NXE

Thank you for standing by. This is the conference operator. Welcome to the NexGen Energy first quarter 2026 results conference call. As a reminder, all participants are in a listen-only mode, and the conference is being recorded. After the speaker's remarks, there will be a question-and-answer session at the end. I would now like to turn the conference over to Mr. Leigh Curyer, Chief Executive Officer and Director with NexGen Energy Ltd. Please go ahead, sir.

Thank you, Katie. Good morning, thank you for joining NexGen's Q1 2026 financial results and investor conference call. My name is Leigh Curyer, I am the Chief Executive Officer. Today, I'm joined by Travis McPherson, Chief Commercial Officer, Benjamin Salter, Chief Financial Officer, introducing to our quarterly calls, considering we are now entering into construction of this globally significant Rook I Project, Chris Copley, NexGen's Project Director, Engineering and Construction. During the call, I will highlight NexGen's milestone achievements over the first quarter of 2026, including the final federal approval for the Rook I Project, provide an update on the 2025 site construction program, upcoming plans for the construction phase as we have already made the final investment decision.

Provide an update on some incredible drilling results released just this morning at our exciting PCE discovery, and speak to the NexGen strategy as we optimally advance towards production. At the conclusion of this presentation, we'll move to the Q&A portion of the call, where you'll have the opportunity to ask Travis, Ben, Chris, and myself any questions you may have. Throughout the course of today's call, we'll be making forward-looking statements, so please visit our website for all the relevant disclaimers. In just the first few months of 2026, this has already proved to be the defining period for NexGen, marked by significant milestones, none bigger than the optimal final approval of the Rook I Project for construction.

Following NexGen's successful completion of the two-part Canadian Nuclear Safety Commission hearings on March 5, 2026, the CNSC then issued NexGen its license to prepare site and construct the Rook I Project 14 business days after the conclusion of the Part 2 hearing. The approval process and response speed was a testament to the strength of the technical submission, NexGen's early and transparent communication with regulators, and the deep genuine relationships established with local indigenous nations and stakeholders over the past 13 years. This approval represents one of the most comprehensive regulatory processes undertaken for a resource project globally and is the result of an unrelenting focus since 2013. I would also like to take the opportunity to congratulate Denison Mines and CEO David Cates in the approval of their Phoenix Project.

We, NexGen, have moved with purpose and clarity to deliver a new standard for resources development. One where we encourage all stakeholders to expect better. NexGen's culture of innovation, open-mindedness, and continuous improvement have cultivated significantly better outcomes across the board for all stakeholders, and this will continue as we optimally progress through construction and into operation, where we'll be the most significant new entrant into the mining sector in a generation. Nearly two months into the Middle East disruption, the global energy system is not just absorbing a supply shock, it's being structurally reshaped by it. The effective closure of the Strait of Hormuz has exposed how vulnerable and interconnected the global energy system truly is, highlighting the risks of over-reliance on hydrocarbons, particularly in geopolitically vulnerable regions. Energy security is no longer being defined by access alone, but by resilience, the ability to withstand disruption.

That means nuclear, domestic generation growth and capacity, and critically reducing exposure to geopolitical choke points. Nations have been forced to reassess their energy strategies in real time, which has ultimately accelerated focus on nuclear power as a reliable, sovereign energy source. This is particularly true given the massive demand growth for power anticipated from electrification of transportation and industrial systems as well as data centers. These are new parts of the industrial landscape that are building new power generation for material electrical needs that are choosing systems that provide highly efficient, high output, reliable nuclear energy. Historically, oil shocks have acted as a catalyst for structural change in energy policy, and this recent conflict is already being described as the most significant energy shock in modern history.

With oil and gas still accounting for approximately 60% of global primary energy supply, a policy response prioritizing security, stability, and diversification is inevitable and has been transitioning following the impacts to energy supply chains due to the Ukraine War. The direction is clearer than ever. Nuclear energy is not optional in the energy mix. It is essential to delivering long-term energy security and with the betterment of industry and civilization. There are currently 79 reactors under construction, with operating capacity established within the next five years will total an additional 18% to the global nuclear electrical grid. This global shift is occurring at a time when high-quality, scalable uranium supply is scarce and depleting rapidly, placing a premium on projects with the jurisdiction, geology, and technical capability to deliver. Positioning Rook I's project as the most valuable and strategic resource globally.

The reality is current mine supply is under stress in maintaining current production levels, let alone growing current production. Further, the economic consequence is that the current production is becoming increasingly higher in cost as mines head into the latter years of their useful lives. To underpin this reality, one just needs to review the last 10 years. Uranium prices have risen from CAD 17 a pound to CAD 100 a pound, and there has effectively been no new material supply response. That's because it isn't purely a uranium price challenge. It's far broader, incorporating discovery challenge, permitting challenge, CapEx challenge. It requires significantly elevated uranium prices over a significant amount of time to begin to solve this challenge. For NexGen, the supply-demand backdrop and limited market buffer continues to reinforce our marketing strategy.

One that can be summarized as maximizing the value of every pound produced by maximizing the leverage to future uranium prices. Our strategy is being received by the market well as it undeniably benefits all partner participants by ensuring a more transparent and liquid market is developed, and that both suppliers and consumers are able to respond to market changes with certainty to underpin the billions of CAD currently being deployed on a scale never witnessed before into nuclear energy infrastructure. As the company most exposed to the future prices of uranium globally, NexGen will be able to maximize value in this highly constructed backdrop of structural supply deficits. Our strategy and structuring offtake agreements to optimize the return on every pound produced has not been commonplace amongst producers over the past years and decades.

It's pleasing to see this NexGen approach is now being reflected more broadly amongst industry participants and can only act in the best interest of all participants for a sustainable and successful industry. With respect to our contracting activities, we continue to advance on multiple offtake discussions with utilities across the U.S., Europe, and Asia-Pacific. We expect to formalize additional agreements through 2026 with an unrelenting commitment to maintaining our leverage to future uranium prices whilst providing customers access to an incredibly strategic supply source. As the structural supply deficit widens, the window to make meaningful new discoveries is now. Our unparalleled ability to deliver new high-quality supply will play a critical role in meeting the world's future energy needs. Our winter drill program at Patterson Corridor East, PCE, continues to deliver highly encouraging results, further highlighting both the scale and growth potential of PCE.

We've increased the vertical extent of the high-grade subdomain by 33% to 550 meters vertical, with a growing strike length of over 200 meters, reinforcing the size of the system. Recent drilling continues to demonstrate strong continuity of high-grade mineralization across multiple holes with wide intercepts and clear extension at depth. Importantly, the system remains open for further expansion. In parallel, we are also seeing early indications of a separate parallel trend, highlighting the potential for multiple zones of mineralization within the broader PCE system. With only 30% of the 42,000 meter drilling program completed for 2026, a significant summer drilling program is about to commence in late May. We see substantial opportunity for further growth of the system.

Advancing this drill program methodically and responsibly today is how we ensure we are ready to be a reliable Western supplier for many decades to come. As construction activity for the Rook I Project commences, our exploration team remains laser focused on further defining and expanding this exciting discovery, as well as the peripheral work on the 190,000 hectares of prime land position with an additional 3,500 meter program at SW3 and geophysics on SW1 to identify new opportunities for growth. On construction, with approvals now secured, the company is set to commence full-scale construction of the Rook I Project this coming Northern Hemisphere summer. Advancing long-term economic benefits, skilled employment, sustainable regional growth, and reinforcing Canada's leadership in nuclear energy.

It's great to see our Rook I Project being recognized as a key pillar in the federal government's nuclear objectives for Canada. The team, procurement, engineering, vendors, contractors, and capital are all in place. This readiness is underpinned by the deliberate assembly of a highly experienced team with deep expertise in hard rock mining, aligned with the unique basin rock setting of the deposit, and complemented by strong uranium processing capability and experience in the Athabasca Basin. Since founding the company in 2021, NexGen has built around elite standards. Elite standards in planning, discipline, accountability. It is these ingrained standards, combined with a highly experienced project team representing more than 2,900 years of combined global experience across underground mining, uranium milling, and major project execution that positions NexGen to deliver construction with the same consistency and rigor that has defined NexGen to date.

We have advanced Rook I with a clear focus on disciplined execution, drilling over 400,000 meters safely at an industry-leading cost efficiency, while investing approximately CAD 748 million to date at Rook I. Throughout this period, we've consistently delivered meeting our commitments, maintaining strict cost control, and meeting key milestones. That track record is the standard we carry into construction. Importantly, construction readiness is well advanced. Key elements are in place, including critical path procurement activities for the initial two years, including the shaft sinking contractor secured and engaged and the freeze plant ready for delivery to site. Our CAD 100 million exploration site infrastructure program, initiated in 2025, inclusive of accommodation expansion to over 600 beds, road upgrades to enable more safe and efficient traffic flow, and the airstrip is on budget, schedule, and fully meeting the scope.

This is a direct reflection on how we execute over the next four years. CAD 2.2 billion in CapEx spend to build our project is made up of a number of CAD 5 million-CAD 100 million scopes. We are executing the next phase successfully and early. Our approach is highly structured with clear accountability and daily oversight across every aspect of the build with a view on operational efficiency. We will be hosting an investor update call in the near future to transparently present each phase of construction pathway with registration details to follow in May. We have strong financial flexibility supported by a cash position of over CAD 1 billion at the end of Q1.

We continue to access a range of highly accretive financing options and are assessing these with discipline, ensuring we select the optimal path while preserving our current strength and flexibility. The world is changing fast, and the role of energy is being redefined in real time. What was once a transition led by climate ambition is now driven by security, reliability and execution. The Middle East disruption has reinforced this shift, exposing the fragility of global energy systems and accelerating the move towards stable, domestically controlled nuclear power. At the same time, electrification, AI, and industrial growth are driving unprecedented demand for reliable baseload energy, positioning nuclear at the center of the next phase of global development. As a result, uranium is no longer a cyclical commodity.

It is a strategically critical resource, and the market is approaching a tipping point where sustained demand and constrained supply will define the years ahead. NexGen's industry-leading leverage to future uranium prices optimized by our contracting strategy, combined with our uncontracted uranium resource, which totals currently 340 million pounds, makes NexGen the best positioned company in the uranium sector to maximize returns and value for our investors. Thank you, and I look forward to updating you on our progress throughout this transformative year. Now I'll open the queue to questions.

The first question today comes from Anthony Taglieri with Canaccord Genuity. Please go ahead.

Good morning. Thanks, guys, for taking my questions. Maybe just on long-term contracting. You know, you guys have mentioned wanting to remain flexible. What does the right level of contracting look like then for NexGen? You know, are the pricing terms you're seeing out there currently in terms of floors and ceilings, you know, attractive enough to incentivize you guys to layer in materially more contracts? Would you rather see, or do you think you'll see better pricing terms moving forward?

