NexGen Energy Ltd.

NexGen Energy Ltd. is a junior uranium development company headquartered in Vancouver, Canada, operating primarily in Canada. The company's portfolio consists of 1 development project, in addition to several early-stage exploration prospects. Key assets include Rook I. The corporation is a development-stage entity focused on advancing its principal asset towards production, supported by a highly experienced team of industry professionals with a proven track record in discovery and project execution. Its business model is capital-intensive and dependent on third-party financing to fund exploration and development activities. The operational approach involves systematic exploration using a combination of advanced geophysical surveys and extensive diamond drilling programs to identify and delineate mineralization. The planned processing facility design is based on proven, conventional metallurgical processes successfully deployed at other modern operations, including grinding, leaching, and solvent extraction. A key design feature includes the integration of a paste backfill plant to manage tailings, reflecting an emphasis on innovative and reliable waste deposition strategies. The enterprise operates in a competitive environment, requiring specialized skills in geology, engineering, and management, and has demonstrated an ability to attract and retain qualified personnel and consultants to advance its objectives. The business is transitioning from an exploration-focused entity to one preparing for large-scale operational readiness, which involves scaling up key systems and organizational capabilities.

Strategic priorities center on advancing the company's principal asset to a final investment decision by progressing through critical-path detailed engineering, procurement, and regulatory approval phases. A key initiative involves de-risking the project's economic parameters through ongoing engineering optimization, which has already advanced from 18% to 45% completion to refine constructability and cost estimates. The organization is concurrently pursuing aggressive resource base expansion through significant, multi-year exploration drilling programs focused on testing new discoveries and prospective targets on its land package, with a 43,000-meter program planned for 2025. Financial strategy employs a multi-faceted approach to secure capital, utilizing an at-the-market equity program, targeted equity offerings, and the issuance of convertible debentures to institutional investors. A portion of this capital was strategically allocated to the acquisition of a physical commodity stockpile. To secure future revenue streams and enhance market positioning, the company has proactively entered into its first long-term sales agreements with major utility customers, featuring market-related pricing mechanisms with floor and ceiling provisions.

Governance is overseen by a 10-member Board of Directors, which is structured with 5 standing committees: Audit, Compensation, Nomination and Governance, and Sustainability. The Audit Committee is composed of 3 members, all of whom are designated as independent and financially literate, and it operates under a detailed charter governing oversight of financial reporting, risk management, and external auditors. Executive leadership is guided by the President and CEO, who has led the organization since its inception in 2013. The board's composition has been strategically enhanced through the recent appointments of directors with extensive senior executive experience from major global energy and mining corporations, including a former Senior Vice President of Projects at Newmont and the current President of Shell Canada. This reflects a focus on strengthening project development and operational expertise. The management team has also been reinforced with recent appointments to key executive positions, including a Chief Project Officer and a Chief Financial Officer, to support the transition to an operating entity. Directors are elected annually, and the framework includes a formal whistleblower policy.

A cornerstone of the company's social strategy is its deep engagement with Indigenous peoples, evidenced by the successful negotiation of 4 comprehensive and industry-leading Impact Benefit Agreements with the Clearwater River Dene Nation, Birch Narrows Dene Nation, Buffalo River Dene Nation, and the Métis Nation – Saskatchewan. These legally binding agreements secure formal consent and support for project development while defining long-term environmental, cultural, economic, and employment benefits. The environmental stewardship approach is demonstrated through advanced project design, which includes separate, engineered storage facilities for potentially acid-generating and non-acid-generating waste rock, with the former being fully lined. Water management infrastructure is designed to handle extreme precipitation events, maximize diversion of non-contact water, and ensure all contact water is collected for testing and treatment prior to release. The organization has also completed the provincial Environmental Assessment process, receiving ministerial approval, and is in the final stages of the federal process, having submitted a Final Environmental Impact Statement based on years of baseline data collection and stakeholder consultation.

The corporation does not have any material subsidiaries. Its corporate structure is influenced by significant investment agreements with key institutional partners. In 2023, the company issued US$110 million in convertible debentures to Queen’s Road Capital Investment Ltd. and Washington H Soul Pattinson and Company Limited. In 2024, it issued an additional US$250 million in convertible debentures to MMCap International Inc. SPC as consideration for the acquisition of a physical commodity stockpile. These investors are subject to investor rights agreements that include voting alignment, standstill, and transfer restriction covenants, establishing them as significant long-term stakeholders. A notable change occurred in 2023 regarding the company's investment in IsoEnergy Limited; following a merger involving IsoEnergy, the corporation's ownership stake was diluted from 48.7% to 34.0%. This resulted in a loss of control under IFRS and the subsequent deconsolidation of the investment, which is now accounted for using the equity method. The company supported this transaction by participating in a concurrent $15 million private placement in IsoEnergy.