Rook I Project

legend of Rook1 Project
Located Southwestern Athabasca Basin, SK
NexGen Mineral Tenure
Arrow Deposit
Uranium Mills
Producing Mines

The Rook I Project (Project) is the largest development-stage uranium project in Canada. The proposed new underground mine and mill development is located in the uranium-rich district of the southwestern area of the Athabasca Basin; located in Saskatchewan – a premier mining jurisdiction.

Centred around the land-based, basement-hosted Arrow Deposit – one of the world’s leading resources – the Project maintains a robust economic profile and is being developed with elite ESG commitments focused on environmental protection and maximizing community benefit through a partnership approach.

01

Current Development Stage

Project Approvals

On November 18, 2024, NexGen reached a major milestone in the Federal Environmental Assessment (EA) process, whereby the CNSC provided NexGen formal confirmation that the Company has successfully addressed all information requests received as part of the Federal technical review.

Completion of the Federal EA technical review stage follows the CNSC having deemed NexGen’s Federal licence application sufficient in September 2023, and receipt of Provincial EA approval in November 2023.

The next and final steps in the Federal approval process include scheduling a Commission Hearing Date for the Project, subject to which the CNSC will render an approval decision on the Project.

Front End Engineering Design

Front End Engineering Design (FEED) was completed in Q2 2024.

The company is now progressing through detailed engineering, having started on critical path activities, which include procurement of long lead equipment and critical path contracts.

Enhanced site infrastructure on and around the site has been completed, in preparation for full construction to commence upon final Federal approval.

02

Project
Highlights

The flagship Rook I Project is being developed into the largest source of low-cost uranium globally, delivering up to 30 million pounds of high-grade uranium per year, at the lowest quartile of the cost curve of C$13.86 over generations to come. The project is saving the equivalent emissions of taking 70 million vehicles off the road annually, incorporating industry-leading standards in environmental and social governance. It is supported by a NI 43-101 compliant 2021 Feasibility Study.

Environmental Performance

Delivering on elite standards through:

-Optimized mine layout reducing the Project footprint by approximately 20%
-Advanced water recycling and plant engineering
-Industry-leading Underground Tailings Management Facility

Economically Elite

High return on capital with 12-month payback period and life-of-mine production flexibility

-USD$95.00/lb U3O8 = high NPV, and IRR and rapid pay-back
-Geological setting allows for mine and mill design to be flexible on production volumes based off of market conditions

CAPEX

Total CapEx of C$2.2B includes early works and pre-production execution capital.

OPEX

Average OpEx over the life of mine ("LOM") is at an industry-leading C$13.86/lb U3O8.

Mineral Resources

Measured and indicated mineral resources total 3,754 kt grading 3.10% U3O8 containing 256.7M lbs supporting an initial 11.7-year mine life, with a 24-year permit based on land package exploration upside.

03

Economic Benefits

Summary of Outstanding Returns from Updated Economics

NPV and IRR Sensitivity to Uranium Price

Arrow Mineral Resource Estimate

Arrow Deposit, Probable Mineral Reserves

Arrow Deposit Production Profile

  FS ($ CAD)
After-Tax NPV @ 8% C$6.32 Billion
After-Tax Internal Rate of Return (IRR) 45.20%
After-Tax Payback 12 months
Project Execution Capital C$2,209 Million
Total Initial Capital Costs (“CAPEX”) C$2.2 Billion
Average Annual Production (Years 1-5) 29.2 M lbs U3O8
Average Annual After-Tax Net Cash Flow (Years 1-5) C$1,932 Million
Average Annual Production (Life of Mine) 19.8 M lbs U3O8
Average Annual After-Tax Net Cash Flow (Life of Mine)  
Nominal Mill Capacity 1,300 tonnes per day
Average Annual Mill Feed Grade 2.24% U3O8
Mine Life 11.7 Years
Average Annual Operating Cost (“OPEX”, Life of Mine) C$13.86
(US $10.40)/lb U3O8

* Scroll to the right to see the table data.

Uranium Price ($ USD/lb U3O8) After-Tax NPV8 After-Tax IRR
$150/lb U3O8 C$11.52 Billion 60.9%
$140/lb U3O8 C$10.58 Billion 58.4%
$130/lb U3O8 C$9.63 Billion 55.8%
$120/lb U3O8 C$8.69 Billion 53.0%
$110/lb U3O8 C$7.74 Billion 50.0%
$110/lb U3O8 C$7.74 Billion 50.0%
$100/lb U3O8 C$6.79 Billion 46.9%
$95/lb U3O8 (Base Case) C$6.32 Billion 45.2%

* Scroll to the right to see the table data.

FS Mineral Resource
Structure Tonnage
(k tonnes) 		Grade (U3O8%) Contained Metal (U3O8 M lb)
Measured
A2 LG 920 0.79 16.0
A2 HG 441 16.65 161.9
A3 LG 821 1.75 31.7
Total: 2,183 4.35 209.6
Indicated
A2 LG 700 0.79 12.2
A2 HG 56 9.92 12.3
A3 LG 815 1.26 22.7
Total: 1,572 1.36 47.1
Measured and Indicated
A2 LG 1,620 0.79 28.1
A2 HG 497 15.9 174.2
A3 LG 1,637 1.51 54.4
Total: 3,754 3.1 256.7
Inferred
A1 LG 1,557 0.69 23.7
A2 LG 863 0.61 11.5
A2 HG 3 10.95 0.6
A3 LG 1,207 1.12 29.8
A4 LG 769 0.89 15.0
Total: 4,399 0.83 80.7

* Scroll to the right to see the table data.

Probable Mineral Reserves
 Structure  Tonnage
(k tonnes) 		Grade
(U3O8%) 		Contained Metal
(U3O8 M lb)
A2 2,594 3.32% 190.0
A3 1,982 1.13% 49.5
Total 4,575 2.37% 239.6

* Scroll to the right to see the table data.

04

Mineral Reserves

Probable Mineral Reserves
Structure Tonnage (k tonnes) Grade (U3O8) Contained Metal (U3O8 M lb)
A2 2,594 3.32% 190.0
A3 1,982 1.13% 49.5
Total 4,575 2.37% 239.6
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