Q3 2025 NexGen Energy Ltd Earnings Call

Speaker #3: Thank you for standing by . This is the conference operator . Welcome to the next gen Energy . Third quarter 2025 results . Conference call .

Speaker #3: As a reminder , all participants are in listen only mode , and the conference is being recorded . After the speaker's remarks , there will be a question and answer session .

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Speaker #3: Then zero . I would now like to turn the conference over to Mr. Lee Currier , Chief Executive Officer and Director with NextGen Energy Limited .

Speaker #3: Please go ahead , sir .

Speaker #4: Thank you . Gaylene . Good morning . Thank you for joining Nexgen's Q3 2025 Financial results and Investor Conference Call . My name is Lee Currier and I am Chief Executive officer of NextGen energy .

Leigh Curyer: Thank you, Gaylene. Good morning, thank you for joining NexGen's Q3 2025 Financial Results and Investor Conference Call.

Leigh Curyer: My name is Leigh Curyer, and I am Chief Executive Officer of NexGen Energy. I am joined today by Travis McPherson, Chief Commercial Officer, and Benjamin Salter, Chief Financial Officer. During today's Q3 update, I'll provide the latest uranium market dynamics, which is simply unfolding faster than most industry observers anticipated, driven by unprecedented huge uptake of nuclear energy across the globe and the strategic execution of NexGen's off-take marketing strategy. Further, progress as we prepare for our first of two commission hearings on the federal approval of Rook One in a mere 13 days from now. In addition, all the Rook One site activities and preparations, updates to execute on this generational project that will set a new benchmark in the economic, environmental, and social stewardship for the sector.

Speaker #4: I am joined today by Travis McPherson , Chief Commercial Officer , and Benjamin Salter , Chief Financial officer . During today's Q3 update , I'll provide the latest uranium market dynamics , which is simply unfolding faster than most industry observers anticipated , driven by unprecedented , huge uptake of nuclear energy across the globe and the strategic execution of Nexgen's offtake , marketing strategy .

Speaker #4: Further progress as we prepare for our first of two commission hearings on the federal approval of Rooke , in a mere 13 days from now , in addition , all the rook one site activities and preparations , updates to execute on this generational project that will set a new benchmark in the economic , environmental and social stewardship for the sector .

Speaker #4: At the conclusion of this presentation , we'll move to the Q&A portion of the call where you're invited to ask Travis , Ben , and myself any questions .

Leigh Curyer: At the conclusion of this presentation, we will move to the Q&A portion of the call, where you are invited to ask Travis, Ben, and myself any questions. Throughout the course of today's call, we will be making forward-looking statements. Please visit our website for all the relevant disclaimers. In recent months, we have seen an unprecedented alignment of policy, capital, and geopolitical priorities in support of nuclear energy and a growing understanding of the constraints impacting uranium supply. As recently as last week, the Nuclear Energy Institute, NEI, held its annual International Uranium Fuel Seminar in Charleston, South Carolina, welcoming industry executives from across the globe. The clear message from utilities was industry developments are advancing so rapidly, forecasts of electrical demand have increased over tenfold from as recently as those three years ago.

Speaker #4: Throughout the course of today's call , we will be making forward looking statements . Please visit our website for all the relevant disclaimers .

Speaker #4: In recent months , we've seen an unprecedented alignment of policy , capital and geopolitical priorities in support of nuclear energy and a growing understanding of the constraints impacting uranium supply .

Speaker #4: As recently as last week , the nuclear Energy Institute NTI held its annual interaction , its annual international uranium fuel Seminar in Charleston , South Carolina .

Speaker #4: Welcoming industry executives from across the globe . The clear message from utilities was industry developments are advancing so rapidly . Forecasts of electrical demand have increased over ten fold from as recently as those three years ago .

Speaker #4: There is crystal clear , unprecedented nuclear energy uptake momentum behind restart efforts at a number of the currently idled US nuclear facilities , with additional negotiations underway on the other idled sites .

Leigh Curyer: There is crystal clear, unprecedented nuclear energy uptake momentum behind restart efforts at a number of the currently idled US nuclear facilities, with additional negotiations underway on the other idled sites, driven by additional layer tape demand by the major tech companies. The full nuclear energy chain is undergoing rapid acceleration, with utilities pursuing reactor uprates, extended life cycles, subsequent license renewals, all while they're evaluating SMR deployment with major tech partners. This very simply is forecasting uranium demand at an accelerating speed. Just this last week, the US Government announced an $80 billion US investment with Westinghouse to build new commercial reactors and have provided additional commitments to restart current idled reactors.

Speaker #4: Driven by additional layer cake demand by the major tech companies . The full nuclear energy chain is undergoing rapid acceleration , with utilities pursuing reactor updates , extended life cycles , subsequent license renewals , all whilst evaluating Samr deployment with major tech partners .

Speaker #4: There's this very simply is forecasting uranium demand at an accelerating speed . Just this last week , the US government announced an $80 billion US investment with Westinghouse to build new commercial reactors and have provided additional commitments to restart current idled reactors .

Speaker #4: But note whilst recent mainstream headlines focus on the power generation component of this generational opportunity in the United States , the government through the 2024 Advance Act has accelerated modernization within the nuclear Regulatory Commission and shortened key licensing timelines , while Energy Secretary Chris Wright's call to expand the strategic Uranium reserve reinforces Washington's focus on fuel security and long term nuclear capacity , including from Allied sources such as Canada .

Leigh Curyer: Note, whilst recent mainstream headlines focus on the power generation component of this generational opportunity, in the United States, the government through the 2024 ADVANCE Act has accelerated modernization within the Nuclear Regulatory Commission and shortened key licensing timelines. While Energy Secretary Chris Wright's call to expand the strategic uranium reserve reinforces, forces Washington's focus on fuel security and long-term nuclear capacity, including from allied sources such as Canada. Adding to this momentum, the US and Australian governments recently signed a landmark critical minerals framework to strengthen cooperation across mining, processing, and supply chain security. This agreement demonstrates a shared strategy among allied nations to ensure the stability and accessibility of key raw materials is necessary for geopolitical security. The only way to achieve the goals of all allied nations in this regard is cooperation, and we anticipate more announcements to follow demonstrating this approach.

Speaker #4: Adding to this momentum , the US and Australian governments recently signed a landmark critical minerals framework to strengthen cooperation across mining , processing and supply chain security .

Speaker #4: This agreement demonstrates the shared strategy among allied nations to ensure the stability and accessibility of key raw materials is necessary for geopolitical , security .

Speaker #4: The only way to achieve the goals of all allied nations in this regard is to . And we anticipate more announcements to follow demonstrating this approach .

Speaker #4: J.P. Morgan , one of the syndicated banks in our recent North American 400 million financing , which I'll discuss shortly , is the latest major institution to announce a 1.5 US trillion dollar , ten year plan to facilitate finance and invest in industries critical to economic security and resiliency .

Leigh Curyer: JP Morgan, one of the syndicated banks in our recent North American $400 million financing, which I'll discuss shortly, is the latest major institution to announce a $1.5 trillion 10-year plan to facilitate finance and invest in industries critical to economic security and resiliency to assist companies in boosting their growth, innovation, and accelerating strategic manufacturing. A move serving as a concrete signal of finance backing nuclear and uranium, the key fuel in the value chain. Morgan Stanley released its National Security Index, which included NexGen among the constituents, again reinforcing NexGen's unique role as a go-to solution provider to allied nations' needs for uranium supply. Specifically to the uranium market over the Q3, spot prices rose 16% to $83.25 US a pound, driven by an increase in liquidity to the market over August and September.

Speaker #4: To assist companies in boosting their growth , innovation and accelerating strategic manufacturing . A move serving as a concrete signal of finance backing nuclear and uranium .

Speaker #4: The key fuel in the value chain . Further , Morgan Stanley released its National Security Index , which included next gen among the constituents .

Speaker #4: Again reinforcing Next Gen's unique role as a go to solution provider to allied nations needs for uranium supply , specifically to the uranium market .

Speaker #4: Over the third quarter , spot prices rose 16% to $83.20 $5 a pound , driven by an increase in the liquidity to the market over August and September .

Speaker #4: This highlights how fast the market prices react when demand enters the spot market . Next gen recognizes as demand hits the spot market price discovery begins to emerge that efficiently signals through incentive pricing , which is in the interest of sellers and buyers .

Leigh Curyer: This highlights how fast the market prices react when demand enters the spot market. NexGen recognizes as demand hits the spot market, price discovery begins to emerge that efficiently signals true incentive pricing, which is in the interest of sellers and buyers. The increased liquidity in the spot market coincided with more supply disruptions over the Q3. We witnessed widespread production guidance cuts around the globe, including the current producers at Kazatomprom and Cameco, where production issues have persisted, simply reflecting late in life mine challenges are present. Prior years, healthy inventories of on-hand levels are being rapidly exhausted and borrowed inventory levels are skyrocketing to meet post offtake commitments at lower than current spot prices.

Speaker #4: The increased liquidity in the spot market coincided with more supply disruptions over the third quarter . We witnessed widespread production guidance cuts around the globe , including the current producers at Caserta and Cameco , where production issues have persisted , simply reflecting late in life , mine challenges are present prior years , healthy inventories of on hand levels are being rapidly exhausted and borrowed inventory levels are skyrocketing to meet par off take commitments at lower than current spot prices .

Speaker #4: These dynamics are reinforcing the need for a sustained , higher price environment . A trend already materializing with the term price rising to $86 US per pound .

Leigh Curyer: These dynamics are reinforcing the need for a sustained higher price environment, a trend already materializing with the term price rising to $86 US per pound, its highest level since May 2008. The shift toward a higher for longer market is here, arriving at a pivotal time for advanced build-ready projects like NexGen's Rook 1. The work NexGen has done over the last 12 years is aligning with all of the market dynamics. Note, Rook 1 cannot service this gap alone. The forecast demand supply deficit into 2030 requires multiple Rook 1s to come online, and they simply do not exist. Substantially higher prices in the future will be the consequence. All our advanced development company cohorts in Canada, the US, and Australia are incredibly well-leveraged to forecasted higher uranium prices of the future.

