Nexgen Energy Ltd. · TSX:NXE
Nexgen Energy — Q4 2025 Earnings Presentation
40 slides from Nexgen Energy's earnings presentation, Mar 4, 2026
Slide 1: Good Energy for Generations
Good Energy for Generations Corporate Presentation | March 2026 1
Slide 2: Forward Looking Statements
Forward Looking Statements Information Contained in this Presentation Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward- looking information or statements or implied by forward-looking information
Slide 3: NexGen is advancing the world's highest-grade, large scale uranium project
NexGen is advancing the world’s highest-grade, large scale uranium project globally through its 100% owned Rook I Project. Positioned to deliver over 20% of global supply 1 from a single, sustainable and compact mine in the southwestern Athabasca Basin in Saskatchewan, Canada. 2 1 Based on c alculat
Slide 4: The World's Most Strategic Uranium Asset
The World’s Most Strategic Uranium Asset I rr e pl ac e ab le , S tra t eg ic a n d F u t u re D e fi n i ng World Class Project Leveraged to Rising Prices Conventional hard-rock mining with ultra-high grades, Market-related contracting strategy optimizing exposure delivering up to 30 million lbs an
Slide 5: Nuclear Is Booming. AI Will Supercharge Demand
Nuclear Is Booming. AI Will Supercharge Demand 70 Nuclear reactors currently under U ra n i um ’ s M o m e n t construction 70 reactors are currently under construction worldwide adding ~71 gigawatts (GW) of new capacity1 - a 18% increase in global nuclear capacity by 2030. Adding: ~71 GW That’s jus
Slide 6: Supply Can't Keep Up
Supply Can’t Keep Up By 2040, the uranium deficit is projected to reach 335 Mlbs per year2 U ra n i um ’ s M o m e n t A Widening Uranium Supply Gap (Upper Scenario)1 Today, the world produces only ~160 Mlbs annually5 , 600 70% meaning global supply must more than double within the next 14 years to
Slide 7: Opportunity to Fill the Gap
Opportunity to Fill the Gap Critical Supply, Foreign Reliance U ra n i um ’ s M o m e n t OECD*: 70% Demand1, Only 25% Supply2 Fulfilment Gap 45% Percentage (%) 70% of demand relies on foreign, state-backed sources. 70% >90% of Western supply tied to long-term contracts below market pricing. <1% Dom
Slide 8: Fuel is the Bottleneck
Fuel is the Bottleneck U ra n i um ’ s M o m e n t The key driver, and limiting factor of industrial growth is the fuel itself (U 3O8) U3O8 Nuclear Nuclear Energy Connect Clean Services Reactor Infrastructure Economy 108
Slide 9: The Unrivaled Arrow Deposit
The Unrivaled Arrow Deposit NexGen’s R ook I Project Grade and geology make this one of the most robust, economically resilient deposits in the world. - Reserves grade 2.37% for 239.6 million lbs. Over 65%1 of Measured & Indicated resource at 15.9% U3O8, 160x the global average.2 & 3 - Simple, predi
Slide 10: Fully Licensed to Construct
Fully Licensed to Construct Re g u l ato r y L a nd s ca pe Sept – 2023 Federal Licence application deemed sufficient Construction to begin immediately, with full construction underway by Nov – 2023 Provincial Environmental summer 2026. Assessment approved Nov – 2024 Federal Technical Review Complet
Slide 11: Conventional Mining: Arrow's Unique Advantage
Open Pit Mining Conventional Mining: Arrow’s • Near-surface ore, large-scale surface digging • Typically, low grade <0.5% U3O8 Unique Advantage • ~20% of global production uses this method • Highly environmentally impactful and difficult to control U ra n i um M i n in g Me t h o ds Underground Mini
Slide 12: Resilience to Economic Scenarios, Built for This Cycle
Resilience to Economic Scenarios, Built for This Cycle1 NexGen’s Rook I Project Sensitivities for the Rook I Project show positive NPV, cash-flow, and IRR Arrow Deposit across a variety of pricing scenarios: PCE Feasibility Study (Q4-2020 Dollars) Interim Trend Update (Q4-2023 Dollars) Average Annua
Slide 13: Path to Becoming a Top 10 World Mining Company
Path to Becoming a Top 10 World Mining Company Growth Mining Companies Ranked by 2024A FCF (Excl. Precious Metals and Steel Companies)1 Rank Company Name 2024A FCF (US$M) # of Assets (#) # of Regions (#) Market Cap. (US$B) Enterprise Value (US$B) 1 Asset MARKET CA P NexGen: 1 Region US$8.4 Bn 1 BHP
Slide 14: Our Impact
Our Impact* Ro o k I P ro je c t B e n ef it s Fueling enough carbon-free energy to power up to 46 million homes. That’s approximately 1/3 of all the homes in the U.S. 1 Removing the equivalent of nearly ~70 million cars off the road each year. 1 Displaces more than 300,000,000 tonnes of CO2 annuall
