NexGen Energy Ltd. PROUD PARTNER Corporate Presentation July 2020 - - PowerPoint PPT Presentation

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NexGen Energy Ltd. PROUD PARTNER Corporate Presentation July 2020 - - PowerPoint PPT Presentation

NexGen Energy Ltd. PROUD PARTNER Corporate Presentation July 2020 Forward Looking Statements Information Contained in this Presentation This presentation is a summary description of NexGen Energy Ltd. ( NexGen or the Company ) and


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SLIDE 1

NexGen Energy Ltd.

Corporate Presentation July 2020 PROUD PARTNER

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SLIDE 2

Forward Looking Statements

2

Information Contained in this Presentation This presentation is a summary description of NexGen Energy Ltd. (“NexGen” or the “Company”) and its business and does not purport to be complete. This presentation is not, and in no circumstances is to be construed as a prospectus, advertisement or a public offering of securities. No securities regulatory authority or similar authority has reviewed or in any way passed upon the document or the merits of the Company’s securities and any representation to the contrary is an offence. Except where otherwise indicated, the information contained in this presentation has been prepared by NexGen and there is no representation or warranty by NexGen or any other person as to the accuracy or completeness of the information set forth herein. This presentation includes information on adjacent properties that was obtained from various publicly available sources referred to herein and the accuracy and completeness of such information has not been verified by NexGen. Except as otherwise stated, information included in this presentation is given as of the date

  • hereof. The delivery of this presentation shall not imply that the information herein is correct as of any date after the date hereof.

Forward-Looking Information The information contained herein contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, the completion of the technical report in support of the PEA. Generally, but not always, forward-looking information and statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof. Forward-looking information and statements are based on the then current expectations, beliefs, assumptions, estimates and forecasts about NexGen’s business and the industry and markets in which it operates. Forward-looking information and statements are made based upon numerous assumptions, including among others, the results of planned exploration activities are as anticipated, the price of uranium, the cost of planned exploration activities, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment, supplies and governmental and other approvals required to conduct NexGen’s planned exploration activities will be available on reasonable terms and in a timely manner and that general business and economic conditions will not change in a material adverse manner. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate. Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual results, performances and achievements of NexGen to differ materially from any projections of results, performances and achievements of NexGen expressed or implied by such forward-looking information or statements, including, among

  • thers, negative operating cash flow and dependence on third party financing, uncertainty of the availability of additional financing, the risk that pending assay results will not confirm previously

announced preliminary results, imprecision of mineral resource estimates, the appeal of alternate sources of energy and sustained low uranium prices, aboriginal title and consultation issues, exploration risks, reliance upon key management and other personnel, deficiencies in the Company’s title to its properties, uninsurable risks, failure to manage conflicts of interest, failure to obtain

  • r maintain required permits and licenses, changes in laws, regulations and policy, competition for resources and financing, or other approvals, and other factors discussed or referred to in the

Company’s Annual Information Form dated March 11, 2020 under “Risk Factors”. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated

  • r intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking

information as a result of new information or events except as required by applicable securities laws.

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SLIDE 3

NexGen Overview

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SLIDE 4

Arrow: A Disruptive Mineral Asset

4

25.4 15.3 13.7 7.8 5.2 5.2 4.7 4.7 4.4 4.3 4.3 – 10.0 20.0 30.0 Arrow Cigar Lake McArthur River Tortkuduk & Myunkum Olympic Dam Budenovskoye 2 Inkai SOMAIR South Inkai Ranger Budenovskoye 1, 3 & 4 Production (mmlbs U3O8)

  • $10

$20 $30 $40 $50

  • 20

40 60 80 100 120 140 Cash Cost (US$/lb) 2020 U3O8 Production (mmlbs)

Long Life Low Cost(1) Large (2,3) Arrow at the bottom of industry cost curve Arrow will be the World's largest mine with low technical risk Permit application for 24-year

  • perating life

Shaft #1 (Production, Access) Surfac e Overburd en Bedrock Shaft #2 (Exhaust Air) Inferred Resources Inferred Resources Inferred Resources Inferred Resources Inferred Resource s Inferred Resources PFS Mine Plan Source: SNL, World Nuclear Association and company disclosure (1) Represents 2020 uranium cost curve, adjusted for the inclusion of Arrow. Arrow data based on LOM average annual production of 25.4mmlbs and operating costs of C$5.81/lb converted to USD at 0.75 FX rate, as disclosed in November 2018 PFS (2) Represents Arrow LOM average production as disclosed in November 2018 PFS (3) Production shown on a 100% basis

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SLIDE 5

Summary

5

Arrow Deposit

  • Rook I is located in northwest Saskatchewan, approximately 155 km

north of the town of La Loche, and 640 km northwest of Saskatoon.