Speaker #4: Its highest level since May 2008 . The shift toward a higher for longer marker is here , arriving at a pivotal time for advanced build ready projects like Next Gen's Q1 , the work Next gen has done over the last 12 years is aligning with all of the dynamics , but note Rooke , one cannot service this gap alone .

Speaker #4: The forecast demand , supply deficit into 2030 requires multiple look ones to come online , and they simply do not exist . Substantially higher prices in the future will be the consequence .

Speaker #4: And all our advanced development company cohorts in Canada , the US and Australia are incredibly well leveraged to forecasted higher uranium prices of the future .

Speaker #4: In September . The scale and speed of this structural shift taking place in our industry was the key highlight from the World Nuclear Association Synapsin in market London .

Leigh Curyer: In September, the scale and speed of this structural shift taking place in our industry was the key highlight from the World Nuclear Association Symposium in London. Attendance reached a record 1,300 participants, up from 800 a year earlier, and the biannual fuel report upgraded all three global nuclear growth scenarios upward. Over the next 15 years, the upper case projects annual uranium demand reaching 530 million pounds per year, while the base case projects 391 million pounds. Today, demand is just under 180 million pounds. In 2024, primary supply was estimated to be 150 million pounds, with the deficit made up of continued inventory drawdowns, which only prolong and exacerbate the challenges facing primary uranium supply growth.

Speaker #4: Attendance reached a record 1300 participants , up from 800 a year earlier , and the bi annual fuel Report upgraded all three global nuclear growth scenarios upward over the next 15 years .

Speaker #4: The upper case projects annual uranium demand reaching £530 million per year, while the base case projects £391 million. Today, demand is just under £180 million in 2024.

Speaker #4: Primary supply was estimated to be £150 million , with the deficit made up of continued inventory drawdowns , which only prolong and exacerbate the challenges facing primary uranium supply growth .

Speaker #4: With demand far outpacing supply and global mine supply at the same level as it was ten years ago . One can see the need for both significantly higher uranium prices , as well as policy support to address regulatory timelines and their impact on capital formation .

Leigh Curyer: With demand far outpacing supply and global mine supply at the same level as it was 10 years ago, one can see the need for both significantly higher uranium prices as well as policy support to address regulatory timelines and their impact on capital formation. Notably, the WNA Symposium and in their report, the rising engagement from the technology sector was observed, with Microsoft formally joining the WNA, reflecting the growing nexus between AI-driven power demands and nuclear energy's key role as a clean baseload generation to reliably power this insatiable demand. As the uranium market enters its seasonally strong contracting period, we expect to see continued strength in uranium prices. Against this favorable backdrop, NexGen remains uniquely positioned with the world's most advanced, high-grade, build-ready uranium project to deliver a new secure supply the world is depending on.

Speaker #4: Notably , the Synapsin and in their report , The Rising engagement from the technology sector was observed with Microsoft formally joining the reflecting the growing nexus between AI driven power demand and nuclear energy's key role as a clean baseload generation to reliably power this insatiable demand .

Speaker #4: Insatiable demand as the uranium market enters its seasonally strong contracting period , we expect to see continued strength in uranium prices . And against this favorable backdrop , next gen remains uniquely positioned with the world's most advanced high grade build ready uranium project to deliver a new secure supply .

Speaker #4: The world is depending on with respect to contracting negotiations , with many utilities across North America , Europe , the Middle East and Asia continue to progress .

Leigh Curyer: With respect to contracting, negotiations with many utilities across North America, Europe, the Middle East, and Asia continue to progress. Utility activity has intensified markedly with counterparties actively seeking to secure long-term supply beginning in 2030 and beyond. A clear reflection of a tightening market fundamental and growing recognition that future supply will be challenging. Negotiations are advancing on offtake, where these forward-looking utilities are seeking to finance NexGen into production. We expect multiple agreements to be finalized in the coming quarters as utilities move to lock in future delivery schedules. A consistent theme across these discussions is the strategic emphasis on supply diversification, and this is where NexGen is truly unique. NexGen is the most material source of supply globally that truly provides material de-risked diversification in terms of both technical, given its competent ground setting, and sovereign, being located in Canada.

Speaker #4: Utility activity has intensified markedly with counterparties actively seeking to secure long term supply beginning in 2030 and beyond . A clear reflection of a tightening market , fundamental and growing recognition that future supply will be challenging .

Speaker #4: Negotiations are advancing on offtake where these forward looking utilities are seeking to finance next gen into production , we expect multiple agreements to be finalised in the coming quarters as utilities move to lock in future delivery schedules .

Speaker #4: A consistent theme across these discussions is the strategic emphasis on supply diversification , and this is where . Next gen is truly unique .

Speaker #4: Next gen is the most material source of supply globally that truly provides material de-risk diversification in terms of both technical . Given its competent ground setting and sovereign being located in Canada , utilities are increasingly looking to reduce reliance on state sponsored producers , whilst also addressing the legacy mines are depleting and encountering consistent late in mine life production issues .

Leigh Curyer: Utilities are increasingly looking to reduce reliance on state-sponsored producers, while also addressing the reality that legacy mines are depleting and encountering consistent late in mine life production issues. With the first commission hearing only 13 days from now on 19 November in Ottawa, and the second scheduled for a single day between 9 to 13 February 2026, NexGen is excited to transition from advanced development to building the greatest natural resources project in recent memory immediately upon receipt of federal approval. This milestone represents the culmination of over a decade of rigorous technical work, community and Indigenous engagement, and regulatory process, and the curated expert team we have developed are construction ready. The support we've received has been significant.

Speaker #4: The first with the first commission hearing only 13 days from now on November the 19th in Ottawa , and the second scheduled for a single day between February 9 to 13 .

Speaker #4: In 2026 . Next Gen is excited to transition from advanced development to building the greatest natural resources project in recent memory . Immediately upon receipt of federal approval , this milestone represents the culmination of over a decade of rigorous technical work , community , indigenous engagement , and regulatory process , and the curated expert team we have developed a construction ready .

Speaker #4: The support we've received has been significant all for indigenous nations located in the local priority area are legally supported and publicly advocated . Of the immediate approval of the project , including the Province of Saskatchewan , which continues to champion as they're a priority project .

Leigh Curyer: All four Indigenous Nations located in the local priority area are legally supported and publicly advocated for the immediate approval of the project, including the Province of Saskatchewan, which continues to champion as a priority project. The CNSC staff have recommended approval in their technical assessments, and the Canadian Government has increasingly recognized the critical role of clean, reliable nuclear energy in meeting climate and energy security objectives. That alignment across regulators, Government, and communities reinforces our unique and genuine approach to resource development. This is a story that Canadians are very proud of, as it is redefining multiple ways how resource projects can be and are now being developed both technically, environmentally, and socially. We would like to thank our investors for their support in our highly successful global equity offering this past month.

Speaker #4: The NSC staff have recommended approval in their technical assessments , and the Canadian government has increasingly recognized the critical role of clean , reliable nuclear energy in meeting climate and energy security objectives that alignment across regulators , government and communities reinforces our unique and general genuine approach to resource development .

Speaker #4: This is a story that Canadians are very proud of as it is redefining multiple ways how resource projects can be and are now being developed , both technically , environmentally , and socially .

Speaker #4: We'd like to thank our investors for their support in our highly successful global equity offering . This past month , with the close of our 1 billion Australian dollar raise , next Gen is further strengthened .

Leigh Curyer: With the close of our AUD 1 billion raise, NexGen has further strengthened its financial position to advance the development of the Rook One Project immediately upon final federal approval. Interestingly, the vast majority of capital was raised from outside of Canada, predominantly in Australia, where our registrars were reflecting an ever-increasing Australasian profile, demonstrating NexGen's unique ability to attract hundreds of millions of investment dollars into Canada. Capital that will directly benefit local communities, the province of Saskatchewan, and the broader Canadian economy. Proceeds will support the balance of detailed engineering, pre-construction activities, and general corporate purposes, positioning the company to deliver on its next phase of execution and growth. The Australian raise has also positioned NexGen to meet the market capitalization and liquidity thresholds for the ASX 200 index eligibility, the preeminent equity index in the Australian market.

Speaker #4: Its financial position to advance the development of the Rec one project immediately upon final federal approval . Interestingly , the vast majority of capital was raised from outside of Canada , predominantly in Australia , where our registries were reflecting a ever increasing Australasian profile , demonstrating next Gen's unique ability to attract hundreds of millions of investment dollars into Canada capital that will directly benefit local communities .

Speaker #4: The province of Saskatchewan and the broader Canadian economy . Proceeds will support the balance of detailed engineering pre-construction activities and general corporate purposes , positioning the company to deliver on its next phase of execution and growth .

Speaker #4: The Australian race has always has also positioned next gen to meet the market capitalization and liquidity thresholds for the ASX 200 index eligibility .

Speaker #4: The pre-eminent equity index in the Australian market , our current cash balance stands at approximately $1.2 billion . Canadian , with funding to complete the 2025 site program , and this year and initiate development for the first 18 months .

Leigh Curyer: Our current cash balance stands at approximately CAD 1.2 billion. With funding to complete the 2025 site program and initiate development for the first 18 months post-approval engineering, procurement, training, and construction. We have purposefully maintained full strategic optionality with a strong cash position and active negotiations with strategic investors and utilities, amongst others, resulting in a variety of highly accretive financing alternatives. As we always have, we will optimize the financing opportunities in maintaining our patience with respect to the market, which continues to be recognized. Our production flexibility, which combined will maximize the value of each pound of uranium we produce and sell, becoming the most leveraged company in the world to rising higher uranium prices. To our site activities.

Speaker #4: Post-approval engineering , procurement , training and construction . We are purposefully maintained , full strategic optionality with a strong cash position and active negotiations with strategic investors and utilities , amongst others , resulting in a variety of highly accretive financing alternatives .

Speaker #4: As we always have , we will optimize the financing alternatives to maintain our in maintaining our patients with respect to the market , which continues to be recognized .

