NexGen Energy : Corporate Presentations (NexGen Energy Corporate Presentation Jan26)

Good Energy

Delivering Clean Energy for Generations

Corporate Presentation |

January 2026

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NexGen is advancing the world's highest-grade, large scale uranium project globally through its 100% owned Rook I Project.

Positioned to deliver over 20% of global supply 1 from a single, sustainable and compact mine in the southwestern Athabasca Basin in Saskatchewan, Canada.2

1 Based on calculation of Rook I potential production from the 2021 FS and Centre for Interna tional Economics modeling.

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2 The current mine plan and economics remain those in the 2021 Feasibility Study 3

The World's Most Strategic Uranium Asset

I r r e p l a c e a b l e , S t r a t e g i c a n d F u t u r e D e f i n i n g

World Class Project

Conventional hard-rock mining with ultra-high grades, delivering up to 30 million lbs annually with expansion potential and robust after-tax cash flow 1,4. Re-establishing Canada as the top uranium fuel jurisdiction.

Shovel Ready

Construction will begin immediately following a positive Federal approval decision. Final Part 2 hearing in February 2026.2

Leveraged to Rising Prices

Market-related contracting strategy optimizing exposure to future uranium pricing. To date, 10 million lbs sales commitments with major utilities have been awarded 3.

Decades of Relevant Experience

Proven leadership team that has built, financed and operated globally significant mining projects.

Nuclear Market Tailwinds

Expected to come online when demand surges, legacy supply dwindles, and structural deficit drives long-term prices higher.5

Local Support

Formal Indigenous Community support through industry-leading Benefit Agreements in Rook I's Local Priority Area 6.

1 Statements regarding future cash flows of the Rook I Project are subject to the various risks and assumptions as outlined in

the Company's AIF, and those further described under the heading "Forw ard Looking Inf ormation" of this Presentation.

2 There can be no assurance that the required permits w ill be obtained on the terms sought or at all. See "Forward-Looking

Statements" for risks and uncertainties related to permitting and approvals.

3 Refer to August 6, 2025 Press Release for more information. 4

4 Refer to Rook I Feasibility Study Technical Report.

5 As per the WNA- World Nuclear Fuel Report 2025 - Upper Case Scenario modeling.

6 Refer to NexGen's most recent Management Discussion and Analysis ("MD&A).

Nuclear Is Booming. AI Will Supercharge Demand

U r a n i u m ' s M o m e n t

70 reactors are currently under construction worldwide adding ~71 gigawatts (GW) of new capacity1 - a 18% increase in global nuclear capacity by 2030. This alone will require an additional ~36 million lbs of U₃O₈, yet we are currently in a deficit.

That's just the start.

With over 30 countries pledging to triple nuclear capacity by 20502, from 380 GW to 1,200 GW, this adds 800 GW of new power.

Meanwhile, AI-driven power demand is only beginning. If this U.S demand were to be met entirely by nuclear, it would require up to 60 million lbs of uranium annually by the end of the decade. The smarter the world gets, the more power it needs.3

The nuclear era is upon us. Got uranium?

70

Nuclear reactors currently under construction

Adding:

~71 GW

Of clean baseload energy by 2030

Requires:

36 million lbs

U3O8

AI

AI surge could add an additional:

60 million lbs

U3O8if U.S. AI-demand is fully powered by nuclear

1 IEA January 2025 - The Path to a New Era for Nuclear Energy

2 WNA World Nuclear Fuel Report 2025 - September 5, 2025

3 McKinsey & Co, August 2025 - Scaling bigger, faster, cheaper data centers with smarter designs

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Supply Can't Keep Up

U r a n i u m ' s M o m e n t

Global Uranium Supply Shortfall in Million Pounds (Mlbs) - Upper Case Scenario1

~319 Mlbs deficit by 2040

-20

Shortage in Million Pounds (Mlbs)

-70

By 2040, the uranium deficit is projected to reach

319 Mlbs per year2

Today, the world produces only ~160 Mlbs annually5 , meaning global supply must double within the next 15 years to meet growing demand.

-120

-170

-220

-270

2024

-320

Uranium demand is surging and structurally inelastic, driven by decarbonization, electrification, AI, policies support, reactor growth and extensions.