  • Rook I is the 100%-NexGen owned flagship property which currently

hosts 5 uranium discoveries over a 10 km strike length.

  • Arrow is a 100% land-based, basement-hosted and high-grade

uranium deposit located within the Rook I Project discovered in February 2014.

  • Arrow is the largest to be developed high grade uranium deposit in the

World where NexGen is permitting a dedicated mine and mill complex.

NexGen Energy Ltd.

  • Corporate office in Vancouver with primary operations head office in

Saskatoon.

  • Founded in 2011 with objective of discovering and developing the

World’s next generation uranium mine to fuel global clean energy initiatives.

  • Secured global financing from pre-eminent investor base while

maintaining complete operational and supply autonomy.

  • Community focused programs to effect generational positive change.
  • Focused on becoming the long-term and dependable partner to global

utilities.

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SLIDE 6

NexGen History

6

  • Appointed former

Premier of Saskatchewan, Brad Wall, to Board

  • f Directors.
  • Commenced

Environmental Assessment for Rook 1 Project, home of Arrow by successful acceptance of Project Description.

  • February 14,

2014 discovery

  • f Arrow Deposit,
  • n Rook I

Property with first drill hole.

  • NexGen expanded

drill campaign and published largest Maiden Mineral Resource Estimate in the Basin’s history with the Arrow Deposit.

  • NexGen closed

US$60M strategic investment by CEF Holdings (Li Ka- Shing), includes voting rights.

  • NexGen

announced filing

  • f 3rd updated

Mineral Resource Estimate, the Pre-Feasibility Study on the Arrow Deposit, Rook I Project.

2019 2014 2016 2017 2018

  • NexGen announced

filing of 2nd updated Mineral Resource Estimate, The Pre- Economic Assessment on the Arrow Deposit, Rook I Project.

  • NexGen announced

additional US$110M financing with CEF Holdings (Li Ka- Shing), includes voting rights.

2020

  • NexGen

announced US$30M strategic financing with Queens Road Capital, includes voting rights.

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SLIDE 7

Capital Structure

7

5%

376M 414M C$73M

Insider Ownership

38M 57M

Options Conversions

  • CEF Holdings (Li Ka-

Shing

  • Queens Road Capital
  • Mega Uranium
  • Kopernik Global
  • Segra Capital

Management LLC

  • CQS Management Ltd.

Shareholders

Shares Issued Fully Diluted

(1)(2)

Cash

Cash & Share Structure as at July 1, 2020 (1) Inclusion of potential debenture conversions would bring the number of fully diluted shares to 471,440,882 (2) The US$15M 2020 Debenture – Potential Conversion is based on the US$15M Debenture amount converted to CAD at May 8, 2020 FX rate of 1.3934 at the conversion price of $2.34.

Institutional: 74% Retail: 26%

2016 CEF Conversion Price: US $2.33 2017 CEF Conversion Price: US $2.69 2020 QRC Conversion Price: CAD $2.34

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SLIDE 8

Sustainability

Winner of PDAC 2018 Bill Dennis Award For a Canadian Discovery Winner of PDAC 2019 Environmental & Social Responsibility Award

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SLIDE 9

Responsible Tailings Management

9

  • All processed waste streams to be

stored in an Underground Tailings Management Facility (“UGTMF”). The UGTMF will significantly reduce the surface footprint of the Rook I project and represents continued and ongoing reclamation during operations, allowing for industry leading environmental sensitivity;

  • PFS test work confirmed paste fill

strength meet or exceed all requirements set in the original design for a potential Paste-Backfill to be used for underground stope stability;

  • Ultimately will create a mine with ZERO

risk of surface tailings failures, entirely mitigating one of the largest risks in existing and development-stage mining projects;

  • Will set new standard globally in

environmental mine management.