Speaker #4: Our production flexibility , which combined will maximize the value of each pound of uranium . We produce and sell , becoming the most leveraged company in the world to rising higher uranium prices to our site activities .

Speaker #4: Since 2013 , NexGen has successfully and safely delivered rook one site activities covering all aspects of exploration , engineering , development and supporting infrastructure totalling $706 million .

Leigh Curyer: Since 2013, NexGen has successfully and safely delivered Rook One site activities covering all aspects of exploration, engineering, development, and supporting infrastructure totaling CAD 706 million. During Q3 2026, construction of the exploration, accommodation, and infrastructure, including the exploration airstrip, dual-way access road upgrades, and the expanded exploration camp facilities, has been a terrific opportunity for NexGen to once again validate its planning, management, and construction execution skills, incorporating NexGen's elite safety performance. This CAD 98 million program is meeting precise design scope within approved budgeted cost and schedule, with completion for early Q2 2026, all whilst maximizing local Indigenous sustainable commerce and employment. There is simply no better preparation for after federal approval construction, and the NexGen team is in place and ready to expand the same disciplines, safe on budget and schedule execution in the construction of Rook One.

Speaker #4: Canadian . During Q3 2020 . Six . Construction of the Exploration , accommodation and Infrastructure , including the Exploration Airstrip , Dual way access road upgrades and the expanded Exploration Camp facilities , has been a terrific opportunity for NexGen to once again validate its planning , management and construction execution skills .

Speaker #4: Incorporating next gen elite safety performance . This is meeting precise design scope within approved , budgeted cost and schedule , with completion for early Q2 2026 .

Speaker #4: All whilst maximizing local indigenous , sustainable commerce and employment . There is simply no better preparation for after federal approval . Construction and the next Gen team is in place and ready to expand the same disciplined , safe on budgeting and schedule execution in the construction of Q1 on the procurement front , upcoming upcoming critical path items are being secured and ready for deployment immediately following federal approval .

Leigh Curyer: On the procurement front, upcoming critical path items are being secured and ready for deployment immediately following federal approval. We are also seeing exceptional interest in participation in many of our training programs and joining the NexGen team. We recently had over 1,300 applicants for only 20 open positions. A clear signal that the highly experienced team we have assembled is attracting professionals that wanna be part of NexGen's unique elite standards culture. Turning to our exciting exploration program, drilling at our basement-hosted Patterson Corridor East, PCE Discovery continues to deliver. Reported results validate the continuity of our high-grade subdomains and confirm that the system remains open for expansion in multiple directions. The profile emerging at PCE is incredibly exciting and speaks to the exploration potential for additional Arrow-type discoveries on our dominant land position. Assay and scintillometer results are scheduled in coming months as they are received.

Speaker #4: We also seeing exceptional interest in participation in many of our $98 million program training programs and joining the next Gen team . We recently had over 1300 applicants for only 20 open positions , a clear signal that the highly experienced team we've assembled is attracting professionals that want to be part of next Gen's unique elite standards .

Speaker #4: Culture . Turning to our exciting exploration program , drilling at our basement hosted Patterson Corridor East PCE discovery continues to deliver reported results , validate the continuity of our high grade sub domains , and confirm that the system remains open for expansion in multiple directions .

Speaker #4: The profile emerging at PC is incredibly exciting and speaks to the exploration potential for additional arrow type discoveries on our dominant land position .

Speaker #4: Essay and results are scheduled in coming months as they are received . This exploration is the largest reported in the Athabasca Basin for 2025 .

Leigh Curyer: This exploration, the largest reported in the Athabasca Basin for 2025, is strategic and forward-looking. With a typical discovery to production timeline of 15 to 20 years, identifying and advancing high quality and technically superior deposits today is essential to sustaining long-term production optionality alongside Arrow. This is essential to sustaining the nuclear industry and the key role NexGen will play in stabilizing energy infrastructure globally. We are undertaking to meet global demand-supply deficits for the next 50 years, not just the next 5 years, which is NexGen's differentiator to the current uranium producers, and we are delivering it through the development of Rook One into production post-approval and in parallel through the drill bit at PCE. As we move into the next phase, our priorities are clear: Receive final federal approvals and mobilize to build the most strategic and significant new mining project globally.

Speaker #4: Is strategic and forward looking , with a typical discovery to production . Timeline of 15 to 20 years . Identifying and advancing high quality and technically superior deposits today is essential to sustaining long term production optionality .

Speaker #4: Alongside arrow , this is essential to sustaining the nuclear industry and the key role next gen will play in stabilizing energy infrastructure globally .

Speaker #4: We are undertaking to meet global demand supply deficits for the next 50 years , not just the next five years , which is next Gen's differentiator to the current uranium producers .

Speaker #4: And we are delivering it through the development of rook one into production post-approval . And in parallel through the drill bit at PCE .

Speaker #4: As we move into the next phase , our priorities are clear receive final federal approvals and mobilize to build the most strategic and significant new mining project globally .

Speaker #4: We're approaching this in the same way as we always have, with accountability, honesty, and a continuous improvement mentality, and a confidence to do things the right way.

Leigh Curyer: We're approaching this in the same way as we always have: with accountability, honesty, a continuous improvement mentality, and the confidence to do things the right way. Our Indigenous community and our partners, the environment, regulators, Canada, and the world population, all our shareholders, in a most efficient, highly accretive manner. Through years of dedicated effort, the NexGen team has transformed an underexplored ground into a national champion and a strategic asset of global significance. The macro backdrop has never been stronger. The rise of AI, the push toward energy security, and the need for economic growth through natural resource development have positioned NexGen as the epitome of the solution. The size of the prize has never been bigger, and upon final federal approval, we are approximately T minus four years to after-tax cash flows that will take us into the top ten of global mining companies.

Speaker #4: Our indigenous community and partners , the environment , regulators , Canada and the world population , all our shareholders in a most efficient , highly accretive manner through years of dedicated effort , the next Gen team has transformed , has transformed and underexplored ground into a national champion and a strategic asset of global significance .

Speaker #4: The macro backdrop has never been stronger . The rise of AI , the push toward energy security , and the need for economic growth through natural resource development have positioned NextGen as the epitome of the solution .

Speaker #4: The size of the prize has never been bigger , and upon final federal approval , we are approximately T minus four years to after tax cash flows .

Speaker #4: That will take us into the top ten of global mining companies . The Government of Canada recognizes the urgency and is taking meaningful steps forward with the passing of Bill C-5 .

Leigh Curyer: The government of Canada recognizes the urgency and is taking meaningful steps forward with the passing of Bill C-5, the Building Canada Act. This act aims to prioritize projects of national interest in order to advance Canada's economic resilience and independence and leverage its unique position as the critical minerals deposit of the world. The success of this ethos relies on translating verbal commitments into accelerated execution, and we're focused on doing our part. Canada has the opportunity to lead the world in critical minerals exports, and with the commitments made in Ottawa to support accountability and timeliness, the economic and social growth that will come will benefit Canadians for generations to come. The outlook is unprecedented in terms of actioning such a positive generational opportunity for NexGen and all those advanced development companies in the sector that have been developing their projects to meet the insatiable demand.

Speaker #4: The Building Canada Act . This act aims to prioritize projects of national interest in order to advance Canada's economic resilience and independence , and leverage its unique position as the critical minerals deposit of the world .

Speaker #4: The success of this ethos relies on translating verbal commitments into accelerated execution , and we're focused on doing our part . Canada has the opportunity to lead the world in critical minerals exports , and with the commitments made in Ottawa to support accountability and timeliness , the economic and social growth that will come will benefit Canadians for generations to come .

Speaker #4: The outlook is unprecedented in terms of actioning such a positive generational opportunity for next-gen and all those advanced development companies in the sector that have been developing their projects to meet the insatiable demand.

Speaker #4: The nuclear industry environment is changing rapidly evolving market uranium market fundamentals are set to provide unprecedented upside . Those companies that will succeed have recognized the changing environment , have exhibited the courage to embrace it and lead it .

Leigh Curyer: The nuclear industry environment is changing rapidly. Evolving market, uranium market fundamentals are set to provide unprecedented upside. Those companies that will succeed have recognized the changing environment, have exhibited the courage to embrace it and lead it. Looking to tomorrow in the next 50 years, as opposed to looking backwards, relying on historical and outdated practices for comfort. The best way to deliver in the future is to create it, and that's exactly what NexGen have been doing since 2011, when a group of committed industry professionals went to the overlooked, never explored against popular geological convention at the time, opposite side of the Athabasca Basin, and discovered what is now widely recognized as the world's best uranium project. From a geological perspective, NexGen has rewritten what is possible and still writing that story with PCE and beyond at Rook One.

Speaker #4: Looking to tomorrow in the next 50 years , as opposed to looking backwards , relying on historical and eight outdated practices for comfort .

Speaker #4: The best way to deliver in the future is to create it. And that's exactly what NexGen has been doing since 2011, when a group of committed industry professionals went to the overlooked, never explored regions, against popular geological convention.

Speaker #4: At the time opposite side of the Athabasca Basin and discovered what is now widely recognized as the world's best uranium project . From a geological perspective , NextGen has rewritten what is possible and still writing that story with PCE and beyond , it , with one from an environmental and social perspective .

Leigh Curyer: From an environmental and social perspective, set new standards in what can be achieved through genuine innovation and consultation. From a shareholder return perspective, is poised to deliver returns on a per dollar spent basis that sets a new watermark for the sector. Thank you to everyone on the team committed to this company. We are full of good energy. Now, we will open the call to questions.

Speaker #4: Set new standards in what can be achieved through genuine innovation and consultation , and from a shareholder return perspective , is poised to deliver returns on a per dollar spent basis that sets a new watermark for the sector .

Speaker #4: Thank you to everyone on the team committed to this company . We're full of good energy now . We'll open the call to questions .

Speaker #3: Thank you . Ladies and gentlemen . We'll now begin the question and answer session to join the question queue . You may press star then one on your telephone keypad .