Yeah, I'll start the question there, Anthony, and then hand over to Travis. Our, this is developing very, very quickly, the market and recent market commentary by, you know, another industry participant, was very clear with respect to the way pricing is heading, well above CAD 100 a pound, and they're seeing that now in their negotiations. That's very similar to our experience as well, one which we kicked off over 18 months ago. With respect to NexGen, our overriding principle is to maintain absolute exposure to future prices at the time of delivery. Now, future prices at the time of delivery are often a combination of spot floors and ceilings. I also would like to make the point that it's not a uniform approach. It's horses for courses.

Various utilities have different preferences for structures of contracts. Some are happy for all spot, some are happy for floors and ceilings. They are in the, you know, the floors are, you can typically think of them as at or near spot with the ceiling approximately double that of what the floor is and escalated. Some are happy with no floor and a very high ceiling. Now we have a combination of all of those with the four contracts that we currently have. It's to the tune of 10 million pounds in total over the first five years. We currently have 28 million pounds uncontracted per year going forward over those five years and then 30 million pounds thereafter.

We will take a very staged approach. We're not going to have an approach where we fix where we want a certain percentage in in under contract and a certain percentage available for realization at that particular point in time. I guess to answer your question the best is, yeah, we are. We do have contracts in place. We are negotiating further contracts, which will be a combination of those structures. The overall principle, though, we'll maintain our industry-leading position of realizing the like, the optimal pricing achievable at the time of delivery, which is very heavily tied to prices at the time of delivery. You know, it's just common sense when you've got a project in a premium jurisdiction.

Let's face it, Athabasca Basin is the best jurisdiction globally for a uranium project with very high certainty of production and a very low economic cost per pound. It's our job to maximize return to shareholders, and you do that by having a perspective of optimizing the return on every single pound produced. I can't predict where the price is going to be precisely by a certain date. I am extremely confident that the price is going well above CAD 100 a pound in the short term. I don't see any material production coming online globally. I wanna make the point, NexGen 30 million pounds will only be replacing what's coming or what is forecasted to come offline between now and 2030.

Our view is, which is based on technical and financial fact, is that the uranium price is going significantly higher. You know, we had that perspective five years ago, we've proven to be right. We didn't lock in contracts that may have seemed attractive at the time, but are now underwater relative to the spot price today. It's proven to be right, and that's our view going forward. I can't give you a precise percentage of under contract or and still available to sell. The important takeaway is we will maintain our position as being the world's most levered uranium company to the future price of uranium. Travis, have I missed anything there?

No, I just really emphasize exactly that, you know, patience has paid NexGen in this market, and we don't see that slowing down. Being patient while still, you know, when contracts make sense for us to sign, we'll sign them with aligned counterparties. We're not in a rush, and there's no necessity to do any more contracts by a certain date or a certain percent by a certain date. Patience continues to pay us, and we'll continue to, you know, recognize what we have, how scarce it is, and particularly going forward, so that we can absolutely maximize the returns for everyone involved.

Great. Thanks, guys. That's very clear. Maybe just as a follow-up on project financing. I'm sure there's a lot of things happening in the background. Obviously with a strong treasury, you aren't necessarily hard pressed to come to a conclusion there. Maybe some color would be great. You know, how have things progressed, structures that maybe you guys have looked at and, you know, maybe when we could see something finalized there.

Travis?

Sure. Yeah, thanks, Leigh. Yeah, I mean, again, going back to the quality of what we're talking about here and all the points Leigh made, I mean, there's a lot of options for us and very, very attractive and creative options. As you point out, you know, with over CAD 1 billion, you know, that's kind of half the CapEx on the balance sheet as we speak. There is no rush or urgency, and the market is developing quickly, and we have a lot of key milestones upcoming, including obviously commencing construction, but also, you know, a lot of exciting events along the path. We're not in a rush. In terms of options, you know, I'd say nothing's materially changed from what we've previously discussed. Prepayments on product, that's obviously a big focus.

You know, all the project finance and convertibles and all the other things that we've talked about are obviously options for us. You know, we have a very, you know, what do you wanna call it? Champagne problems, I guess, in the sense we have so many options, all of which are very, very attractive. We're still evaluating and going through, doing our due diligence and counterparties involved and structures involved, making sure that we, you know, capture where the market is going and, NexGen's placing it. You know, if we lock in a financing that's reflective of what's going on today, it's not gonna look great in, in a few years' time. We have to also maintain, you know, our exposure to the future.

Yeah. We won't be cute about it. We'll do it, you know, with, you know, well ahead of time and at a time that makes sense for us. You know, it worked so far that, you know, we could have secured financing two years ago for the CapEx, but, you know, it would've been at a lower spot price at the time and on not as sound terms. As I said, our position's at the spot price is rising. A higher spot price means the cost of capital comes down, and that's our responsibility to shareholders. You know, we're not gonna run the treasury to zero.

We've always proven a very strong track record in raising funds optimally in the market at the time and in the least dilutive fashion. That's gonna continue and you'll see news of that in due course.

Great. Thanks for that. I will pass it on.

The next question comes from Ralph Profiti with Stifel. Please go ahead.

Thanks, operator. Good morning, and thanks for taking my questions. Leigh, of the 29,000 meters this summer, you know, what does the pipeline look like? Because it's going to be significantly bigger than the winter program. Where are you prioritizing between the high-grade subdomains, some of these parallel structures? You know, is there any discussion to changing the strategy as the picture evolves? Where are the earliest results gonna come from?

Good morning, Ralph, and great question, which is always evolving. You can think of those meters as, you know, three quarters of them are focused purely on PCE looking for extensions, but not just in the footprint at PCE, but those high-grade subdomains. They are still materializing. You know, as I speak with PCE, there's no project other than Arrow or no deposit other than Arrow that demonstrates such strong continuity, high-grade broadness in competent basement rock in the basement other than Arrow. That like PCE is replicating all of those amazing features of Arrow. It's still forming, and we're still trying to get an understanding of its entire extent, both the footprint but also those high-grade subdomains within it.

Given that, the majority of those meters are going to be directed at those two objectives. The third is looking for those parallel zones of mineralization to PCE. Now, those who are very familiar with the story and our exploration history know that we're incredibly structured around our exploration. We don't spray holes anywhere. Every hole has to have enormous amount of merit. It goes through a very rigorous process of evaluation before it's drilled, right up towards myself and the board. As you get results, it can change the weighting to, all right, we're going to put some emphasis in understanding the high-grade subdomain within the area of mineralization because if you hit one of those high-grade holes, it's incredibly material to the overall resource calculation.

You know, similar to what Travis said around the financing, it is a fantastic challenge to have, as to where do you put those holes. Every hole, though, I can tell you, is going to be very, very productive in advancing our understanding of PCE. I think at a minimum, whilst we don't have a resource estimate on it, officially, you know, given the economics at Arrow and once you've sunk all the capital at Arrow, these PCE pounds would be classed, I believe it's reasonable to say, a most likely economic, and improving by the day. You know, playing devil's advocate, if we didn't even have Arrow when we made this discovery, it would be the hottest news on the planet in the uranium space as we speak.

I think you know, it is a bit unfair to PCE because it exists only 3.5 km away, and it's probably taken a bit of its limelight. I'd just encourage everyone to really. We release the results today, and we've got more assays coming and another 29,000 meters. You know, this is an incredibly exciting story in resources, full stop. Right alongside the construction of what is currently the world's most globally significant uranium resource going into production in four years from now.

Yeah. Thanks. I appreciate that. You know, as a follow-up, Leigh, you know, without front-running the larger scheduling update that's coming, I do appreciate having Chris on the call. What's the latest thinking around the schedule and the timing around the surface freezing strategy, right? How does that look like in the early stages of construction, starting in those first few months?

Yeah, I can give a high level and then hand over to Chris. Look, I'd remind everyone, we're going to have details imminently around a very detailed webinar around the construction. We're going to be introducing the team right up to Ivan Mullany, who is our Director, with enormous amount of world-class mining project construction experience, and go through the stages of construction and be very transparent around what that looks like so people can make their own assessment of progress. I'm very much looking forward to myself and the team presenting that, most likely sometime in June.

Holistically from the moment we we start construction officially, there's you start the freezing processes around six months of freezing whilst you're adding to the surface infrastructure in order to commence sinking. Sinking through the overburden will be six to nine months until you're into the basement rock. Once you're in the basement rock, I don't wanna take too much of the profile away from this webinar we're about to do, I'll give you a preview. Once you're into that basement rock, which will have occurred six to nine months after the commencement of shaft preparation, the risk around cost and schedule variability goes down to near on zero due to the competency of the rock.

It's not going to be a four-year risk assessment. The most riskiest part is the overburden, and it's going to be determined before the end of year two and once we're in the basement rock. Everyone should very much, you know, dial in on that aspect of it. Now having said that, whilst I say it's the most risky part of the construction, the overall risk profile of our project is very, very low risk for a mining project. We've been planning this for over seven years. We have the team in place. We've been reviewing those plans for seven years. We know exactly what each member of the team and of our contractor team is doing on every single day over the next four years.

We have a management system in place which gives us real-time assessment of any variable and allows us to take action accordingly. It's as I said, I very much look forward to this presentation, which you'll hear a lot more from Chris in June. Everyone will have a very transparent analysis of what that construction program looks like, what's entailed, and the way we're approaching it. It's an incredibly exciting time for everyone involved. Chris, would you like to Anything you'd like to add that I may have overlooked?

I think you covered it, Leigh. Like, the freezing is obviously a key element of achieving the sinking and a focus of the team right now in so far as starting the site development this summer and preparing for ground freezing by early next year. Participants are reminded that the freeze plants themselves have already been ordered and are stored offsite, ready to be deployed, as well as the sinker is being engaged and active in the project. We are well on our way to achieving the schedule that will be laid out further in the June call.

Great. Thank you for that preview.

The next question comes from George Eadie with UBS. Please go ahead.

Yeah. Good day, Leigh and team. Thanks for the call today. Just back to PCE. Do we still think about this as likely accessed underground via Arrow and going up the Rook I shaft and infrastructure? I guess secondly there, what is the permitting status of PCE? Can you just remind me and talk through the steps, given it's different ore, but potentially using the other infrastructure?

Yeah. Good day, George. As we speak, I would say that is a very real possibility based on what we know of all the technical facts. PCE is contained in the same basement rock as Arrow, only 3.5 km away.

Conceptually, you would run a tunnel from the underground engineering workings of Arrow, over to PCE, and access it. The ore would come up through the same production shaft as what you see at, as designed for Arrow. Having said that, PCE is outside the boundary for the approved license and construction Rook I Project. having said that, everything we've seen to date is that it's the same mineralization, it's the same ore body. There's been an incredible mineralizing event on Rook I, and I don't think we've remotely discovered or defined the true extent of uranium mineralization.

