

Leigh Curyer: The project is strongly supported by indigenous nation partners who have advocated many times publicly and directly with this project to be approved immediately. Lee. The project squarely fits with all of the government of Canada's targets with respect to critical minerals, Indigenous engagement and decarbonisation. It will be instrumental to building Canada's place as the leading supplier of the cleanest base load fuel source known to mankind. We are ready to commence full-sale construction activities and immediately upon receipt of those federal, final federal approvals.

Leigh Curyer: For the year 2024, GNA's forecast will represent less than one fifth of those total expenditures for the year in supporting a workforce approaching 100 persons and up to another 50 consultants and service providers engaged across all activities totaling $161 million, all focused on reading that it's for final approval and subsequent commencement of construction, and once in operation, generating over $2 billion in Canadian. Afraid CashFlows, As we work to advance the Rook One project, we maintain high standards for our sustainability practices and corporate governance. In May, we released an annual sustainability report.

Speaker Change: Well, we gave 2020 for G&A is forecast to represent less than one fifth of those total expenditures for the year and supporting our workforce approaching 100% and up to another 50 consultants and service providers engaged across all activities totaling $161 million.

Speaker Change: Focused in writing that its final approval.

Speaker Change: And subsequent commencement of construction and once in operation generating over 2 billion Canadian.

Speaker Change: Our free cash flow.

Leigh Curyer: And we will be in production approximately 40 months, 40 months thereafter. Bring online what is capable of being the world's largest uranium mine and one capable of generating an excess of two billion dollars Canadian annually in free cash flow at current uranium prices. We've made significant progress with the Rukwan project this year. Procurement of critical path items are tracking well, including the temporary freeze part, which are now complete, in storage and ready for shipment to site.

Speaker Change: As we work to advance the <unk> project, we maintain high standards for our sustainability practices in corporate governance in May we released an annual sustainability report. The report marks a fourth year of Nextgen has reported the company's robust environmental social and governance profile and ease.

Leigh Curyer: In May, we release an annual sustainability report. The report marks the fourth year, next gen as reported, the company's robust environmental, social and governance profile and is in accordance with Global Reporting Initiative GRI. Firelights include expanded training and education programs, launching groundbreaking and unprecedented partnerships in local industry, education institutions, and communities to offer trade training and certification for the creation of a strong and thriving workforce in the local community adjacent to the Rook1 project. These programs resulted in more than 300 students and community members participating throughout 2023, of which 39% were female and 99% Indigenous.

Leigh Curyer: The report marks the fourth year NexGen has reported the company's robust environmental, social, and governance profile and is in accordance with the Global Reporting Initiative, GRI. Highlights include: Thank you all for joining us today. These programs resulted in more than 300 students and community members participating throughout 2023, of which 39% were female and 99% Indigenous. We anticipate approximately 400 participants for our 2024 programs and expect 100% of the participants to be Indigenous. Diverse top tier talent

Speaker Change: In accordance with global reporting initiative <unk> highlights include expanded training and education programs launching groundbreaking on price it in partnerships with local industry education institutions in communities Dolphin tried training and certification for the creation of a strong and thriving.

Leigh Curyer: Both the sharp infrastructure partner and hoist partner have been identified and with final contractual turns being concluded. The team is ready to mobilize as soon as final permits are received. The remaining procurement plan for 2024 is consistent with previous communication and is predicated on optimising the time of the timing of financial commitments based on a combination of risk reduction, optimisation of the project's critical call path and capital spend efficiency to maintain a ready state to commence construction upon receipt of requisite final federal approvals.

Speaker Change: Workforce in the local community adjacent to the <unk> project.

Speaker Change: These programs resulted in more than 300 students and community members participating throughout 2023 of which 39% with female and 19, 9% indigenous.

Leigh Curyer: We anticipate approximately 400 participants were at 2024 programs and expect a hundred percent of the participants to be Indigenous. By verse top tier talent, we foster a diverse, safe work environment where everyone is present with respect. Our commitment to community development training is exemplified by 80% of site employees in 2023 being local community members residing in the local priority area. Furthermore, in comparison to industry standards that see 16% female employees, 34% of NexGen personnel were female in 2023. And we see them appear joining our board; women now represent 30% of our directors. Local careers and procurement through the four benefit agreements with our nation partners; mechanisms are in place to ensure procurement opportunities are communicated transparently and well in advance, allowing for maximum local supply chain participation.

Speaker Change: We anticipate approximately 400 participants for our 2020 ballpark grants and expect 100% of the <unk>.

Speaker Change: Rents to be indigenous.

Leigh Curyer: We foster a diverse, safe work environment where everyone is treated with respect. Our commitment to community development training is exemplified by 80% of site employees in 2023 being local community members residing in the local priority area. Furthermore, in comparison to industry standards that see 16% female employees, 34% of NexGen personnel were female in 2023.

Operator: Top tier talent. We foster a diverse, safe work environment where everyone is treated with respect. Furthermore, in comparison to industry standards that say 16% female employees, 34% of NexGen personnel were female in 2023. And with Suzanna Pearce joining our board, women now represent 30% of our direct, Local Careers and Procurement. Through the four benefit agreements with our nation partners, mechanisms are in place to ensure procurement opportunities are communicated transparently and well in advance to allow for maximum local supply chain participation.

Speaker Change: Diverse top tier talent, we foster a diverse type work environment, where everyone is traded with respect our commitment to community development Chinese exemplified by 80% of site employees in 2020 trade buying local community members residing in the local priority area.

Leigh Curyer: We've completed an outside infrastructure on and around the site in preparation for full construction to commence upon final federal approval. Last week we provided updated feasibility study economic estimates for the Rukwan project. The updated estimates place Rukwan as one of the world's elite resource projects economically was delivering elite environmental performance throughout its life cycle and enclosure alongside industry leading local community aspects and outcomes. Incorporating US $95 at pound, the MPB of the project increased the 6.3 billion Canadian and the payback period remained consistent at approximately 12 months whilst incorporating capex adjustments to 2.2 billion Canadian or 1.58 billion US and an off-ex increase to $998 US per pound related to inflation and enhanced environmental performance.

Speaker Change: Furthermore, in comparison to industry standards, let's say, 6% to 8% female employees, so 84% of Nextgen personnel were female and 2023.

Suzanne: Suzanne opinions, joining our board women now represent 30% of our directors.

Leigh Curyer: And with Suzanna Pearce joining our board, women now represent 30% of our direct, Local Careers, and Procurement. Through the four benefit agreements with our nation partners, mechanisms are in place to ensure procurement opportunities are communicated transparently and well in advance to allow for maximum local supply chain participation, with the result being 82% of procurement for one site going through our nation partners. The key to this positive outcome is the continuation and growth of training initiatives for local priority area community members.

Speaker Change: Local creators and procurement through the full benefit agreements with a nation partners mechanisms are in place to ensure procurement opportunities are communicated transparently and well in advance to allow for maximum local supply chain participation with the result, being 82% of procurement broke one saw coming through our nation.

Leigh Curyer: With the result being 82% of procurement for one site going through our nation partners. The key to this positive outcome is the continuation and growth of training initiatives for local priority area community members.

Speaker Change: Partners.

Speaker Change: This positive outcome is a continuation and growth the training initiatives for local priority area community members.

Leigh Curyer: And that is something that come to me is incredibly proud of. Our dedicated team, along with our valued indigenous partners, shareholders, government, and regulatory partners, should all be credited with how we are working collectively through the approvals, all in the service of bringing the largest single source uranium deposit to production this decade. As we look forward, as we look to the second half of 2024, our focus is on finalising the federal permitting process to advance the Rook 1 project that is poised to have a positive impact on both the economy, their environment, local communities and generating the generational benefits.

Leigh Curyer: And that is something the company is incredibly proud of. Our dedicated team, along with our valued Indigenous partners, shareholders, government, and regulatory partners, should all be credited with how we are working collectively through the approvals, all in the service of bringing the largest single-source uranium deposit to production this decade. As we look forward, as we look to the second half of 2024, our focus is on finalizing the federal permitting process to advance the Rook One project that is poised to have a positive impact on both the economy, the environment, local communities, and generating, Unknown Attendee, a generational benefit.

Speaker Change: And that is something the company is incredibly proud of.

Leigh Curyer: This is supported by advancing from 18% as per the feasibility study to 45% through the completion of front end and engineering design. As guided this increase includes approximately 320 million Canadian due to inflation and approximately 590 million Canadian for design enhancements improving the efficiency, operating flexibility and operability of the mine. The mine line from production profile are entirely consistent with the 2021 feasibility study. Lee. Importantly and uniquely included in the cost for the project are reclamation liabilities being incurred throughout the mind life.

Speaker Change: Our dedicated team along with our valued indigenous partners shareholders government and regulatory partners should all be credited with how we are working collectively through the approvals all in the service of bringing the largest single source of uranium deposit to production. This decade.

Speaker Change: As we look forward as we look to the second half of 2024, our focus is on finalizing the federal permitting process for the advanced <unk> project that is poised to have a positive impact on policy economy their environment local communities and generating.

Speaker Change: Generational benefits.

Leigh Curyer: With current mine supplier having never been more fragile and the growing deficit requiring more than five Rook 1 size projects to be found, permitted, finance and construct, our next 20 years will continue to lead the industry with our innovative approach and steadfast dedication to excellence in all aspects of mine development.

Leigh Curyer: With current mine supply having never been more fragile and the growing deficit requiring more than five Rook one-size projects to be found, permitted, financed, and constructed over the next 20 years, we'll continue to lead the industry with our innovative approach and steadfast dedication to excellence in all aspects of mine development. Now, let's transition to the Q&A, and I look forward to all the questions that the audience may have.

Speaker Change: With current month's supply, having never be more fragile and the growing deficit.

Speaker Change: Borrowing more than five <unk> projects to be found permitted financing construct over the next 20 years, we will continue to lead the industry with our innovative approach and steadfast dedication to excellence in all aspects of mine development now.

Leigh Curyer: This total is approximately 900 million Canadians and will lead the project with a full estimate on closure of $70 million Canadian, which is a fraction of that of other projects in Canada where liabilities are significant and at the time multiple decades taken to reclimate such was the case at Kloth Lake. This aspect is one of the many elite design and industry innovative approaches the company is committed to investigate and subsequently materialise.

Operator: With the result being 82% of procurement for the Kwan site going through our nation partners. With current mine supply having never been more fragile and the growing deficit requiring more than five Rook one-size projects to be found, permitted, financed, and constructed over the next 20 years, we'll continue to lead the industry with our innovative approach and steadfast dedication to excellence in all aspects of mine development. Now we transition to the Q&A, and I look forward to all the questions that the audience may have.

Leigh Curyer: Now let's transition to the Q&A, and I look forward to all the questions that the audience may have. Thank you.

Speaker Change: Now, let's transition to the Q&A and I'll look forward to all the questions that the audience might have.

Speaker Change: Thank you moderator.

Operator: Ladies and gentlemen, we will now begin the question-and-answer session. Should you have a question, please press the star button followed by the number one on your touch-tone phone. You will hear a prompt that your hand has been raised. Should you wish to decline from the polling process? Please press the star button followed by the number two. If you are using a speaker phone, please lift the handset before pressing any keys. One moment, please, for your first question.

Operator: Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press the star button followed by the number one on your touchtone phone. You will hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press the star button followed by the number 2. If you are using a speakerphone, please lift the handset before pressing any key.

Leigh Curyer: Thank you.

Speaker Change: Ladies and gentlemen, we will now begin the question and answer session should you have a question. Please press the start button followed by the number one on your Touchtone phone, you'll hear a prompt that your hand has been raised should you wish to decline from the calling process. Please press the star button, followed by the number too few or using a speaker.

Operator: Ladies and gentlemen, we will now begin the question-and-answer session. Should you have a question, please press the star button followed by the number 1 on your touchtone phone. You will hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press the star button followed by the number 2. If you are using a speakerphone, please lift the handset before pressing any key.

Leigh Curyer: This approach will be applied throughout its operational phase with further advancements in technology and innovation with the objective of having its few persons underground as achievable through the use of remote sensing and operation technology which delivers optimal operation and safety performance. Next end is going further and might safely in production efficiently than has ever been seen before. Further, this updated cost reflects the advanced stage of the project with the site enhancements over the first half of 2024 incorporating a doubling of the accommodation support for exploration and development activity and road maintenance and readiness for heavy haulage transportation on the successful receiver federal approvals.

Speaker Change: Allen please lift the handset before pressing and keeps one moment. Please for your first question.

Operator: One moment, please, for your first question. Your first question comes from the line of Andrew Wong of RBC Dominion Securities. Please go ahead.

Speaker Change: Okay.

Andrew Wong: Your first question comes from the line of Andrew Wong of RBC Dominion Securities. Please go ahead.

Speaker Change: Your first question comes from the line of Andrew Wong of RBC Dominion Securities. Please go ahead.

Andrew Wong: Hey, good morning. Thanks for taking my questions.

Leigh Curyer: If you're morning, thanks for taking my questions. So here's your thoughts on how the Patterson Lake area should be developed in the future. I mean, it's pretty clear that there's a lot of uranium in the area. It's very high the perspective. You have the BLS project just come up across the lake and look one.

Andrew Wong: Hey, good morning. Thanks for taking my questions.

Andrew Wong: Hey, good morning, Thanks for taking my questions.

Andrew Wong: I was curious like what are your thoughts on how the potash in lake area should be developed in the future.

Leigh Curyer: So, Leigh, I was curious, like, what are your thoughts on how the Patterson Lake area should be developed in the future? I mean, it's pretty clear that there is a lot of uranium in the area. It's a very high perspective. You have the PLS project just coming up across the lake from Rook One. So, you know, like, does it make sense to develop these areas separately, or do they need to be developed together to share infrastructure and capital and maybe be more efficient?

Speaker Change: Pretty clear that there's a lot of uranium in the area, it's very hard to perspective.

Leigh Curyer: So Leigh, I was curious, like, what are your thoughts on how the Patterson Lake area should be developed in the future? I mean, it's pretty clear that there is a lot of uranium in the area. It's very highly prospective. You know, the PLS project just kind of crossed the lake from Rook One. So, you know, like, does it make sense to develop these areas separately, or do they need to be developed together to share infrastructure and capital and maybe be more efficient?

Speaker Change: Pls project just come across at least from broke one.

Leigh Curyer: This has been achieved side by side with our local community partners who are currently contributing in the direct for their own partnership to 82% of Rook 1 site services and commerce. Rook 1 is ready to begin major construction upon receipt of final approvals with identification and engagement of the industry experts in shaft thinking infrastructure underground development in place. Early stage construction aspects are fully engineered and designed. The team continues to work towards further optimisation such as enhanced recovery energy initiatives through kinetic heat recovery and increased automation of material handling and processes.

Leigh Curyer: So it doesn't make sense to develop these areas separately, or they develop together to share infrastructure and capital to maybe be more efficient. Good question. I can only really answer for ourselves. We are very focused, as you know, having discovered this project in February 2014, and it clearly looks like we're on to another magnificent discovery. This area is going to be the future growth of Canada's uranium industry. Look, we are obviously clearly advanced in our project. We are looking forward to the federal approvals, and we've built this or designed this project to service or from nearby deposits as well, obviously, clearly subject to subsequent approval, federal permitting, and provincial permitting aspects.

