Mining & Critical Minerals Project Fact Sheet

NEXGEN ENERGY – ROOK I URANIUM PROJECT

Canadian Indigenous Investment Forum 04 December, 2025

NexGen Energy – Rook I Uranium Project

NexGen Energy Ltd. is building the Rook I uranium mine and mill in Saskatchewan's Athabasca Basin, centred on the world-class Arrow deposit. The Canadian Nuclear Safety Commission (CNSC) issued a construction licence on 5 March 2026, and NexGen held an official groundbreaking ceremony on 13 August 2026, commencing a four-year construction pathway targeting production by late 2029 or early 2030.

Four Indigenous Nations in the project area have endorsed the project through signed Impact Benefit Agreements covering the complete lifecycle of operations: Clearwater River Dene Nation, Métis Nation-Saskatchewan (Northern Region 2), Birch Narrows Dene Nation and Buffalo River Dene Nation.

Sources: CNSC news release, 5 March 2026; NexGen news release, 5 March 2026; World Nuclear News, construction start, 14 August 2026

Overview

The Arrow deposit lies within the Rook I property in the southwestern Athabasca Basin, approximately 155 kilometres north of the town of La Loche. The project is situated on Treaty 8 territory, the Homeland of the Métis, and is within territories of the Denesųłiné, Cree and Métis.

The project comprises an underground mine and integrated mill designed to produce up to 30 million pounds (approximately 14 million kilograms) of U₃O₈ annually. NexGen is the 100 per cent owner of the Rook I project.

Sources: CNSC Rook I project page; NexGen Rook I project page

Key Facts

Category	Information
Location	Southwestern Athabasca Basin, approximately 155 km north of La Loche, Saskatchewan
Proponent	NexGen Energy Ltd. (TSX: NXE; NYSE: NXE; ASX: NXG)
Deposit	Arrow (within Rook I property), discovered 2014
Measured and Indicated Resources	256.7 Mlb U₃O₈ in 3.75 Mt @ 3.10% (Measured: 209.6 Mlb @ 4.35%; Indicated: 47.1 Mlb @ 1.36%)
Inferred Resources	80.7 Mlb U₃O₈ @ 0.83%
Probable Mineral Reserves	239.6 Mlb U₃O₈ in 4.6 Mt @ 2.37%
Annual Production	Up to 30 Mlb U₃O₈ (approximately 14 Mkg); feasibility study life-of-mine average 21.7 Mlb/year
Mine Life	10.7 years on Probable Reserves per 2021 feasibility study; up to 24 years on full resource base per NexGen project website
Pre-Production Capital	C$2.2 billion / US$1.58 billion (updated August 2024)
Status	Under construction (licence issued 5 March 2026; groundbreaking 13 August 2026)
Construction Period	Four years from commencement

Sources: NexGen Arrow deposit page; NexGen Rook I project page; NexGen updated economics, 1 August 2024; 2021 Feasibility Study, filed on SEDAR+ and EDGAR

Development

NexGen commenced the regulatory Environmental Assessment process in April 2019. The Province of Saskatchewan granted Ministerial approval under The Environmental Assessment Act on 9 November 2023, the first such approval for a greenfield uranium mine and mill in the province in more than 20 years. The CNSC deemed the Final Environmental Impact Statement acceptable on 28 January 2025, following resolution of 271 information requests.

The CNSC held a two-part public hearing on 19 November 2025 (Part 1, Gatineau) and 9 to 12 February 2026 (Part 2, Saskatoon). On 5 March 2026, the CNSC approved the Environmental Assessment and issued a Licence to Prepare Site and Construct, valid until 31 March 2036. The licence authorises site preparation and construction; a separate licence application and hearing will be required before NexGen can operate the facility.

NexGen made its Final Investment Decision in March 2026. The company completed a globally coordinated equity financing of approximately C$953 million (AUD$1 billion) in October 2025, described as the largest equity raise in uranium sector history. NexGen has also secured expressions of interest for approximately US$1.6 billion in project financing and doubled its uranium sales commitments to 10 million pounds, at a rate of 2 million pounds per year for the first five years of commercial production.