For those who have been on the story for since 2013 will know that we found Arrow with the only the 21st drill hole on the property, but the very first drill hole within a 4.5 km radius. You know, we are discovering mineralization way better than, you know, the odds are in mineral exploration. We've clearly got an incredibly good approach to exploration, but, you know, are we that good that we find the world's best, you know, with the first drill hole within a 4.5 km radius in the middle of nowhere? I don't think we are that good.

To say there's additional mineralization there, I think is, you know, anyone who's looked at the geological setting, everyone would concur there's a lot more to yet to be discovered and defined. If you're thinking about a scenario of increasing the production at PCE, that would be subject to an amendment in the permitting with respect to the exploitation of PCE. Having said that, given, you know, it's the same mineralization, it's only 3.5 km away. You know, the mineralization at Patterson Lake South is the, we suspect, based on all the facts that have been reported on it's the same mineralizing event as well, and that's 7.5 km away.

It wouldn't be the same process as what NexGen went through right from the beginning. All of that environmental data analysis over a 10-year period is still incredibly valid and will be valid during operations. I would say the process of getting access or approval, and this is a forward-looking statement, would be relatively certain, but again, subject to the rigorous oversight of the CNSC and the Ministry of Environment in Saskatchewan, which we fully embrace.

Yep. Yeah. Okay. No, that makes a lot of sense. Thanks for that, Leigh. Just last one, sorry. Just thinking timelines for the rest of the year. We've got the webinar probably in June, as you said, and I think in the past you've said more contracts will be released by year-end or sorry, by 2026 year. Is that right? Is it or is the financing package more of a-

Yeah.

2027 story given commentary before?

No, I think, it's either going to be in 2026 or early 2027, the financing package. Additional contracts, they will be released as we secure them on the terms that we're happy with and that of the utility as well. We have the official commencement of construction this summer. We're just coordinating a number of, you know, VIP attendees who have expressed very strong interest in attending the opening ribbon cutting ceremony. That involves government, community chiefs, community leaders, shareholders, industry representatives as well. You're going to see a lot of activity at site. It's gonna be an absolute hive of activity.

With the airstrip, we'll be also facilitating a number of site visits as well. With the airstrip, the logistics of entry and exit to the site safely has been significantly elevated. Yeah, incredibly busy year, one that we've been preparing for for over seven years now. Keep watching this space and all along with PCE results which, you know, they haven't disappointed yet. They've been incredible and every indication is that that is going to continue.

Great. Thanks for the color. Thanks, team.

The next question comes from Orest Wowkodaw with Scotiabank. Please go ahead.

Yeah, good morning. Leigh and Travis, I was hoping you could give us some color on how you're thinking in terms of potentially flexing material with respect to volume at the mine. I mean, your asset will be the single largest or could be the single largest producer in the world. That's a lot of material to come on in the early years. Can you remind us of sort of how you're thinking about your philosophy with respect to volume versus price here, and whether we could see the Arrow run at lower rates if there's a negative price reaction in the market?

I'll start, Orest, then hand over to Travis. Simply, the project is capable of 30 million pounds per annum produced at 1,300 tons per day. That's one of the world's tiniest underground mines, hard rock underground mines. Hence, we have a very low cost of, if we were to produce 30 million pounds, basically an expense of CAD 350 million a year. We would produce and store if we were not satisfied that we're getting a fair price for our production. We can do that because we have a very low cost base of producing 30 million pounds per annum, as opposed to dialing back production and, you know, having to terminate a number of staff. We're not going to do that.

First of all, every market indicator we have seen, and as I said, we're very technically and financially fact-based, and we've been proven to be correct as to where this uranium price is going. On top of that, the amount of inbound calls that we have with respect to the volumes that we have under negotiation for offtake, I am certain we'll be producing at 30 million pounds per annum from the very first year of production. We will continue that, and as I said, it's not really a question as to whether the market's there. If it is not at a price that we deem appropriate, we will produce and store. I wanna be very clear on that because I think there's been some other market participants that have insinuated that 30 million pounds would just be hitting the spot market.

We've never said that. It's completely incorrect, and I've been very, very clear with our approach, and I would just encourage everyone to focus on what we are saying because everything we've said since 2011, we have done. Going into construction and production, we will continue to do everything we've said we will do and be very transparent about it. There's no tricks. Nothing. This industry is very simple. You need to be able to produce uranium at X and sell it for a price well beyond X, and that gap needs to be able to pay back the CapEx. Our gap between X and the current price of CAD 85 is paying back the entire CapEx within 11 months. Very simple economic equation at NexGen.

We're becoming a top 10 world mining company based on after-tax cash flow at 30 million pounds per year at the current spot price. That is our strategy, and we actually feel that the spot price is gonna be significantly higher when we are actually in production. We're seeing the level of demand certainly supporting that. That is our approach on it, and it will always be our approach, and we look forward to executing it.

Thanks for the color.

The next question comes from Craig Hutchison with TD Cowen. Please go ahead.

Hi, good morning, guys. I just wanted to circle back on the shaft question there. I think you mentioned, Leigh, in your opening remarks that you guys have awarded the shaft contract. Can you just confirm if that's correct? If you have, is that contract based on a fixed price or are you guys managing yourself?

Yes, we have awarded that contract, and I'll hand over to Travis as the Chief Commercial Officer.

Sure

who has been the quarterback on that contract structure.

Thanks, Leigh, thanks for the question, Craig. The short answer is no. The shaft sinking contract will not be a fixed price contract. Realistically, that's not really a model that actually makes sense for a contract like a shaft sink. What we've done without getting into obviously commercial details, we've aligned, you know, the risk of shaft sinking, which again, to Leigh's earlier point, in our case, is actually quite low. There are obviously some uncertainties there. What we've done is kind of a risk, a pain and gain model. There's bonuses and incentives for, you know, safety, performance, schedule, and budget, as well as, you know, pain in the event that those things don't go accordingly.

In that sense, you know, ourselves and our shaft sinking partner as well as, you know. The important, I think, nuance here is that we have a essentially a self-performed shaft sinking team in-house at NexGen. That's not only been across obviously the technical requirements and our own assessment of what it will take to successfully complete the shaft sink, both in terms of scope, schedule, and budget, but also in terms of what are the best models for, you know, aligning incentives, 'cause really that's all we need to do. It's a so again, the short answer is it's a pain and gain contract with a lot of great synergies between, you know, the shaft sinker ourselves and the broader team.

We're extremely excited about, you know, who we've got partnering with us, our own team's assessment, and the model in terms of the contractual model that we've employed here.

Okay, perfect.

We, we-

Sorry.

Sorry. Craig Hutchison, with respect to the cost and the feasibility study, the contract that we have in place, there's very strong alignment which shows to the actual cost as what was presented in the August feasibility study, which shows that, you know, our feasibility studies have always been very conservative in nature. They were always done on the basis that NexGen was building this ourselves and operating the project as well. These were always, even from the very first scoping study through to the definitive feasibility study, the whole principle of these studies have been to inform us on the design and cost as NexGen being the builder and the operator of the mine.

There's really good evidence there with that Travis has outlined with respect to the shaft sinking and the underground engineering of very close synergy between what's being presented and now what's being executed.

Okay, That was essentially my next question. I know with the construction update in June, I was just wondering if you guys were planning to have a CapEx update with that number or sounds like you guys are pretty comfortable with the number you already have given the market.

Yeah, we've seen nothing to date. Yeah, obviously labor changes, you know, the impact on the price of diesel would have an impact. As I said, we have the conservative nature of the CAD 2.2 billion was clearly evident in August of 2024. Everything we've done to date, we are still in that CAD 2.2 billion range. If that changes materially and changes our ability to finance the project, we'll be the first to be transparently inform the market of that. As I said, what we've seen to date, everything is intact from a materiality perspective.

My last question, just back on PCE. You guys mentioned it's probably getting lost in the limelight of Arrow. Just any thoughts around a timing for a maiden resource to just put more focus on that project?

I don't see one, as we speak in 2026.

Okay.

You know, we're doing an internal assessment around that at the moment, Craig. If that is to change, again, we'll be first to inform the market. I think that's reasonably expected sometime in 2027. Obviously heavily subject to the next 29,000 meters over the summer period.

Understood. Okay. I appreciate the answers, guys. Thanks.

Thanks, Craig.

The next question comes from Alexander Pearce with BMO Capital Markets. Please go ahead.

Good morning, all. Just building on the PCE questions you've had so far, obviously you've had great success with the exploration for that deposit. It's based on your, you know, the comments you just made, it's probably reasonable to assume you're gonna be drilling out and working on this thing for the next couple of years. Is it possible to give us an idea of how much you expect to spend, let's say, over the next sort of 12-24 months, given what you know about the project so far?

PCE, another 30,000 meters or 29,000, approximately CAD 10 million. You know, price of diesel would impact that, maybe a little higher from a drilling cost. It's a sizable program in the Athabasca Basin for 2026. I would just like to make the point, Alexander, our geological team operates independently from the construction team, so there would be, there's no distraction whatsoever on the construction as a result of the exciting results coming from PCE. From this moment on for the balance of 2026, about CAD 10 million will be is budgeted for the remaining PCE drilling.

Great. Thanks, Leigh.

Thanks, Alex.

The next question comes from Brian MacArthur with Raymond James. Please go ahead.

Good morning, and thank you for taking my question. It relates to PCE as well, and a lot of my question's been answered, but maybe philosophically, an even bigger question for PCE and how strategic this may be going forward. When you talk to utilities about signing contracts, do you think they're willing to give you value for it yet? It really goes to this. I mean, you've got, as Orest said, a bunch of five years, very high production. You've talked about extending it, but saying we got into an environment like 15 years ago when people weren't signing 10 or 20-year contracts, someone might say to you, "You don't have that long of a reserve life." Is there anyone out there who's willing to sort of pay for that yet? Can you use that in your negotiating tactics going forward? Thank you.

I might-

Yes.

Just start the answer.

Okay.

Hand over to Travis. First of all, I don't think there's another project out there with a longer resource life than NexGen as we speak. I can't see that changing anytime soon, particularly with PCE. I don't really see us being limited, Brian, if I've understood your question, with respect to the demand for longevity of reliable supply. There's a lot of the current producers whose mines are going to be expended in the 2030 decade, early in the 2030 decade. We've seen from Kazatomprom, they've been very, very clear with their production profile come 2029, 2030, it significantly reduces quickly. I don't actually see, you know, any inhibitor on demand from a utility looking for a secure long life offtake contract.

We are really front and center if that is their requirement. I would also say, not so much PCE, but I think with I would put it down to receiving the permit, which took everyone by a very pleasant surprise, being 14 days after the conclusion of the Part 2 hearing. The amount of inbounds has come up since the granting of the permit. I think that's been also a factor as well with the utility demand. Travis?