Speaker Change: No.

Speaker Change: It doesn't make sense to develop these areas separately or.

Speaker Change: Each of off each other to share infrastructure.

Speaker Change: Not at all to maybe 18 months or so.

Leigh Curyer: Yeah, that's a good question, and look, with respect, I can only really answer for myself. We are very focused, as you know, having discovered this project in February 2014. It clearly looks like we're on to another magnificent discovery. This area is going to be the future growth of Canada's uranium industry. Look, we are obviously clearly advanced in our project. We are looking forward to the federal approvals, and we've built this or designed this project to service ore from nearby deposits as well, obviously, clearly subject to subsequent approval, federal permitting, and provincial permitting aspects. Unknown Speaker, how it's been optimally done.

Leigh Curyer: Yeah, that's a good question, and look, with respect, I can only really answer for myself. We are very focused, as you know, having discovered this project in February 2014. It clearly looks like we're on to a... Look, we are obviously clearly advanced in our project. We are looking forward to the federal approvals and, We've built this or designed this project to service ore from nearby deposits as well, obviously, clearly subject to subsequent approval, federal permitting, and provincial permitting aspects.

Speaker Change: Yeah. That's a good question, then and look with respect I cannot really really answer for ourselves. We are very focused as you know.

Unknown Speaker: or from other projects coming into our mine site. Unknown Attendee, Leigh Curyer, Travis McPherson, Winston Miles, Unknown Attendee, Leigh Curyer, And at the appropriate time, those discussions will be had, and if concluded, we'll go through that.

Speaker Change: Having discovered this project in February of 2014 in.

Speaker Change: It clearly looks like we're on to.

Speaker Change: Another.

Speaker Change: Magnificent discovery.

Speaker Change: This area is going to be.

Speaker Change: The future growth of <unk>.

Speaker Change: Canada, just uranium industry.

Leigh Curyer: To exploration, in March, we announced a new Greenfield Discovery on Patterson Corridor East, PCE, 3.5 kilometers east of Arrow on our 100% owned SW2 Rook 1 property. We continue to build on these positive results with this morning announcing very exciting preliminary summer drilling results. To date, eight of 12 summer drill holes intersected mineralisation, which is indicating a large mineralised footprint with remarkable continuity. Referencing figures one and two in this morning's usually the footprint of PCE is currently larger than arrows at the same stage of meters drilled, with the geological setting indicating a tremendously prospective basement hosted system with many geological similarities to arrows.

Speaker Change: Look we are obviously clearly advanced in in.

Speaker Change: Our project.

Speaker Change: We are looking forward to the federal approvals and.

Speaker Change: With this.

Speaker Change: Designed this project too.

Speaker Change: Service all from nearby deposits as well, obviously clearly subject to subsequent approval federal permitting.

Speaker Change: And provincial permitting aspects.

Leigh Curyer: Unknown Attendee. How it's optimally done or accessing or from other projects coming into our mine site. Unknown Attendee, Leigh Curyer, Travis McPherson, Winston Miles, Leigh Curyer, And at the appropriate time, those discussions will be had, and if concluded, we'll go through that. We're focused on the Arrow deposit first, obviously, mineralization that is in and around Arrow, and everyone's aware that Arrow is open at depth as well. You know, on the basis that PCE shapes into something similar to Arrow, well, you know, we're going to be very busy for many, many decades just focusing on our own law. So, yeah, it's a good question, Andrew. As I said, I can only really answer that question from our perspective based on what we have in the company's portfolio as we speak.

Speaker Change: <unk>.

Leigh Curyer: How it's optimally done or accessing or from other projects coming into our mind site remains to be seen. There's clearly some synergies for those other deposits to access the Rook 1 milk. At the appropriate time, those discussions will be had, and if concluded, we'll go through that. We're focused on our narrow deposit first, obviously mineralisation that is in and around Arrow and everyone's aware that Arrow is open at depth as well. On the basis that PCE shapes into something similar to arrow, well, we're going to be very busy for many, many decades; just focus on our own law.

Speaker Change: Pallets optimally done.

Speaker Change: Yeah or accessing.

Speaker Change: Or from other projects coming in 12 months.

Speaker Change: <unk>.

Speaker Change: Our remarks to be saying, there's clearly some some synergies for those other deposits to access the AR.

Speaker Change: They require milk.

Speaker Change: And at the appropriate time, those subscriptions will be heading and it's concluded we will go to go through that but.

Leigh Curyer: In the first 15 holes at arrow, mineralisation was defined over 550 metres vertical extent, 500 metres straight length and 150 metres width. PCE already exhibits broader vertical and striped length of 600 metres and 400, 600 metres and 540 metres respectively, with the width currently of 75 metres. Further, there is the presence of intense mineralisation greater than 61,000 counts per second, which is the Holcher high grade mineralisation in four holes at PCE, whereas that arrow at the same stage, we had not intersected that until AR 1415, the 15th hole drilled, which then led to the vectoring in and discovery of the eight to high grade half, which represents approximately 180 million pounds at just under 20% average grade.

Leigh Curyer: We're focused on the Arrow deposit first, obviously the mineralization that is in and around Arrow, and everyone's aware that Arrow is open at depth as well. You know, on the basis that PCE shapes into something similar to Arrow, well, you know, we're going to be very busy for many, many decades, just focusing on our own oar. So, yeah, it's a good question, Andrew. We As I said, I can only really answer that question from our perspective based on what we have in the company's portfolio as we speak.

Speaker Change: We're focused on out narrow deposit first obviously mineralization that is in and around arrow.

Speaker Change: And everyone's aware that arrow is open at depth as well.

Speaker Change: Yeah on the basis that a PCA shapes into something similar to arrow, well, we're going to be very busy for many many decades, just focus on our own or <unk>.

Speaker Change: So.

Speaker Change: Yeah. It is.

Andrew Wong: It's a good question, Andrew.

Andrew Wong: Good question Andrew.

Speaker Change: We.

Leigh Curyer: As I said, I can only really answer it from our perspective based on what we have in the company's portfolio as we speak.

Speaker Change: As I said I can only really accurate from our perspective based on what we have.

Speaker Change: In the companies portfolio as we speak.

Andrew Wong: Okay, that's all fair.

Andrew Wong: Okay, that's all fair. Maybe just switching a little bit on the strategy around selling and marketing uranium. I think you've been pretty clear, you know, that you have plans to sell through contracts that maybe are short duration and give you 100% market-related pricing. And I'm just curious, as you have more conversations with potential utility customers and others in the industry, how has that evolved over time? And if there's anything that's changed, yeah, just clarify that. Oh, sorry, Travis. Unknown Attendee.

Andrew Wong: Okay, that's all fair. Maybe just switching a little bit on the strategy around selling and marketing uranium. I think you've been pretty clear, you know, that you have plans to sell through contracts that maybe are short of duration and give you 100% market-related pricing. And I'm just curious, as you have more conversations with potential utility customers and others in the industry, how has that evolved over time, and if there's anything that's changed. Yeah, just clarify that. Sorry, Travis, and I'm a good guy, aren't I?

Leigh Curyer: Maybe just switching a little bit on to the strategy around selling and marketing uranium. I think you'd be pretty clear, you know, that you have plans to sell through contracts that may be a short duration and give you 100% market-related pricing. I'm just curious, as you have more conversations with potentially utility customers and others in industry, has that you evolved over time? If there's anything that's changed, thanks. Yeah, just clarify that. Sorry, Travis.

Speaker Change: Just switching a little bit onto the strategy around selling and marketing uranium.

Speaker Change: <unk> be pretty clear.

Speaker Change: The plan to sell through.

Speaker Change: Contracts that may be a shorter duration and give you a 100% market related.

Leigh Curyer: When you consider the combination of these broad space holes at PCE and the similarities to arrows, the grouched potential here is obvious. The drilling programme at PCE is now specifically targeting two aspects, continued broad space drilling to define the extent of mineralisation and two, vectoring into the ultra-high grade zones within the area of mineralisation. Discoveries of the calibre of arrows will take their own path in terms of time and extent of drilling to fully define a well-class all-body.

Speaker Change: Pricing.

Speaker Change: I'm just curious as you have more conferences shows with <unk>.

Speaker Change: Central utility customers and others in industry, how does that evolve over time and.

Speaker Change: If theres anything thats changed thanks.

Speaker Change: Yes, just to clarify that.

Travis: Oh, sorry Travis.

Travis McPherson: I'd like to go ahead. Yeah, I might start and then head over to Travis, but what we've been, just to clarify what we have said, and it's on public record, we will sell under contract with pricing mechanisms to be heavily weighted to market prices at the time of delivery. And that is what we are pursuing. And that will be a transition over a period of time. And I can say the number of inbound calls that we have as a company from utilities looking to undertake offtake agreements with us from 2028 beyond. Well, we've had our busy issue yet, and there what is very pleasing to us is that it's new to utilities.

Lee: Go ahead Lee.

Leigh Curyer: Yeah, I might start and then hand over to Travis. But what we've been just to clarify what we have said, and it's on public record, we will sell under contract with pricing mechanisms to be heavily weighted to market prices at the time of delivery. And that is what we are pursuing, and that will be a transition over a period of time, and I can say the number of inbound calls that we have as a company from utilities looking to undertake off-take agreements with us from 2028 and beyond.

Leigh Curyer: Yeah, I might start and then hand over to Travis. But what we've been, just to clarify what we have said, and it's on public record, we will sell under contract with pricing mechanisms to be heavily weighted to market prices at the time of delivery. And that is what we are pursuing. And that will be a transition over a period of time, and I can say the number of inbound calls that we have as a company from utilities looking to undertake off-take agreements with us from 2028 and beyond.

Lee: Yeah, I'll start and.

Travis: And then hand over to travelers, but what would be just to clarify what we had said and some public record.

Leigh Curyer: PCE is now commencing its path, showing all the characteristics of arrow at the same stage. PCE validates the continued prospectivity of the next-gen land package is incredibly immense and underpins the south-west section of the at the Basque Basin as the future of Canada's uranium industry's growth from the latter part of this decade and for over the balance of this century. Our summer drilling programme is likely to be extended into the winter, incorporating a short break during the change of seasons and more information regarding this will be disseminated once approved.

Leigh Curyer: We will sell under contract with pricing mechanisms to be heavily weighted.

Travis: Two market prices at the time of.

Lee: Delivery.

Lee: And this is what we are pursuing.

Leigh Curyer: And.

Lee: That will be a transition over a period of time.

Lee: And I can say the number of inbound calls that we have as a company from utilities looking to.

Lee: Undertake offtake agreements with us from 2020 and beyond.

Leigh Curyer: We look forward to answering any questions the audience may have at the conclusion of this report on these exciting results. We are also progressing negotiations with the utilities and will advance this post-WNA in London this September. On the back of the Iranian purchase next-gen undertook, multiple new utilities have approached next-gen seeking uranium supply from 2028 and beyond as well as there has been a material increase in the project from a variety of financiers.

Leigh Curyer: Well, we've had our busiest year yet, and what is very pleasing to us is that it's new utilities, over and above that we've had conversations with in the past. Our strategy is on track, and we're getting a very good soundboard from the utilities with respect to that strategy.

Leigh Curyer: Well, we've had our busiest year yet, and what is very pleasing to us is that it's new utilities. Over and above that, we've had conversations in the past. Our strategy is on track. And we're getting a very good soundboard from the utilities with respect to that strategy.

Lee: Well, we've had a busy issue yet.

Speaker Change: The what.

Leigh Curyer: What is very pleasing to us is that.

Speaker Change: It's new to utilities.

Travis McPherson: Over and above that, we've had conversations within the past. So our strategy is on track, and we're getting a very good sound ball from the utilities with respect to that strategy.

Lee: Over and above that with the conversation here within the past so.

Lee: Our strategy is on track.

Leigh Curyer: And we're getting a very good soundboard.

Lee: From the utilities with respect to that strategy.

Travis McPherson: Travis? Yeah, I might just add that, yeah, the discussions with the utilities are progressing well. Lots and lots of interest; I would say growing interest globally. As we mentioned earlier, it will be focused of the second half of the year post the WNA, kind of after the summer break. Although we are busy in the summer, actually on this front, which is a bit unique in our experience. The summer tends to be a slower time, but continues to progress on next gen front with these utilities. So, and as we mentioned, we're not seeing any material concerns or anything part of a transition part of a negotiations.

Speaker Change: These credits.

Leigh Curyer: The current and future scarcity of uranium in the market cannot be understated and hence why we remain steadfast in our contracting approach on maximising leverage to future prices. We will only contract on terms that reflect the sustainable price to encourage and promote a more diversified western world mine supply platform. This is a set price being substantially higher than the current uranium prices when considering the economics and permitting hurdles of western world advanced development projects.

Travis McPherson: Yeah, I might just add that the discussions with the utilities are progressing well. Lots and lots of interest. I would say growing interest globally. As Leigh mentioned earlier, it will be focused on the second half of the year post the WNA, kind of after the summer break. Although we are busy in the summer on this front, which is a bit unique in our experience, the summer tends to be a slower time, but progress continues on the NexGen front with these utilities.

Travis McPherson: Yeah, I might just add that, yeah, the discussions with the utilities are progressing well, lots and lots of interest, I would say growing interest globally. As Leigh mentioned earlier, it will be focused in the 2nd half of the year post the WNA, kind of after the summer break, although we are busy in the summer actually on this front, which is a bit unique in our experience. The summer tends to be a slower time, but progress continues on the NexGen front with these utilities.

Speaker Change: Yeah, I might just add.

Speaker Change: The discussions with the utilities addressing well.

Lee: Lots and lots of interest I would say growing interest globally.

Speaker Change: As I mentioned earlier it will be focused on the second half of the year post the WMA kind of after the summer break.

Travis McPherson: Although we are busy in the summer actually on this front, which is a bit unique in our experience the summer tends to be a slower time, but.

Lee: <unk> continues to progress.

Travis McPherson: So, and as Leigh mentioned, we're not seeing any material concerns or anything. It's part of a transition, part of negotiations that I think are, and then all the macro tail ends that Leigh talked about, you know, they're all playing in favor of this, of us being able to optimize every pound we produce, dependent on how many pounds we produce. And I thank God that it's being recorded.

Travis McPherson: And as Leigh mentioned, we're not seeing any material concerns or anything. It's part of a transition, part of negotiations that I think are, and then all the macro tail ones that Leigh talked about, they're all playing in favor of us being able to optimize every pound that we produce, depending on how many pounds we produce.

Lee: On Nextgen front, where things utilities so.

Leigh Curyer: I'd like to take the opportunity to highlight and remind the audience possible uranium projects in the western world are straight up scarce. Those currently in production are either making razor thin returns and in some cases losses and those proposed face the toughest development and permitting challenges in the entire resources sector. Next-gen being at the conclusion of the permitting process has the most recent and first-hand experience of what is involved. It can not simply be assumed and history will support us on this.

