Rook I Project

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

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

The project is comprised of land-based, basement-hosted Arrow Deposit which is identified as one of the world’s leading resource projects, encompassing robust economic profiles and elite ESG commitments to the advancements of environment and community

01

Current development stage

Environmental Impact Study

NexGen reached a major milestone in the advancement of the regulatory approvals for the 100% owned Rook I Project with the submission of the draft Environmental Impact Statement ("EIS") in June 2022, followed by the acceptance of the EIS by the Canadian Nuclear Safety Commission ("CNSC") in July 2022. The draft EIS subsequently commenced Provincial and Federal review processes, with Provincial technical review comments provided in September 2022 and Federal technical and public review comments received by NexGen in November 2022 and December 2022, respectively.

NexGen advanced through a significant regulatory stage gate in Q3 2023 with the completion of the Provincial technical review process and submission of a revised EIS to the Saskatchewan Ministry of Environment (“ENV”) in July 2023. In August 2023, the ENV confirmed completion of their conformity review of the revised EIS, and the planned advancement of the Provincial EA to the public review stage in September 2023.

A copy of the draft EIS Master Executive Summary for the Project can be found here.

Front End Engineering Design

Following the successful completion of the Rook I Feasibility Study in 2021, NexGen has transitioned into the next stage of project development with the advancement of FEED, scheduled to be completed in early 2023.

02

Feasibility
Study highlights

Extensive data collection and testing since 2013 validates and positions the Rook I Project as a Strategic Tier 1 Asset. The Feasibility Study outlines an initial 11 year mine capable of producing 29 Mlbs U308 per anum (first 5 years), making it the largest and lowest cost uranium mine in the world.

Environmental performance

Delivering on Elite Standards through:

-Optimized mine lay-out reducing the project footprint by approximately 20%.
-Advanced water recycling and plant engineering
-Industry leading Underground Tailings Management Facility.

Economically elite

High return on capital with 0.9 year payback period and life-of-mine production flexibility

-US$50/lb uranium = high NPV, and IRR and rapid pay-back
-Geotechnical profile allows for unique strategic flexibility of production volumes

CAPEX

Total CAPEX of $1.3 B comprised of 157M of early works and $1,143M of pre-production execution capital. The study is at a class 3 level (AACE) demonstrating robust estimation for this stage.

OPEX

Average OPEX per pound remains among the lowest in the industry at $US 5.69 per pound.

Mineral Resources

Measured and indicated mineral resources total 3,754 kt grading 3.10% U308 containing 256.7M lbs supporting initial 10.7 year mine-life.

03

Economic Benefits

Outstanding Economics Summary of Arrow Deposit Feasibility Study

NPV and IRR Sensitivity to Uranium Price

Arrow Mineral Resource Estimate

Arrow Deposit, Probable Mineral Reserves

Arrow Deposit Production Profile

  FS ($ CAD)
After-Tax NPV @ 8% $3.47 Billion
After-Tax Internal Rate of Return (IRR) 52.4%
After-Tax Payback 0.9 Year
Pre-Commitment Early Works Capital $157 Million
Project Execution Capital $1,143 Million
Total Initial Capital Costs (“CAPEX”) $1,300 Million
Average Annual Production (Years 1-5) 28.8 M lbs U3O8
Average Annual After -Tax Net Cash Flow (Years 1-5) $1,038 Million
Average Annual Production (Life of Mine) 21.7 M lbs U3O8
Average Annual After -Tax Net Cash Flow (Life of Mine) $763 Million
Nominal Mill Capacity 1,300 tonnes per day
Average Annual Mill Feed Grade 2.37% U3O8
Mine Life 10.7 Years
Average Annual Operating Cost (“OPEX”, Life of Mine) $ 7.58
(US $5.69)/lb U3O8

* Scroll to the right to see the table data.

Uranium Price ($ USD/lb U3O8) After-Tax NPV8 After-Tax IRR
$100/lb U3O8 CAD $8.13 Billion 81.6%
$80/lb U3O8 CAD $6.27 Billion 71.5%
$70/lb U3O8 CAD $5.33 Billion 65.8%
$65/lb U3O8 CAD $4.87 Billion 62.8%
$60/lb U3O8 CAD $4.40 Billion 59.5%
$55/lb U3O8 CAD $3.93 Billion 56.1%
$50/lb U3O8 (Base Case) CAD $3.47 Billion 52.4%
$45/lb U3O8 CAD $3.00 Billion 48.4%
$40/lb U3O8 CAD $2.53 Billion 44.0%

* Scroll to the right to see the table data.

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

* Scroll to the right to see the table data.

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

* Scroll to the right to see the table data.

04

Mineral Reserves

Probable Mineral Reserves

Structure Tonnage (k tonnes) Grade (U308) Contained Metal (U308 M lb)
A2 2,594 3.32% 190.0
A3 1,982 1.13% 49.5
Total 4,575 2.37% 239.6
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