Yeah. I would just reiterate similar points we're not having any issue with demand. We're just not executing ones over the quarter. That's by NexGen's choosing. There's tons of demand, so we don't really need any, there's no outstanding questions from utilities around should we try to get contracts from NexGen? Everyone wants contracts with NexGen. It's really our determination as to whether they make sense for us at this point in time. Yeah, to Leigh's point, there's not once has it come up in any contract negotiation or discussion or otherwise about the reserve life or resource life of Arrow.

Like everyone understands what we're talking about, which is a generational projects coming online at a time where everything else is basically coming offline.

I would also suspect Denison then would be in a similar position with the approval of their project as well that the number of inbound calls to Denison would have increased as well. Because NexGen can't solve all the utilities' supply requirements on its own. That's even if the current producers were able to maintain current production levels, which I would say is less likely than more likely. You know, we don't wish anyone any ill will, but there's evidence right across the globe around production issues, sulfuric acid supply issues into Kazakhstan. You know, the list goes on.

To Travis's point, there's no shortage of demand and anyone who's taking a project into production that has a healthy resource life fully exposed to the future price of uranium are in the leading positions with respect to economic returns of the future.

Maybe let me just ask you back to the other question then, because that's sort of where I'm going with this, is the big shortfall out in the future. People start to think they're going to expand above 30 million pounds post in your negotiations, post 2030.

I would say that at the moment, we couldn't commit to that because we will only commit to what we are certain we can deliver. At, as we speak, we are permitted to construct a project that will be capable of 30 million pounds per annum once in operation. That is all we are managing. As we speak, if PCE materializes and we commence the amendment to the permit or the addition to the existing permit to facilitate that's a whole new exercise which is going to take a lot of time to conclude. I we are not going to do it at any expense to getting Rook I into production at 30 million pounds per annum for the time being.

Great. Very clear. Thanks, Leigh and Travis, for that. Sorry, the only thing I just want to check, you talked about 29,000 meters of drilling at PCE in January. I believe you announced 42,000 and then another 3,500 to SW3. Has anything changed or what's the difference?

No, that's correct. No, you're exactly right, Brian. We did about 10,200 meters in the winter before we had to stop given the thaw and the ground conditions. The program for 2026 was at 42,000 meters. We've done 10,200 of it or thereabouts, and the balance of the 42,000 meters, including the 3,500 meters, will occur prior to the end of 2026.

Sorry, my last question. Given how strategic and interesting this could be, is there any reason why you wouldn't advance this faster? I mean, I take your focus on the focus has got to be on Arrow, is there any reason why you can't go a little faster? Is it constrained by drills and stuff at the moment?

Yeah, I'd say it's a combination of those things, Brian. You know, we've got a history of doing what we do well. We're very foundational, like bottom up, conservative, I guess, to a certain degree. Well, conservative around execution. We are very driven to deliver what we said we would before elevating further. Look, I think, you know, I love the question. I love the perspective about where PCE is heading. I just, I only like to, you know, comment on things I can be conclusive about. Everything looks great at PCE. I think the optionality that it gives NexGen is incredible. We're just not advanced enough yet to be more conclusive about it.

If all of a sudden we hit some zingers at PCE, you know, additional zingers, similar to what happened at Arrow, you know, it changes the whole equation and we will adjust accordingly. As I speak, we are very focused on constructing safely to scope, to cost, and schedule Rook I at 30 million pounds per annum and watching, you know, PCE develop in parallel to it. I think four rigs and everything, given our resources and our focus, is a really good balance. It is one of the biggest programs in the Athabasca Basin on its own at PCE. In context, you know, everyone's incredibly busy at NexGen. Yeah, that's our position on it as it currently stands, Brian.

Thank you very much for answering all my questions.

Privilege.

The next question comes from Dave Osborne with Carden Investments. Please go ahead.

Yes, this is Dave Osborne. Major oil companies, the reserve is not forever. Why wouldn't those companies be interested in stepping in here and having this as the next step in their business? Because their business is not forever. I'm amazed that you haven't had some discussions with major oil companies to do exactly that.

Excellent question. Yeah. I think all I could really say there is watch this space. I think you're completely on it. I think there is realization by the oil companies as to where this is heading. I think you'll see that materialize in due course. It is, yeah, it's about as transparent as I could be around that question. But what you are doing is recognizing the importance of nuclear energy and the aspects of the hydrocarbons. You know, there is problematic hydrocarbons given the centralization of production, yet the global usage of oil. You've got a similar situation in uranium as we speak.

The current majority of production worldwide is very centralized in Kazakhstan and/or countries that have what is considered very substantial sovereign risk. You know, any uranium producer or company going into production near term with an asset in Canada, the U.S. or Australia has a tremendous advantage because it's the Western world which are the largest consumers of nuclear energy currently. There has been that mismatch. NexGen, Denison, have the opportunity to help return Canada to be the world's leader in the production of nuclear fuel. That's gonna materialize over the world and it's energy, which oil is as well. Those big energy companies, you know, they don't want to close down. I think you're gonna see that.

You actually saw that in the 1980s go through the historical ownership records of uranium deposits in the USA in the 1980s, and a lot of them were by the oil companies. You know, we may see the day where that returns.

You know, if I were a chief executive of a major oil company, I would be looking down the road for the future. This is the way to do it, is to put this in reserve for when the time comes that the energy is declined, that the source is declined. It would be if a major company took a look at this and got serious about it. I think it'd be the most productive and forward-thinking that any company could do.

Yeah, I agree. I think it's very astute observation. I actually and I agree with you totally. I think the hyperscalers might be a little more nimble and a little more proactive with respect to that actual aspect that you mentioned. Makes perfect sense for an oil company to do it, but I think, you know, my prediction is that you'll see the hyperscalers get ahead of the oil companies in the first instance, because they are building billions of CAD worth of data centers. They are contracting power rates at multiples of what it currently costs to ensure that the power is coming from nuclear energy. You know, I think they're actually leading the charge in that respect. No, very astute question.

The next question comes from Graham Tanaka with Tanaka Capital Management. Please go ahead.

Thank you. Congratulations on your progress so far. I'm very curious. You mentioned that PCE could be accessed from Arrow. Is that correct? With a horizontal shaft, is that correct?

That's correct.

Okay. With that kind of scenario, which is new to me, what, could this speed up the development of PCE? Should it be deemed to be commercially attractive? How much faster could you bring PCE on, or when could you bring PCE on, if demand does in fact become one of, almost perhaps a hyper shortage of uranium, in the industry? How fast could you bring PCE on, and would it be at a lower cost, per pound than Arrow was de novo?

Yeah, Graham, I'll start then hand over to Travis. Thanks for the question. Again, conceptually based on what we know, I think that perspective that the ore at PCE could be accessed from the underground workings at Arrow. I wanna be I don't wanna look like, you know, I'm very respectful of the regulatory process, I wanna caveat everything that it is subject to substantial amount of future drilling, engineering study, environmental study. That is an absolute given. Conceptually, the answer to your question is correct. It could be. I have no economic cost data as we speak. I think it's reasonable to include at a similar cost to what Arrow is without operating costs to Arrow, without the CapEx, apart from the tunnel going from the underground-

Yes

workings at Arrow 3.5 km to PCE. But you know, the cost of that would be immaterial relative to the overall economics. So whilst I don't have the precise cost per pound, incorporating the parameters of the technical study, I think conceptually, yes, I believe that is possible and I think it's reasonable that you would consider it at or near similar economic operating costs, to, the Arrow deposit. But that's as, that's as much as I could, you know, we're in a position to convey, without further study and regulatory approvals. Travis?

Great. Yeah, I might just add to Graham. Just that you raise a good point actually, which is, you know, back to the earlier question on the oil companies and the hyperscalers and all of that. You know, mining is a very long-term business. To your question around, you know, speeding things up. You know, the reality is there's only so much you can do to speed up once you make a discovery to speed things up. There's obviously some regulatory efficiencies that, you know, the government of Canada and other policymakers have tried to address. The bulk majority of, like, look at NexGen as an example, 2014 discovery four years from now, so 2030 in production, that's 16 years.

We didn't waste a minute of a day, the vast majority of that timeline is actually not regulatory. It's actually just advancing the project, doing all the drilling, engineering studies, all the other things you need to do. PCE, while there to Leigh's point, likely be significant efficiencies and synergies between the fact that we have, you know, the world's best asset built and operating, you know, 3.5 km away. There is still just a length of time that it takes. That speaks to why, you know, our contracting strategy and our certainty around where this market is going is based off the fact that, you know, we don't have enough supply today. Even when you look out at, okay, well, when could things get into production?

Look at PCE. You know, you're talking many years from now. It's, you can't really speed things up is the point. You can speed them up a little bit, but you can't materially speed them up. Yeah, I just wanted to make that point.

Yeah. Okay. Relative to that, an investor is trying to determine the sort of the net present value of that asset, how large do you think PCE could be based on this preliminary drilling that you've done to date? How large could that prospect be relative to Arrow? What is the possibility that Arrow itself could have significantly more addition to not only resources but annual production, as one of the other analysts was asking about? It seems to me that if there is a shortage scenario that could be a really serious one for the industry, NexGen might really almost have a responsibility to be able to have some upside flexibility in adding to pounds per year.

I'm just wondering if how those, the dynamics of those two assets, the sizes, and at what point you could expand production in total by NexGen. Thanks.

Yeah. Thanks, Graham. Can't give any guidance on respective sizes of what PCE relative to Arrow is. We've been very transparent with all of the technical facts and measurements in our news releases, and relative to Arrow. That's as conclusive as we can be at this stage. Just maybe take a moment to also highlight that Arrow itself isn't closed off. We've drilled three holes under the grade shell of Arrow, and that grade shell goes down to 920 meters. We intersected mineralization in three holes over a distance of 500 meters. There's very clear expansion at Arrow before we even went to PCE. Yeah, obviously subject to additional drilling, delineation, and regulatory approval.

In that scenario you outlined, Graham, we would have a responsibility alongside the with the Canadian government. We would work in lockstep with the Canadian government to then execute a development and production profile that got as much uranium processed as possible from the mineralization within the Rook I Project, whilst respecting all of the and meeting all of the regulatory and social aspects that would do. Graham, yes, we would. Would we meet the challenge? Absolutely, we would. Subject to doing things which involve all the relevant stakeholders and their agreement to it.

Terrific. Great. Looking forward to hearing about it.

Okay.

Thanks.

Thanks, mate. Thanks, Graham.

The next question comes from Mohamed Sidibé with National Bank. Please go ahead.

Hi, Leigh and team. Thanks for taking my question. Most of my questions on PCE and the topics have been answered. Maybe a question for Ben. On the balance sheet, could you maybe help us think about the convertible debts that you currently have on the book? Should we expect that to run their course? Has there been any indication or willingness for an early convert on those? I believe they're in the money presently. Thank you.

I'll hand over to Travis as the Chief Commercial Officer.