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

2036

2037

2038

2039

2040

With prices needing to rise above spot to incentivize new supply, and a typical 15 -20 year timeline from discovery, means supply cannot respond fast enough

Higher prices - for longer - are essential to

incentivize new production

Uranium Deficit

Supply Gap

1 WNA - World Nuclear Fuel Report 2025 - Upper Case scenario

2 Based on Centre for International Economics modelling

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Critical Supply, Foreign Reliance

U r a n i u m ' s M o m e n t

Fulfilment Gap

OECD*: 70% Demand1, Only 25% Supply2

Percentage (%)

70% of demand relies on foreign, state-backed sources. >90% of Western supply tied to long-term contracts below market pricing.

<1%

Domestic production from the US, UK, and Europe.

90 million lbs+ imported annually, mostly from state-sponsored entities.

Rook I is a critical part of the answer

diversifying global supply away from geopolitically risky sources but

…more new supply is urgently needed.

Opportunity to Fill the Gap

OECD Demand

OECD Supply

1 OECD (Organisation for Economic Co-operation and Dev elopment) Uranium 2022, Resources, Production, Demand

2 WNA - World Nuclear Fuel Report 2023 - Upper Case scenario

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25%

45%

70%

Fuel is the Bottleneck

U r a n i u m ' s M o m e n t

The key driver, and limiting factor of industrial growth is the fuel itself (U3O8)

U3O8

Nuclear

Services

Nuclear Reactor

Energy Infrastructure

Connect Clean Economy

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Deposit remains open

Deposit remains open

Deposit remains open

The Unrivaled Arrow Deposit

N e x G e n ' s R o o k I P r o j e c t

Grade and geology make this one of the most robust, economically resilient deposits in the world.

• Reserves grade 2.37% for 239.6 million lbs. Over 65%1 of Measured & Indicated resource at 15.9% U3O8, 160x the global average.2 & 3

• Simple, predictable structure allows for conventional, safe, and efficient mining.3

• Hard rock conditions allow for underground tailings storage which reduce surface tailings exposure to near zero 3.

  Reserves and resources:

  Economics based on probable reserves of 239.6 Mlbs as outlined in the

  2021 Feasibility Study.

  Total Measured & Indicated resource of 256.7 Mlbs (inclusive of reserves) and Inferred resource of another 80.7 Mlbs 3.

1KM

Remains open along strike and at depth

Probable mineral reserves Indicated mineral resource

1 Additional details regarding Mineral Reserves and Mineral Resources can be found in the FS and the Appendix of this presentat ion. Mineral Resources are inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

2 WNA - Uranium Mining Overview. September 25, 2025

3 Rook I Feasibility Study , 2021

Inferred mineral resource

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Conventional Mining: Arrow's

Unique Advantage

U r a n i u m M i n i n g M e t h o d s

Uranium can be mined using several methods, dependent on the deposit's geology and grade.

Arrow's geology is rare in uranium mining, more analogous to high-grade underground gold in hard rock than typical uranium deposits. And that's a good thing. The depth, hard rock setting, and exceptionally high grades1 provide ideal conditions for conventional underground mining, resulting in low operating costs.

Open Pit Mining

• Near-surface ore, large-scale surface digging

• Typically, low grade <0.5% U3O8

• ~20% of global production uses this method

• Highly environmentally impactful and difficult to control

  Arrow's Mining Method

Underground Mining in Hard Rock

• Competent, hard rock with minimal hydraulic activity

• Shafts and tunnels to access ore, and higher recovery

  rates

• Well understood, commonly used method for hard

  rock mines

  Underground Mining in

  Hard Rock

  Freeze Mining in

  Sandstone

  In-situ Recovery

  • Provides unique production flexibility optionality

    Crystalline Basement Rock

    ARROW

    1 Additional details regarding the geological setting and mining methods within Arrow can be found in the 2021 Rook I FS.

    Freeze Pipes

    SANDSTONE

    Freeze Mining in Sandstone

• Water-saturated, unstable formations which are technically complex

• Requires continuous ground freezing years in advance

• Complex geotechnical and metallurgical characteristics

• ~20% of global production use this method

  In-Situ Recovery

• Soft, wet rock (e.g., sandstone aquifers)

• Very low-grade mines <0.3% U3O8

• Complex metallurgy and recovery rate consistency

• ~60% of global production uses this method

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