Lee: And then as I mentioned, we're not seeing any any.

Lee: Material concerns or anything it's part of a transition part of our negotiations.

Travis McPherson: That I think are and then all the macro tail lines that Lee talked talked about. You know, they're all playing in favor of this, of us being able to optimize every pound we produce. Depending on how many pounds we produce. But I think that is being recognized.

Travis McPherson: That I think are and then all the macro tailwind for Lee talked about.

Travis McPherson: They are all playing in favor of this of us being able to optimize every pound that we produce.

Lee: Dependent on how many pounds reproduce.

Unknown Speaker: And I thank God that the screen recorded it.

Speaker Change: But I think that is being recognized.

Travis McPherson: Okay.

Andrew Wong: Okay, that's great. Thank you for all that.

Speaker Change: Okay. That's great. Thank you for all that.

Leigh Curyer: That all stated uranium development projects will move into production as A significant component of permitting success is dependent on multiple factors, economic, technical, environmental, skilled, experienced labour, stakeholder engagement, all facets which have to be met prior to a single pound being produced. There are currently less than a handful of projects located in Canada, the US and Australia, capable of reaching production within five years from now and at the current prices. To the financial section, as per the financial statement and disclosure's released as prior, at the end of the second quarter and being 30 to June 2024, NexGen has approximately 570 million Canadian in cash, having raised 346.5 million during the first half of 2024 and 340 million Canadian in uranium on our balance sheet.

Katie Lachapelle: Your next question comes from the line of Katie Lescher-Pell of Canacroge and UMHT Group. Please go ahead. Hey guys, and thanks for taking my question, and congrats again on today's expiration update. I was just wondering if you could comment further on M&A. Clearly you're in a position now where you could push forward and build area yourself. But you are nearing the end of the federal approval process. And that does seem like a key trigger for potential acquisition if someone did have a trust in ARL. So I know you're probably restricted what you can say about any further color in terms of any interest that you are seeing in ARL specifically.

Operator: Your next question comes from the line of Katie Lachapelle of Canaccord Genuity Group. Please go ahead.

Speaker Change: Your next question comes from the line of Katy Chapelle of Canaccord Genuity Group. Please go ahead.

Katie Lachapelle: Hey guys, thanks for taking my question and congrats again on today's exploration update. I was just wondering if you could comment further on M&A.

Katie Lachapelle: Hey, guys. Thanks for taking my question and congrats again on today's exploration update.

Katie Lachapelle: Clearly, you're in a position now where you could push forward and build AERO yourself. But you are nearing the end of the federal approval process, and that does seem like a key trigger for a potential acquisition if someone did have an interest in AERO. So I know you're probably restricted what you can say about any further color in terms of any interest that you are seeing in AERO specifically.

Leigh Curyer: Clearly, you're in a position now where you could push forward and build AERO yourself. But you are nearing the end of the federal approval process, and that does seem like a key trigger for a potential acquisition if someone did have an interest in AERO. So I know you're probably restricted what you can say about any further color in terms of any interest that you are seeing in AERO specifically.

Katie Lachapelle: I was just wondering if you could comment further on M&A clearly you are in a position now where you could push forward and build area yourself.

Leigh Curyer: But you are nearing the end of the federal approval process and that does seem like a key trigger for a potential acquisition that someone did have a trusted arrow.

Leigh Curyer: I know, you'll probably restricted in what you can say about any further color in terms of any interest that you are seeing in aerospace typically.

Leigh Curyer: Yeah, thanks, Katie. Yeah, I mentioned during the transcript that, you know, that we've had increased interest from various sources of finance for years. Unknown Attendee.

Leigh Curyer: Yeah, thanks, Katie. Yeah, I mentioned during the transcript that, you know, that we've had increased interest from various sources of financiers. Unknown Attendee.

Leigh Curyer: Yeah, thanks, Katie. I mentioned on the during the transcript that, you know, we've had increased interest from various sources of. Yeah, financials. Look, given the nature of the project, it is clearly on the radar of anyone who's in the production of energy fuel. And clearly on the radar of anyone who's in mining, the big majors out there have all been very open about transitioning their portfolios. Towards a heavier weighting to clean energy metals with strong ESG profiles in politically established jurisdictions. Next gen ticks all of those boxes very, very strongly. The permit, though, you know, we got the first provincial permit in over 20 years.

Leigh Curyer: Yes.

Leigh Curyer: Thanks, Katie you mentioned on the during the transcript that you know the.

Speaker Change: <unk> had increased interest from various sources of debt.

Finance is.

Leigh Curyer: Sure.

Leigh Curyer: Luke.

Leigh Curyer: Given the nature of the project, it's clearly on the radar of anyone who's in the production of energy fuels, and clearly on the radar of anyone who's in mining. The big majors out there have all been very open about transitioning their portfolios towards a heavier weighting to clean energy metals, with strong ESG profiles in politically stable jurisdictions. NexGen ticks all of those boxes very, very strongly.

Speaker Change: Given the nature of the project is clearly on the radar of anyone who's in.

Leigh Curyer: The production of energy feel and clearly on the radar of anyone who's been mining the big majors out there have all been very open about transitioning their portfolios.

Leigh Curyer: 161 million is budgeted to spend for the full year 2024 covering site program, engineering, procurement of long lead time items, project development costs, exploration permitting, community programs and training. Cash GNA for the quarter with 11.03 million, inclusive of some of the one off cost associated with the capital raising proceeds of $346.5 million. Four years 2024, GNA's forecast will represent less than one fifth of those total expenditures for the year in supporting a workforce approaching 100 persons and up to another 50 consultants and service providers engage across all activities totaling $161 million.

Leigh Curyer:

Leigh Curyer: At towards a heavier weighting to clean energy metals.

Leigh Curyer: With strong ESG profiles in political politically stable jurisdictions.

Leigh Curyer: The permit, though, you know, we got the first provincial permit in over 20 years. Subsequently, there hadn't been one in over 20 years federally, so it's a very big gate for NexGen to walk through, and it's approaching quickly. So I think it's fair to say that the interest... Well, their preparedness to act may increase post-federal approval, but as I've always said, we always approach this project on the basis that, and you've seen that in the feasibility study, we'll be the ones closing the mine down.

Leigh Curyer: Nextgen ticks all of those books is very very strongly.

Leigh Curyer: The permit.

Leigh Curyer: Yeah, we got the first provincial permit in over 20 years.

Leigh Curyer: <unk>.

Leigh Curyer: Subsequently, that hadn't been one in over 20 years federally. So it's a very big gate for next gen to walk through, and it's approaching quickly. So I think it's fair to say that the interest. for their preparedness to act. May elevate post-Post Federal approval, but as I've always set, we always approach this project on the basis that, and you've seen that in the feasibility study, we'll be the ones closing the mind down. Well, that is if we still a lot, but so we continue on that process on a daily approach of optimizing this project in every aspect.

Leigh Curyer: Subsequently there hadn't been one in over 20 years February so it's a very big gate.

Speaker Change: For Nexgen.

Leigh Curyer: To walk through and it's approaching quickly.

Leigh Curyer: So.

Leigh Curyer: All focus in reading that it's for final approval and subsequent commencement of construction and once in operation generating over two billion Canadian free and cash flows. As we work to advance the Rook1 project, we maintain high standards for our sustainability practices and corporate governance. In May, we release an annual sustainability report. The report marks the fourth year, next gen as reported, the company's robust environmental, social and governance profile and is in accordance with global reporting initiative GRI.

Leigh Curyer: It is fair to say that the interest well.

Leigh Curyer: Well their preparedness to ACH.

Leigh Curyer: Elevate post post federal approval, but as I've always said, we always approach. This project on the basis that and you've seen that in the feasibility study.

Leigh Curyer: We will be the ones closing the mine down.

Leigh Curyer: Well, that is, if we're still alive. But, and so we continue on that process, on a daily approach to optimizing this project in every aspect, and we'll continue to do so. But to answer your question, yes, there is an increase in interest. But, you know, how that eventuates, we will see.

Leigh Curyer: Well.

Speaker Change: That is still a lot.

Leigh Curyer: But, and so we continue with that process, a daily approach to optimizing this project in every aspect, and we'll continue to do so. But to answer your question, yes, there is an increase in interest. But, you know, how that eventuates, we will see.

Leigh Curyer: But.

Leigh Curyer: And so we continue on that on that process on it on a daily approach of optimizing this project in every aspect and we'll continue to do so.

Leigh Curyer: And we'll continue to do so. But to answer your question, yes, there is an increase in interest. But, you know how that event wise, we will see.

Leigh Curyer: But to answer your question, yes, there is an increase in interest.

Leigh Curyer: Firelights include expanded training and education programs, launching groundbreaking and unprecedented partnerships in local industry, education institutions and communities to offer trade training and certification for the creation of a strong and thriving workforce in the local community adjacent to the Rook1 project. These programs resulted in more than 300 students and community members participating throughout 2023, of which 39% were female and 99% Indigenous. We anticipate approximately 400 participants were at 2024 programs and expect a hundred percent of the participants to be Indigenous.

Leigh Curyer: But.

Leigh Curyer: How that eventually wound site.

Katie Lachapelle: Awesome. That's all for me, guys. Thank you.

Katie Lachapelle: Awesome. That's all for me. Yes. Thank you.

Speaker Change: Awesome, that's all for me thank you.

Craig Hutchison: Your next question comes from the line of Craig Hutchison of TD Securities. Please go ahead.

Operator: The next question comes from the line of Craig Hutchison of TD Securities. Please go ahead.

Operator: Your next question comes from the line of Craig Hutchison of TD Securities. Please go ahead.

Katie Lachapelle: Your next question comes from the line of Craig Hutchinson of TD Securities. Please go ahead.

Craig Hutchison: How are you going, guys? Just on the catbacks increase or arrow, $2.2 billion, does that include any early works, or is that separate? And I think you mentioned your opening remarks about 161 million dollar budget for this year, or just any kind of context in terms of whether that includes early works. And then maybe just as a follow-up with the $590 million of increased catbacks and enhancements, can you just provide some more color in terms of what those enhancements are?

Craig Hutchison: Hi, good morning, guys.

Craig Hutchison: Just on the CapEx increase for Arrow, $2.2 billion. Does that include any early works, or is that separate? And I think you mentioned in your opening remarks about a $161 million budget for this year. Just any kind of context in terms of whether that includes early work? And then maybe just as a follow-up, the $590 million in increased CapEx enhancements, can you just provide some more color in terms of what those enhancements are?

Craig Hutchison: Just on the Capex increase for $2 $2 billion.

Craig Hutchison: Does that include any early works or is that separate and I think you mentioned in your opening remarks about a $161 million budget for this year, just any kind of context in terms of whether that includes early works.

Craig Hutchison: Just on the CapEx increase for Arrow, $2.2 billion, does that include any early works, or is that separate? And I think you mentioned in your opening remarks about a $161 million budget for this year. Just any kind of context in terms of whether that includes early works? And then maybe, just as a follow-up, the $590 million in increased CapEx enhancements. Can you just provide some more color in terms of what those enhancements are?

Craig Hutchison: And then maybe just as a follow up to $590 million of increased Capex. Some enhancements can you just provide some more color in terms of what those enhancements are thanks.

Leigh Curyer: By verse top tier talent, we foster a diverse safe work environment where everyone is present with respect. Our commitment to community development training is exemplified by 80% of site employees in 2023 being local community members residing in the local priority area. Furthermore, in comparison to industry standards, that see 16% female employees, 34% of NexGen personnel were female in 2023. And we see them appear joining our board, women now represent 30% of our directors.

Travis McPherson: Thanks. Yeah, I'll start the first part of that, Craig. The 161 million only includes items that were permitted to do currently. So it's, and then on top of that, there's things such as long lead time items that were ordered and paid deposits on that we have yet to take delivery on and won't take delivery until the final federal approvals. Yeah, and then with respect to what makes up that $590 million increase, I would say it certainly spread across a number of things. It's not like we saw big chunky things go up by a lot. You know, actually the chap's taking as an example, which is clearly critical path and very vital for the project's success, didn't actually see a material increasing cost at all.

Leigh Curyer: Yeah, I'll start the first part of that, Craig. The $161 million only includes items that we're permitted to do currently. So it's, and then on top of that, there are things such as long-lead-time items that we've ordered and paid deposits on that we have yet to take delivery of and won't take delivery of until final federal approval.

Speaker Change: Yeah I'll answer the first part of that Craig the $161 million only includes items that were permitted to do currently.

Leigh Curyer: So.

Leigh Curyer: And then on top of that there's things such as long lead time items that we've ordered in <unk>.

Leigh Curyer: <unk> deposits on.

Leigh Curyer: That we have yet to take delivery off and warrant tight delivery until the final federal approvals.

Travis McPherson: Yeah, and then with respect to what makes up that 590 million increase, I would say it certainly spread across a number of things. It's not like we saw big, chunky things go up by a lot. You know, actually, the shaft sinking, as an example, which is clearly a critical path and very vital for the project success, didn't actually see a material increase in cost at all.

Unknown Speaker: Yeah, and then with respect to what makes up that 590 million increase, I would say it's certainly spread across a number of things. It's not like we saw big, chunky things go up by a lot. You know, actually, the shaft sinking, as an example, which is clearly a critical path and very vital for the project success, didn't actually see a material increase in cost at all.

Speaker Change: Yeah, and then with respect to what makes up about 590 million increase I would say it certainly.

Leigh Curyer: Local careers and procurement through the four benefit agreements with our nation partners, mechanisms are in place to ensure procurement opportunities are communicated transparently and well in advance, allow for maximum local supply chain participation. With the result being 82% of procurement for one site going through our nation partners. The key to this positive outcome is the continuation and growth of training initiatives for local priority area community members. And that is something that come to me is incredibly proud of.

Travis McPherson: Spread across a number of things it's not like we saw.

Travis McPherson: Big Chunky things go up by a lot.

Speaker Change: Actually the job sector.

Travis McPherson: As an example.

Travis McPherson: There's clearly a critical path and very vital for the project success didn't actually see a material increase in costs. It also it was really spread out over.

Travis McPherson: So it's it was really spread out over things like increasing, as we said, I would kind of categorize them as flexibility options and then constructability, operability improvement. So with respect to flexibility, increasing the size of the skip from 15 to 20 tons helps with reliability, obviously, but also flexibility. Similarly, with the power plant size up to give us that increased flexibility, things that relate to the reliability and operability would be, you know, increasing the processing equipment size, which improves the plant availability and other things like that. But it's really spread out across a number of things, which really I would say is a result of taking the project from 18% up to over 45% and going through that whole process.

Unknown Speaker: So it's, it was really spread out over things like increasing, as Leigh said, I would kind of categorize them as flexibility options and then constructability and operability improvements. So, with respect to flexibility, increasing the size of the skip from 15 to 20 tons helps with reliability, obviously, but also flexibility. Similarly, the power plant size should be increased to give us that increased flexibility. Things that relate to reliability and operability would be, you know, increasing the processing equipment size, which improves plant availability and other things like that.