Yeah.

Those converts are well in the forced conversion zone at the end of the third year anniversary. Yeah. Over to you, Travis.

Well, exactly. I mean, that summarizes it. Yes, they're in the money and on or after the third anniversary of those converts, we can convert them at our discretion. That is the likely scenario. The first year coming up in September of this year, and then the next tranche is May of 2027. We've done that in every case that we've had since we've started these converts back in 2016. We've always done that. You know, it's reasonable to assume that we would continue to do that, all things being equal.

Great. Thank you.

This concludes our question and answer session. I would like to turn the conference back over to Leigh Curyer for any closing remarks.

Yeah. Thank you, Katie. Thank you everyone who attended today's call. Thank you very much for all the questions we received. Thank you to my team of Travis, Benjamin, and Chris. As I said, we look forward to providing the date and time of our webinar around the construction phase and introducing the broader team. Very exciting time at NexGen. Keep watching this space. There's a plethora of exciting developments, we appreciate your interest and support to what is a fantastic good news story in resources in Canada and for the globe. You know, with ourselves, Denison, we're gonna be bringing back Canada as the world leaders in the production of this key fuel for the globe.

We're very proud of our position in it.

Thank you for standing by. This is the conference operator. Welcome to the NexGen Energy Fourth Quarter 2025 Results Conference Call. [Operator Instructions] The conference is being recorded. [Operator Instructions] I would now like to turn the conference over to Mr. Leigh Curyer, Chief Executive Officer and Director with NexGen Energy Limited. Please go ahead, sir.

Thank you, [ Rafa ]. Good morning and thank you for joining NexGen's Year-End and Q4 2025 Financial Results and Investor Conference Call. My name is Leigh Curyer and I am the Chief Executive Officer. Today, I'm joined by Travis McPherson, Chief Commercial Officer; Ben Salter, Chief Financial Officer; and Stacey Golokin, Manager, Investor Resources, Australasia. During the call, I will highlight NexGen's milestone achievements over the fourth quarter of 2025, provide an update on recent milestones, exploration development activities and speak to the strategy and future plans for NexGen Energy. At the conclusion of this presentation, we'll move to the Q&A portion of the call, where you have the opportunity to ask Travis, Ben and myself any questions you may have. Throughout the course of today's call, we will be making forward-looking statements, so please visit our website for all the relevant disclaimers. Before we begin, I would like to thank our investors, community partners and all stakeholders for their long-standing support for NexGen's unique and fit-for-purpose approach to resource development, which is setting a new standard. 2025 was a defining year for NexGen, marked by significant infrastructure investments at site, regulatory advancements, commercial offtake agreements, exploration success at PCE, approximately $1 billion equity raise and team expansion, all highlighting NexGen's unparalleled leverage to the future price of uranium, balance sheet optimization and exploration milestones that further solidify our leadership in the global clean energy landscape. Our progress reflects disciplined execution, continuous improvement and an unwavering commitment from our team to our core values of honesty, respect, resilience and accountability. Stepping back, for the first time in many decades, we are witnessing a genuine and structural shift in global energy demand that materially benefits the nuclear energy industry. Previous years were defined by ambitious pledges and isolated demand. However, what we are seeing now is assertive and immediate action and implementation. Public policy and capital are now fully aligned to support nuclear growth for existing baseload requirements as well as AI and other high-growth technology advancements. In the United States of America, we're seeing reform to advance nuclear in a manner which hasn't been seen in the West in all of history. We are witnessing both the acknowledgment of the fragility of the supply chain as well as the actions to support and encourage activation of allied sources of nuclear fuel. This includes the recently proposed multibillion-dollar Project Vault reserve aimed at securing critical minerals and uranium supply. Importantly, these policies are designed to accelerate downstream, midstream and upstream activities. This is critical as the down and midstream build-out as it relates to nuclear fuel is significantly less of a challenge to solve. It takes money and permitting, both of which are in the control of the governments. Upstream activities, though, take regulatory support but also significant investment over a significant time. And although this is more of a focus of policy in the industry, it is going to take a significant time to solve and trigger a new Western world diversified multisource of uranium supply. In fact, it is likely that it will take decades for mined uranium supply to meet existing demand, let alone the significant growth anticipated. The U.S. alone is anticipating electrical growth of between 8% to 10% through to 2030. This is partly in response to China over the last 10 years, increasing its electrical production by more than half of the rest of the world combined. China now has doubled the electrical power capacity at half the kilowatt price of the U.S.A., a fact largely driven through the adoption of nuclear energy. Governments and industry are being tested on their ability to expand and restart facilities, advance fuel cycle initiatives and increase uranium production to meet accelerating demand. As an example, Canada just delivered the Darlington Refurbishment Project ahead of schedule and under budget. AI is rapidly becoming a material contributor to the global electricity growth and subsequently a new major structural driver of demand. The clear focus of the hyperscalers and big tech to nuclear is producing meaningful support for the expansion of the nuclear ecosystem. The U.S. Department of Energy has allocated $2.7 billion to nuclear fuel companies such as Centrus, while states like Iowa are forming nuclear power task forces to accelerate development. At the same time, large technology companies are aggressively securing long-term power supply amid intensifying competition in AI. Big Tech is increasingly underwriting new nuclear capacity. Meta, for example, signed a multi-gigawatt deal with Oklo, TerraPower and Vistra to power its AI data centers. While we acknowledge the benefits to the sector from increased hyperscaler activity, strategic critical mineral initiatives in the U.S. and continued capital flows into the uranium sector, it is important to stress that the prior underlying market fundamentals stand on their own. Even without these very persistent tailwinds, the uranium market remains structurally undersupplied with the deficit widening every year for the forecast periods out to 2050 and beyond. Despite uranium prices moving from $17 a pound in 2017 to $90 a pound today, there has been no material supply response. The past 12 months alone have delivered several downgrades in production levels. Legacy operators are facing execution challenges and key uranium mining jurisdictions remain constrained. Utilities globally are beginning to acknowledge there simply isn't enough supply available. Demand clearly supports significant contracting. The fragility of supply is even more evident in the spot market, which has had a strong start to the year in 2026. In 2025, approximately 56 million pounds traded on spot, representing approximately 40% of mine supply and 27% of total consumption. Far from a peripheral value, it is the market's true price discoverer and is what underpins the pricing in every contract signed or under negotiation. That dynamic is increasingly felt by utilities themselves. Spot purchases by utilities have surged 85% year-over-year, accounting for 1/4 of all spot volumes. The reality is, direct purchases on the spot market were made by utilities in 2025. The majority of the rest of the spot market activity is still ultimately bought and consumed by utilities through traders and other intermediaries in the market. Meanwhile, producers are selling less into spot market. Uranium producers sold just 4.6 million pounds on the spot in 2025, down sharply from 10.9 million pounds in 2022. The reason is structural. Producers are at capacity, cautious about future output and heavily committed on forward sales for the next 7-plus years. There is very little buffer in the system in the form of inventories held by utilities and producers or new supply to market. Consequently, these factors, together with the technical simplicity and low economic cost of future production [ requirements ] have informed and will continue to design our marketing strategy to offtake contracts whereby pricing will be heavily dependent on market prices at the time of delivery, hence, optimizing NexGen's status as the world's most levered company to the future price of uranium. The fundamentals remain increasingly compelling. As the structural supply deficit widens, the window to make meaningful new discoveries is now and NexGen is operating in the most valuable post code in uranium globally. While the jurisdiction of Saskatchewan, Canada is world class, our results are a function of extremely favorable geology, a disciplined strategy, combined with proven technical capability and steadfast persistence. Every drill campaign reinforces the potential for another Tier 1 discovery within our land position in the Southwest Athabasca Basin. Our basement [indiscernible] Patterson Corridor East discovery continued to deliver highly encouraging results throughout 2025. Multiple high-grade assay results, including the company's highest grade discovery phase in the state to date, inclusive of those discovered during the development of Arrow. And the mineralized system continues to expand at PCE with each exploration program driving exciting results that continue to validate PCE and demonstrate the substantial exploration potential beyond the Arrow deposit. On permitting, NexGen has now completed the 2-part Canadian Nuclear Safety Commission hearings on November 19, 2025 and February 9 to 12, 2026, marking the completion of the final stage of the federal approvals process. The depth, capability and professionalism of our team were evident throughout, with CSE staff acknowledging the exceptional quality and rigor of our submission. Indigenous community support was both strong and unequivocal with positive intervenors emphasizing the importance of a timely approval. We are extremely proud to have the formal and public support of our 4 indigenous nations within the local priority area who have continuously advocated for the project and NexGen's stewardship of the Rook I Project. The province of Saskatchewan continues to champion Rook I as a priority project and the CNSC staff have formally recommended approval of the project to the CNSC commission. This alignment across indigenous and community partners, provincial leadership to federal regulators is a testament to the strength and the authenticity of our partnership-driven development model and reflects more than a decade of disciplined technical work, meaningful indigenous and community engagement and a rigorous regulatory process. Our world-class team stays ready -- stands ready to seamlessly advance development into construction upon receipt of final federal approval. I would like to also take the opportunity to commend Denison Mines led by David Cates on the recently received approval for the Wheeler River project. NexGen and Denison represent the future of uranium mining in Canada with both advancing world-class projects. It is time for Canada to take center stage in the supply of critical nuclear fuel and to do it in a way that stewards the industry successfully into the future. We've continued to strengthen and scale our organization. NexGen is fortunate to have exceptional talent across every level of the business with over 50% of the team residents of the north of Saskatchewan. We are building on that foundation as we prepare for the next phase of growth. We have had over 4,000 applicants across 65 advertised roles over the last year and 586 applicants for 13 roles advertised in just the last month. This is an endorsement of the culture we have built, the quality of our team and the magnitude of the opportunity that lies ahead. With regard to our contracting activities, multiple offtake negotiations are progressing with utilities across the world, including the U.S., Europe and Asia. We expect to announce additional contracts in 2026, optimizing the value of each and every pound we produce. At the same time, we've deliberately maintained full strategic optionality with a strong cash position of over $1.1 billion at year-end. We have access to multiple highly accretive financing alternatives. As always, we will optimize these alternatives with discipline and with the current cash on hand, we'll continue to evaluate. Our production flexibility profile, combined with the technical setting of our project are designed to maximize the value of every pound we produce. We will always optimize our exposure to uranium prices at the time of delivery and any funding structure we pursue will incorporate that optionality. Following our successful CAD 950 million capital raise, including $600 million from Australian investors, NexGen was officially included on the S&P/ASX 200 Index on December 22, 2025. This transaction materially increased our market capitalization, liquidity, Australian institutional ownership and free float, enabling us to meet the ASX 200 eligibility. This inclusion is reflective of the strength of investor confidence in NexGen and represents an important step in broadening our capital market presence and increasing liquidity as we advance through construction and into operation. Turning to site activities. Since 2013, NexGen has safely and successfully advanced Rook I across exploration, engineering, procurement, development and supporting infrastructure, representing a cumulative investment of approximately $786 million in Saskatchewan. During Q4, site exploration programs progressed on schedule and on budget. We will be significantly expanding on-site capacity to support exploration at scale, increasing camp accommodation from approximately 220 beds to just under 600, while nearing completion of the temporary exploration of the strip and existing site access road improvements. On the project side, detailed engineering is progressing in line with the project schedule and procurement is advancing with 28 packages having gone to RFP in 2025, critical path items have been secured to allow immediate mobilization following final federal approval. The convergence of government policy, Big Tech demand, grid reliability challenges and accelerating global nuclear deployment continues to underpin uranium as one of the most critical pillars of the future energy system, setting the stage for sustained demand growth. In 2026, NexGen is positioned to capture this next phase of value creation, underpinned by a derisked development pathway, robust market fundamentals and growing global recognition of nuclear energy's role in the energy security and decarbonization initiative. We are not positioning to meet short-term market tightness. We are developing a platform capable of addressing structural global supply deficits for decades to come. This is our differentiator. Through the disciplined advancement of the Rook I and continued exploration success, we are building both immediate and material production capacity as well as longer-term growth. Our immediate focus is to transition efficiently into construction of Rook I following the final federal approval. We will execute with the same discipline and integrity that has defined our approach to date, upholding the elite standards NexGen is known for, while creating enduring value for our indigenous partners, governments of Saskatchewan and Canada, shareholders and the global clean energy future. We are prepared with the team, the asset and the timing and the capital to execute our next phase. Thank you and I look forward to updating you on our progress throughout this transformative year in 2026. Now I'll open the call to questions.

