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 (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 Saskatchewan – a premier mining jurisdiction.

Centred around the land-based, basement-hosted Arrow Deposit – one of the world’s leading resources – the Project maintains a robust economic profile and is being developed with elite ESG commitments focused on environmental protection and maximizing community benefit through a partnership approach.

01

Current Development Stage

Project Approvals

On November 9, 2023, NexGen received Ministerial approval under The Environmental Assessment Act of Saskatchewan to proceed with the development of the Rook I Project. NexGen is the first company in more than 20 years to receive full Provincial Environmental Assessment (“EA”) approval for a greenfield uranium project in Saskatchewan. This represents the major regulatory milestone ahead of full development of the Rook I Project. Receipt of the Provincial EA approval enables the Company to progress with securing the necessary Provincial and Federal approvals to construct the Project.

Next steps in Project approvals include:

  • Receiving Provincial Permitting approvals to commence Project construction
  • Conduct of a Canadian Nuclear Safety Commission hearing for the Federal EA and Licence
  • Receiving Federal EA and License Approval

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.

Detailed engineering has now started on critical path activities which include procurement of long lead equipment and critical path contracts.

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 U3O8 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 layout 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
-Geological setting allows for mine and mill design 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% U3O8 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 (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
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