Slide 15: Low Material Movement, High-Value Output
Low Material Movement, High-grade deposit enables just 3 trucks per day to feed the mill* - compared to hundreds or thousands at typical mining operations. High-Value Output And just 1.5 trucks leaving site - dramatically reducing infrastructure and impact. Competitive A dva nta ge Daily Output Dail
Slide 16: Leveraged to Rising Uranium Prices - By Design
Leveraged to Rising Uranium Prices - By Design Realized Weighted Volume Average Price for the first 3 sales commitments* Realized Table (excludes escalation): Fut ure For wa rd Sa les S tra tegy Below Table Based on initial sales commitments totalling 1 Mlbs U3O8 per annum over 5 years Applying a si
Slide 17: Full support from local Indigenous Nations
Full support from local Indigenous Nations “Since as early as 2013, the Rook I Project has been a platform for Loca l Par tner ship Dri ving Real Im pa ct both NexGen and the CRDN, together with regulatory authorities, to set a new and elite standard on Indigenous engagement, Industry-leading Benefi
Slide 18: Investing in People
Investing in People Competitive A dva nta ge Located 150 km north of La Loche and Clearwater River Dene Nation (combined population 4,500+), the Rook I Project is integrating local talent by creating training programs, hiring locally and developing skillsets that extend beyond mining. 1 Rook I Procu
Slide 19: $37 Billion Economic Engine for Canada
$37 Billion Economic Engine for Canada Benefits Total Economic Impact 1 A generational Over Construction and the First 11 Years of Production (figures in C$) opportunity for Canadian $3Bn in Federal taxes economic and clean energy leadership. $8Bn in Provincial taxes $3.8Bn in wages nationally $37Bn
Slide 20: Patterson Corridor East (PCE) Evolving High-Grade Discovery
Patterson Corridor East (PCE) Evolving High-Grade Discovery, 3.5km East of Arrow Growth Assays Confirm High-Grade Uranium Intercepts and Growing Scale1 • PCE exhibits extensive mineralization, with 67 of 102 holes mineralized, including 45 intersecting high- grade (>10,000 cps) and 17 off-scale hits
Slide 21: From Project to District
From Project to District Growth NexGen’s land package has the potential to become its own uranium-rich district – with Future Expansion Potential: Rook I as the foundation.1 Inferred material not included in FS Rook I is set to deliver strong after-tax net cash Exploration Discoveries flow for years
Slide 22: IsoEnergy: Hidden Value in Plain Sight
IsoEnergy: Hidden Value in Plain Sight United States / Canada Mines Utah: Tony M* St ra tegic Ownership in IsoEner gy Daneros* Rim NexGen Energy holds ~31% of IsoEnergy, providing exposure to Virginia Coles Hill* a diversified portfolio of high-quality uranium assets globally, Quebec including strat
Slide 23: Positioned to Fund, Build, Deliver
Positioned to Fund, Build, Deliver Ownership As of September 30, 20256 Institutional Geographic Distribution As of November 30, 20257 Ca pita l S tr uct ure 6% Liquidity & Strategic Assets Share Structure 7% 6% 20% Project Financing 44% C$1.1 Bn Optionality: 661 M ~709 M Cash1 Project Debt, Shares I
Slide 24: Executive and Leadership Team
Executive and Leadership Team Proven Leadership Monica Kras Simon Allard Adam Engdahl Mary Fraser VP, Corporate Development VP, Commercial VP, Community VP, Communications Leigh Curyer Travis McPherson Chief Executive Officer, President Chief Commercial Officer & Director Dylan Smart Jason Craven Mi
Slide 25: Project Development Leadership
Project Development Leadership Proven Leadership Graeme Johnson Chris Copley Don Merriman Chief Project Officer Project Director VP, Engineering 30+ years’ experience leading multi- 20+ years’ experience delivering 30+ years’ experience leading billion-dollar mining p rojects from complex mining dev
Slide 26: Board Overview
Board Overview Proven Leadership Christopher Richard Patricio Brad Wall Sybil Veenman Mcfaddden Director Director Director Chairman Karri Howlett Warren Gilman Ivan Mullany Sharon Birkett Director Director Director Director The Board enhances NexGen’s deep expertise through a dozen subject matters,
Slide 27: 2026 Priorities
o Commence Construction on Time and Budget GROW TH o Finalize Optimal Financing 2026 o Advance Detailed Engineering and Critical Path Procurement Priorities o Continued Negotiation of Offtake Contracts o Continue Local Training Programs, Advance Hiring o PCE Exploration Drilling, Refining Extent of
Slide 28: Right People. Right Asset. Right Time.