[Operator Instructions] And our first question today comes from Ralph Profiti with Stifel Financial.

Leigh, I wanted to come back to your comments about the 65 roles and the 13 roles about sort of human resources procurement. And just wondering if I can get your comments on construction readiness of the team in those highly and technically skilled labor and that senior construction management, how you're feeling about those 2 aspects, both from an external contractors and internal management. It seems to be an issue that keeps being brought up by your competitors. Just wondering what your thoughts are, please.

Yes. Thanks, Ralph. Look, I can tell you just what we're experiencing. I hear labor shortages is bandied around a lot in the industry and for reasons of production delays and project delays. They are our stats. We have had an enormous amount of interest in joining the company. Those stats are reflective of that. And I would say, why is that? Well, we've been planning this project since 2014. We knew immediately on discovery that we had a world-class project. And since that time and particularly since the engineering studies that the first one was released in 2017, we've been preparing for this moment. That has also led to training initiatives in the local project area that we've had in place since 2022. And we are in a region of Northern Saskatchewan, where a lot of the labor is actually working in other parts of the province and in Alberta. And the desire to come back to the local community is extremely high. And so I think it's a combination of not only our planning, our careful planning from many, many years out because I also made the point, you won't be seeing us making a final investment decision. That decision has already been made many, many years ago, subject to permitting and financing. So we have been preparing for this all along. And we are in the position where we've identified all the roles through to the end of construction. And we know exactly what we're doing, what we're building, who we're using and what is required every single day of the 48-month construction period. And the planning around that as a consequence, started many years ago and we are not experiencing a shortage of interest in any role. With respect to the senior positions in the project development team, we've got a very detailed HR plan around that. We are currently ahead of that and we'll continue to expand that in a systematic manner as we approach construction and during construction. And I'll just make the point about the profile of that experience in the team. We deliberately took operating experience and worked back to inform the design of the project. So I just want to be very clear with everyone. We've been in this position for over 10 years knowing that we're going to be building this mine. We've been planning for it for over 10 years and we are now approaching the conclusion of final approval and we'll seamlessly head into construction on receipt of that final approval. And those stats, which I mentioned in my call, are very clear evidence that, that planning from a long way out has materialized as we had hoped and planned for. And it's very exciting for the local community, for Reds, or people who fly in, fly out, or have been working in another province for many years at the prospect of coming back to the area where they were born and raised and having fulfilling sustainable employment.

That's helpful. As a follow-up, I'd like to just ask about your important comments about policy and capital alignment and how that may influence some of the financing alternatives. I'm just wondering if there's been a change in prioritization while keeping this maximum flexibility on, say, new entrants or versus traditional buckets and specifically address, do you think there's still a need for a strategic sell-down as an option, right, on the project itself? I wonder if that's come up in the pecking order or if it's changed at all.

Yes. No, it hasn't changed. Or I would say the change has been there's been added entrants into our environment who are looking to fund the balance of finance that we require in order to construct the project. And I would also say the amenability of interested parties have recognized our project and our approach to contracting and it's resonated very, very strongly. And we will be concluding that process following permitting. Now we have $1.1 billion in the bank. The first 12 months of construction is approximately $300 million. So we have a decent runway in order to conclude the final financing component of the project. But I would say, as a general comment that the number of interested parties has increased and the amenability towards the way we'd like to finance the remaining ask is extremely positive for the project in the sense that it will maintain exposure to the uranium price at the time of delivery of the offtake. And I think that's one of the most important aspects to take away with respect to NexGen is that our strategy is to be the most levered company in the world to the future price of uranium, we currently are and we will maintain that in every stage of our development and financing execution.

And our next question today comes from Andrew Wong at RBC Capital Markets.

So if we were to fast forward, like let's say, 6 months from now, 12 months from now, assuming you're going to get the approval for the CNSC and the work started at Rook I, what do you expect will have been accomplished within that time period? Like what should we look for?

Well, the first component is earthworks and preparation for the sinking of both the production and exhaust shafts. There's a lot of surface preparation before the freezing and the drilling and blasting commences. But we have the freeze plant in a warehouse in Saskatoon ready to be deployed to site. So I would say relative to other construction starts for mining projects, you're going to see an immediate acceleration of activity at site over the first 6 months because the site is construction ready. And with those RFP packages already in place, we are ready to execute subject to receipt of that final federal approval. And it's going to be an incredibly exciting time for the company. So the first 6 months, as I said, earthworks and preparation for the drilling and blasting of the shafts.

Okay. Great. And then just the initial CapEx number for Rook I, I think the last update you had was about 2 years ago now. How comfortable are you still with that $2.2-ish billion figure?

Yes, it's CAD 2.2 billion. Obviously, it's been subject to inflation. But with the advancement of the engineering, we have seen no material movement in that number with respect to the overall capital requirement. I want to be clear, people ask me in terms of construction, what's the most complicated component of the construction. I want to be clear, this, in a mining sense, has very strong technical characteristics. It's incredibly high-grade project and in competent basement rock. So from a mining perspective, it's one of relatively simpler constructions that we will undertake. The other aspect, too, is we've been planning for over 10 years. We've revised and reviewed everything we're doing. We know exactly what we're doing day in, day out. For those who want to look at the risk within that, the first 100 meters of sinking the shafts is where the ground is most variable. Once we're in the basement rock, the cost and schedule variability of the overall capital cost goes down pretty close to 0. And -- but having said that, we have over 400,000 meters of drilling where we know every inch of those ground conditions in the first 100 meters and down to 900 meters. So I just want to convey or give the opportunity to explain that we have a very strong awareness of the ground conditions. We know exactly what we're doing every day of that 48-month process, who's doing it, who's responsible for it within NexGen. And as I said, once we're in that basement rock, the highest risk around cost and schedule has been mitigated. And that will be happening in the first period of the whole construction of the Rook I project.

Great. And just a quick one on just some of the infrastructure and logistics details for the initial construction. What's the plan for power availability for construction? I know the final mine plan is LNG. Is that also being used for construction? And then just on road access, like with Highway 955, like are there any upgrades that are required? And how about that -- the access road to Rook I, like what's the status of that upgrade there?

Yes. It's -- it will be LNG during construction as well. Highway 955 provincial highway, we work very closely with the Saskatchewan highways department in terms of ensuring that, that road is maintained in terms of servicing the project. Premier Moe has made an absolute undertaking to ensure that, that road is maintained in a manner which facilitates the increase in traffic as a result of construction activities. So look, we've been working in the area since 2013. We know the logistics of movements in and out of the project and what is scheduled on it on a daily basis throughout that 48-month project. And we've been working with the Saskatchewan highways department all along. And it will be -- that won't be an issue when it comes to the construction of the project given the planning and the commitment from both NexGen and the government of Saskatchewan.

And our next question today comes from Graham Tanaka with Tanaka Capital Management.

Congratulations on your progress so far. I'm wondering, as you layer on some more offtake contracting agreements, will you be possibly taking on multiyear orders or contracts with hyperscalers, AI hyperscalers, sovereign nations or other large entities that could -- and what percentage of your production anticipated in the first 5 years would you be willing to sign up before you start production actually? And then I have some questions about exploration in PCE, Patterson Corridor East.

Sure, Graham. And so with respect to -- we currently have 2 million pounds contracted over the -- per year over the first 5 years. We break even at 3.5 million pounds. So the requirement to offtake substantial quantities between now and during construction leading to production is almost completely mitigated even as I speak today. But look, we saw 2 transactions in the last 2 weeks with India, a large offtake -- 10-year offtake agreement with Kazakhstan and then we saw Cameco do a 10-year agreement with India as well. It's fair to say the demand coming from the Asian region for offtake is very, very strong and is typically spanning a 10-year period with respect to what they are seeking. We are right at the cusp of that and very well aware of that demand and navigating it accordingly in line with our offtake strategy, which I mentioned during the call and mentioned consistently when asked about it. So to answer your question, we are -- we have a number of offtakes under advanced negotiation. You will see additional contracts in 2026 but the requirement to have them in place prior to going into construction or prior to into production has been completely mitigated already. With respect to PCE, we have 4 rigs drilling in and around that area as we speak. It's a 42,000-meter program. And that is a combination aimed at expanding the footprint and also the high-grade heart within the area of mineralization at PCE. We also will be testing a parallel structure alongside of PCE throughout the course of this year as well and then also a target on our SW3 land package which is to the east of Rook I. As mentioned, it's an embarrassment of exploration riches that we have ahead of us. And I like the size of that program as we currently speak, which is occurring in parallel to all of the development activities at NexGen. So it to be multifaceted is a great position to be in.

Okay. So given the fact that it's taken over 10 years to get Rook I in place and to be receiving approval to proceed, when do you need to start in earnest with negotiations of environmental applications, regulatory applications, et cetera, for a Patterson Corridor East, would it take as many as 10 years so that the second mine will take 10 years to bring on? Or could that come on faster?