BEST-IN-CLASS

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SLIDE 10

Arrow Social Benefits

10

  • Education
  • Summer student program which has seen 29 students attend

since inception in 2016;

  • Students provided opportunity to learn a variety of mining

related and non-mining related vocations;

  • NexGen provides bursary opportunities for post-secondary

students that show exemplary efforts for education and community – 6 have been provided bursaries into Geology, Human Resources and Environmental Sciences programs.

  • Heath & Wellness
  • Breakfast Club program employs 8 local staff to feed 1,150

students in all 3 schools in La Loche and CRDN breakfast every school day;

  • All food and supplies sourced locally;
  • Youth sports is a focus as well with sponsorship of local girls’

volleyball teams including trips to National Championships as well as initiation of a local youth hockey team to play in tournaments in the southern part of Saskatchewan for the first time;

  • 7 full time local jobs created to facilitate athletic infrastructure

utilization and programing.

From Left to Right: Premier Scott Moe, Mayor Robert St. Pierre, MP Georgina Jolibois, NexGen CEO Leigh Curyer

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SLIDE 11

Arrow Economic Benefits

11

  • Economic Capacity Building
  • Driller Training Program was initiated in 2018 to facilitate
  • n job and technical training for drillers in the mining

industry with 8 completing the program;

  • Supply chain management is key to developing local

businesses to support the Project in this stage and also in preparation for future development;

  • Working with Provincial government to expand training

programs in the North for the project;

  • Current camp capacity is 120 persons with 10 drill rigs

(the largest drill program in Saskatchewan);

  • On job training occurring as well as summer student and

post-secondary student work a priority for Residents of Saskatchewan’s North;

  • Life of mine average new jobs created would be 1,700 in

Canada with 4,400 at peak during development;

  • Expected to contribute C$10 billion to Canada’s GDP

(92% to Saskatchewan) and support C$18.9 billion in total economic output;

  • Expected to contribute C$1.4 billion in total labour income

to the Canadian economy.

From Left to Right: NexGen CEO Leigh Curyer, Prime Minister Justin Trudeau

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SLIDE 12

Community Pandemic Response

12

  • Community Support during Pandemic:
  • Implemented Modified Breakfast Program
  • NexGen worked with local school administration, cooks

and local grocery stores to ensure over 1,000 students continued to receive healthy and nutritious breakfast during school closure.

  • Implemented breakfast boxes or grocery store

vouchers for all registered students.

  • Funded local community Pandemic Coordinators
  • NexGen actively supported the community through the

employment of local Pandemic Coordinators to actively support La Loche and CRDN in containing the pandemic.

  • Working to ensure community has vital supplies
  • Partnered with Saskatchewan Mining Association

(SMA) to ensure residents of La Loche and CRDN have masks, gloves, sanitizer and other supplies to reduce the spread of COVID-19

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SLIDE 13

Uranium Market Overview

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SLIDE 14

Uranium Demand: Drivers

14 Drivers:

  • Key global demand markets
  • Largest demand market is the US with 99

reactors operable in 30 states generating 55%

  • f the clean energy capacity in the US.

Significantly, the US reactors run at full capacity 92% of the time bringing large grid security implications in an increasingly unstable global world (cyber threats, etc.)

  • China is the fastest growing market for nuclear

power.

  • Emerging markets continue to be driver of new nuclear

energy demand globally including China, India, Russia, UAE, Saudi Arabia, Turkey, etc.

  • Key developed markets, including the US, have seen a

paradigm shift in nuclear energy policy with a renaissance underway to compete on the global stage with next generation reactor buildouts in sensitive jurisdictions – Middle East, Asia.

“Bringing our nuclear energy industry back, small modular reactors for instance, that’s on the front burner so to speak,” Former US Secretary of Energy, Rick Perry.

Source: WNA Fuel Report 2019, NEI

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SLIDE 15

Uranium Demand: Stats

15 Nuclear Energy: 2016-2020:

  • 47 new reactors brought online globally (15% increase in reactor generation);
  • Based on 20 different reactor designs (9 of the 20 designs are being built for the first time;
  • Built in 11 countries;
  • 2 are newcomer countries (UAE and Belarus);
  • 5 reactors are reaching 50 years of age for the first time (Switzerland, India and USA);
  • 10 GW/year added in each of 2018 and 2019;
  • Global nuclear demand now exceeds 5-year average peak pre-Fukishima levels – the industry is now out of the

demand hole created by the accident in March 2011;

  • World Nuclear Association demand now positive in all scenarios.