Travis McPherson: So it's, it was really spread out over things like increasing, as Leigh said, I would kind of categorize them as flexibility options and then constructability and operability improvements. So, with respect to flexibility, increasing the size of the skip from 15 to 20 tons helps with reliability, obviously, but also flexibility. Similarly, with power plant size up to give us that increased flexibility, things that relate to reliability and operability would be increasing the processing equipment size, which improves plant availability and other things like that.

Speaker Change: Things like <unk>.

Travis McPherson: Increasing as Lee said kind of categorize them as flexibility options and then construct ability operability improvements so with respect to flexibility increasing the size of the skip from 15 to 20 tons.

Leigh Curyer: Our dedicated team along with our valued indigenous partners, shareholders, government and regulatory partners should all be credited with how we are working collectively through the approvals all in the service of bringing the largest single source uranium deposit to production this decade. As we look forward, as we look to the second half of 2024, our focus is on finalising the federal permitting process to advance the Rook 1 project that is poised to have a positive impact on both the economy, their environment, local communities and generating the generational benefits.

Travis McPherson: Helps with reliability, obviously, but also flexibility similarly, with the power plant size up.

Travis McPherson: To give us that increased.

Travis McPherson: Flexibility.

Travis McPherson: Things that relate to the reliability and operability would be increasing the processing equipment size, which improves the plant availability and other things like that but it's it's really spread out across a number of things, which really I would say as a result of taking the project from 18% October.

Travis McPherson: But it's really spread out across a number of things, which I would say is the result of taking the project from 18% up to over 45% and going through that whole process, as well as, I think, being sincere the whole time about actually being the ones that are going to construct and operate it. When you have that mindset, I think you pay attention to all of these. Little details to make sure that you get it right, so

Leigh Curyer: With current mine supplier having never been more fragile and the growing deficit requiring more than five Rook 1 size projects to be found, permitted finance and construct our next 20 years will continue to lead the industry with our innovative approach and steadfast dedication to excellence in all aspects of mine development.

Travis McPherson: 45% and going through that whole process.

Unknown Speaker: But it's, it's really spread out across a number of things, which is really, I would say, is the result of taking the project from 18% up to over 45% and going through that whole process. As well as, I think, being sincere the whole time that we are the ones that are going to construct and operate it. When you have that mindset, I think you pay attention to all of these little details to make sure that you get it right. So

Travis McPherson: As well as I think being sincere the whole time of actually being the ones that are going to construct and operate it when you have that mind.

Travis McPherson: As well as I think being sincere the whole time of actually being the ones that are going to construct and operate it.

Travis McPherson: You have that mindset.

Travis McPherson: Sett, I think that you pay attention to all of these little details to make sure that you get it right, so. Okay, so if I'm going to get it to the permit, I guess there will be some additional, probably work still to be done, I guess, that's outside that 161 million dollar budget. We will get the permit. So it in terms of when that is the question, but we will get the permit. Yeah, just in terms of the early works, basically we're ready to start the shop syncing process. The minute we get our permit, that is where we're at. We've got.

Travis McPherson: Thank you pay attention to all of these.

Leigh Curyer: Now let's transition to the Q&A and I look forward to all the questions that the audience may have. Thank you.

Travis McPherson: Little details to make sure that.

Travis McPherson: <unk> got it right so.

Craig Hutchison: Okay, so if and when you guys get the permit, I guess there will be some additional early work still to be done, I guess, that's outside that $161 million budget.

Speaker Change: Okay. So if and when you guys get the permit I guess there will be some additional early works still to be done I guess, that's outside of that 164 million dollar budget.

Unknown Attendee: Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press the star button followed by the number one on your touch tone phone. You will hear a prompt that your hand has been raised. Should you wish to decline from the polling process? Please press the star button followed by the number two. If you are using a speaker phone, please lift the handset before pressing any keys. One moment please for your first question.

Leigh Curyer: We will get the permit Craig, so in terms of when, that is the question, but we will get the permit.

Craig Hutchison: We will get the permit.

Craig Hutchison: So it is.

Craig Hutchison: In terms of when that is the question, but we will get the permit.

Unknown Speaker: Yeah, and just in terms of the early works, like, basically, we're ready to start the shop sinking process the minute we get our permit. That is where we are. We've got, yeah, the site's ready to start that once we get the requisite final federal approvals to do so.

Travis McPherson: Yeah, and just in terms of the early works, like, basically, we're ready to start the shop sinking process the minute we get our permit. That is where we are. We've got, yeah, the site's ready to start that once we get the requisite final federal approvals to do so.

Justin: Yes, Justin.

Craig Hutchison: Are there early works.

Travis McPherson: Basically we are ready to start the shafts sinking processed the minute we get our permits that is where we're at.

Travis McPherson: We've got.

Travis McPherson: Yeah, the side's ready to start that once at the requisite final federal approvals to do so. Gotcha.

Travis McPherson: Yes, asides ready to start that once you have the requisite Dino federal approvals to do so.

Andrew Wong: Your first question comes from the line of Andrew Wong of RBC Dominion Securities. Please go ahead. If you're morning, thanks for taking my questions.

Speaker Change: Got you thanks.

Craig Hutchison: Thanks.

Craig Hutchison: And then just on the contracting, you guys obviously ramped up the discussions here around W&A. Is there a certain percentage of contracts you'd like to have in place before you guys get your permits, or are you kind of flexible on that front?

Craig Hutchison: And it's just on the contracting, you guys, you obviously ramp up the discussions here around W&A. Is there a certain percentage of contracts you'd like to have in place before you guys get your permits, or are you kind of flexible on that front?

Craig Hutchison: And then just on the contracting, you know, obviously ramp up discussions here around WNA, is there a certain percentage of contracts you'd like to have in place before you guys get your permits, or are you kind of flexible in that front? Yeah, obviously, sorry, Travis. Yeah, obviously that's the function of the project financing and the debt component, et cetera. We won't be looking to contract all of the production clearly not. And that will evolve as we get closer to that first year's production; you'll see an increase in the percentage of volume contracted as we get closer and closer to the start date and that first year of production.

Speaker Change: And then just on the contracting you guys ramp up the discussions here around WMA is there a certain percentage of contracts that you'd like to have in place before you guys get your permits or.

Andrew Wong: So here's what your thoughts on how the Patterson Lake area should be developed in the future. I mean, it's pretty clear that there's a lot of uranium in the area. It's very high the perspective. You have the BLS project just come up across the lake and look one.

Craig Hutchison: Are you kind of flexible on that front.

Unknown Speaker: We are obviously... Oh, sorry, Travis. Go ahead, Leigh.

Travis McPherson: We are obviously...oh, sorry, Travis. Go ahead, Leigh.

Speaker Change: Yes, obviously.

Leigh Curyer: So it doesn't make sense to develop these areas separately or they develop together to share infrastructure and capital to maybe be more efficient. Good question. I can only really answer for ourselves. We are very focused, as you know, having discovered this project in February 2014 and It clearly looks like we're on to another magnificent discovery. This area is going to be the future growth of Canada's Uranium Industry. Look, we are obviously clearly advanced in our project.

Leigh Curyer: Oh, sorry Travis.

Leigh Curyer: Alright go ahead please.

Leigh Curyer: Yeah, obviously, that's a function of the project financing and the debt component, etc. We won't be looking to contract all of the production, clearly not. And that will evolve as we get closer to that first year's production. You'll see an increase in the percentage of volume contracted as we get closer and closer to the start date and that first year of production.

Travis McPherson: Yeah.

Leigh Curyer: Obviously, that's a function of the project financing in the debt component et cetera.

Leigh Curyer: We won't be looking to contract.

Leigh Curyer: All of the.

Leigh Curyer: Production clearly not.

Leigh Curyer: And that will evolve as we get closer to that first cheese production you will see an increase in the percentage of volume contracted as we get closer and closer to.

Leigh Curyer: The start date and that first year of production.

Travis McPherson: Yeah, and from a financing perspective, there's no, there's no kind of timeline related to the receipt of permits or anything. There will be some tied to first drawdown and then project completion. But those are obviously far, far in the future from now, so we do have time, as we mentioned, to optimize, like the market developed for one thing, which has definitely played in our favor. Over the last few years, in terms of waiting to sign contracts and then, and then being able to get that balance right in the structuring of the.

Travis McPherson: Yeah, and Craig, from a financing perspective, there's no, there's no kind of timeline related to the receipt of permits or anything. There will be some tied to the 1st draw down and then project completion. But those are obviously far, far in the future from now. So we do have time, as Leigh mentioned, to optimize, let the market develop for 1 thing, which is definitely in our favor. Over the last few years in terms of waiting to sign contracts and then, and then being able to get that balance right in the structuring of.

Unknown Speaker: Yeah, and Craig, from a financing perspective, there's no, there's no kind of timeline related to the receipt of permits or anything. There will be some tied to the 1st draw down and then project completion. But those are obviously far and far in the future from now. So we do have time, as Leigh mentioned, to optimize, let the market develop for 1 thing, which is definitely in our favor. Over the last few years in terms of waiting to sign contracts and then, and then being able to get that balance right in the structuring of.

Leigh Curyer: Yes, correct from a financing perspective, Theres no theres, no kind of timeline related to the receipt of permits or anything there.

Travis McPherson: There will be some tied to your first drawdown and then project completion.

Leigh Curyer: We are looking forward to the federal approvals and we've built this or designed this project to service or from nearby deposits as well, obviously clearly subject to subsequent approval, federal permitting and provincial permitting aspects. How it's optimally done or accessing or from other projects coming into our mind site remains to be seen. There's clearly some synergies for those other deposits to access the Rook 1 milk. At the appropriate time, those discussions will be had and if concluded, we'll go through that.

Travis McPherson: But those are obviously far.

Travis McPherson: So far in the future from now so we do have time as Lee mentioned too.

Travis McPherson: Optimize let the market develop for one thing, which is definitely played in our favor.

Travis McPherson: Over the last few years in terms of waiting to sign contracts and then.

Travis McPherson: And then being able to get that balance right and restructuring of those.

Craig Hutchison: Okay, great.

Craig Hutchison: Okay, great. One last question for you guys, just on the financing, just any updates in terms of the expressions of interest, the kind of dollar amount you guys are hearing now, you know, obviously given the increase in the CapEx for payroll. Thanks.

Craig Hutchison: Okay, great. One last question for you guys, just on the financing, just any updates in terms of the expressions of interest because of the dollar amount you guys are hearing now, you know, obviously given the increase in the CapEx for Arrow. Thanks.

Speaker Change: Okay great.

Travis McPherson: One last question from you guys, just on the financing, just any updates in terms of the expressive interest, the kind of dollar money guys are hearing now, you know, obviously given the increase in the cat tax for fair. Thanks. Yeah, Craig, no issues on capacity that's that's certainly the case. There's obviously been some challenges in the mining industry, but in fact, those have actually played into our favor because it's really highlighted to these lenders, and this has been communicated directly to us. Just how rare an opportunity to lend and put money to work on a project of this quality and this jurisdiction, etc.

Speaker Change: Last question for me guys just from a financing just any updates in terms of the expressions of interest to you.

Speaker Change: Because of the dollar amount you guys are hearing now.

Speaker Change: Given the increase in the Capex for thanks.

Travis McPherson: Yeah, Craig, no, no issues with capacity. That's, that's certainly the case. There have obviously been some challenges in the mining industry, but in fact, those have actually played into our favor because they've really highlighted those challenges to these lenders, and this has been communicated directly to us.

Unknown Speaker: Yeah, Craig, no, no issues with capacity. That's, that's certainly the case. There have obviously been some challenges in the mining industry, but in fact, those have actually played into our favor, because it's really highlighted these lenders' concerns, and this has been communicated directly to us.

Speaker Change: Yeah, Craig no issues on capacity.

Travis McPherson: Certainly the case.

Travis McPherson: There's obviously been some challenges in the mining industry, but in fact those are actually played into our favor because it's really highlighted to these lenders and this has been communicated directly to us.

Leigh Curyer: We're focused on our narrow deposit first, obviously mineralisation that is in and around arrow and everyone's aware that arrow is open at depth as well. On the basis that PCE shapes into something similar to arrow, well, we're going to be very busy for many, many decades, just focus on our own law. It's a good question, Andrew. As I said, I can only really answer it from our perspective based on what we have in the company's portfolio as we speak. Okay, that's all fair.

Travis McPherson: Just how rare an opportunity to lend and put money to work on a project of this quality in this jurisdiction, et cetera. So, yeah, the interest is very, very robust, very strong and growing, growing both in terms of new parties and levels of interest, but also existing parties increasing their level of interest. So, yeah, we're not concerned about the capacity and availability of capital for this project at all.

Unknown Speaker: Just how rare an opportunity to lend and put money to work on a project of this quality in this jurisdiction, et cetera. So, yeah, the interest is very, very robust, very strong and growing, growing both in terms of new parties and levels of interest, but also existing parties increasing their level of interest. So, yeah, we're not concerned about the capacity and availability of capital for this project at all.

Speaker Change: How rare opportunity to lend and put money to work on a project of this quality in this jurisdiction et cetera. So.

Travis McPherson: So, yeah, the interest is very, very robust, very strong and growing, growing both in terms of new parties, levels of interest, but also existing parties, increasing their level of interest. So, yeah, we're not concerned on the capacity and availability of capital for this project at all.

Travis McPherson: Yes.

Travis McPherson: Interest is very very robust very strong.

Travis McPherson: Growing both in terms of new parties levels of interest, but also existing parties increasing there.

Travis McPherson: Their level of interest so.

Travis McPherson: We're not we're not concerned on the capacity and availability of capital for this project at all.

Craig Hutchison: Thank you very much. Thanks, guys.

Craig Hutchison: Thanks. Thanks, guys.

Travis McPherson: Okay.

Gordon Lawson: Your next question comes from the line of Gordon Lawson of Paradigm Capital. Please go ahead.

Operator: Your next question comes from the line of Gordon Lawson of Paradigm Capital. Please go ahead.

Speaker Change: Your next question comes from the line of Gordon Lawson of paradigm capital. Please go ahead.

Leigh Curyer: Maybe just switching a little bit on to the strategy around selling and marketing Uranium. I think you'd be pretty clear, you know, that you have plans to sell through contracts that may be a short duration and give you 100% market related pricing. I'm just curious, as you have more conversations with potentially utility customers and others in industry, has that you evolved over time? If there's anything that's changed, thanks. Yeah, just clarify that.

Gordon Lawson: Hey, good morning everyone. On the drill results, my understanding of the scintillometer is that a reading of 10,000 roughly equates to 1% gray geranium, and this taper off such that a reading of around 60,000 gets you a range of between 30 and 40%. Is that in line with your estimates?

Gordon Lawson: Hey, good morning everyone. On the drill results, my understanding of the scintillometer is that a reading of 10,000 roughly equates to a 1% grade uranium, and this taper off such that a reading of around 60,000 gets you a range of between 30 and 40%. Is that in line with your estimates?