Look, it would all be subject to permitting approval. But I think in principle, given that we -- the PCE is the same mineralizing event as what is Arrow. Obviously, clearly, something very significant mineralizing event occurred in the area. It is the same mineralization. Conceptually, you'd run a drift from the underground workings at Arrow to access PCE. You'd be bringing it up through the same production shaft as Rook I and going through the same mill. So conceptually, I -- my view is that, yes, that is a most likely development path. When? As I said, it would be subject to permitting. We will probably do a study on it in either -- most likely in 2027, '28 as we're up and running in construction to see what it looks like. And after we've established a maiden resource for PCE. So look, it provides tremendous optionality and long-term growth for NexGen. And we'll do that once we are in a position to do so and without compromising the construction time line of Rook I and getting that into production. So first things first, we'll focus on Rook I. And as PCE materializes and we've defined a resource, we'll then look at the economics of those type of development scenarios. I don't -- the infrastructure all being up and running at Arrow and the fact that it's the same mineralization, et cetera, I think, in principle, provides maybe a shorter pathway. But I don't think we will have -- we've got enormous amount of ore to extract out of Arrow before we branch out elsewhere. And so it's a -- we'll navigate it accordingly in light of the market at the time as well.

My concern is that a few years down the road, we may see such a very, very tight market for uranium. Prices could be a lot higher. And I'm wondering what would be your flexibility to be able to accelerate a second mine if, say, prices got to, I don't know, somebody -- you please -- you choose a figure, $200. I don't know, $150, what would...

Graham, you throw out $200. Well, the previous high for uranium was $136 in the mid-2000. That's over USD 200 a pound in today's terms. I think that's very -- that -- the likelihood of that occurring is very real in the coming years. We've been very, very clear on that. We think that, that pricing scenario is a very likely consequence of the demand and supply worldwide for uranium and the current fragility around mine production. We are on it. We need to define the resource first at PCE -- having -- going forward, 4 to 5 years from now, we're up and running and in production, yes, we would look at those scenarios. I think it, in principle, will be a far more shorter time frame, a far shorter time frame than starting from scratch as what we've done since 2014 at Arrow. So the good news is, it's not a concern. It's a opportunity for us and one that we are well aware of. And I think your scenario that you're outlining is potentially a very real outcome in the future.

And our next question comes from [indiscernible], retail investor. All right. And I do apologize. We'll move on to our next question. It comes from [indiscernible], another private investor. All right. I do apologize. It looks like we're having some issues with their audio there. So we'll move on to our next question, which comes from Mohamed Sidibe with National Bank.

So I just wanted to ask, on the first 12 months of construction, you noted about an estimate of $300 million and I think you're well cashed up at this point in time. So in terms of your financing needs for the remainder of the project, is there a certain time line that we should be looking for? Is this something that you expect to have in place prior to start of construction? Or given the flexibility that you have is something that could go into 2027?

Yes, very good question. I might start with the question and then hand over to Travis. Yes. Look, we have $1.1 billion in the bank. So -- and that first 12 months construction spend is only less than 1/3 of it. So we do have time on our hands. We have been working on concluding this final financing component of the CapEx for quite some time now. And so I think the easiest or the best way to explain the timing around us concluding that will be anywhere from now to 18 months from now. And that's about as simple as I can answer that. And so the -- what I would say and can say at this point in time, the interest is vast and in line with our expectations around maintaining absolute leverage to the future price of uranium at the time of delivery. So we've always been -- Mohamed, we've always been very conservative with our financing and when we do raise money well ahead of time. And I think this component will be -- will also match that characteristic of ours, which we demonstrated since 2013. So we won't be running that $1.1 billion down to 0 before we make a decision. But these are highly complex negotiations and they do take time. But we have been working on for a substantial period of time now. And I think -- just watch this space, anytime between now and 18 months from now, we'll have that package finalized.

And just second question on the construction readiness and ahead of the potential start of construction. I think you noted that the freezing equipment and the shaft sinking materials are -- the freeze holes are in place. But are there any other critical path contracts or items that we should be keeping an eye out on over the next 6 to 12 months in order to get you ready for the shaft sinking process?

Yes. I'd just like to clarify, the -- it's the freeze plant that is in a warehouse in Saskatoon ready to be deployed to site. The holes that have been drilled around the circumference, proposed circumference of both the production and exhaust shaft were holes to geotechnically inform the sinking of the shafts. We do not have the freeze holes in place that would define it as construction. And to your second question, I'll defer to Travis around those packages and our preparedness for the first 12 months of construction.

Yes. Thanks, Leigh. As Leigh mentioned, the first 12 months is really defined by site prep and the pre-sinking activities. So in terms of major packages, the shaft sinking package is a big one. And then on the procurement side, temporary water and temporary power are the 2 ones this year that are the major procurement activities, which are obviously, as Leigh mentioned, well advanced and kind of in their contract negotiation, final contract negotiation stage on the last 2 and the shaft sinking one is effectively in hand as we speak.

And I'll just make the point that once we have approval, we will be putting out a very clear detailed construction time line, which highlights all the milestones along the way. Obviously, we're very respectful of the CNSC process. And once that's concluded and we have construction approval, that's when we'll announce and be very transparent with all investors with respect to key milestones within that construction schedule over that 48-month period.

And that concludes our question-and-answer session. I'd like to turn the conference back over to Leigh Curyer for any closing remarks.

Yes. Thanks, [ Rafa ] and thank you for everyone who's listening today. Look, incredibly exciting time at NexGen. We have an incredible project, an incredible team highlighted through -- for those who watched the commission hearing. It really did showcase the depth and breadth of experience of the team. And we've been planning this for many, many years. And so we're coming up to an incredible milestone for the company but one which its immediate focus is on construction execution. This is what we've been working for since 2014 and our preparedness for it is clearly evident. So I'd like to thank you all. Look forward to speaking to you again at the Q1 2026 conference call. And please don't hesitate to contact anyone of the team if you have any other questions from today's call. Thank you.

Thank you. That brings to a close today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.

Thank you for standing by. This is the conference operator. Welcome to the NexGen Energy Third Quarter 2025 Results Conference Call. [Operator Instructions] The conference is being recorded. I would now like to turn the conference over to Mr. Leigh Curyer, Chief Executive Officer and Director with NextGen Energy Limited. Please go ahead, sir.

Thank you, Gaileen. Good morning, and thank you for joining NexGen's Q3 2025 Financial Results and Investor Conference Call. My name is Leigh Curyer, and I am Chief Executive Officer of NexGen Energy. I'm 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. Further, progress as we prepare for our first of 2 commission hearings on the federal approval of Rook I in a 13 days from now. In addition, all the Rook I 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. At the conclusion of this presentation, we'll 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'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. 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 3 years ago. There is crystal clear unprecedented nuclear energy uptake momentum behind restart efforts at a number of the currently idled U.S. nuclear facilities with additional negotiations underway on the other idled sites, driven by additional layer demand by the major tech companies. The full nuclear energy chain is undergoing rapid acceleration with utilities pursuing reactor upgrades, extended life cycles subsequent license renewals, all whilst evaluating [ SAMR ] deployment with major tech partners. This very simply is forecasting uranium demand at an accelerating speed. Just this last week, the U.S. government announced an USD 80 billion investment with Westinghouse to build new commercial reactors and have provided additional commitments to restart current idle reactors. 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 time lines. While Energy Secretary, Chris Wright's call to expand the strategic uranium reserve reinforforces Washington's focus on fuel security and long-term nuclear capacity, including from allied sources such as Canada. Adding to this momentum, the U.S. 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. JPMorgan, 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 USD 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. Further, 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 third quarter, spot prices rose 16% to USD 83.25 a pound, driven by an increase in the liquidity to the market over August and September. 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 third quarter. 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. These dynamics are reinforcing the need for a sustained higher price environment, a trend already materializing with the term price rising to USD 86 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 I. The work NexGen has done over the last 12 years is aligning with all of the market dynamics. But note, Rook I cannot service this gap alone. The forecast demand supply deficit into 2030 requires multiple Rook-Is to come online, and they simply do not exist. Substantially higher prices in the future will be the consequence and all our advanced development company cohorts in Canada, the U.S. and Australia are incredibly well leveraged to forecasted high uranium prices of the future. 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 3 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. 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 time lines 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 demand 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. And 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. 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 derisked 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 reality that legacy mines are depleting and encountering consistent late in mine life production issues. The first -- with the first commission hearing only 13 days from now on November 19 in Ottawa and the second scheduled for a single day between February 9 to 13 in 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 indigenous engagement and regulatory process and the curated expert team we have developed are construction ready. The support we've received has been significant. All 4 indigenous nations located in the local priority area are legally supportive and publicly advocated of 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'd like to thank our investors for their support in our highly successful global equity offering this past month. With the close of our AUD 1 billion raise, NexGen has further strengthened its financial position to advance the development of the Rook I project immediately upon final federal approval. Interestingly, the vast majority of capital was raised from outside of Canada, predominantly in Australia, where our registry is 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, preconstruction 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. 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 purposely 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 alternatives 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. Since 2013, NexGen has successfully safely delivered Rook I 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 air strip, dualway 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 $98 million program is meeting precise design scope with an 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 disciplined, safe on budget and schedule execution in the construction of Rook I. 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've assembled is attracting professionals that want to 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 Scintillation results are scheduled in coming months as they are received. This exploration, the largest reported in the Athabasca Basin for 2025 is strategic and forward-looking. With a typical discovery to production time line 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 I 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. 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 4 years to after-tax cash flows that will take us into the top 10 of global mining companies. 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 unsatiable demand. 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 outdoubted practices for comfort. 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 against popular geological invention 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 I. From an environmental and social perspective, 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. 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.

[Operator Instructions] The first question is from Ralph Profiti with Stifel Financial.

Leigh, firstly, there's been some commentary by a competitor on 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. I'm just wondering what's been your experience in dealing with utilities and building sort of a mutual confidence in delivery of targets?

Yes. Look, we -- thanks, Ralph, for the question. We are experienced in -- like we are incredibly busy on the contracting side, multiple negotiations with utilities in the U.S., Europe, Asia and the Middle East. And the key thing that is coming through is a diversified primary mine supply. And they see NexGen as being a real leader in meeting a more diversified supply chain fuel cycle for their needs. Look, 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. And we're averaging 2 million pounds over the first 5 years. Now our breakeven is 3.5 million pounds at Arrow. And I guess that criticism that has been commented or put out there really reflects that we leverage to this changing environment, and we're acting on it. And whatever that means for them, I'll let them deal with that. But 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. So yes, that 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 U.S. and across the globe.

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 the experienced upper tier construction management that NexGen is going to have in-house? And are there any important hiring gaps that still concern you?

Yes. 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 nontechnical aspects, be it finance, legal, communications, any of it. We have a person within NexGen who is responsible for that. And basically, what you're seeing is like an expansion of the teams 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. That, coupled with our training programs up in the local project area, it is a key aspect, but one that we are ahead of. And I think the project itself plus the company's culture is attracting the right type of people to our organization. And we've done an enormous amount of planning around that, and we're currently ahead of it. And look, I think labor availability sometimes gets unfairly used as an excuse for a number of mining projects around the world. We've been planning this for 7 years since we submitted the project description. We have a very simple project, a very simple mine and in a great location. And so attracting people to this project, which is a generational project, we're not experiencing some of the same labor challenges as what other companies in the sector are. 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.