Operator: Thank you. Ladies and gentlemen, we'll now begin the question-and-answer session. To join the question queue, you may press star then one on your telephone keypad. You'll hear a tone acknowledging your request. If you're using a speakerphone, please pick up your handset before pressing any keys. Should you wish to decline from the polling process, please press star followed by the number two. The first question is from Ralph Profiti with Stifel Financial. Please go ahead.

Speaker #3: You'll hear a tone acknowledging your request . If you're using a speakerphone , please pick up your handset before pressing any keys . Should you wish to decline from the polling process , please press star , followed by the number two .

Speaker #3: We will begin. The first question is from Ralph Porfiry with Stifel Financial. Please go ahead.

Ralph Profiti: Thanks, operator, and thanks, Leigh, for taking my questions. Leigh, firstly, there's been some commentary by a competitor on, you know, the prudence of certain contracting strategies as it pertains to the ability to deliver pounds and that it's a risk being brought forward by the utility themselves at a growing rate. Just wondering what's been your experience in dealing with utilities and building sort of a mutual confidence in delivery of targets?

Speaker #5: Thanks . Operator . And thanks for taking my questions . Lee . Firstly , there's been some commentary by a competitor on , you know , the prudence of certain contracting strategies as it pertains to the ability to deliver pounds and that it's a risk being brought forward by the utility themselves at a growing rate , just wondering , what's been your experience in dealing with utilities and building sort of a mutual confidence in delivery of targets ?

Speaker #4: Yeah . Look , we thanks , Ralph , for the question . We are experienced in like we are incredibly busy . Busy on the contracting side , multiple negotiations with utilities in the US , Europe , Asia and the Middle East and the the key thing that is coming through is a diversified primary mine supply .

Leigh Curyer: Thanks, Ralph, for the question. We are incredibly busy on the contracting side. Multiple negotiations with utilities in the US, Europe, Asia, and the Middle East. The key theme that is coming through is a diversified primary mine supply. They see NexGen as being a real leader in meeting a more diversified supply chain fuel cycle for their needs. We've signed 4 contracts already. We've got another 6 under negotiation. We've accrued pricing terms that are higher than what's been reported in the market. We're averaging 2 million pounds over the first 5 years. Now, our break even is 3.5 million pounds at Arrow.

Speaker #4: And they see NextGen as as being a real leader in meeting a more diversified . Supply supply chain , fuel cycle for their needs .

Speaker #4: Look , we've signed four contracts already . We've got another 600 negotiation . We've accrued pricing terms that are higher than what's been reported in the market .

Speaker #4: And we're averaging £2 million over the first five years . Now , our break even is £3.5 million at at arrow . And and I guess you know , those that criticism that has been commented or put out there merely reflects that we are leveraged to this changing environment and we're acting on it .

Leigh Curyer: I guess, you know, those, that criticism that has been commented or put out there, merely reflects that we are leveraged to this changing environment, and we're acting on it. Whatever that means for them, I'll, you know, I'll let them, you know, deal with that. We are simply leveraging our project to the demand and in a manner that is beneficial to the stakeholders at NexGen and whilst meeting the key Technical and sovereign risks for the utilities. We're going forward on that strategy. It's very simple, it's very clear, and it's gaining a tremendous amount of traction with major utilities in the US and across the globe.

Speaker #4: And and whatever that means for them . You know , I'll let them deal with that . But we are a simply leveraging our project to the the demand and in a manner that is beneficial to the stakeholders at NextGen .

Speaker #4: And whilst meeting the key . Technical and sovereign risks for the utilities . So yeah , that we're going forward on that strategy .

Speaker #5: Great . Thanks for that . I think it's an important answer . Also , I'd like to ask a follow up on your experience on procurement of sort of that technically skilled labor .

Ralph Profiti: Great. Thanks for that, Lee. I think it's an important answer. Also, I'd like to ask a follow-up on your experience on procurement of sort of that technically skilled labor, and, you know, the experienced upper tier construction management that NexGen is going to have in-house. Are there any important hiring gaps that still concern you?

Leigh Curyer: Yeah. We have our philosophy is that there's a NexGen team member that's responsible for each key aspect of our operations, both when it comes to mining, exploration and also the non-technical aspects, be it, you know, finance, legal, communications, any of it. We have a person within NexGen who's responsible for that. Basically what you're seeing is like an expansion of the teams reporting to those key executives that we already have in place. We are experiencing huge demand in terms of coming to NexGen and wanting to join the team. We put out for 20 open positions in September and had over 1,300 applicants.

Speaker #4: We

Speaker #4: have a person within And , you know , next gen who's who's responsible for that . And basically what you're seeing is like an expansion of the teams of the of the teams reporting to those key that we already have in place .

Speaker #4: We are . Experiencing huge demand in terms of coming to next gen and wanting to join the team . We put out for 20 open positions in September and had over 1300 applicants .

Leigh Curyer: That coupled with our training programs up in the local project area, you know, it is a key aspect, but one that we're ahead of. I think the project itself plus the company's culture is attracting the right type of people to our organization. We've done an enormous amount of planning around that, and we're currently ahead of it. Look, I think labor availability sometimes gets unfairly used as an excuse for a number of mining projects around the world. You know, we've been planning this for 7 years since we submitted the project description. We have a very simple project, very simple mine and in a great location.

Speaker #4: It that , coupled with our training programs up in the local project area , you know , it is a it is a key aspect .

Speaker #4: But one that we're ahead of . And I think the project itself , plus the company's culture is attracting the right type of people to our organization .

Speaker #4: And we've done an enormous amount of planning around that . And we're currently ahead of it . of look , I think labor availability sometimes gets unfairly used as an excuse us for a number of mining projects around the world .

Speaker #4: You know , we've been planning this for seven years since we submitted the the project description . We have a very simple project , very simple .

Speaker #4: Mine . And in a great location . And so attracting , you people to this project , which is a generational project , you know , we're not experiencing some of the same labor challenges as , as what other companies in the sector are .

Leigh Curyer: Attracting, you know, people to this project, which is a generational project, you know, we're not experiencing some of the same labor challenges as what other companies in the sector are. On the risk registry, I'm very comfortable with our current position and our forecasted position as we progress into construction and production.

Speaker #4: So on the risk registry . I'm very , very comfortable with our current position and our forecasted position as we progress into construction and production .

Speaker #6: Great .

Ralph Profiti: Great. Thanks, Leigh, and congratulations on the progress.

Speaker #5: Thanks , Leon . Congratulations on the progress .

Speaker #4: Thank you Ralph .

Leigh Curyer: Thank you, Ralph.

Speaker #3: The next question is from Katie LaChapelle with Canaccord Genuity . Please go ahead .

Operator: The next question is from Katie Lachapelle with Canaccord Genuity. Please go ahead.

Speaker #7: Hey guys . Thanks for taking my question . During the prepared remarks , you noted that you've got forward looking utilities that are looking to to finance next gen production .

Katie Lachapelle: Hey, guys. Thanks for taking my question. During the prepared remarks, Leigh, you noted that you've got forward-looking utilities that are looking to finance NexGen to production. Can you expand a little bit on what you mean by that? Is that, you know, through the traditional term contract negotiations you're discussing right now or potentially prepayments for offtakes? As it pertains to term contracts, obviously we've seen the base escalated price go higher over the last couple of months. How are you seeing a change in terms under your negotiations, if you could comment on any floors or ceilings? Thanks.

Speaker #7: Can you expand a little bit on what you mean by that ? Is that through the traditional term contract negotiations , you're discussing right now , or potentially prepayments for Offtakes and then as it pertains to term contracts , obviously we've seen the base escalated price go higher over the last couple of months .

Speaker #7: So how are you seeing a change in terms under your negotiations ? If you could comment on any floors or ceilings ? Thanks .

Speaker #4: Sure . I'll just hand over to Travis for that one . Katie .

Leigh Curyer: Sure. I'll just hand over to Travis for that one, Katie.

Speaker #8: Yeah . Thanks , Leon . Thanks , Katie for the question . With respect to financing and as it relates to the utilities .

Travis McPherson: Yeah, thanks, Leigh, and thanks, Katie, for the question. With respect to financing, and as it relates to the utilities, I would say that, you know, we're negotiating and exploring all options with respect to financing. That includes prepayment. It includes, you know, interest in the project itself. Importantly, and to Leigh's earlier point, it reflects this growing understanding of where the market is going, and the supply gap that exists today and that come 2030 becomes very, very challenging for them. There's a clear understanding from our perspective that you can't sit there and wait around. You need to be proactive, and they are being proactive with us. With respect to offtake contract terms and discussions, obviously confidential in nature.

Speaker #8: Yeah , I would say that , you know , we're negotiating , exploring all options with respect to financing . So that includes prepayment it includes , you know , interest in the project itself .

Speaker #8: And I think importantly in to Lee's earlier point , it reflects this growing understanding of where the market is going and the supply gap that exists today .

Speaker #8: And that come 2030 becomes very , very challenging for them . So there's a clear understanding from our perspective that you can't sit there and wait around .

Speaker #8: You need to be proactive . And they are being proactive with us . And then with respect to offtake contract terms and discussions , obviously confidential in nature , but what I can say is that , again , all of our contracting is on the basis of where the market is going to be in 2030 and beyond .

Travis McPherson: What I can say is that, again, all of our contracting is on the basis of where the market is going to be in 2030 and beyond when it's relevant for us, not what the price is today or tomorrow. When we're having discussions with utilities on that basis, the pricing and all the other terms reflect that world. Again, very much getting significant buy-in from around the world from our counterparties that we're discussing this with. It is, you know, again, we're extremely busy on this front. I would say that there is this growing understanding of where the market is actually going, and these utilities want to get in front of it and want that diversification, and want to secure new supply.

Speaker #8: When it's relevant for us , not what the price is today or tomorrow . And so when we're having discussions with utility , it's on that basis .

Speaker #8: And so the pricing and all the other terms reflect that world . And again , very much getting significant buy in from around the world from our counterparties that we're discussing this with .

Speaker #8: And so it is , you know , again , we're extremely busy on this front . And I would say that there is this growing understanding of where the market is actually going .