Gordon Lawson: Good morning, everyone. I'm the drill results. So my understanding of the cento-kilometer is that a reading of 10,000 roughly equates to a 1% grade uranium. And this tapers off the reading of around 60,000; gets your range of between 30 and 40%. Is that in line with your estimates? It varies depending on the deposit. But it's a reasonable assertion, or assumption if you, or correlation, if you'd like to make it, we always release the assays subsequently. And so that, you know, a correlation factor gets more accurate over time, and every deposit is different.

Gordon Lawson: Hey, good morning, everyone.

Speaker Change: On the drill results. So my understanding of the Cintra Lama or is that.

Gordon Lawson: Our reading of 10000, roughly equates to a 1% grade uranium and this tapers off such that a reading of around 60000 gets you a range of between 30% 40%.

Gordon Lawson: Align with your estimates.

Leigh Curyer: It varies depending on the deposit, but yeah, it's a reasonable assertion or assumption if you or correlation if you'd like to make it. We always release the assays subsequently, so that correlation factor gets more accurate over time, and every deposit is different.

Unknown Speaker: It varies depending on the deposit.

Speaker Change: It varies depending on the.

Leigh Curyer: Deposit.

Unknown Speaker: Thank you.

Leigh Curyer: But yes.

Leigh Curyer: Yeah.

Unknown Speaker: Yeah, it's a reasonable assertion or assumption if you or correlation if you'd like to make it. We always release the assay subsequently, and so that you know the correlation factor gets more accurate over time, and every deposit is different.

Leigh Curyer: Yes.

Speaker Change: It is reasonable assertion or assumption if you correlation if you'd like to make it will is released.

Leigh Curyer: Sorry, Travis. I'd like to go ahead. Yeah, I might start and then head over to Travis, but what we've been just to clarify what we have said and it's on public record, we will sell under contract with pricing mechanisms to be heavily weighted to market prices at the time of delivery. And that is what we are pursuing. And that will be a transition over a period of time. And I can say the number of inbound calls that we have as a company from utilities looking to undertake offtake agreements with us from 2028 beyond.

Leigh Curyer: Subsequently and and.

Leigh Curyer: So that correlation factor.

Leigh Curyer: It gets more accurate over time and every deposits differently.

Gordon Lawson: Yeah, fair enough.

Leigh Curyer: Next question is on the remaining permitting and construction process. I mean, it can be a volatile timeline, I understand that, but what's your best estimate for timing of the first production and duration of the ramp-up at this point?

Gordon Lawson: Next question is on the remaining permitting and construction process. I mean, it can be a volatile timeline, I understand that, but what's your best estimate for timing of first production and duration of ramp-up at this point?

Speaker Change: Fair enough.

Leigh Curyer: Next question is on the remaining permitting and construction process. I mean, it can be a volatile timeline. I understand that. What's your best estimate for timing of the first production and duration of ramp up at this point? It will be 40 months for zero post the federal approval. And, you know, we are expecting, into this month, early next, a reply from the service. It will be respect to those 49 aspects that will then determine the timing of those final approvals. And from there, it will be four zero months construction. So I'm respecting the semisys timeline; we have fulfilled all the answers for those remaining 49 aspects.

Leigh Curyer: Next question is on the remaining permitting and construction process I mean, it can be a volatile timeline I understand that but what's your best estimate for timing of first production and duration of ramp up at this point.

Unknown Speaker: It'll be 40 months, 4-0 post the federal approval. And, you know, we are expecting a reply from the CNSC at the end of this month or early next, with respect to those 49 aspects that will then determine the timing of those final approvals. And from there, it will be four zero months. Unknown Speaker 2 So, I am respecting the CNSC's timeline. We have provided all of the answers for those remaining 49 aspects. We look forward to their reply at the end of this month, early next, and its conclusion. I'll allow you to determine how quickly they may reciprocate and add 40 knots to that. Okay, okay, fair enough.

Gordon Lawson: It'll be 40 months, 4-0 post the federal approval, and we are expecting, at the end of this month, early next, a reply from the CNSC with respect to those 49 aspects that will then determine the timing of those final approvals. And from there, it will be four zero months. Thank you. I am respecting the CNSC's timeline; we have provided all of the answers for those remaining 49 aspects. We look forward to their reply at the end of this month, early next, and its conclusion. I'll allow you to determine how quickly they may reciprocate and add 40 knots to that. Okay, okay, fair enough.

Speaker Change: Italy 40 months zero post the federal.

Speaker Change: Federal approval.

Gordon Lawson: Okay, okay, fair enough. Thank you very much.

Gordon Lawson: And we are expecting end.

Gordon Lawson: End of this month early next.

Gordon Lawson: Hey.

Gordon Lawson: Apply from the sameness with respect to those statements.

Gordon Lawson: That will then.

Leigh Curyer: Well, we've had our busy issue yet and there what is very pleasing to us is that it's new to utilities, over and above that we've had conversations within the past. So our strategy is on track and we're getting a very good sound ball from the utilities with respect to that strategy. Travis? Yeah, I might just add that, yeah, the discussions with the utilities are progressing well. Lots and lots of interest, I would say growing interest globally.

Speaker Change: Chairman the timing all those final approvals and from there it will be full zero months.

Speaker Change: Construction site.

Gordon Lawson: I.

Gordon Lawson: Respecting the.

Speaker Change: Same assays timeline wave.

Gordon Lawson: We have fulfilled all.

Gordon Lawson: Oh, the answers for those remaining 49 aspects, we look forward to their reply.

Leigh Curyer: We look forward to their reply at the end of this month, early next, and its conclusion. So I'll allow you to determine how quickly they may reciprocate and add 40 months to that.

Speaker Change: At the end of the Daily next then.

Gordon Lawson: And its conclusion.

Gordon Lawson:

Gordon Lawson: Allow you to determine how quickly they may.

Speaker Change: Reciprocate and.

Gordon Lawson: At 40 months to that.

Gordon Lawson: Okay, okay, fair enough. Thank you very much.

Leigh Curyer: Okay, fair enough.

Gordon Lawson: Okay. Okay fair enough. Thank you very much that's it for me.

Leigh Curyer: Thank you very much.

Leigh Curyer: That's it from us.

Leigh Curyer: As we mentioned earlier, it will be focused of the second half of the year post the WNA kind of after the summer break. Although we are busy in the summer actually on this front, which is a bit unique in our experience. The summer tends to be a slower time, but continues to progress on next gen front with these utilities. So and as we mentioned, we're not seeing any material concerns or anything part of a transition part of a negotiations.

Gordon Lawson: Okay.

Alex Fenton: Your next question comes from the line of Alex, the entry of Fenton Financial. Please go ahead.

Operator: Your next question comes from the line of Alex Terentiew of Ventum Financial. Please go ahead.

Operator: Your next question comes from the line of Alex Taranchi of Phantom Financial. Please go ahead.

Speaker Change: Your next question comes from the line of Alex <unk> of <unk> financial. Please go ahead.

Alex Fenton: Hello guys and exciting times ahead, definitely for next year and here. So I just want to touch base again, just on the permits there. I mean, in the timings, Lee made a very clear obviously that, you know, you do expect that permit. So, you know, can you just clarify for me, I mean, you know, based on your best understanding of the process. You know, can you kind of lay out for me here that the timings of approvals and effectively when when you expect that the first shovel that they're kind of break round. You know, as you said here, you know that technical review should finish this month, and then there's other processes that have to happen afterwards.

Alex Terentiew: Hey, guys, and exciting times ahead, definitely for NexGen here. So I just want to touch base again, just on the permits there. I mean, and the timings. Leigh, you made it very clear, obviously, that, you know, you do expect that permit. So, you know, can you just clarify for me?

Alex Taranchi: Hey, guys, and exciting times ahead, definitely for NexGen here. So I just want to touch base again on the permits there. I mean, and the timings that Leigh made it very clear, obviously, that, you know, you do expect that permit. So, you know, can you just clarify for me?

Speaker Change: Hello, guys and exciting times ahead definitely for Nexgen here.

Alex Taranchi: So I just wanted to touch base again, just on the permits there.

Leigh Curyer: The timings.

Alex Taranchi: Lee you made a very clear obviously that you do expect that permit so can.

Speaker Change: Can you just clarify for me I mean based on your best understanding of the process.

Leigh Curyer: I mean, you know, based on your best understanding of the process, can you kind of lay out for me here the timings of approvals and effectively when you expect the first shovel to kind of break ground? You know, as you said here, the technical review should finish this month and then there's other processes that have to happen afterwards. But I just want to get a better understanding of what those are and how long they could take so that when that happens, you know, the shovel breaks ground.

Alex Terentiew: I mean, you know, based on your best understanding of the process, can you kind of lay out for me here the timings of approvals and effectively when you expect the first shovel to kind of break ground? You know, as you said here, the technical review should finish this month and then there's other processes that have to happen afterwards. But I just want to get a better understanding of what those are and how long they could take so that when that happens, you know, the shovel breaks ground.

Leigh Curyer: That I think are and then all the macro tail lines that Lee talked talked about. You know, they're all playing in favor of this of us being able to optimize every pound we produce. Depending on how many pounds we produce. But I think that is being recognized.

Leigh Curyer: Can you kind of lay out for me here that the timing of approvals and effectively when when you expect that the first shovel that could kind of break ground.

Unknown Attendee: Okay, that's great. Thank you for all that.

Speaker Change: As you said here you have the technical review shippers. This month and then there's other processes that have to happen afterwards, but I just wanted to get a better understanding of what.

Leigh Curyer: But I just want to get a better understanding of what those are and how long they could take so that when that, you know, the shovel breaks ground. And in second point to that is, you know, how do you're finding seeing plants factor into this. I mean, obviously, once that permit is in hand, then I expect some sort of financing to be announced or, anyway, I just wanted to see how your financing expectations factor into the approval process. Yes, so we are waiting on the federal government, the CNSE, to come back to us with their views on our responses to the 49 aspects that were remaining, and we submitted that back on May the 21st.

Leigh Curyer: What those are and how long they could take so that when that shovel.

Speaker Change: Shovel breaks ground and then second point to that is how do your financing plans factor into this.

Alex Terentiew: And a second point to that is, you know, how do your financing plans factor into this? I mean, obviously, once that permit is in hand, then I expect some sort of financing to be announced. Or, anyway, I just wanted to see how your financing expectations factor into the approval process.

Leigh Curyer: And a second point to that is, you know, how do your financing plans factor into this? I mean, obviously, once that permit is in hand, then I expect some sort of financing to be announced or something like that. I just want to see how your financing expectations factor into the approval process.

Katie Lachapelle: Your next question comes from the line of Katie Lescher-Pell of Canacroge and UMHT Group, please go ahead. Hey guys, and thanks for taking my question and congrats again on today's expiration update. I was just wondering if you could comment further on M&A. Clearly you're in a position now where you could push forward and build area yourself. But you are nearing the end of the federal approval process. And that does seem like a key trigger for potential acquisition if someone did have a trust in ARL. So I know you're probably restricted what you can say about any further color in terms of any interest that you are seeing in ARL specifically.

Leigh Curyer: I mean, obviously once that permit is in hand, then I expect some sort of financing to be announced or anyway. So I just wanted to see how your financing expectations factor into the approval process.

Leigh Curyer: Yes, so, uh... We are waiting on the federal government, the CNSC, to come back to us with their views on our responses to the 49 aspects that were remaining. And we submitted that back on May 21st.

Leigh Curyer: Yes.

Leigh Curyer: <unk>.

Leigh Curyer: We are waiting on the federal government to say and I say to come back to us with their views on our responses to the 49.

Leigh Curyer: <unk> that were remaining and.

Leigh Curyer: And we submitted that back on May the 21st.

Leigh Curyer: Yeah, thanks, Katie. I mentioned on the during the transcript that, you know, we've had increased interest from various sources of. Yeah, financials. Look, given the nature of the project is clearly on the radar of anyone who's in the production of energy fuel. And clearly on the radar of anyone who's in mining, the big majors out there have all been very open about transitioning their portfolios. Towards a heavier weighting to clean energy metals with strong ESG profiles in political politically established jurisdictions.

Leigh Curyer: We are expecting a response at the end of this month or early next, with respect to those 49 aspects. We're very, very confident with what we have submitted, and on the basis that they are all accepted, the EIS will then be deemed final and complete by the federal government. Got to remember we've already received our provincial permit, and it's the same EIS, and we have all, for Communities, formally endorsed and supported the project.

Leigh Curyer: We are expecting a response at the end of this month, early next, with respect to those 49 aspects. We're very, very confident with what we have submitted, and on the basis that they are all accepted. The EIS will be then deemed final and complete by the Federal government. I've got to remember we've already received our provincial permit and it's the same EIS, and we have all four communities formally have endorsed and support the project. The federal government will then set a commission hearing date. Now that is at their discretion, but there is given the circumstances and the strong support from all key stakeholders and the importance of this project, as they have stated to their critical minerals strategy.

Leigh Curyer: We're expecting a response at the end of this month or early next, with respect to those 49 aspects. We're very, very confident with what we have submitted, and on the basis that they are all accepted, the EIS will then be deemed final and complete by the federal government. Got to remember, we've already received our provincial permit, and it's the same EIS, and we have all..., and support the project. The federal government will then set a commission hearing date.

Leigh Curyer: Next gen ticks all of those boxes very, very strongly. The permit, though, you know, we got the first provincial permit in over 20 years. Subsequently, that hadn't been one in over 20 years, federally. So it's a very big gate for next gen to walk through and it's approaching quickly. So I think it's fair to say that the interest, for their preparedness to act. May elevate post-Post Federal approval, but as I've always set, we always approach this project on the basis that, and you've seen that in the feasibility study, we'll be the ones closing the mind down.

Speaker Change: We are expecting response at the end of this month early next.

Leigh Curyer: With respect to those 49 aspects, we're very very confident with what we have submitted.

Leigh Curyer: And and on.

Leigh Curyer: On the basis that they are all accepted.

Leigh Curyer: This will be then David.

Leigh Curyer: Final and complete by the federal government.

Leigh Curyer: You got to remember we have already received our provincial permit and has that.

Speaker Change: At the same and we have a.

Speaker Change: Four communities formerly.

Speaker Change: I have been dosed.

Leigh Curyer: And support the project.

Leigh Curyer: The federal government will then set a commission hearing date. Now, that is at their discretion, but given the circumstances and the strong support from all key stakeholders and the importance of this project, as they have stated in their critical minerals strategy, I would expect that commission hearing date to be issued very shortly after the EIS is deemed final. The earliest the EIS can be deemed final is, I estimate, the end of September, but it will be subject to satisfactory resolution for those remaining 49 aspects. On the commission hearing date, it's legislated that a project be approved within 60 business days following that commission hearing date. Now, there are a couple of aspects.

Leigh Curyer: The federal government will then.

Leigh Curyer: Said a commission hearing date.