Sources: CNSC Rook I regulatory page; Impact Assessment Agency of Canada, project 80171; NexGen provincial EA approval, 9 November 2023; NexGen SEC 6-K filing, May 2026

Development Stage (August 2026)

Status: Under construction

CNSC construction licence issued 5 March 2026; valid until 31 March 2036
Official groundbreaking ceremony held 13 August 2026
Approximately 300 people working on site as of the second quarter of 2026
More than 575,000 tonnes of aggregate crushed and stockpiled by a Clearwater River Dene Nation-partnered business, supporting up to 50 local jobs
Initial 3,000-foot airstrip commissioned and expanded site accommodations completed and occupied
Full 5,840-foot airstrip targeted for completion by December 2026
Shaft and mill pad preparation underway; shaft sinking planned for the first quarter of 2027
Production targeted for late 2029 or early 2030, subject to construction schedule
Operating licence application to be submitted to the CNSC prior to operations, subject to a future hearing

Sources: World Nuclear News, construction start, 14 August 2026; NexGen Q2 2026 earnings call; NexGen Rook I project page;
MINING.COM, August 2026

Timeline

Date	Milestone
2014	Arrow deposit discovered
April 2019	Environmental Assessment process commenced
February 2021	Independent Feasibility Study filed (NI 43-101)
April 2022	Impact Benefit Agreement signed with Clearwater River Dene Nation
9 November 2023	Provincial Environmental Assessment approval granted
28 January 2025	CNSC accepts Final Environmental Impact Statement
11 March 2025	CNSC announces commission hearing dates
1 October 2025	NexGen launches C$953 million equity financing
October 2025	Saskatchewan Energy and Resources Minister visits Rook I project site
19 November 2025	CNSC commission hearing Part 1 (Gatineau)
9–12 February 2026	CNSC commission hearing Part 2 (Saskatoon)
5 March 2026	CNSC issues construction licence
22 January 2026	NexGen announces La Loche hotel partnership with Clearwater River Dene Nation and Métis Nation-Saskatchewan Local 39
16 July 2026	Groundbreaking for La Loche hotel
13 August 2026	Official groundbreaking for Rook I construction
First quarter 2027	Shaft sinking planned
Late 2029 / early 2030	Production commencement targeted

Sources: CNSC regulatory milestones; NexGen permitting page; NexGen CRDN IBA announcement, 25 April 2022; NexGen equity raise, 1 October 2025; NexGen La Loche hotel announcement, 22 January 2026; CBC, La Loche hotel groundbreaking, 16 July 2026; World Nuclear News, construction start, 14 August 2026

Cost Summary

Component	Amount
Pre-production capital (updated August 2024)	C$2.2 billion (US$1.58 billion)
Average cash operating cost (life of mine)	C$13.86/lb U₃O₈ (US$9.98/lb)
Sustaining capital (life of mine)	C$785 million (average approximately C$70 million/year)
Closure costs (end of mine life)	Approximately C$70 million

The original 2021 Feasibility Study estimated pre-production capital at C$1.3 billion with average operating costs of C$7.58/lb U₃O₈. The August 2024 interim trend update reflects approximately C$310 million in direct and attributable inflationary increases since 2020, and approximately C$590 million from engineering and procurement advancements. NexGen states that approximately C$900 million of reclamation costs are already incorporated into the capital, operating and sustaining cost estimates through progressive underground tailings management during production, resulting in closure costs materially lower than comparable Canadian uranium operations.

Sources: NexGen updated economics release, 1 August 2024; World Nuclear News, 2 August 2024; Resource World Magazine, August 2024

Indigenous Participation

The Rook I project is located within the traditional territories of the Clearwater River Dene Nation and adjacent Indigenous communities. Four Indigenous Nations have signed Impact Benefit Agreements with NexGen covering the complete project lifecycle, including development, operation, closure and reclamation.