Speaker #8: And these utilities want to get in front of it and want that diversification and want to secure new supply .

Speaker #7: Understood . And then maybe just one quick follow up . You mentioned a break even amount of £3.5 million in the prepared remarks .

Katie Lachapelle: Understood. Maybe just one quick follow-up. You mentioned a breakeven amount of three and a half million pounds in the prepared remarks. Do you guys have a targeted amount of contracts or targeted percentage of coverage that you would like to have before making, you know, a final construction decision? Or do you feel comfortable commencing construction and then during the build, layering additional contracts?

Speaker #7: Do you guys have a targeted amount of contracts or targeted percentage of coverage that you would like to have before making a final construction decision ?

Speaker #7: Or do you feel comfortable commencing construction ? And then during the build , layering additional contracts .

Speaker #4: Categorically 100% . We are very comfortable with starting construction with just the contracts that we have in place today . As I said , we're almost at break even and then we on top of that , we have another £26.5 million fully exposed to the future price of uranium .

Travis McPherson: Categorically, 100%, we are very comfortable with starting construction with just the contracts that we have in place today. As I said, we're almost at breakeven. On top of that, we have another 26.5 million pounds fully exposed to the future price of uranium. You know, there'll be contracts that we sign, offtake negotiation or contracts that we sign that will be very heavily tied to the market price at the time of delivery. You know, That is the key principle driving our contracting strategy. We don't have a fixed component with respect to that. We are merely taking advantage of our extremely low cost per pound and the technical certainty around our production volumes.

Speaker #4: Now , you know , there will be contracts that we sign off taking , negotiation contracts that we signed , that will be very heavily tied to the market price .

Speaker #4: At the time of delivery . But yeah , we're not . That is the key principle driving our contracting strategy . We don't have a fixed component with respect to that .

Speaker #4: We are merely taking advantage of our extremely low cost per pound and the technical certainty around our production volumes . We can ramp production up to £30 million from from £3.5 million break even .

Travis McPherson: We can ramp production up to 30 million pounds, from three and a half million pounds breakeven, very simply without additional sunk CapEx. Our contracting strategy merely reflects the technical and sovereign profile of the mine, which all companies' contracting strategies should reflect. We just happen to have a project that has incredibly strong technical competency and very high economics.

Speaker #4: Very simply , without additional sunk CapEx . So our contracting strategy merely reflects the technical and sovereign profile of the mine , which all companies contracting strategies should reflect .

Speaker #4: We just happen to have a project that has incredibly strong technical competency and very high economics .

Speaker #7: Great . Thank you guys , and congrats on the progress .

Katie Lachapelle: Great. Thank you, guys, and congrats on the progress.

Speaker #4: Thank you Katie .

Travis McPherson: Thank you, Katie.

Speaker #3: The next question is from Andrew Wang with RBC Capital Markets . Please go ahead .

Operator: The next question is from Andrew Wong with RBC Capital Markets. Please go ahead.

Speaker #9: Hey good morning . Thanks for taking my questions . So just maybe on the longer term implications on contracting again , you know , the Rook one project obviously is is large and has implications for that longer term .

Andrew Wong: Hey, good morning. Thanks for taking my questions. Just maybe on the longer-term implications on contracting again. You know, the Rook One project obviously is large and has implications for that longer-term S&D outlook. You know, given that the approvals are getting there but not quite approved yet, are the utilities waiting to see how Rook One timing plays out before they make decisions on contracting? Like, in just general, like, how does that potential timing of the project, how do you see that affecting the utility behavior overall?

Speaker #9: S outlook and given that the approvals are getting there , but not quite approved yet are the utilities waiting to see how rook one timing plays out before they make decisions on contracting , like just in general .

Speaker #9: Like how does that potential timing of the project ? How do you see that affecting the utility behavior overall ?

Speaker #8: Yeah , no .

Travis McPherson: Yeah.

Speaker #9: Sorry . Yeah .

Leigh Curyer: I Sorry, Travis. Yeah.

Speaker #8: Yeah yeah . Thanks , Andrew . No , the timing I wouldn't say is in terms of permit approvals and stuff isn't isn't relevant for the discussions that we're having with utilities because all of our contracts are based on the commencement of commercial production in the contract .

Travis McPherson: Yeah. Yeah, thanks, Andrew. No, no, the timing, I wouldn't say is, in terms of permanent approvals and stuff isn't relevant for the discussions that we're having with the utilities, because all of our contracts are based on the commencement of commercial production in the contract. It is subject to starting with an understanding that, you know, there is, I would say, increasingly less uncertainty around the precise timeline of producing uranium, given the advanced stage of the permitting process. An understanding that, yeah, we're developing a new mine and so, it is, delivery is subject to the commencement of commercial production.

Speaker #8: So it is subject to starting with an understanding that , you know , there is , I would say , increasingly less uncertainty around the precise timeline of of producing uranium , given the advanced stage of the permitting process .

Speaker #8: But an understanding that , yeah , we're developing a new mine . And so it is delivery is subject to the commencement of commercial production .

Speaker #8: And , you know , again , that that just speaks to the fact that utilities are understanding of where the market's going and wanting to secure uranium from this new mine .

Travis McPherson: You know, again, that just speaks to the fact that utilities are understanding of where the market's going and wanting to secure uranium from this new mine.

Speaker #8: Well , we'll .

Leigh Curyer: We'll probably experience an uptick from some utilities that we're not currently in negotiations with. That's certainly possible, Andrew. To Travis's point, that hasn't been a determinative factor in the offtakes that we've signed to date or the ones that we have under negotiation.

Speaker #4: We'll probably experience an uptick from some utilities that were not currently in negotiations with that . That's certainly possible , Andrew . But to Travis's point , that hasn't been a determinative factor in the offtakes that we've signed to date or the ones that we have under negotiation .

Speaker #9: Okay . Understood . Thank you . And then just on the PCE results , it continue to look pretty promising . So if after resource is reported and maybe it doesn't get fully reflected in the shares , would you consider some sort of spin out .

Andrew Wong: Okay. Understood. Thank you. Just on the PCE results, they continue to look pretty promising. If after resource is reported and maybe it doesn't get fully reflected in the shares, would you consider some sort of spin out?

Speaker #4: Yeah . Look , it's possible . Very much so . And if we feel that it's not getting it's fair value . You know , that would be something that we would would we would definitely consider .

Leigh Curyer: Yeah, look, it's possible, very much so. If we feel that it's not getting its fair value, you know, that would be something that we would definitely consider. You know, time will tell. I think, you know, the way PCE is progressing, where there's still so much more drilling to do before we truly understand its nature. Once we do understand its nature, I think that could be a possibility if we don't feel that it's truly getting valued as it should be. Yeah, that's something, yeah. To answer your question, Andrew, that is something that is possible.

Speaker #4: But yeah , time will tell . I think , you know , the , the way PCE is progressing where there's still so much more drilling to do before we truly understand it's it's nature .

Speaker #4: And once we we do understand its nature , I think that that could be a possibility if we don't feel that it's truly getting valued as it should be .

Speaker #4: So yeah , that's that's something . Yeah . To answer your question , Andrew , that is something that is is possible . But you know , if that was the case .

Leigh Curyer: You know, if that was the case, you know, we would ensure that, you know, PCE has a right, you know, subject to additional approval, to be extracted through the production, proposed production exhaust shafts at NexGen. Any corporate structure would not inhibit the optimization of the exploitation of that deposit.

Speaker #4: You know , we would ensure that , you know , PCE has a right , you know , subject to additional approval to be extracted through the production proposed production exhaust shafts at next gen and any , any corporate structure would would not inhibit the optimization of the exploitation of that deposit .

Speaker #9: Okay . Great . Thank you very much .

Andrew Wong: Okay, great. Thank you very much.

Speaker #3: The next question is from Craig Hutchinson with TD Cohen . Please go ahead .

Operator: The next question is from Craig Hutchison with TD Cowen. Please go ahead.

Speaker #9: Hey good morning guys .

Craig Hutchison: Hey, good morning, guys, and good morning, Leigh and team. Leigh, you mentioned in your opening remarks, Bill C-5 and, you know, the potential benefits to NexGen. I just was kind of wondering, given the timelines, your permits are pretty well-defined here. You know, how could Bill C-5 actually benefit NexGen? Maybe more broadly, have you had direct discussions with the federal government, and how do you see them, you know, benefiting you guys and helping you guys out in the future?

Speaker #10: Good morning Lee and team Lee . You mentioned in your opening remarks the bills C5 and the potential benefits to NextGen . And I just was kind of wondering , given the timelines , your permits are pretty well defined here .

Speaker #10: How could Bill see five actually benefit NextGen and maybe more broadly , have you had direct discussions with the federal government ? How do you see them benefiting you guys and helping you guys out in the future ?

Leigh Curyer: To clarify, you know, my point with respect to Bill C-5, Craig, was that it reflects the Canadian government's commitment to nuclear energy and expediting key projects. I agree with you. I think our project is so advanced through the existing regulatory process that any, you know, Bill C-5 will have minimal impact on Rook One itself. What is exciting for, you know, our cohort of advanced development uranium companies is that I think the intent of Bill C-5 is extremely encouraging for them. You know, anyone with a project in an advanced development project in Canada, I think that is very exciting in terms of the Canadian government really recognizing the need to expedite approvals. And we are, you know, all in parallel, very strong advocates of that.

Speaker #4: To clarify , you know , my point with respect to Bill C-5 , Craig , was that it reflects the Canadian government's commitment to nuclear energy and expediting key projects .

Speaker #4: I agree with you . I think our project is so advanced through the existing regulatory process that any , you know , Bill C-5 will have minimal impact on on rook one itself .

Speaker #4: But what is exciting for , you know , our cohort of advanced development uranium companies is that I think the intent of Bill C-5 is extremely encouraging for them .

Speaker #4: So , you know , anyone with a project in in an advanced development project in Canada , I think that is very exciting in terms of the the Canadian government really recognizing the need to expedite approvals .

Speaker #4: And we are , you know , all in parallel , very strong advocates of that . We think congratulations goes to the federal Canadian government for recognizing it .