Source: WNA Fuel Report 2019, WNA 2019

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SLIDE 16

Uranium Demand: Long-Term Contracting Market

16

  • 90% of global uranium demand is contracted under long-term negotiated offtake arrangements between miner and nuclear utility.
  • 10% of the market is transacted on the spot market which has, since 2011, become a carry market dominated by traders and

financial interests.

  • No major contracting cycle has occurred since Fukishima but given the amount of supply that has come offline, the market is

significantly tighter than it has been in recent years thus setting up the opportunity for utilities to re-enter the long-term contracting market.

  • The average unadjusted contracted value last cycle was US$60-US$70/lb U3O8 in a time when mines were younger and lower

cost.

Source: TD Securities

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SLIDE 17

Primary Supply Impacts

  • Significant mine shutdowns as a result of low prices has resulted in over 30% of global annual mined supply being removed from

the market since 2016.

  • Significantly, a majority of the shutdowns have come from commercial companies in Western countries resulting in even further

jurisdictional concentration.

  • There are more shutdowns expected from depleted mines over the next 3-7 years.
  • NexGen is uniquely positioned at a time when a significant new source of primary production in the Western world is required to

maintain energy security in some of the most influential economies in the world.

Focusing on Primary Supply

17

Source: TradeTech

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SLIDE 18

Supply-Demand: Cycle Resolution

18

  • 2018 Demand was ~195Mlbs U3O8 and Primary Supply was just ~135Mlbs U3O8 – the market is in a significant primary deficit

which creates large inventory reductions and reliance on short-term secondary sources. This is an unstable market.

  • Typical year exhibits over contracting, yet current contracting levels remain near half of normal (~100Mlbs per annum).
  • The amount of uncommitted uranium requirements is at record highs along with record high uranium demand.
  • We are coming out of the bottom in uranium being led by spot bottoming in 2016, conversion and SWU in 2019 with term pricing

to follow.

Source: TD Securities

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SLIDE 19

Arrow Project

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SLIDE 20

Arrow Project Overview

20

Source: Company filings Note: Free cash flow (FCF) is calculated by subtracting capital expenditures from operating cash flow (OCF). Based on US$50/lb U3O8.

Overview Pre-Feasibility Study(1) (November 2018)

  • Largest to be developed high grade uranium deposit in the World
  • Largest and lowest cost uranium mine.
  • Conventional mine and mill enabling a new elite standard in

environmental mine management and social participation.

  • All processed waste streams can be stored in an Underground

Tailings Management Facility which will significantly reduce the surface footprint of the project.

Free Cash Flow Profile (C$ MM)

($178) ($550) ($519) $1,296 $1,656 $1,659 $1,670 $1,684 $1,675 $1,554 $1,032 $239 Year -3 Year -2 Year -1 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 OCF Capex FCF

Mine Life

(years)

9 LOM Avg. Throughput

(tpd)

1,039 LOM Avg. Uranium Grade

(%)

3.09% LOM Avg. Uranium Recovery

(%)

98% LOM Avg. Uranium Production

(mm lbs U3O8)

25.4 Mining

(C$/lb U3O8)

$2.35 Processing

(C$/lb U3O8)

$2.46 G&A

(C$/lb U3O8)

$1.00 LOM Avg. Cash Cost

(C$/lb U3O8)

$11.17 LOM Avg. By-Product AISC

(C$/lb U3O8)

$12.11 Development Capex

(C$ mm)

$1,247 Sustaining Capex

(C$ mm)

$214 Uranium price

(C$/lb | US$/lb)

$66.7 | $50.0 Discount Rate

(%)

8.0% Exchange Rate

(US$/C$)

0.75x After-Tax NPV

(C$ mm)

$3,661 After-Tax IRR

(%)

57% After-Tax Payback Period

(years)

1.2 Operations Operating Costs Capital Expenditures Economics

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SLIDE 21

Arrow: A Resilient Project

21

  • $40

$80 $120 $160 $200 1968 1973 1978 1983 1988 1993 1998 2003 2008 2013 2018 Nominal $ Real $

Uranium Price (US$/lb U3O8)

Arrow Break-Even Cost

  • Arrow has robust economics and is uniquely able to sustain throughout the long-term uranium cycles.
  • Additionally, due to unique technical setting, Arrow is a flexible asset from a production volume and timing perspective.
  • All in break-even price per pound including initial capital and reclamation costs is US$12/lb U3O8 highlighting that

Arrow’s economic cost of production is below the long-term nominal and inflation adjusted uranium spot price.