Clearwater River Dene Nation (CRDN): Impact Benefit Agreement signed 25 April 2022. CRDN is the most directly affected community, with its traditional territory encompassing the project site. The agreement defines environmental, cultural, economic, employment and other benefits to be provided throughout the project's lifecycle. As of August 2026, a CRDN-partnered business has crushed and stockpiled more than 575,000 tonnes of aggregate for the construction, supporting up to 50 local jobs.
Métis Nation-Saskatchewan, Northern Region 2 (MN-S NR2): Impact Benefit Agreement signed. All nine Métis locals within MN-S NR2 signed a motion delegating duty to consult responsibilities to MN-S.
Birch Narrows Dene Nation: Impact Benefit Agreement signed.
Buffalo River Dene Nation: Impact Benefit Agreement signed.

All four Nations provided their formal endorsement and consent through these agreements and were identified as primary Indigenous Nations by the CNSC. In March 2025, Clearwater River Dene Nation Chief Teddy Clark and MN-S Northern Region 2 issued a joint public statement urging immediate regulatory approval.

In January 2026, NexGen announced a partnership with CRDN and MN-S Local 39 to build and operate a 59-room hotel in La Loche, with NexGen providing financial backing and full ownership transferring to the Indigenous partners upon opening in July 2027. The hotel groundbreaking took place on 16 July 2026 and is expected to create 36 local full-time positions.

English River First Nation participated in the CNSC hearing process as a separate Indigenous group but is not among the four Impact Benefit Agreement signatory Nations.

NexGen states the Rook I project will create more than 1,400 total direct annual jobs across Saskatchewan during construction and the first 11 years of production.

Sources: NexGen CRDN IBA announcement, 25 April 2022; NexGen Study Agreements announcement, 5 December 2019; CRDN and MN-S NR2 joint statement, 12 March 2025; Rook I EIS Indigenous Engagement chapter; NexGen La Loche hotel announcement, 22 January 2026; CBC, La Loche hotel groundbreaking, 16 July 2026; World Nuclear News, construction start, 14 August 2026

Government Support

Provincial

Saskatchewan granted Ministerial approval under The Environmental Assessment Act on 9 November 2023, following public review of the revised Provincial Environmental Impact Statement in September and October 2023. NexGen is the first company in more than 20 years to receive full provincial Environmental Assessment approval for a greenfield uranium mine and mill in Saskatchewan.

In October 2025, Saskatchewan Energy and Resources Minister Colleen Young visited the Rook I project site. Premier Scott Moe and former Prime Minister Stephen Harper attended the groundbreaking ceremony on 13 August 2026.

Saskatchewan recorded record uranium sales of C$2.6 billion in 2024, exceeding the province's Growth Plan target of C$2 billion by 2030. Uranium production reached a record 16,700 tonnes in 2024, a 28 per cent increase from 2023. Uranium exploration spending in 2024 was estimated at C$200 million, with the province expecting mining exploration spending in 2025 to exceed C$400 million, a 40 per cent increase compared with 2022.

Federal

The CNSC accepted the Final Environmental Impact Statement on 28 January 2025 and approved the Environmental Assessment and issued the construction licence on 5 March 2026. The licence is valid until 31 March 2036.

Federal Secretary of State for Rural Development Buckley Belanger, Member of Parliament for Desnethé-Missinippi-Churchill River, attended the groundbreaking, stating the project could support roughly 1,400 jobs annually in Saskatchewan.