Leigh Curyer: We think, congratulations goes to the federal Canadian government for recognizing it and immediately taking action. You know, he's only been in office since May, has Prime Minister Carney, but he's already onto it. Whilst not specifically, you know, impacting NexGen, I think it's a very clear signal for not just only uranium mining, but also the development of small module reactors in Canada and more broader nuclear programs. It's a general comment that it's great for nuclear, which NexGen is a part of that value chain.

Speaker #4: And an immediately taking action . You know , he's only been in office since May . Has Prime Minister Carney . But he's already onto it .

Speaker #4: So whilst not specifically , you know , impacting next gen , I think it's a very clear signal for not just only uranium mining , but also the development of small modular reactors in Canada and more broader nuclear programs .

Speaker #4: So it's a general comment that it's great for nuclear , of which next gen is a part of that value chain .

Speaker #10: Okay , great . Maybe just a follow up on your last call . You guys said you're pretty well advanced on long lead critical path items , procurement , etc.

Craig Hutchison: Okay, great. Maybe a follow-up. On your last call, you guys said you're pretty well advanced on long lead and critical path items, procurement, et cetera. Can you just give us a sense of where you're at now and whether there's any more to kind of go there out of your permits next year?

Speaker #10: . Can you just give us a sense of where you're at , that where you're at now and whether there's any more to kind of go there ahead of your permits next year ?

Speaker #4: Yeah . So we we have a very detailed execution schedule , obviously dependent on , on receiving final federal approval . And where .

Leigh Curyer: Yeah. We have a very detailed execution schedule, obviously dependent on receiving final federal approval. Where it's possible we've put our orders in for the long lead time procurement items such as the freeze plant for the temporary shaft sinking for the first 100 meters. That's in the warehouse currently all ready to be shipped up to site on final approval. Other aspects with respect to the hoist house, et cetera. Look, we know what we'll be doing every single day of the construction period, and we have interrogated it multiple times. You know, the benefit of a long permitting process, it gives you an enormous amount of time to plan, revise, and prepare. That's what we've done.

Speaker #4: It's possible we've we've put our orders in for the long lead time procurement items such as the freeze plant for the temporary shaft sinking for the first hundred meters .

Speaker #4: That's in a warehouse currently all ready to be shipped up to site on final approval . Other aspects with respect to the hoist house , etc.

Speaker #4: . Look , we know what we'll be doing every single day of the construction period and we have interrogated it multiple times . You know , the benefit of a long permitting process .

Speaker #4: It gives you an enormous amount of time to plan , revise and prepare . And and that's what we've done . So . We've got also an additional $1 billion in our treasury so that that process will continue .

Leigh Curyer: We've got also an additional CAD 1 billion in our treasury. That process will continue and will exist right throughout the entire construction execution period. We're well ahead of it as we speak.

Speaker #4: And will will exist . Right throughout the entire construction execution period . But we're we're well ahead of it as we speak .

Speaker #10: Okay . Great . Thanks , guys .

Craig Hutchison: Okay. Great. Thanks, guys.

Speaker #4: Thanks , Greg .

Leigh Curyer: Thanks, Craig.

Speaker #3: The next question is from Mohammad with National Bank Capital Markets . Please go ahead .

Operator: The next question is from Mohamed Sidibe with National Bank Capital Markets. Please go ahead.

Speaker #11: Hi , liane . Thanks for taking my question . Could you please give us some color on where detail engineering is currently sitting for the project ?

Mohamed Sidibe: Hi, Leigh and team. Thanks for taking my question. Could you please give us some color on where detail engineering is currently sitting for the project and where you expect to be by the time you FID?

Speaker #11: And where you expect to be by the time you fid .

Speaker #4: Yeah , so detailed engineering is progressing the I would say detailed engineering on the well in in summary detailed engineering on the first items for the first 18 months of construction is complete and detailed engineering will continue throughout the next 18 months .

Leigh Curyer: Yeah. Detailed engineering is progressing. In summary, detailed engineering on the first items for the first 18 months of construction is complete. Detailed engineering will continue throughout the next 18 months. Is moving into more of the surface infrastructure and the mill. Yeah, it depends on what aspect of the construction that you are speaking about, but the first 18 months and all those items is fully engineered. I wanna be clear, we have already made our final investment decision. We made that back in 2017 when undoubtedly we knew we had a world-class project on our hands, and it was approved subject to financing and regulatory approval.

Speaker #4: And and is moving into more of the surface infrastructure and and the mill . So yeah , it depends on what what aspect of the construction that you're speaking about .

Speaker #4: But the first 18 months and all those items is , is fully engineered . I want to be clear , we have already made our final investment decision .

Speaker #4: We made that back in 2017 when undoubtedly we knew we had a world class project on our hands . And it was approved , subject to financing and regulatory approval .

Speaker #4: So there's not going to be a pause or anything post the final federal approval . Whilst we make a final investment decision that has already been made .

Leigh Curyer: There's not going to be a pause or anything post the final federal approval whilst we, you know, make a final investment decision. That has already been made.

Speaker #11: Thanks a lot , Lee . So as it relates to the I guess , shaft sinking process , that that detail engineering is already completed , I understand correctly .

Mohamed Sidibe: Thanks a lot, Leigh. As it relates to the, I guess, shaft sinking process, that detail engineering process is already completed, if I understand correctly.

Speaker #4: That is correct . Yes .

Leigh Curyer: That is correct. Yes.

Speaker #11: Great . And given the .

Mohamed Sidibe: Great.

Speaker #4: And I note note though just just to be clear , yes . Actual . If your definition of shaft sinking our definition is from the moment we prepare the foundations , have all the hoists in place , etc.

Leigh Curyer: And, and, and note-

Mohamed Sidibe: Yeah

Leigh Curyer: Note though, just to be clear.

Mohamed Sidibe: Yeah.

Leigh Curyer: If your definition of shaft sinking, our definition is from the moment we prepare the foundations, have all the hoists in place, et cetera, and commence underground shaft sinking. You know, there's quite a bit of work prior to the actual boring of the shafts. But for all intents and purposes, the first 18 months of construction items is fully engineered.

Speaker #4: , and commence underground shaft sinking . You know , there's quite a bit of work prior to the actual boring of the of the shafts .

Speaker #4: So but for all intents and purposes , the first 18 months of construction items is fully engineered .

Speaker #11: Thanks for that clarification . And so just moving on to your balance sheet , given the strengthening of your balance sheet first quarter , there , can you maybe remind us of the financing mix you expect for the remainder of the fund to bring the project forward ?

Mohamed Sidibe: Thanks for that clarification. Just moving on to your balance sheet. Given the strengthening of the balance sheet post-quarter there, can you maybe remind us of the financing mix you expect for the remainder of the funds to bring the project forward? I think, you know, Travis mentioned everything's on the table in terms of potential interest at the project level or debt or any of the mix. Any color on that would be appreciated. Thank you.

Speaker #11: I think you know , Travis mentioned everything is on the table in terms of potential interest at the project level or debt or any of the mix .

Speaker #11: So any color on that would be appreciated . Thank you .

Speaker #4: Sure . Travis .

Leigh Curyer: Sure, Travis?

Speaker #8: Yeah . Thanks , yeah . I mean , you know , everything is on the table and we have tremendous interest and it should be unsurprising .

Travis McPherson: Yeah, thanks, Leigh. Yeah, I mean, you know, everything is on the table and we have tremendous interest. It should be unsurprising. I mean, it is a world-class project, a world-class company. We have tremendous interest from around the world in a number of forms. We've spoken about them before, but everything from strategic project level interest, strategic equity, project finance, you know, converts, prepayments, et cetera. You know, the positive thing is that that interest continues to grow. Those discussions are really in kind of like advanced negotiation stages as we speak. What the AUD 1 billion did is enable us to not be under any time pressure with respect to determining the optimal mix with all of these great options at hand.

Speaker #8: I mean , it is a world class project , a world class company . So we have tremendous interest from around the world in a number of forms .

Speaker #8: We've spoken about them before , but everything from strategic project level interest , strategic equity , project finance , you know , converts , prepayments , etc.

Speaker #8: and , you know , the positive thing is that that interest continues to grow . Those discussions are really in kind of like advanced negotiation stages as we speak .

Speaker #8: And what the billion dollars did is enable us to not be under any time pressure with respect to determining the optimal mix with all of these great options at hand .

Speaker #8: So , you know , we're in a very privileged position to have so much interest from around the world and so many great forms .

Travis McPherson: You know, we're in a very privileged position to have so much interest from around the world in so many great forms. Now our job over the next, you know, 6 to 8 months is to systematically evaluate and finalize that mix in line with the things that are most important to us, which are really around maintaining our leverage to future uranium prices and our ability to leverage our unique production flexibility optionality. Yeah, you know, we would target finalizing that sometime next year and probably in the, you know, around the mid-year point of time.

Speaker #8: And now our job over the next , you know , 6 to 8 months is to systematically evaluate and finalize that mix in line with the things that are most important to us , which are really around maintaining our our leverage to future uranium prices and our ability to leverage our unique production flexibility , optionality .

Speaker #8: So , yeah , you know , we would target finalizing that sometime next year and probably in the , you know , around the mid point of time .

Speaker #8: Great .

Mohamed Sidibe: Great. Thanks for taking my questions.

Speaker #11: Thanks for taking my questions .

Speaker #3: The next question is from Grace Simes with energy Intelligence . Please go ahead .

Operator: The next question is from Grace Symes with Energy Intelligence. Please go ahead.

Speaker #12: Hi . Thanks for taking my question . The £30 million per year production target you've noted . It's quite flexible . I'm just curious if there's any plan to sort of raise and lower that production to match uranium prices or match contracting , or like to store produced pounds .

Grace Symes: Hi. Thanks for taking my question. The 30 million pounds per year production target you've noted is quite flexible. I'm just curious if there's any plan to sort of raise and lower that production to match uranium prices or match contracting or, like, to store produced pounds, you know, dependent on prices so as not to flood the spot market.