  • At US$25/lb U3O8 Arrow returns 27% after-tax. (Current spot price is US$34/lb U3O8).
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SLIDE 22

The Arrow Advantage

22

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SLIDE 23

Dominant Land Position in the Basin

23

[ " [ " [ " [ " [ " [ " [ " [ " [ " [ " [ "

[ "

! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !

A l b e r t a

ROOK I PROJECT

t u

905 Shea Creek Cluff Lake Patterson Lake South Spitfire Centennial Dufferin Lake Millennium Phoenix Maverick Key Lake McArthur River Cigar Lake Roughrider Midwest Lake Natona Bay

THORBURN LAKE 2Z LAKE MADISON RADIO

McClean Lake Eagle Point Collins Bay Rabbit Lake

NORTHWEST ATHABASCA

Gunnar Lorado

NORTH THORBURN CARLSON CK. BOW, ARROW, SOUTH ARROW, & HARPOON DISCOVERIES

t u

955

! ! ! !

Legend

[ " Discovery / Mineral Deposit

! ! Active or Depleted Uranium Mine

NexGen Mineral Tenure IsoEnergy Mineral Tenure Other Mineral Tenure Athabasca Basin Margin

25 50 Km

³

Athabasca Basin Projects

Saskatchewan, Canada

  • NexGen holds over

209,000 hectares of prospective exploration ground in the southwest Athabasca Basin.

  • Rook I will remain

focus and, specifically, the Patterson Corridor which currently hosts 9 uranium discoveries

  • ver a 14 km strike

length.

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SLIDE 24

Conventional Underground Mining

24

  • The geometry of the Arrow Deposit enables

decoupled production areas in both the A2 and A3, enabling flexibility of mine sequencing.

  • The ability to mine transverse longhole stopes

through the A2 High Grade, will support significant scheduling flexibility enabling NexGen to correlate supply quickly and inexpensively to market conditions.

  • Geotechnical studies support the

conventional longhole stoping mining method including the use of longitudinal and transverse stopes, 30 m level spacing, and the nominal stope strike length of 15 metres to 30 metres which represents an excellent stope stability range for underground mining in highly competent conditions.

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SLIDE 25

Team

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SLIDE 26

Executive Team

26

Name Experience Leigh Curyer Chief Executive Officer, President & Director

  • Founder of NexGen Energy and charter accountant with over 18 years of

experience in the uranium mining sector having raised over $500M in equity

  • Former CFO of Southern Cross Resources where he led the permitting and

feasibility study work on the Honeymoon ISL uranium project in South Australia

  • Former Corporate Development at Accord Nuclear Resource Management

assessing global uranium projects for First Reserve Corporation Travis McPherson Vice President, Corporate Development

  • Joined NexGen Energy in 2014 from a TSX-listed junior gold producer where he

was led Corporate Development across a variety of mandates including M&A, equity, project financing packages, budgeting, permitting and investor relations

  • Former investment banking analyst at Haywood Securities Inc – a Canadian

natural resources boutique. Gillian McCombie Vice President, Human Resources

  • Strategic HR Professional with +24 years of experience in mining industry
  • International experience in talent management, strategic recruiting, policies and

procedures and international service.

  • Former VP of HR with Capstone Mining

Tony George, P.Eng Chief Project Officer

  • Mining Engineer with over +25 years of experience in operations, project

management and construction of mining projects.

  • International experience in project development from feasibility to mine

construction.

  • Tony was Vice President Project Development at Lundin Gold where he was

responsible for all aspects of the feasibility study for the advancement and development of the Fruta del Norte project in Ecuador.

  • Prior to joining NexGen, Tony served as Vice President, Project Execution with

Victoria Gold Corp. Where he oversaw the Eagle Mine through detailed engineering and construction which was successfully completed ahead of schedule and on budget on June 2019.

NexGen Executive team spans the entire mining cycle including experience in permitting, project financing, construction and operations.