Leigh Curyer: Now, that is at their discretion, but given the circumstances and the strong support from all key stakeholders and the importance of this project, as they have stated in their critical minerals strategy, I would expect that commission hearing date to be issued very shortly after the EIS is deemed final. The earliest the EIS can be deemed final is, I estimate, the end of September, but it will be subject to satisfactory resolution of those remaining 49 aspects. On the commission hearing date, it's legislated that a project be approved within 60 business days following that commission hearing date. Now, there are a couple of aspects.

Leigh Curyer: Now.

Speaker Change: That is at their discretion.

Leigh Curyer: But there is given the circumstances and the strong support from all key stakeholders and the importance of this project.

Leigh Curyer: Stated to their critical minerals strategy I would expect that commission hearing date.

Leigh Curyer: I would expect that commission hearing date to be issued very shortly after the EIS being deemed final. The earliest EIS can be deemed final as I estimate end of September, but it will be subject on satisfactory resolution those remaining 49 aspects. On the commission hearing date, it's legislated that project be approved within 60 business days following that commission hearing date. Now, a couple of aspects historically: every project that's been deemed final, their EIS final has gone to a commission hearing date and has been approved. From that final approval, it will be four zero months, but I'm not going to, you know, with respect to the CMSE, I'm going to respect them coming back to us once they are satisfied, and that will be determined by the CMSE.

Speaker Change: Issued very shortly after the spend aimed farnell.

Speaker Change: The earliest aia's can be deemed funnel.

Leigh Curyer: I estimate end of September.

Leigh Curyer: But it will be subject on satisfactory resolution <unk>.

Leigh Curyer: The remaining 49 aspects.

Leigh Curyer: On the commission hearing date, it's legislated that project.

Leigh Curyer: <unk> be approved within 60 business days following that commission hearing date now a couple of.

Leigh Curyer: Historically, every project that's been deemed final, their EAS final, has gone to a commission hearing date and has been approved. From that final approval, it will be four zero months. But I'm not going to, you know, with respect to the CMSC; I'm going to respect them coming back to us once they are satisfied, and that will be determined by the CNSE. So I wish I could be more quantitative for you in that respect, but I think I've given you broad parameters enough to know that we expect the project to be in production prior to the end of this decade, with all things being equal and assessed objectively with respect to the financing, like with the debt process that we're running.

Leigh Curyer: Well, that is if we still a lot, but so we continue on that process on a daily approach of optimizing this project in every aspect. And we'll continue to do so. But to answer your question, yes, there is an increase in interest. But, you know, how that event wise, we will see.

Leigh Curyer: Aspects. Historically every project that's maintained funnel. There is farnell has gone through a commission hearing date and has been approved.

Leigh Curyer: From that final approval it will be full was the early months.

Katie Lachapelle: Awesome.

Leigh Curyer: Historically, every project that's been deemed final, their EAS final, has gone to a commission hearing date and has been approved. And from that final approval, it will be four zero months. But I'm not going to, you know, with respect to the CMSC; I'm going to respect them coming back to us once they are satisfied. And that will be determined by the CNSE. So I wish I could be more quantitative for you in that respect, but I think I've given you broad parameters enough to know that we expect the project to be in production prior to the end of this decade, with all things being equal and assessed objectively with respect to the financing, like with the debt process that we're running.

Leigh Curyer: But I'm not going to.

Leigh Curyer: Yeah.

Leigh Curyer: With respect to the same they say I'm going to respect.

Leigh Curyer: Then coming back to us.

Unknown Attendee: That's all for me. Yes. Thank you.

Speaker Change: Once that satisfied and that will be determined by the say and they say.

Craig Hutchison: Your next question comes from the line of Craig Hutchison of TD Securities. Please go ahead. How are you going guys? Just on the catbacks increase or arrow, $2.2 billion, does that include any early works or is that separate and I think you mentioned your opening remarks about 161 million dollar budget for this year or just any kind of context in terms of whether that includes early works. And then maybe just as a follow up with the $590 million of increased catbacks and enhancements, can you just provide some more color in terms of what those enhancements are?

Leigh Curyer: So I wish I could be more quantitative for you in that respect, but I think I've given you, you know, broad parameters enough to know that we expect the project to be in production prior to the end of this decade, with all things being equal and assess objectively. With respect to the financing, like with the debt one that we're or the debt process that we're running, it's still subject to receipt of federal approval, and you'll spend the equity first in any event. So you'll see the complete financing package most likely post federal approval when respect to the timing of that being secured.

Leigh Curyer: So.

Leigh Curyer: I wish I could be more quantitate. It for you in that respect, but I think I've given you.

Leigh Curyer: Broad parameters enough to know that we expect the project to be in production prior to the end of this decade.

Leigh Curyer: These are all things being equal.

Leigh Curyer: And assessed objectively.

Leigh Curyer: With respect to the financing.

Speaker Change: Uh huh.

Leigh Curyer: But with that one way or the process that were running it still subject to receipt of federal approval.

Leigh Curyer: It's still subject to receipt of federal approval, and you'll spend the equity first in any event, so you will see the complete financing package most likely post federal approval with respect to the timing of that being secured.

Leigh Curyer: It's still subject to receipt of federal approval, and you'll spend the equity first in any event. So you will see the complete financing package most likely post federal approval with respect to the timing of that being secured.

Craig Hutchison: Thanks. Yeah, I'll start the first part of that Craig, the 161 million only includes items that were permitted to do currently. So it's and then on top of that, there's things such as long lead time items that were ordered and paid deposits on that we have yet to take delivery on and won't take delivery until the final federal approvals. Yeah, and then with respect to what makes up that $590 million increase, I would say it certainly spread across a number of things.

Leigh Curyer: And you spend the equity first in any event so.

Speaker Change: You say the complete financing package.

Leigh Curyer: Most likely post federal approval.

Leigh Curyer: With respect to the.

Speaker Change: The timing of that base secured.

Leigh Curyer: Okay, all right, and that sounds good. And just if I just kind of do some simple math here, you know, end of September approvals, commission hearing date, then max 60 business days after that to get, you know, to have that set. So, I mean realistically, I guess Q1 2025, some point in that quarter, we could see, you know, construction officially start. Is that roughly it makes sense. Well, I'll refer to you as how you interpret what I said. Okay. Good stuff. Thank you.

Alex Terentiew: Okay, all right. No, that sounds good. And just, if I just kind of do some simple math here, you know, end of September approvals, commission hearing date, then max 60 business days after that to get, you know, to have that set. So, realistically, I guess, Q1 2025, some point in that quarter, we could see, you know, construction officially start. Does that roughly make sense? I'll refer to you.

Alex Taranchi: Okay, all right. No, that sounds good. And just, if I just kind of do some simple math here, you know, end of September approvals, commission hearing date, then max 60 business days after that to get, you know, to have that set. So, I mean, realistically, I guess, Q1 2025, some point in that quarter, we could see, you know, construction officially start. Does that roughly make sense? Well, I'll refer to it to you.

Speaker Change: Okay Alright.

Speaker Change: Alright that sounds good and just.

Alex Taranchi: If I just kind of do some.

Alex Taranchi: Simple math here end of September approvals Commission hearing date.

Alex Taranchi: <unk> 60 business days after that to get.

Alex Taranchi: To have that.

Alex Taranchi: So I mean realistically I guess Q1 2025, some points in that quarter, we could see.

Craig Hutchison: It's not like we saw big chunky things go up by a lot. You know, actually the chap's taking as an example, which is clearly critical path and and very vital for the project's success didn't actually see a material increasing cost at all. So it's it was really spread out over things like increasing as we said, I would kind of categorize them as flexibility options and then constructability, operability improvement. So with respect to flexibility, increasing the size of the skip from 15 to 20 tons helps with reliability, obviously, but also flexibility, similarly with the power plant size up to give us that increased flexibility, things that relate to the reliability and operability would be, you know, increasing the processing equipment size, which improves the plant availability and other things like that.

Speaker Change: Construction officially started.

Speaker Change: Roughly it makes sense.

Leigh Curyer: Well, I'll refer to you as to how you interpret what I said.

Leigh Curyer: I'll refer to you as to how you interpret what I said.

Speaker Change: I'll defer to you.

Leigh Curyer: As to how you interpret what I said.

Leigh Curyer: Okay.

Speaker Change: Thank you.

Brian Macarthur: Your next question comes from the line of Brian MacArthur of Raymond James. Please go ahead.

Operator: Your next question comes from the line of Brian MacArthur of Raymond James. Please go ahead.

Speaker Change: Your next question comes from the line of Brian Macarthur of Raymond James. Please go ahead.

Brian Macarthur: Good morning, and thank you for taking my question. Sorry, can we just go back to the $161 million you talked about spending this year? I have two questions.

Brian Macarthur: Good morning, and thank you for taking my question. Sorry, can we just go back to the 161 million you talked about spending this year?

Brian Macarthur: Good morning, and thank you for taking my question sorry can we just go back to the $161 million you talked about spending this year I have two questions.

Brian Macarthur: I have two questions. One, is any of all of that included in the new 2.2 billion capital estimate? And two, you spent 58 as I looked at the financial sofa. Can I assume that the rest of that 100 million is spent in the last six months of the year or as part of that, as you said, subject to permits and things like that. If you just go over that again, I'm just trying to clear the exact cash flows here, please. Yeah, you're right. You're right, Brian. I'm both both friends. So some of that 161 million is for the full year.

Brian Macarthur: One, is any of that included in the new $2.2 billion capital estimate? And two, you've spent 58 million as I looked at the financials so far. Can I assume that the rest of that 100 million is spent in the last six months of the year or is part of that, as you said, subject to Comcast, Denton Devlin, Newcastle Fireetry So some of that $161 million is for the full year. We have already spent money that we won't take delivery of until we have approval.

Brian Macarthur: One, is any of that included in the new $2.2 billion capital estimate? And two, you've spent 58 million as I looked at the financials so far. Can I assume that the rest of that 100 million is spent in the last six months of the year or is part of that, as you said, subject to, and things like that? If you just go over that again, I'm just trying to figure out the exact cash flows here, please.

Brian Macarthur: One is any of all of that included in the new 2.2 billion capital estimate.

Brian Macarthur: And two.

Speaker Change: You've spent 58 as I look at the financials sulfur can I assume that the rest of that $100 million are spent in the last six months of the year or part of that as you said subject to.

Craig Hutchison: But it's it's really spread out across a number of things, which really I would say is a result of taking the project from 18% up to over 45% and going through that whole process. As well as I think being sincere the whole time of actually being the ones that are going to construct and operate it when you have that mind. Sett, I think you pay attention to all of these little details to make sure that you get it right, so.

Speaker Change: Permits and things like that if you just go over that again I'm just trying to figure out the exact cash flows here. Please yes.

Unknown Speaker: Yeah, you're right, you're right, Brian, on both fronts. So some of that $161 million is for the full year. We have already spent 50-odd million of that in the first six months. And some of those items are like plant and equipment, deposits on plant equipment, like the freeze plant, et cetera, and deposits on hoists, et cetera, that we won't take delivery of until we have approval. So, only activities that you're seeing at the site are fully approved activities. But of that 161, some are, you know, plant equipment for when we will, which would be part of that capacity.

Brian Macarthur: You're right you're right Brian on boats boats friends say some of that $161 million is for the full year, we have already spent.

Travis McPherson: We have already spent 55 million of that in the first six months. And some of those items are select client and equipment deposits on client equipment and like the freeze plan, et cetera, and deposits on horse, et cetera. That we won't take delivery of until we have approval. So only activities that you're seeing at site are fully approved activities, but of that 161 summer, you know, plant equipment for when we will, which would be part of that capex.

Speaker Change: 60 odd million dollars of that in.

Brian Macarthur: In the first six months.

Brian Macarthur: And some of those items.

Speaker Change: Our plant and equipment deposit some plant equipment in like the phrase plant et cetera, and deposits on hoist et cetera.

Craig Hutchison: Okay, so if I'm going to get it to the permit, I guess there will be some additional probably work still to be done, I guess, that's outside that 161 million dollar budget. We will get the permit. So it in terms of when that is the question, but we will get the permit. Yeah, just in terms of the early works, basically we're ready to start the shop syncing process, the minute we get our permit, that is where we're at, we've, we've got.

Brian Macarthur: That we wont take delivery off until we have approval.

Brian Macarthur: So.

Speaker Change: The only activity that you are saying it sought.

Brian Macarthur: Fully approved activities.

Brian Macarthur: But of that 161 summer.

Speaker Change: Plant equipment for when we will which would be part of that capex.

Brian Macarthur: Yeah.

Brian Macarthur: Okay, that's clear.

Brian Macarthur: Okay, that's clear. Second question: you talk about the NPV of over 6 billion at 95. Uranium, can I As I understand it, there's going to be no updated filing for all these new economics. But did you sort of assume in that that value was a T minus three, like we did before, i.e. That that value you you'd assume sort of three years of construction again. I just want to make sure because, obviously, this generates so much cash that, time value A year here or there makes a big difference. Is that correct when you did that calculation?

Brian Macarthur: Okay, that's clear. Second question: you talk about the

Speaker Change: Okay, that's clear.

Travis McPherson: Second question: you talk about the NPV of over 6 billion at 95 uranium. Can I, as I understand it, there's going to be no updated filing for all these new economics, but did you sort of assume in that that value was a t minus 3 like we did before, i.e. That value you, you assume sort of three years of construction. Again, I just want to make sure because obviously this generates so much cash that time value a year here or there makes a big difference. Is that correct when you did that calculation? That's correct. Thanks.

Speaker Change: Question, you talk about the NPV of over $6 billion at 95.

Craig Hutchison: Yeah, the side's ready to start that once at the requisite final federal approvals to do so. Gotcha. Thanks. And then just on the contracting, you know, obviously ramp up discussions here around WNA, is there a certain percentage of contracts you'd like to have in place before you guys get your permits or are you kind of flexible in that front? Yeah, obviously, sorry, Travis. Yeah, obviously that's the function of the project financing and the debt component, et cetera, we won't be looking to contract all of the production clearly not.

Speaker Change: Uranium can I.

Brian Macarthur: I understand that there's going to be no updated filing for all these new economics, but did you sort of assume in that that value was a T minus three like we did before, i.e., that value you'd assume sort of three years of construction again. I just want to make sure because obviously, this generates so much cash.

Speaker Change: I understand that there's going to be no update it.

Brian Macarthur: Filing for all these new economics, but did you sort of assuming that that that value was a T. Minus three like we did before I E.

Brian Macarthur: That value you you'd assume sort of three years of construction again I just want to make sure because obviously that's generate so much cash that.

Speaker Change: <unk> value a year here or there makes a big difference is that correct. When you did that calculation.

Speaker Change: That's correct.

Unknown Speaker: Thanks. Yeah, on the same basis, like for like as the FS. Okay.

Travis McPherson: Yeah, the same basis like for like as the FS.

Speaker Change: Thanks, John on the same basis like for like is DFS.

Brian Macarthur: Okay, great. Thanks.

Brian Macarthur: Okay, great. Thanks. Just to be clear.

Speaker Change: Okay, great. Thanks, just to be clear and then the third question.