Speaker #12: You know , depending on prices , so as not to flood the spot market .

Speaker #4: Yeah . Firstly , the mine has incredible flexibility . You know , a break even point of £3.5 million and a capability to , to seamlessly reach £30 million per annum nameplate production .

Leigh Curyer: Yeah. Firstly, the mine has incredible flexibility. You have a break-even point of three and a half million pounds and a capability to seamlessly reach 30 million pounds per annum nameplate production. We will produce in line with the market conditions at the time and optimize the return on every single pound produced. The fact is, the most simplest mine plan and removing the least amount of dirt from underground, given the deposit, results in a 30 million pound per annum output from moving just a mere 1,300 tons per day. Having said that, I see no scenario where we won't be at maximum production levels from 2030 onwards, given the clear current demand.

Speaker #4: We will produce in line with the market conditions at the time and , and optimize the return on every single pound produced . The fact is , the most simplest mine plan and removing the least amount of dirt from underground .

Speaker #4: Given the deposit results in a £30 million per annum output from moving just a mere 1300 tons per day . Having said that , I , I see no scenario where we won't be at maximum production levels from 2030 onwards , given the clear current demand , and that's just current demand .

Leigh Curyer: That's just current demand, let alone it increasing, which it's going to, and also the very fragile mine supply amongst the current producers. We're looking at a forecast for 2025 of around 135 million pounds for the year, and consumption's at a touch over 200 million pounds. Historical inventory levels have been drawn down rapidly, and you're seeing producers even borrowing pounds to meet current contract commitments. I personally don't see a scenario where we are not at maximum capacity from 2030 onwards. But we have the flexibility to go right down to 3.5 million pounds and still make money. We're just leveraging that technical and economic profile of the mine.

Speaker #4: Let alone it increasing , which is going to and also the very fragile mine supply amongst the current producers , you know , we're looking at a forecast for 2025 of around £135 million for the year .

Speaker #4: And consumptions at a touch over £200 million . And historical inventory levels have been drawn down rapidly . And you're seeing producers even borrowing pounds to meet current contract commitments .

Speaker #4: So I personally don't see a scenario where we are not at maximum capacity from 2030 onwards . So but we have the flexibility to go right down to £3.5 million and still make money .

Speaker #4: So we're just leveraging that , that technical and economic profile of the mine .

Speaker #12: Okay , thanks . And then just one follow up , there's been some speculation in the uranium market . Next Gen is hoping for a buyout before enters production .

Grace Symes: Okay, thanks. Just one follow-up. There's been some speculation in the uranium market, NexGen's hoping for a buyout before it enters production. I'm just wondering if you can comment on that at all. Thanks.

Speaker #12: I'm just wondering if you can comment on that at all . Thanks .

Speaker #4: Well , with respect , those comments in the market are absurd . You know , this this project is stewarded by a team of committed individuals that have been in place for over ten years now , you know , permitting when you look back , even when in production , permitting was always going to be the largest risk because of the the number of diverse interest groups that are , that are involved .

Leigh Curyer: Well, with respect, those comments in the market are absurd. You know, this project is stewarded by a team of committed individuals that have been in place for over 10 years now. You know, when you look back, even when in production, permitting was always going to be the largest risk because of the number of diverse interest groups that are involved. We have, over the last 10 years, brought all of those interest groups in together. The advocacy for the project from all those groups is incredibly strong, in fact, at an absolute level. We can't wait to get into construction because then everything is in our hands. That's why we like at NexGen. This is a generational project.

Speaker #4: We have over the last ten years brought all of those interest groups in , in together the advocacy for the project from all those groups is incredibly strong .

Speaker #4: In fact , at an absolute level and the we can't wait to get into construction because then everything is in our hands . And that's what we like at NextGen and these projects .

Speaker #4: This is a generational project . They don't come along very often . We have the expertise in-house . We have the financing capability , and we are taking a very , you know , technically simple mine in a mining context into construction and production and everything we've done to date .

Leigh Curyer: They don't come along very often. We have the expertise in-house. We have the financing capability, and we are taking a very, you know, technically simple mine in a mining context into construction and production. Everything we've done to date, we've set a new standard in the sector. That is going to be maintained through construction and production. I don't think there's a group that has demonstrated a more efficient use of capital along the development path and has not wasted a day. Under NexGen stewardship, this project will be in production the soonest, meeting pre-planned scope and doing it in a manner which genuinely incorporates the various stakeholder engagement. Yeah, there's absolutely no intention from the NexGen board or the executive or the team.

Speaker #4: We've set a new standard in the sector that is going to be maintained through construction and production . And I don't think there's a group .

Speaker #4: That is demonstrated a more efficient use of capital along the the development path and has not wasted a day under next gen stewardship .

Speaker #4: This project will be in production the soonest meeting preplanned scope and doing it in a manner which genuinely incorporates the various stakeholder engagement .

Speaker #4: So yeah , there's there's absolutely no intention from the next gen board or the executive or the team . We'd be bored , frankly , within the space of about two days , if we sold this company .

Leigh Curyer: We'd be bored, frankly, within the space of about 2 days if we sold this company. We're the best for it, for our shareholders, you know, really to make the most with respect to their investment. That is very clearly keep it independent within NexGen and enjoying full leverage to the future price of uranium as opposed to getting locked in to historical off-take practices.

Speaker #4: So we're the best for it for our shareholders . You know , really to , to to make the most with respect to their investment , that is very clearly keep it independent within next gen and enjoying full leverage to the future price of uranium as opposed to getting locked in to historical offtake .

Speaker #4: Are practices .

Speaker #12: All right . Thank you .

Grace Symes: All right. Thank you.

Speaker #3: The next question is from Graham Tanaka with Tanaka Capital Management . Please go ahead .

Operator: The next question is from Graham Tanaka with Tanaka Capital Management. Please go ahead.

Speaker #13: Hi . Congratulations with your progress so far . I'm curious about your your plans on exploring the many of the I think I believe it's seven corridors , additional acreage and whether you might be what you might need to accelerate exploration development of a second .

Graham Tanaka: Hi. Congratulations, with your progress so far. I'm curious about your plans on exploring the many, I think, I believe it's 7 corridors, additional acreage, and whether you might be, and what you might need to accelerate exploration development of a second, basically a second or third or fourth Rook One. What are the dynamics of what will make you accelerate or keep the current pace of exploration? If you could also just touch a little bit on how you're doing on the Patterson Corridor East. Thank you.

Speaker #13: Basically a second or third or fourth look . One what are the dynamics of what will make you accelerate or keep the current pace of exploration ?

Speaker #13: And if you could also just touch a little bit on how you're doing on Patterson Corridor East . Thank you .

Speaker #4: Yeah , thanks , Graham . And also for your very long support from from right from the beginning , as I mentioned , we're we are exploring to to solve this this challenge for the globe for the next 50 years .

Leigh Curyer: Thanks, Graham. Also for your very long support from right from the beginning. As I mentioned, we are exploring to solve this challenge for the globe for the next 50 years, not for just the next 5. You know, as you're aware, we found Arrow with the very first of the 21st drill hole, but the very first drill hole within a four and a half km radius of its location. You know, PCE is three and a half km from Arrow. A very significant mineralizing event has occurred in the area. Not just on our project at Arrow and PCE, but we have multiple occurrences along the Patterson Corridor.

Speaker #4: Not for just the next five . You know , as you're aware , we found arrow with the very first or the 21st drill hole , but the very first drill hole within a 4.5km radius of of its location and PC is 3.5km from arrow , a very significant mineralising event has occurred in the area .

Speaker #4: And not just on our project at at arrow and PCE , but we've we have multiple occurrences along the Patterson corridor and we still , as you've pointed out , we still have another seven corridors yet to explore .

Leigh Curyer: We still, as you've pointed out, we still have another 7 corridors yet to explore. We haven't even finished exploring on the Patterson Corridor where Arrow and PCE is. Even though PCE is on a separate conductor, it is still recognized as being in the Patterson Corridor. We've got enormous amount of drilling yet still to do. You know, as a base case, though, we have Arrow, which will be around 23% of global mine supply. It's quite incredible when you think in context, you know, nuclear fuel is becoming the go-to energy source amongst the developed nations and emerging nations. You've got Saudi Arabia, who's the world's, you know, most dominant oil producer at 9% of oil supply.

Speaker #4: We haven't even finished exploring on the Patterson corridor where arrow and and PCE is , even though PCE is on a separate conductor , it is still recognized as being in the Patterson corridor .

Speaker #4: So we've got enormous amount of drilling yet still to do . And , you know , as a base case , though , we have arrow , which will be around 23% of global mine supply .

Speaker #4: It's quite incredible when you think in context , you know , nuclear fuel is becoming the go to energy source amongst the developed nations .

Speaker #4: And emerging nations . And you've got Saudi Arabia , who's the the world's , you know , most dominant oil producer at 9% of oil supply .

Speaker #4: So , you know , people have have referred like whether Saudi Arabia of of uranium at the Q1 project . And I think the mineralization is , is suggesting we've got an enormous amount yet to discover .

Leigh Curyer: You know, people have referred like we're the Saudi Arabia of uranium out at the Rook One project. I think the mineralization is suggesting we've got an enormous amount yet to discover. I don't think we're that good that we found the very first deposit on the very first drill hole within a 4.5 km radius or the 21st drill hole on the property altogether. We have another two land packages as well adjacent to Rook One into SW One and SW Three. It's why we built an expanded accommodation camp for exploration. We could have 20 drill rigs for 20 years and still not complete the full geological evaluation. You know, we know we'll be producing around 23% of the world's mine supply from Arrow 4 years post-approval.

Speaker #4: I don't think we were that good that we found the very best deposit on the very first drill hole within a 4.5km radius , or the 21st drill hole on the property altogether .

Speaker #4: We have another two land packages as well , adjacent to rook , one in Swan and SX three . That's why we built an expanded accommodation camp for the for for exploration .

Speaker #4: We could have 20 drill rigs for 20 years and still not complete the full geological evaluation . But you know , we know we'll be producing around 23% of the world's mine supply from arrow Post-approval four years Post-approval .