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SLIDE 27

Advisory Board

27

Name Experience Charles Scorer Special Advisor Uranium Marketing

  • Served as the Chief Executive Officer of Accord Nuclear Resources in

partnership with First Reserve Corporation.

  • 25+ years of commercial and operation experience in uranium and global

nuclear fuel market.

  • Former Chief Executive Officer of London based nuclear fuel trading

company, Nufcor International Limited. Andrew Browne Technical Advisor

  • Former Geologist with over 3+ years of experience in exploration and

mining geology globally.

  • Former operator of a private geoscientific consultancy practice –

specializing in global uranium projects. Craig Parry Technical Advisor

  • Chief Executive Officer and President of IsoEnergy Ltd.
  • Founding shareholder of EMR Capital and former senior advisor to the

Fund.

  • Exploration and business development geologist.
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SLIDE 28

Appendix

Appendix

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SLIDE 29

Resource Estimate Table

29

March 2017 Arrow Mineral Resource Estimate 2018 Arrow Mineral Resource Estimate

  • Diff. Between Arrow 2018 & 2017

Mineral Resource Estimate Structure Tonnage (Tonnes) Grade (U3O8%) Metal U3O8 (U3O8 lb) Tonnage (Tonnes) Grade (U3O8%) Metal U3O8 (U3O8 lb) Tonnage (Tonnes) Grade (U3O8%) Metal U3O8 (U3O8 lb) Indicated Mineral Resources A2 790,000 0.84 14,500,000 1,240,000 0.79 21,700,000 450,000 (0.05) 7,200,000 A2 HG 400,000 18.87 164,900,000 460,000 17.85 181,000,000 60,000 (1.02) 16,100,000 A3 No Indicated in 2017 1,010,000 0.70 15,500,000 1,010,000 0.70 15,500,000 A3 HG No Indicated in 2017 180,000 9.68 38,400,000 180,000 9.68 38,400,000 Total: 1,180,000 6.88 179,500,000 2,890,000 4.03 256,600,000 1,700,000 (2.85) 77,200,000 Inferred Mineral Resources A1 860,000 0.75 14,300,000 1,510,000 0.72 23,900,000 650,000 (0.04) 9,600,000 A2 1,100,000 0.76 18,500,000 1,290,000 0.70 19,900,000 190,000 (0.06) 1,400,000 A2 HG 30,000 13.00 8,600,000 5,000 12.70 1,400,000 (25,000) (0.30) (7,200,000) A3 1,460,000 1.16 37,300,000 1,230,000 1.11 30,000,000 (230,000) (0.05) (7,300,000) A3 HG 150,000 8.53 28,200,000 1,000 9.07 200,000 (149,000) 0.54 (28,000,000) A4 550,000 1.06 12,900,000 800,000 0.92 16,300,000 250,000 (0.14) 3,400,000 180 110,000 0.95 2,300,000 Combined into A3 & A4 (110,000) (0.95) (2,300,000) Total: 4,260,000 1.30 122,100,000 4,840,000 0.86 91,700,000 580,000 (0.44) (30,400,000)

Notes: 1. CIM Definition Standards were followed for Mineral Resources. 2. Mineral Resources are reported at a cut-off grade of 0.25% U3O8 based on a long- term price of US$50 per lb U3O8 and estimated costs. 3. A minimum mining width of 1.0 m was used. 4. Numbers may not add due to rounding.

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SLIDE 30

Arrow Project Economics Sensitivity Table

30

Uranium Price ($ USD/lb U3O8) After-Tax NPV8 (CAD $ Billions) After-Tax IRR (%) After-Tax Cash Pay Back (Years) $80/lb U3O8 $6.62 80.4 0.8 $60/lb U3O8 $4.65 65.5 1.0

$50/lb U3O8 $3.66 56.8 1.2

$40/lb U3O8 $2.67 46.9 1.5 $30/lb U3O8 $1.69 35.6 1.9 $25/lb U3O8 $1.19 28.9 2.3

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SLIDE 31

Low All in Sustaining Costs

31

All-in Sustaining Cost PFS $ CAD/lb U308 Operating Cost 5.81 Revenue Royalties 4.81 Reclamation Cost 0.21 Sustaining Capital 0.94

All-in Sustaining Cash Cost 11.77

  • Given the unique technical setting of

the Arrow deposit combined with an innovative design regarding the mining and milling at Arrow, creates industry leading low AISC.