Brian Macarthur: And then the third question. Obviously, very interesting exploration results. Technically, the way you were at this now is you can produce up to 30 million pounds under the new economic study, but just to be clear in the permitting. Is your cap that's 30 million pounds or the cap for tons per day. I guess where I'm going with this is obviously before you, if you start to be very successful in PC, you can extend the mind like a lot and therefore you may even we have a strong market, maybe you want to produce more than 30 million pounds in the early years. Would you, would you be able to do that technically under the permit, or are you actually cap that 30 million pounds because obviously if you can extend the mind like a lot with PC, it changes maybe what you want to do in a strong market.

Brian Macarthur: Obviously.

Speaker Change: Very interesting exploration results.

Brian Macarthur: Just to be clear. And then the third question, obviously, very interesting exploration results. Technically, the way you worded this now is that you can produce up to 30 million pounds under the new economic study. But just to be clear, in the permitting. Is your cap at 30 million pounds, or is it cap per ton per day? I guess where I'm going with this is obviously before you...

Brian Macarthur: Technically, the way you worded this now is that you can produce up to 30 million pounds under the new economic study, but just to be clear, in the permitting... Is your cap at 30 million pounds, or is it a cap per ton per day? I guess where I'm going with this is obviously before you... If you start to be very successful in PCE, you can extend the mine life a lot. And therefore, you may even, we have a strong market, maybe you want to produce more than 30 million pounds in the early years. Would you technically be able to do that under the permit? Or are you actually capped at 30 million pounds? Because obviously,

Speaker Change: Technically the way you're worried at this now as you can produce up to 30 million pounds under the new economic study, but just to be clear in the permitting.

Craig Hutchison: And that will evolve as we get closer to that first year's production, you'll see an increase in the percentage of volume contracted as we get closer and closer to the start date and that first year of production. Yeah, and from a financing perspective, there's no, there's no kind of timeline related to the receipt of permits or anything. There will be some tied to first drawdown and then project completion. But those are obviously far, far in the future from now, so we do have time as we mentioned to optimize, like the market developed for one thing, which has definitely played in our favor.

Speaker Change: Or is your captive.

Brian Macarthur: Tap that 30 million pounds of cap per ton per day, I guess, where I'm going with this is obviously before you.

Brian Macarthur: If you start to be very successful in PCE, you can extend the mine life a lot, and therefore, you may even have a strong market. Maybe you want to produce more than 30 million pounds in the early years. Would you be able to do that technically under the permit, or are you actually capped at 30 million pounds? But if you can extend the battery life a lot with PCE, it changes maybe what you want to do in a strong market.

Brian Macarthur: If you start to be very successful PCE. It could extend the mine life a lot and therefore, you may even we have a strong market maybe you want to produce more than 30 million pounds. In the earlier would you would you be able to do that technically under the permit or are you actually capped at 30 million pounds because obviously.

Brian Macarthur: But if you can extend the mine life a lot with PCE. It changes maybe what you wanted to do in a strong market.

Craig Hutchison: Over the last few years in terms of waiting to sign contracts and then, and then being able to get that balance right in the structuring of the. Okay, great. One last question from you guys, just on the financing, just any updates in terms of the expressive interest, the kind of dollar money guys are hearing now, you know, obviously given the increase in the cat tax for fair. Thanks. Yeah, Craig, no issues on capacity that's that's certainly the case.

Leigh Curyer: Yeah, I think Brian, you need to look at that. Obviously, there's permitting battery limits. There is flex in the design of what we're put forward, but I wouldn't say it's material flex. Any material change to the project would require a subsequent permitting adenement. So I think you should think of any new discovery as adding mine life at that 30 million pound per annum capability. Great, thanks. That's what I thought, but I just wanted to share.

Unknown Speaker: Yeah, I think, Brian, you need to look at that on the button. Well, obviously, there are permitting battery limits. There is flex in that, in the design of what we've put forward, but I wouldn't say it's material flex. Any material change to the project would require a subsequent permitting addendum. So I think you should think of any new discovery as adding mine life at that 30 million pound per annum capability.

Speaker Change: Yeah, I think Brian you need to look at that on the well obviously there's permitting.

Speaker Change: Our battery limits.

Leigh Curyer: There is flex in that, in the design of what we've put forward, but I wouldn't say it's material flex. Any material change to the project would require a subsequent permitting addendum. So I think you should think of any new discovery as adding mine life at that 30 million pound per annum capability.

Speaker Change: There is flex in that.

Leigh Curyer: In the design of what web.

Leigh Curyer: Put forward, but I wouldn't say it's material flex.

Leigh Curyer: Any material change to our.

Craig Hutchison: There's obviously been some challenges in the mining industry, but in fact, those have actually played into our favor because it's really highlighted to these lenders, and this has been communicated directly to us. Just how rare an opportunity to lend and put money to work on a project of this quality and this jurisdiction, etc. So, yeah, the interest is very, very robust, very strong and growing, growing both in terms of new parties, levels of interest, but also existing parties, increasing their level of interest. So, yeah, we're not concerned on the capacity and availability of capital for this project at all.

Leigh Curyer: The project would require a subsequent.

Leigh Curyer: Permitting denman so.

Leigh Curyer: I think you should think of any new discovery is adding mine life at that 30 million pound per annum capability.

Brian Macarthur: Great, thanks. That's what I thought, but I just wanted to check. Thank you very much. I appreciate you taking the time to answer my question.

Speaker Change: Great. Thanks, that's what I thought, but I just wanted to check. Thank you very much I appreciate you taking my questions.

Brian Macarthur: Thank you very much. I appreciate you taking my questions. Thank you, Brian.

Brian Macarthur: Thank you Brian.

Roland Vetter: Your next question comes from the line of Roland Vetter. Please go ahead.

Operator: Your next question comes from the line of Roland Vetter. Please go ahead.

frozen Vetter: Your next question comes from the line of frozen Vetter. Please go ahead.

Roland Vetter: Hello, good morning. Could you please explain how you were structural contracts with utilities? For example, if you contract a specific year and there would be delays, which are possible, there could be material financial impact on you. So how do you deal with uncertainty when you precisely produce? Yeah, we're not going to sign any contracts pre-permits that would have any kind of financial impact if there are delays, because they'll actually be tied to the start of commercial production, which will have a series of tests around defining it. But that's how you mitigate that, and the company certainly will not put itself in a position, nor is it the expectation of utilities, frankly, at this stage, to be put in that position of financial burden in the event that there's any kind of timing uncertainty which delays earlier point on permitting.

Unknown Attendee: Hello, good morning. Could you please explain how you will structure contracts with utilities?

Roland Vetter: Hello, good morning. Could you please explain how you will structure contracts with utilities? For example, if you contract for a specific year, and there are delays which are possible, there could be a material financial impact on you. So how do you deal with uncertainty when you precisely will produce?

Leigh Curyer: Hello, Good morning.

Speaker Change: Could you please explain how <unk> structured contracts with utilities.

Speaker Change: If you contact our specific here and there would be delays, which are possible there could be material financial impact on you guys. So how do you feel this uncertainty when you precisely but produce.

Craig Hutchison: Your next question comes from the line of Gordon Lawson of Paradigm Capital. Please go ahead.

Craig Hutchison: Good morning, everyone. I'm the drill results. So my understanding of the cento-kilometer is that a reading of 10,000 roughly equates to a 1% grade uranium. And this tapers off the reading of around 60,000 gets your range of between 30 and 40%. Is that in line with your estimates? It varies depending on the deposit. But it's reasonable assertion, or assumption if you, or correlation, if you'd like to make it, we always release the assays subsequently. And so that, you know, a correlation factor gets more accurate over time and every deposit is different.

Unknown Attendee: Yeah, fair enough.

Unknown Speaker: Yeah, we're not going to sign any contracts before permits that would have any kind of financial impact. And Anthony Crimini.

Speaker Change: Yes, we're not going to sign any contracts pre.

Unknown Attendee: Permits that would have any kind of financial impact.

Speaker Change: Permits that would have any kind of financial impact if there are delays because they'll actually be tied to the start of commercial production.

Speaker Change: Which will have a series of tests around defining it.

Speaker Change: But that's how you mitigate that in the company certainly will not put itself in a position.

Speaker Change: Nor is it the expectation of utilities frankly at this stage to be put in that position.

Speaker Change: Of financial burden in the event that there is.

Unknown Speaker: Any kind of timing uncertainty, which is to Leigh's earlier point on permitting, there is some that exists right now because we aren't in total control of this final aspect of the permitting process.

Speaker Change: Any kind of <unk>.

Speaker Change: <unk> uncertainty, which until his earlier point on permitting there is some that exist right now because we arent in total control of this final aspect of the permanent process.

Roland Vetter: There is some that exists right now because we aren't in total control of this final aspect of the permitting process. Okay, but if you, for example, find the contracts to start of commercial operation, it could also mean the utility doesn't precise, you know, in what year they get the volume. Is this correct? Yes, correct. Okay, and the second question: if I understood correctly, you said that you expect production before the end of this decade. Could you be a bit more precise because I think in an interview in spring, you mentioned that it could be the beginning of 28.

Roland Vetter: Okay, but if you, for example, bind the contracts to start a commercial operation, it could also mean the utility doesn't precisely know in what year they will get the volume. Is this correct? Yes, correct. Okay.

Speaker Change: Okay, but if you flip to simplifying the contracts to start commercial operation. It could also mean the utility doesn't besides in once they get the volume is this correct.

Unknown Attendee: Next question is on the remaining permitting and construction process. I mean, it can be a volatile timeline. I understand that. What's your best estimate for timing of the first production and duration of ramp up at this point? It will be 40 months for zero post the federal approval. And, you know, we are expecting into this month, early next, a reply from the service. It will be respect to those 49 aspects that will then determine the timing of those final approvals.

Unknown Attendee: And from there, it will be four zero months construction. So I'm respecting the semisys timeline, we have fulfilled all the answers for those remaining 49 aspects. We look forward to their reply at the end of this month, early next, and it's conclusion. So I'll allow you to determine how quickly they may reciprocate and add 40 months to that.

Unknown Attendee: Okay, fair enough. Thank you very much.

Unknown Attendee: Yes, correct.

Speaker Change: Yes, correct.

Roland Vetter: And the second question: if I understand correctly, you said that you expect production before the end of this decade. Could you be a bit more precise? Because I think in an interview in spring, you mentioned that it could be the beginning of 28. There was a press article not too long ago, which mentioned more about 29. Could you narrow down the year a little bit? When do you think that you can really produce on a large scale? Unknown Speaker: Yeah, well, I

Speaker Change: Okay and the second question if I understood correctly, you said that you expect production before the end of this decade could you be a bit more precise because I think in the interview and spring you mentioned that it could be beginning of 2008.

Leigh Curyer: There was a press article not too long ago, which mentioned more 29. Could you narrow a little bit down in the year when you do your thing that you can really produce on a large scale? Yeah, well, I can hardly comment to what we have said, whether a press article suggests something else. Yeah, I can't really comment, but I want to be very, very clear that we have given the best guidance possible with respect to timing, with all things being equal and based on our expectation and substance of our replies to the remaining 49 aspects.

Speaker Change: Plus our thinking not too long ago, which mentioned markman to nine could.

Speaker Change: Could you narrow a little bit down to you. When do you think that you can really put to us on a small scale.

Leigh Curyer: Yeah, well, I can only comment on what we have said, whether a press article suggested something else. Yeah, I can't really comment, but I want to be very, very clear that we have given the best guidance possible with respect to timing, with all things being equal and based on our expectations and the substance of our replies to the remaining 49 aspects. And I'm being very respectful of the CNSC; they're the regulator, and they'll make the final determination.

Speaker Change: Yeah, well I cannot really comment to what we have said.

Unknown Attendee: Whether a press article suggesting somebody else.

Unknown Attendee: Yes.

Speaker Change: I can't really comment but.

Speaker Change: I wanted to be very very clear that we have given the best guidance as possible with respect to timing with all things being equal and based on our expectation then and.

Speaker Change: Substance all know replies to the remaining 49 that specs and I'm being very respectful of the sand to say yes.

Leigh Curyer: And I'm being very respectful of the CNSC; they're the regulator, and they'll make the determination ultimately. All things going according to plan, and as we expect, we expect the EIS will be deemed final imminently at the end of...

Leigh Curyer: And I'm being very respectful of this NSE; you know, they're the regulator and they will make the determination ultimately. All things going according to plan and as we expect, we expect the IS will be deemed final in the end of this review period, which concludes end of this month, early next. And obviously, there will be some dialogue, and how long that takes. I can't be more specific. It will depend on the responses from the CNSC, but we're in the final stages. And all aspects are very, very important and need to be resolved. From that moment, it will be 40 months, as per the feasibility study, in terms of getting into production.

Leigh Curyer: The regulator and and and that will make the determination ultimately.

Unknown Attendee: That's it from us.

Leigh Curyer: All things going according to plan and as we expect, we expect the EIS to be deemed final imminently at the end of this review period, which concludes at the end of this month and early next. And obviously, there'll be some dialogue, and how long that takes, I can't be more specific. It'll depend on the responses from the CMSC, but we're in the final stages, and all aspects are very, very important and need to be resolved at that moment. It'll be 40 months as per the feasibility study in terms of getting into production. So, I look forward to the day. We can be very, very specific.

Leigh Curyer: Oh things going.

Leigh Curyer: According to plan and as we expect we expect the <unk> will be deemed funnel.

Alex Terentiew: Your next question comes from the line of Alex, the entry of Fenton Financial. Please go ahead. Hello guys and exciting times ahead, definitely for next year and here.

Leigh Curyer: Currently at the end of.

Leigh Curyer: This review period, which concludes the end of this month early next.

Leigh Curyer: So I just want to touch base again, just on the permits there. I mean, in the timings, Lee made a very clear obviously that, you know, you do expect that permit. So, you know, can you just clarify for me, I mean, you know, based on your best understanding of the process. You know, can you kind of lay out for me here that the timings of approvals and effectively when when you expect that the first shovel that they're kind of break round.

Leigh Curyer: Obviously there'll be some dialogue and how long that takes.

Leigh Curyer: I can't I can't be more specific it will be depend on the responses from the same let's say, but we are in the final stages.

Speaker Change: Oh OLED specs are very very important.

Leigh Curyer: And need to be resolved.

Leigh Curyer: From that moment it'll.

Leigh Curyer: It'll be 14 months as part of the feasibility study in terms of getting into.

Leigh Curyer:

Leigh Curyer: You know, as you said here, you know, that technical review should finish this month and then there's other processes that have to happen afterwards. But I just want to get a better understanding of what those are and how long they could take so that went when that, you know, the shovel breaks ground.

Leigh Curyer: So I would love to look forward to the day we can be very, very specific. And that day is coming, but respecting the permitting process and just to add to your earlier question. As we get close, as we get that permit, but we've got greater visibility on timing, which means the ability to enter into contracts increases. And then, as we get through the construction period and about to approach that start date, you'll naturally see an increase in the amount of volume of our production that will be agreed under off dates. So, yeah, that is the approach that we're taking, and the best guidance I can give you based on what I know today.

Leigh Curyer: Production.