Sources: NexGen provincial EA approval, 9 November 2023; Saskatchewan Government uranium statistics release, 23 April 2025; WestCentralOnline, Minister Young site visit, October 2025; CNSC construction licence news release, 5 March 2026; CKOM, groundbreaking, 15 August 2026

Technical Specifications

Location: Underground mine and mill, Patterson Lake peninsula, southwestern Athabasca Basin
Deposit type: Basement-hosted, high-grade uranium deposit, discovered 2014
Mine design: Underground mining using conventional longitudinal and transverse long-hole stoping; two vertical shafts (production shaft to 630 m, exhaust shaft to 530 m)
Tailings management: Underground Tailings Management Facility placing paste tailings back into mined-out stopes during production
Measured and Indicated Resources: 256.7 Mlb U₃O₈ in 3.75 Mt @ 3.10% grade
Probable Mineral Reserves: 239.6 Mlb U₃O₈ in 4.6 Mt @ 2.37% grade
Annual production: Up to 30 Mlb U₃O₈ (approximately 14 Mkg); feasibility study average 21.7 Mlb/year over a 10.7-year reserve-based mine life
Pre-production capital: C$2.2 billion (updated August 2024)
Average cash operating cost: C$13.86/lb U₃O₈ (US$9.98/lb)

Sources: NexGen Rook I project page; NexGen Arrow deposit page; NexGen updated economics, 1 August 2024; 2021 Feasibility Study

Investment Thesis

Uranium Market Context

Global uranium demand is rising with expanding nuclear power capacity. Approximately 80 reactors are under construction worldwide, adding an estimated 88 gigawatts of new capacity. A coalition of 38 countries has committed to tripling global nuclear capacity by 2050. AI-driven data centre electricity demand is adding further impetus to uranium requirements.

Jurisdiction

Saskatchewan ranked third globally out of 68 jurisdictions on the Fraser Institute's Investment Attractiveness Index in the 2025 Annual Survey of Mining Companies, released February 2026, its sixth top-ten placement in seven years. Ontario ranked second globally and Nevada first. Saskatchewan is the world's second-largest uranium producer and home to the highest-grade uranium deposits globally. The province has more than 60 years of uranium mining experience and an established regulatory framework.

The United Kingdom and Canada signed a bilateral Nuclear Cooperation Agreement in November 2018, ensuring continuity of civil nuclear trade. In 2024, the United States, Canada, France, Japan and the United Kingdom issued a joint statement on civil nuclear fuel cooperation aimed at strengthening supply chains and reducing reliance on Russian enrichment.

Project Economics

The 2021 Feasibility Study base case, at US$50/lb U₃O₈ and an exchange rate of C$/US$ 0.75, returned an after-tax net present value at an 8 per cent discount rate of C$3.47 billion, an internal rate of return of 52.4 per cent and a payback period of 0.9 years. At higher uranium prices, the project economics improve materially: NexGen's August 2024 updated cost estimate shows average annual after-tax free cash flow, for years one to five, of C$1.93 billion at US$95/lb U₃O₈. NexGen has secured uranium sales commitments of 10 million pounds, at 2 million pounds per year for the first five years of commercial production.

ESG Credentials

The project is underpinned by the consent and endorsement of all four Indigenous Nations in the project area through signed Impact Benefit Agreements. The underground tailings management design incorporates approximately C$900 million of progressive reclamation costs during production, materially reducing end-of-mine-life closure obligations. NexGen is partnering with Clearwater River Dene Nation and MN-S Local 39 to build a 59-room hotel in La Loche, with full ownership transferring to the Indigenous partners upon opening.

Sources: 2021 Feasibility Study; NexGen updated economics, 1 August 2024; Fraser Institute Annual Survey of Mining Companies 2025; World Nuclear News, UK-Canada NCA, 2 November 2018; US Department of Energy, civil nuclear fuel cooperation statement; NexGen SEC 6-K filing, May 2026; NexGen La Loche hotel announcement, 22 January 2026

Key Contacts

Developer: NexGen Energy Ltd., Founder and CEO Leigh Curyer, www.nexgenenergy.ca
Clearwater River Dene Nation: Chief Teddy Clark
Canadian Nuclear Safety Commission: www.cnsc-ccsn.gc.ca
NexGen Rook I project site: www.saskatchewanuranium.ca