  • Even when initial capital expenditure

is included, the All-in Cost is C$17.23/lb U3O8.

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SLIDE 32

Low Operating Costs

32 OPEX Per Tonne PFS $ CAD/t U308 PEA $ CAD/t U308 Variance Mining 157.31 131.87 19% Mineral Processing 164.65 110.91 48% General and Administra tion 67.11 63.20 6% Total Operating Costs 389.07 305.98 27% OPEX Per Pound PFS $ CAD/lb U308 PEA $ CAD/lb U308 Variance Mining 2.35 3.61 (35%) Mineral Processing 2.46 3.03 (19%) General and Administra tion 1.00 1.73 (42%) Total Operating Costs 5.81 8.37 (31%)

  • 31% reduction in average annual operating cost to CAD $5.81 (from CAD $8.37) despite the PFS

recategorizing the underground tailings to operating cost instead of sustaining capital as per the PEA in order to reflect a more wholesome ‘operating cost’ figure. These costs account for 21% of operating costs.

slide-33
SLIDE 33

Government Revenues Chart

33

Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9

Cumulative Revenue Revenue by Year

Arrow Deposit PFS - Government Revenue

Gross Revenue Royalties Profit Royalties Federal Corporate Income Tax Provincial Corporate Income Tax Cumulative Total Value to Government

  • Potential of CAD

$5.4 Billion in total Government Revenue over the life of asset.

  • Potential of CAD

$3.9 Billion in Saskatchewan Government revenue over the life of asset.

  • Average annual

gross revenue royalties (based on 4.25% net) are CAD $122 Million (versus CAD $80 Million in PEA).

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SLIDE 34

End Notes

34

Technical Disclosure The scientific and technical information in this presentation with respect to the PEA and PFS has been reviewed and approved by Paul O’Hara, P.Eng., P.Geo. of Wood, David Robson, P.Eng., M.B.A. and Jason Cox, P.Eng. of RPA, each of whom is a “qualified person” under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). All other scientific and technical information in this presentation has been approved by Mr. Troy Boisjoli,Vice President – Operations & Project Development for

  • NexGen. Mr. Boisjoli is a qualified person for the purposes of NI 43-101 and has verified the sampling, analytical, and test data underlying the information or opinions

contained herein by reviewing original data certificates and monitoring all of the data collection protocols. Inferred Mineral Resources in PEA The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that PEA results will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Technical Report The mineral resource estimate referred to herein was announced by the Company on November 5th, 2018. For details of the Rook I Project including the quality assurance program and quality control measures applied and key assumptions, parameters and methods used to estimate the mineral resource set forth herein please refer to the technical report entitled “Arrow Deposit, Rook I Project Saskatchewan NI 43-101 Technical Report on Pre-feasbility Study" dated effective 5 November, 2018 (the "Rook 1 Technical Report") . The Rook I Technical Report is available on NexGen’s issuer profile on SEDAR at www.sedar.com and EDGAR (www.sec.gov/edgar.shtml). SEC Standards Estimates of mineralization and other technical information included or referenced in this presentation have been prepared in accordance with NI 43-101. The definitions of proven and probable mineral reserves used in NI 43-101 differ from the definitions in SEC Industry Guide 7. Under SEC Industry Guide 7 standards, a “final” or “bankable” feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority. As a result, the reserves reported by the Company in accordance with NI 43-101 may not qualify as “reserves” under SEC standards. In addition, the terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are defined in and required to be disclosed by NI 43-101; however, these terms are not defined terms under SEC Industry Guide 7 and normally are not permitted to be used in reports and registration statements filed with the SEC. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. “Inferred mineral resources” have a great amount

  • f uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will

ever be upgraded to a higher category. Under Canadian securities laws, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Additionally, disclosure of “contained ounces” in a resource is permitted disclosure under Canadian securities laws; however, the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC standards as in place tonnage and grade without reference to unit measurements. Accordingly, information contained or referenced in this presentation containing descriptions of the Company’s mineral deposits may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements of United States federal securities laws and the rules and regulations thereunder. Non-IFRS Measures This presentation refers to cash costs, which measurement has no standardized meaning under IFRS and may not be comparable to similar measures presented by other

  • companies. These measurements are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance

prepared in accordance with IFRS.