• A strategic natural resource project capable of re-establishing Canada as the WHY INVEST NOW largest uranium supplier in the world. Right People. • Carefully curated and developed team to execute this project exceptionally well. • Fully supported by all Indigenous partners. Right Asset. • Cash flo
Slide 29: We're changing the world of nuclear energy
We’re changing the world of nuclear energy, so nuclear energy can change the world. 29
Slide 30: Appendix
Appendix € ©NexGen
Slide 31: Favourable Geology Meets Mining Advantage
Favourable Geology Meets Mining Advantage 100 Ne xG en ’s Ro ok I Pr oje ct 0 -100 Hosted underground in crystalline-granite rock with low -200 Key Lake hydraulic conductivity. Ideal conditions for conventional bulk McClean Lake Midwest -300 mining methods.1 Triple R Cluff Lake Roughrider -400 Low w
Slide 32: NexGen mineral resources and reserves
Nex Gen miner al resources and reser ves 1 Appendix 2021 FS Mineral Resources Classification Zone Tonnage (k Tonnes) Grade (% U3o8) Contained Metal (Mlb U3o8) A2 LG 920 0.79 16.0 Measured A2 HG 441 16.65 161.9 A3 LG 821 1.75 31.7 Measured Total 2,183 4.35 209.6 A2 LG 700 0.79 12.2 Indicated A2 HG 56
Slide 33: Tailings Management: Industry-Leading Design
Ta ilings Man agemen t: I ndus tr y - Leadin g Des ign Rook I Project All processed waste streams will be stored underground, in backfilled mine stopes, or a purpose-built, innovative Underground Tailings Management Facility (UGTMF) 1. o Eliminates surface tailings disturbance and reclamation. o Nea
Slide 34: U.S Electricity Demand Outlook
U.S Electricity Demand Outlook E lect ricity’s Resur genc e U.S. Electricity Demand Outlook (ICF) 1 8,000 7,500 2024-30 3.3% CAGR 7,000 6,500 2024-50 6,000 2001-24 2.1% CAGR TWh 5,500 0.7% CAGR 5,000 4,500 4,000 3,500 3,000 2050E 2030E 2040E 2001 2004 2007 2011 2014 2017 2021 2024 2002 2003 2005 200
Slide 35: The Electrification Boom and AI Needs Nuclear
T h e E l ec tr if i ca ti o n B o o m a n d EST IMATED ENER GY C ONS UMPT ION PER REQU ES T F OR VARIOU S AI -PO WERED I m p li c a t io n s fo r N u c le ar Pow e r S YST EM S C OM PAR ED TO A S TA NDA RD GOO GLE S EARC H1 AI NEED S NU CLEAR 10 We are experiencing a seismic shift in energy consump
Slide 36: Clean Energy from Nuclear Power
Clean Energy from MIN ING IN TENSIT Y O F C LEAN E LE CT RIC ITY G ENE RA TIO N 1 Nuclear Power NU CL EAR S A D VA NT A G E K g OF RO CK P E R G Wh GEN ER AT ION NUCLEAR POWER FOOTPRINT o Utilize only 10% to 34% of critical materials per GWh compared to solar, wind, and battery technologies, deliver
Slide 37: Efficient Use of Capital
Efficient Use of Capital ROOK I P RO JEC T NexGen’s ratio of exploration and development spend relative to its general and administrative spend is the highest compared to its uranium peers, while the Company’s ratio of general and administrative spend relative to its market capitalization is the low
Slide 38: Global Growth is Surging Across All Major Markets
Global Growth is Surging L EGEN D Across All Major Markets Operating Planned Proposed Under Construction NUCLEAR REACTORS WORLDWIDE 1 Top Contributing Top Contributing Top Contributing Top Contributing Countries: Countries: Countries: Countries: Argentina China Russia USA Brazil India Ukraine Canada
Slide 39: Energy Security Commitments
Energy Security C ommitments BENEFITS With an asset located in a premier stable democracy, NexGen is committed to being a supplier of choice. NexGen will: Only sell to utilities in nations Maintain a checklist of Keep our supply chain and Advocate for policies that who are allied for energy standard
Slide 40: Contact Us
Contact Us Monica Kras | VP, Corporate nexgenenergy.ca Vancouver Office Development Suite 3150 mkras@nxe-energy.ca 1021 West Hastings Street NexGenEnergy_ Vancouver BC V6E 0C3 Investor Relations investors@nxe-energy.ca nexgen-energy-ltd- 47