Speaker #4: And we've already got a backup forming at peachy . It looks very analogous to to arrow in every respect . And when you consider the mineralization outside of our like at also at Patterson Lake South , which I , you know , I think there's enough evidence to suggest it's the same mineralizing event , something incredibly significant occurred in the area with respect to uranium mineralization .

Leigh Curyer: We've already got a backup forming at PCE. It looks very analogous to Arrow in every respect. When you consider, you know, the mineralization outside of our, like at, also at Patterson Lake South, which I, you know, I think there's enough evidence to suggest it's the same mineralizing event. Something incredibly significant occurred in the area with respect to uranium mineralization, and I feel that we're just scratching the surface, frankly. Our results are evident of that. PCE, we've got some assays coming imminently, followed by more scintillometer results as the program concludes for 2025. It'll be back up and running with a similar sized program in 2026.

Speaker #4: And I feel that we're just scratching the surface , frankly . And our results are evidence of that . PCE . We've got some assays coming up imminently , followed by more results as the program concludes for 2025 .

Speaker #4: It'll be back up and running with a similar size program in 2026 . And that really does speak to , you know , we've got a lot of work to do .

Leigh Curyer: That really does speak to, you know, we've got a lot of work to do, before we fully just, you know, have a, have a basic understanding of PCE as well.

Speaker #4: Before we fully just , you know , have have a basic understanding of PCE as well .

Speaker #13: I'm just wondering what if there is a path towards deciding what will trigger an acceleration of the development of a of a of a second arrow at PCE or elsewhere , if you know what kind of pricing might accelerate your , your , your development process of another arrow .

Graham Tanaka: I'm just wondering what, if there is a path towards deciding what will trigger an acceleration of the development of a second Arrow at PCE or elsewhere. If, you know, what kind of pricing might accelerate your development process of another Arrow? Thank you.

Speaker #13: Thank you .

Speaker #4: I look , we're very focused on do what we do . Well , you know the exploration the exploration team as we go into construction are kind of like a division within NexGen , all on their own .

Leigh Curyer: Look, we're very focused on do what we do well. You know, the exploration team as we go into construction are kind of like a division within NexGen all on their own. But I, you know, I feel 4 rigs at PCE is a decent program. It was the largest, you know, program in the Athabasca Basin for 2025. At a base case, you'll see that continue in 2026. Look, if, you know, as we speak, Graham, you'll see a similar program to 2025 in 2026. If you know, results can change everything in a heartbeat, frankly. Yeah, I guess all I can say is watch that space. Is all I can say.

Speaker #4: But I , you know , I feel for rigs at PCE is a decent program . It was the largest , program in the Athabasca Basin for 2025 .

Speaker #4: And I a base case , you'll see that continue in 2026 . Look , if you know as we speak , Graham . Yeah you'll see a similar program to 2025 in 2026 .

Speaker #4: But if results can change everything in a heartbeat , frankly . So yeah , I guess all I can say is watch that space is all I can say .

Speaker #4: And and and I guess we want to execute well .

Graham Tanaka: Yeah.

Leigh Curyer: And, and-

Graham Tanaka: Yeah. I.

Leigh Curyer: We wanna execute well.

Speaker #13: Yeah , I just I'm just sort of curious if if pricing and interest from utilities etc. would suggest the need for another arrow , how fast , how early could you bring on the PCE or any other prospect ?

Graham Tanaka: I'm just sort of curious if pricing and interest from utilities, et cetera, would suggest the need for another Arrow, how fast, how early could you bring on the PCE or any other prospect? Are we talking 10, 12 years?

Speaker #13: We talking 10 or 12 years ?

Speaker #4: Yeah . You know , so look , pace , look , I'll , you know , without preempting anything , you know conceptually I think there's enough evidence to suggest if you were to develop PCE , it would go , it would come out through the same production as what's proposed at , at arrow .

Leigh Curyer: Yeah. You know, look, PCE, look, I'll, you know, without preempting anything, you know, conceptually, I think there's enough evidence to suggest if you were to develop PCE, it would come out through the same production shaft as what's proposed at Arrow. That would be subject to additional permitting. Given our permit has been done on a basis of like recognizing an area of influence, it wouldn't be starting from scratch at all. You know, I think first things first, we get Arrow into production, operating at the level that it's capable of, and then we'll determine, you know, that'll be the first step, and then we'll make decisions based on the market conditions at the time. I concur with yourself, Graham.

Speaker #4: That would be subject to additional permitting . But . Given our permit has been done on a basis of like recognizing an area of influence , it wouldn't be starting from scratch at all .

Speaker #4: But yeah , I think first things first , we get arrow into production . Operating at the level that it's capable of , and then we'll determine , you know , that'll be the first step .

Speaker #4: And then we'll we'll make decisions based on the market conditions at the time . But I concur with yourself , Graham . I actually think there's going to be enormous demand beyond £30 million a year at arrow .

Leigh Curyer: I actually think there's gonna be enormous demand beyond 30 million pounds a year at Arrow. Like, we can't fill the gap that currently exists on an annual basis. Yeah, maybe the C5 will be very advantageous to NexGen when it comes to PCE, to Craig Hutchison's earlier point. Yeah, it's very much, you know, on the radar, first things first, we wanna execute very, very well on Arrow and Rook One and getting that into construction and subsequent production.

Speaker #4: Like we we can't fill the gap that currently exists on an annual basis . So yeah , maybe the C5 will be very advantageous to next gen when it comes to PC .

Speaker #4: Up to Craig Hutchinson's earlier point . So yeah , it's it's it's very much , you know , on on the radar , but first things first , we want to execute very , very well on on arrow and rook one .

Speaker #4: And getting that into construction and subsequent production .

Speaker #13: Thank you very much and good luck .

Graham Tanaka: Thank you very much, and good luck.

Speaker #4: Thank you . Graham .

Leigh Curyer: Thank you, Graham.

Speaker #3: The next question is from Allen with Torchio Fortin . Please go ahead .

Operator: The next question is from Alain with Tortue Porteur. Please go ahead.

Speaker #14: Good morning . So are you hearing me ?

Alain: Good morning. Are you hearing me?

Speaker #4: Yes , I can hear you .

Leigh Curyer: Yes, I can hear you.

Speaker #14: Okay . Last week we saw the Cree Nation challenge Saskatchewan approval of the Nissan mine . Willow River uranium project , citing inadequate consultation on treaty ten .

Alain: Okay. Last week, we saw the Cree Nation challenge Saskatchewan approval of Denison Mines, Wheeler River Uranium Project, citing inadequate consultation on Treaty 10, right? I have two questions. Are your mine is on their territory? Secondly, do you think things like that similar thing can happen to you? Can it postpone the opening of the mine?

Speaker #14: Right . So I have two questions . Are your mind is on their territory . And secondly , do you think things like that similar thing can happen to you and can it postpone the opening of the mine ?

Speaker #4: Well , I can't speak to out of respect for for Denison . I won't comment on that particular situation because I haven't been involved with the consultation and engagement with respect to that project , with respect to our project , it's very clear that the for us are identified communities in the local project area , identified by the the federal government and also the government of Saskatchewan is very clear with respect to our four communities .

Leigh Curyer: Well, I can't speak to out of respect to Denison. I won't comment on that particular situation because I haven't been involved with the consultation and engagement with respect to that project. With respect to our project, it's very clear the four identified communities in the local project area identified by the federal government and also the government of Saskatchewan is very clear with respect to our four communities. We have undergone study agreements in 2019, which set the foundation for collecting all of the cultural studies and appreciations, and we took that and incorporated into the design of the project, respecting all of those cultural sensitivities.

Speaker #4: We have undergone study agreements in 2019 , which set the foundation for collecting all of the cultural studies and appreciations , and we took that and incorporated it into the design of the project , respecting all of those cultural sensitivities .

Speaker #4: Further , we then executed legally binding impact benefit agreements with those four communities in the project area that covers the entire life of the project and closure .

Leigh Curyer: Further, we then executed legally binding impact benefit agreements with those four communities in the project area that covers the entire life of the project and closure with respect to environmental, commerce, employment, and community programs. I believe we have met and exceeded the requirements and have the full support of those communities that are identified in our project area. I am very, very confident with respect to our position and the conclusion of the approval process from that perspective.

Speaker #4: With respect to environmental commerce , employment and community programs . So I believe we are have have met and exceeded the requirements and and have the full support of those communities that are identified in our project area .

Speaker #4: And so , yeah , I'm very , very confident with respect to our position and the conclusion of the approval process from that , from that perspective .

Speaker #14: Thank you very much .

Alain: Thank you very much.

Speaker #4: Thank you .

Leigh Curyer: Thank you.

Speaker #3: This brings to a close the question and answer session . I'd like to turn the conference back over to Lee Courier for any closing remarks .

Operator: This brings to a close the question and answer session. I'd like to turn the conference back over to Leigh Curyer for any closing remarks.

Speaker #4: Thank you . Gaylene I'd like to thank everyone for their participation today and the excellent questions . It's incredibly exciting time for for the company .

Leigh Curyer: Thank you, Galen. I'd like to thank everyone for their participation today and the excellent questions. It's incredibly exciting time for the company. Well, it always is, frankly, with what is unfolding in NexGen. I certainly welcome any additional questions that you may have. Please contact Monica, Paula, Stacy or Travis and myself and we'll be more than happy to answer them. No, we sincerely appreciate everyone's support. Very much looking forward to this Q4 and 2026 in what is going to be an incredibly exciting time, not only for the market but for the company as well. Thank you, everyone.

Speaker #4: Well , it always is , frankly , with with what is unfolding at NextGen and I certainly welcome any additional questions that you may have .

Speaker #4: Please contact us . Monica Paul , Paula and Stacey or Travis and myself . And we'd be more than happy to to answer them .

Speaker #4: But no , I we sincerely appreciate everyone's support very much . Looking forward to this fourth quarter and 2026 . And what is going to be an incredibly exciting time , not only for the market , but for the company as well .

Speaker #4: So thank you everyone .

Operator: This concludes today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.