Leigh Curyer: I.

Leigh Curyer: I look forward to the day, we can be very very specific.

Leigh Curyer: And that day is coming, but respecting the permitting process. And just to add to your earlier question, as we get close, as we get that permit, well, we've got greater visibility on timing, which means the ability to enter into contracts increases. And then, as we get through the construction period and about to approach that start date, you'll naturally see an increase in the amount of volume of our production that will be agreed under offtake. So, yeah, that is the approach that we're taking. The best guidance I can give you based on what I know today. Okay.

Leigh Curyer: And and that.

Speaker Change: That data is coming.

Leigh Curyer: Respecting the permitting process and just to add to your earlier question as.

Leigh Curyer: And in second point to that is, you know, how do you're finding seeing plants factor into this. I mean, obviously, once that permit is in hand, then I expect some sort of financing to be announced or, anyway, I just wanted to see how you're financing expectations factor into the approval process. Yes, so we are waiting on the federal government, the CNSE to come back to us with their views on our responses to the 49 aspects that were remaining and we submitted that back on May the 21st.

Leigh Curyer: As we get closer and as we get that permit.

Leigh Curyer: Got greater visibility on timing, which means the ability to enter into contracts.

Speaker Change: Increases and then as we get through the construction period and about to approach that start date, you'll naturally see an increase in the amount of volume of our production that that will be.

Leigh Curyer: We are expecting a response at the end of this month early next with respect to those 49 aspects. We're very, very confident with what we have submitted and on the basis that they are all accepted. The EIS will be then deemed final and complete by the federal government. I've got to remember we've already received our provincial permit and it's the same EIS and we have all four communities formally have endorsed and support the project.

Speaker Change: A great under off types. So.

Speaker Change: Yeah. It does.

Leigh Curyer: That is the approach that we're taking and.

Speaker Change: The best Garden talking debut by somewhat annoyed today.

Leigh Curyer: Okay. Thank you very much.

Speaker Change: Okay. Thank you very much.

Operator: Thank you.

Speaker Change: Thank you.

Operator: Once again, ladies and gentlemen, should you have a question? Please press the star button followed by the number one on your touch to inform. You will hear a prompt that your hand has been raised.

Operator: Once again, ladies and gentlemen, should you have a question, please press the star button followed by the number one on your touch-tone phone. You will hear a prompt that your hand has been raised. There are no further questions at this time. I'd now like to turn the call back over to Leigh Curyer for her final closing remarks. Please go ahead.

Speaker Change: Once again, ladies and gentlemen should do you have a question. Please press the start button followed by the number one on your Touchtone phone, you'll hear a prompt that your hand, that's been raised.

Operator: Okay.

Operator: There are no further questions at this time.

Lee career: There are no further questions at this time I'd now like to turn the call back over to Lee career for final closing remarks. Please go ahead.

Leigh Curyer: I'd now like to turn the call back over to Lee Courier for final closing remarks. Please go ahead. Yes, thank you, Calvin. And thank you, everyone, for listening today. It's incredibly exciting.

Leigh Curyer: Yeah, thank you, Calvin. And thank you everyone for listening today. Incredibly exciting time for the company, you know, the dual process of being in the final stages of federal approval, respecting the CNSC's process, and at the same time, lightning has struck twice with respect to mineralization on the Rook One property. Unknown Speaker... It's, as everyone is aware, Arrow is a geological...

Speaker Change: Yeah. Thank you Kevin and thank you everyone for listening today are incredibly exciting.

Leigh Curyer: Time for the company, you know, the dual process of being the final stages of federal approval, respecting the CNSE process. And at the same time, it has lightning struck twice when you respect to mineralisation on the required property. It's as everyone is aware, Arrow is a geological phenom. And we found it very, very early in our drilling on the required property, the 21st rule hole, but it was actually the first rule hole within a four-and-a-half kilometer radius. We and everyone involved with that program did an amazing job. But we always felt, you know, do we find the only mother load so early on a 320,000 hectare exploration portfolio.

Speaker Change: <unk> for the company the dual process of being in the final stages of federal approval respecting the same assays a process.

Leigh Curyer: The federal government will then set a commission hearing date. Now that is at their discretion but there is given the circumstances and the strong support from all key stakeholders and the importance of this project as they have stated to their critical minerals strategy. I would expect that commission hearing date to be issued very shortly after the EIS being deemed final. The earliest EIS can be deemed final as I estimate end of September but it will be subject on satisfactory resolution those remaining 49 aspects.

Operator: And at the same time.

Speaker Change: The strike price with respect to.

Speaker Change: Mineralization on the <unk> property.

Leigh Curyer: It's, as everyone is aware, Arrow is a geological phenom, and we found it very, very early in our research. Drilling on the Rook One property, the 21st drill hole, but it was actually the first drill hole within a four and a half kilometer radius.

Speaker Change: It's a as everyone is aware arrow is a geological thin and we found it very very early now.

Leigh Curyer: Drilling on the <unk> property in the twenty-first drill hole, but it was actually the first drill hole within a $4 five kilometer radius.

Leigh Curyer: We and everyone involved.

Leigh Curyer: On the commission hearing date it's legislated that project be approved within 60 business days following that commission hearing date. Now a couple of aspects historically every project that's been deemed final, their EIS final has gone to a commission hearing date and has been approved. From that final approval it will be four zero months but I'm not going to you know with respect to the CMSE I'm going to respect them coming back to us once they are satisfied and that will be determined by the CMSE.

Leigh Curyer: With that program.

Speaker Change: An amazing job.

Leigh Curyer: But we always felt do we find the mother Lode.

Speaker Change: So early on a 320000 hectare exploration portfolio profitability was that we we certainly.

Leigh Curyer: Probability was that we only found one or the number. And what we're seeing in the very early stages of PC is incredibly exciting. And right next door to it's probably it's most analogous comparable. And to get the high-grade intercepts, the ultra high-grade, greater than 61,000 CPS in four of the holes over large distances.

Speaker Change: Suddenly found one of a number.

Leigh Curyer: And.

Speaker Change: What we're saying in the very early stages of PSA is incredibly exciting and right next door to it its probably its most analogous.

Speaker Change: Comparable and.

Speaker Change: To get the high grade intercepts ultra high grade greater than 61000, and Cps in four of the halls over large distances.

Alex Terentiew: So I wish I could be more quantitative for you in that respect but I think I've given you you know broad parameters enough to know that we expect the project to be in production prior to the end of this decade with all things being equal and assess objectively. With respect to the financing, like with the debt one that we're or the debt process that we're running, it's still subject to receipt of federal approval and you'll spend the equity first in any event.

Leigh Curyer: is incredibly exciting because when you consider how to intercept those so frequently over socialised instances, we have all the ingredients of another phenomenal discovery. Time until and this deposit will, you know, go down zone path, but we have all the characteristics of another significant, mineralised zone and we look forward to those real outstanding going forward. So thank you everyone for your time and the interest, and as always, myself, Travis, Monica, and Stacey and the team are available to answer any questions that you may have. Thank you.

Leigh Curyer: Incredibly exciting because when you consider how.

Speaker Change: In the set those frequently over such large distances, we have all the ingredients of another phenomenal discovery, Tom Hotel and this deposit will.

Speaker Change: Guidance on path, but we have all the characteristics of another significant mineralized zone.

Speaker Change: And we look forward to those jewelry extending them.

Leigh Curyer: Going forward. So thank you everyone for your time and interest and.

Alex Terentiew: So you'll see the complete financing package most likely post federal approval when respect to the the timing of that being secured. Okay, all right and that sounds good and just if I just kind of do some simple math here, you know, end of September approvals, commission hearing date, then max 60 business days after that to get, you know, to have that set. So, I mean realistically I guess Q1 2025 some point in that quarter we could see you know construction officially start is that roughly it makes sense. Well, I'll refer to you as how you interpret what I said. Okay. Good stuff.

Leigh Curyer: As always.

Speaker Change: Myself, Travis Monica and Stacy and the team are.

Leigh Curyer: We are available to answer any questions that you might have.

Speaker Change: Thank you.

Leigh Curyer: Yeah.

Operator: Ladies and gentlemen, this concludes your conference call for today. Thank you for participating, and ask the to please disconnect your lines.

Speaker Change: Ladies and gentlemen, this concludes your conference call for today, we thank you for participating and ask that you. Please disconnect your lines.

Unknown Attendee: Thank you.

Leigh Curyer: Okay.

Leigh Curyer: Yes.

Leigh Curyer: Okay.

Leigh Curyer: Yeah.

Leigh Curyer: [music].

Brian Macarthur: Your next question comes from the line of Brian MacArthur of Raymond James. Please go ahead. Good morning, and thank you for taking my question.

Leigh Curyer: Yes.

Leigh Curyer: Okay.

Leigh Curyer: [music].

Brian Macarthur: Sorry, can we just go back to the 161 million you talked about spending this year? I have two questions. One, is any of all of that included in the new 2.2 billion capital estimate? And two, you spent 58 as I looked at the financial sofa, can I assume that the rest of that 100 million is spent in the last six months of the year or as part of that, as you said, subject to permits and things like that.

Brian Macarthur: If you just go over that again, I'm just trying to clear the exact cash flows here, please. Yeah, you're right. You're right, Brian. I'm both both friends. So some of that 161 million is for the full year. We have already spent 55 million of that in the first six months. And some of those items are select client and equipment deposits on client equipment and like the freeze plan, et cetera, and and deposits on horse, et cetera.

Brian Macarthur: That we won't take delivery of until we have approval. So only activities that you're seeing at site are fully approved activities, but of that 161 summer, you know, plant equipment for when we will, which would be part of that capex.

Brian Macarthur: Okay, that's clear. Second question, you talk about the NPV of over 6 billion at 95 Uranium. Can I, as understand it, there's going to be no updated filing for all these new economics, but did you sort of assume in that that that value was a t minus 3 like we did before, i.e. That value you, you assume sort of three years of construction. Again, I just want to make sure because obviously this generates so much cash that time value a year here or there makes a big difference. Is that correct when you did that calculation. That's correct.

Brian Macarthur: Thanks. Yeah, the same basis like for like as the FS.

Brian Macarthur: Okay, great. Thanks.

Leigh Curyer: Just to be clear. And then the third question. Obviously, very interesting exploration results. Technically, the way you were at this now is you can produce up to 30 million pound under the new economic study, but just to be clear in the permitting. Is your cap that's 30 million pounds or the cap for tons per day. I guess where I'm going with this is obviously before you, if you start to be very successful in PC, you can extend the mind like a lot and therefore you may even we have a strong market, maybe you want to produce more than 30 million pounds in the early years, would you, would you be able to do that technically under the permit, or are you actually cap that 30 million pounds because obviously if you can extend the mind like a lot with PC, it changes maybe what you want to do in a strong market.

Unknown Attendee: Great, thanks. That's what I thought, but I just wanted to share.

Unknown Attendee: Thank you very much. I appreciate you taking my questions.

Unknown Attendee: Thank you, Brian.

Roland Vetter: Your next question comes from the line of Roland Vetter. Please go ahead. Hello, good morning. Could you please explain how you were structural contracts with utilities? For example, if you contract a specific year and there would be delays which are possible, there could be material financial impact on you. So how do you deal with uncertainty when you precisely produce? Yeah, we're not going to sign any contracts pre permits that would have any kind of financial impact if there are delays, because they'll actually be tied to the start of commercial production, which will have a series of tests around defining it.

Roland Vetter: But that's how you mitigate that and the company certainly will not put itself in a position, nor is it the expectation of utilities frankly at this stage to be put in that position of financial burden in the event that there's any kind of timing uncertainty which delays earlier point on permitting. There is some that exists right now because we aren't in total control of this final aspect of the permitting process. Okay, but if you, for example, find the contracts to start of commercial operation, it could also mean the utility doesn't precise, you know, in what year they get the volume.

Roland Vetter: Is this correct? Yes, correct. Okay, and the second question, if I understood correctly, you said that you expect production before the end of this decade. Could you be a bit more precise because I think in an interview in spring, you mentioned that it could be beginning of 28. There was a press article not too long ago, which mentioned more 29. Could you narrow a little bit down in the year when you do your thing that you can really produce on a large scale?

Roland Vetter: Yeah, well, I can hardly comment to what we have said, whether a press article suggests something else. Yeah, I can't really comment, but I want to be very, very clear that we have given the best guidance possible with respect to timing, with all things being equal and based on our expectation and substance of our replies to the remaining 49 aspects. And I'm being very respectful of this NSE, you know, they're the regulator and they will make the determination ultimately.

Roland Vetter: All things going according to plan and as we expect, we expect the IS will be deemed final in the end of this review period, which concludes end of this month, early next. And obviously, there will be some dialogue and how long that takes. I can't be more specific. It will depend on the responses from the CNSC, but we're in the final stages. And all aspects are very, very important and need to be resolved.

Roland Vetter: From that moment, it will be 40 months as per the feasibility study in terms of getting into production. So I would love to look forward to the day we can be very, very specific. And that day is coming, but respecting the permitting process and just to add to your earlier question. As we get close, as we get that permit, but we've got greater visibility on timing, which means the ability to enter into contracts increases.

Roland Vetter: And then as we get through the construction period and about to approach that start date, you'll naturally see an increase in the amount of volume of our production that that will be agreed under off dates. So, yeah, that is the approach that we're taking and the best guidance I can give you based on what I know today. Okay. Thank you very much. Thank you. Once again, ladies and gentlemen, should you have a question?

Roland Vetter: Please press the star button followed by the number one on your touch to inform. You will hear a prompt that your hand has been raised. There are no further questions at this time. I'd now like to turn the call back over to Lee Courier for final closing remarks. Please go ahead. Yes, thank you, Calvin. And thank you everyone for listening today. It's incredibly exciting. Time for the company, you know, the dual process of being the final stages of of federal approval, respecting the CNSE process.

Roland Vetter: And at the same time, it has lightning struck twice when you respect to mineralisation on the required property. It's as everyone is aware, arrow is a geological phenom. And we found it very, very early in our drilling on the required property, the 21st rule hole, but it was actually the first rule hole within a four and a half kilometer radius. We and everyone involved with that program did an amazing job. But we always felt, you know, do we find the only mother load so early on a 320,000 hectare exploration portfolio.

Roland Vetter: Probability was that we only found one or the number. And what we're seeing in the very early stages of PC is incredibly exciting. And right next door to it's probably it's most analogous comparable. And to get the high grade intercepts, the ultra high grade, greater than 61,000 CPS in four of the holes over large distances, is incredibly exciting because when you consider how to intercept those so frequently over socialised instances, we have all the ingredients of another phenomenal discovery, time until and this deposit will, you know, go down zone path, but we have all the characteristics of another significant, mineralised zone and we look forward to those real outstanding going forward.

Roland Vetter: So thank you everyone for your time and the interest and as always, myself, Travis, Monica and Stacey and the team are available to answer any questions that you may have. Thank you. Ladies and gentlemen, this concludes your conference call for today.

Leigh Curyer: Thank you for participating and ask the to please disconnect your lines.

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