The next question is from Katie Lachapelle with Canaccord Genuity.

During the prepared remarks, you noted that you've got forward-looking utilities that are looking to finance NexGen into production. 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. So how are you seeing a change in terms under your negotiations? If you could comment on any floors or ceiling?

Sure. I'll just hand over to Travis for that one, Katie?

Yes. Thanks, Leigh, and thanks, Katie, for the question. With respect to financing and as it relates to the utilities, yes, I would say that we're negotiating and exploring all options with respect to financing. So that includes prepayment. It includes interest in the project itself. And I think importantly, 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. So 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. 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 when it's relevant for us, not what the price is today or tomorrow. And so when we're having discussions with the utility, it's on that basis. 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. And so it is -- 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 and these utilities want to get in front of it and want that diversification and want to secure new supply.

Understood. And then maybe just one quick follow-up. You mentioned a breakeven amount of 3.5 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 a final construction decision? Or do you feel comfortable commencing construction and then during the build layering additional contracts?

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. And then we -- on top of that, we have another 26.5 million pounds fully exposed to the future price of uranium. Now there will be contracts that we sign offtake negotiations or contracts that we signed that will be very heavily tied to the market price at the time of delivery. But we're not -- 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. We can ramp production up to 30 million pounds from 3.5 million pounds breakeven 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. We just happen to have a project that has incredibly strong technical competency and very high economics.

The next question is from Andrew Wong with RBC Capital Markets.

So just maybe on the longer-term implications on contracting again. the Rook I project, obviously, is large and has implications for that longer-term S&D outlook. And given that the approvals are getting there, but not quite approved yet, are the utilities waiting to see how Rook 1 timing plays out before they make decisions on contracting? Like just in general, like how does that potential timing of the project -- how do you see that affecting the utility behavior overall?

Yes. Travis, go ahead.

Yes. Thanks, Andrew. No, the timing, I wouldn't say is in terms of permit 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. So it is subject to starting with an understanding that there is, I would say, increasingly less uncertainty around the precise time line of producing uranium given the advanced stage of the permitting process. But an understanding that, yes, we're developing a new mine. And so it is -- delivery is subject to the commencement of commercial production. And again, that just speaks to the fact that utilities are understanding of where the market is going and wanting to secure uranium from this new mine.

We'll probably experience an uptick from some utilities that we're not currently in negotiations with. That's certainly possible, Andrew. But to Travis' 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.

Okay. Understood. And then just on the TCE results, they continue to look pretty promising. So if after resource is reported and maybe doesn't get fully reflected in the shares, would you consider some sort of spin out?

Yes. Look, it's possible, very much so. And if we feel that it's not getting its fair value, that would be something that we would definitely consider. But time will tell. I think the way PCE is progressing, where there's still so much more drilling to do before we truly understand its nature. And 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. So yes, that's something -- yes, to answer your question, Andrew, that is something that is possible. But if that was the case, we would ensure that PCE has a right subject to additional approval to be extracted through the production -- proposed production exhaust Shafts at NexGen and any corporate structure would not inhibit the optimization of the exploitation of that deposit.

The next question is from Craig Hutchison with TD Cowen.

You mentioned in your opening remarks Bill C-5 and the potential benefits to NexGen. And I just was kind of wondering, given the time lines, your permits are pretty well defined here, how could Bill C-5 actually benefit NexGen? And maybe more broadly, have you had direct discussions with the federal government? And how do you see them benefiting you guys and helping you guys in the future?

To clarify 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 Bill C-5 will have minimal impact on Rook 1 itself. But what is exciting for our cohort of advanced development uranium companies is that I think the intent of Bill C-5 is extremely encouraging for them. So 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 in parallel, very strong advocates of that. We think congratulations goes to the federal Canadian government for recognizing it and immediately taking action. He's only been in office since May. He has Prime Minister [ Karni ], but he's already on to it. So whilst not specifically impacting NexGen, 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. So it's a general comment that it's great for nuclear, which NexGen is a part of that value chain.

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, et cetera. Can you just give us a sense of where you're at -- where you're at now and whether there's any more to kind of go there a of your permits next year?

Yes. So we have a very detailed execution schedule, obviously, dependent on receiving final federal approval. And 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 a warehouse currently already 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. The benefit of a long permitting process, it gives you an enormous amount of time to plan, revise and prepare. And that's what we have done. So we've got also an additional $1 billion in our treasury. So that process will continue and will exist right throughout the entire construction execution period, but we're well ahead of that as we speak.

The next question is from Mohamed Sidibe with National Bank Capital Markets.

Could you please give us some color on where detailed engineering is currently sitting for the project and where you expect to be by the time you FID?

Yes. So detailed engineering is progressing. The -- I would say, detailed engineering on the -- well, 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 and is moving into more of the surface infrastructure and the mill. So yes, it depends on what aspect of the construction that you're speaking about. But the first 18 months and all those items is fully engineered. I want to 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. 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.

So as it relates to the, I guess, shaft sinking process, that detailed engineering process is already completed, if I understand correctly.

That is correct. Yes.

Great. And given the...

And note though, just to be clear, actual -- 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, there's quite a bit of work prior to the actual boring of the shafts. So -- but for all intents and purposes, the first 18 months of construction items is fully engineered.

And so 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 Travis mentioned everything is on the table in terms of potential interest at the project level or debt or any of the mix. So any color on that would be appreciated.

Sure. Travis?

Yes. Thanks, Lee. Yes, I mean, everything is on the table, and we have tremendous interest -- and it should be unsurprising. 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. We've spoken about them before, but everything from strategic project level interest, strategic equity, project finance, converts, prepayments, et cetera. And the positive thing is that, that interest continues to grow. Those discussions are really in kind of like advanced negotiation stages as we speak. And what the $1 billion did is enable us to be under any time pressure with respect to determining the optimal mix with all of these great options at hand. So we're in a very privileged position to have so much interest from around the world in so many great forms. And now our job over the next 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. So yes, we would target finalizing that sometime next year and probably in the -- around the midyear point of time.

The next question is from Grace Symes with Energy Intelligence.

The 30 million pounds 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 dependent on prices so as not to flood the spot market?

Yes. Firstly, the mine has incredible flexibility, a breakeven point of 3.5 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 tonnes 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, and that's just current demand, little only it increasing, which is 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 is at a touch over 200 million pounds. And historical inventory levels have been drawn down rapidly, and you're seeing producers even borrowing pounds to meet current contract commitments. 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 pounds and still make money. So we're just leveraging that technical and economic profile of the mine.

And then just one follow-up. There's been some speculation in the uranium market next hoping for a buyout before enters production. I'm just wondering if you can comment on that at all.

Well, with respect, those comments in the market are absurd. This project is stewarded by a team of committed individuals that have been in place for over 10 years now. Permitting -- 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 together. The advocacy for the project from all those groups is incredibly strong, in fact, at an absolute level. And we can't wait to get into construction because then everything is in our hands. And that's what we like at NexGen. And these projects, 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 technically simple mine in a mining context into construction and production. And everything we've done to date, we have 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 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 preplanned scope. and doing it in a manner which genuinely incorporates the various stakeholder engagement. So yes, there's absolutely no intention from the NexGen Board or the executive or the team. We'll be bored, frankly, within the space of about 2 days if we sold this company. So we're the best for it for our shareholders, 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 offtake practices.

The next question is from Graham Tanaka with Tanaka Capital Management.

Congratulations with your progress so far. I'm curious about your plans on exploring the many of the -- I think I believe it's 7 quarters additional acreage and whether you might be -- what you might need to accelerate exploration development of a second -- basically a second or third or fourth one. What are the dynamics of what will make you accelerate or keep the current pace of exploration? And if you could also just touch a little bit on how you're doing on the Patterson Quarter East.

Yes. Thanks, Graham, and 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. As you're aware, we found Arrow with the very first -- or the 21st drill hole, but the very first drill hole within a 4.5-kilometer radius of its location and PCE is 3.5 kilometers from Arrow. A very significant mineralizing event has occurred in the area and not just on our project at Arrow and PCE, but we have multiple occurrences along the Patterson Corridor. And we still -- as you 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. So we've got an enormous amount of drilling yet still to do. And 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, nuclear fuel is becoming the go-to energy source amongst the developed nations and emerging nations. And you've got Saudi Arabia, who's the world's most dominant oil producer at 9% of oil supply. So people have referred like whether Saudi Arabia of uranium out of the Rook I project. And I think the mineralization is suggesting we've got an enormous amount yet to discover. I don't think we were that good that we found the very best deposit on the very first drill hole within a 4.5-kilometer radius or the 21st drill hole on the property altogether. We have another 2 land packages as well adjacent to Rook I into SW1 and SW3. That'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. But we know we'll be producing around 23% of the world's mine supply from Arrow post approve -- 4 years post approval. And we've already got a backup forming at PC. It looks very analogous to Arrow in every respect. And when you consider the mineralization outside of our -- like also at Patterson Lake South, which 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, and 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 will be back up and running with a similar sized program in 2026. And that really does speak to -- we've got a lot of work to do before we fully just have a basic understanding of PCE as well.

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 what kind of pricing might accelerate your development process of another Arrow?

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

Yes. I just -- 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 to 12 years?

Yes. So look, PCE, look, I'll -- without preempting anything, 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 shaft as what's proposed at Arrow. 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. But I think first things first, we get Arrow into production, operating at the level that it is capable of. And then we'll determine that will be the first step. And then 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 pounds a year at Arrow, we can't fill the gap that currently exists on an annual basis. So yes, maybe the C-5 will be very advantageous to NexGen when it comes to PCE to Craig Hutchison's earlier point. So yes, it's very much on the radar, but first things first, we want to execute very, very well on Arrow and Rook I and getting that into construction and subsequent production.

The next question is from Alain with [indiscernible]

So are you hearing me?

Yes, I can hear you.

Okay. Last week, we saw the creation challenge Saskatchewan approval of Denison Mine Willow River uranium project, citing inadequate consultation on Treaty 10, right? So I have 2 questions. Are your mine is on third territory? And secondly, do you see things like that similar thing can happen to you? And can it postpone the opening of the mine?

Well, I can't speak to -- out of respect 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 4 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 4 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. Further, we then executed legally binding impact benefit agreements with those 4 communities in the project area that covers the entire life of the project and closure with respect to environmental, commerce, employment and community programs. So I believe we have met and exceeded the requirements and have the full support of those communities that are identified in our project area. And so yes, I'm very, very confident with respect to our position and the conclusion of the approval process from that perspective.

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.

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

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