Nexgen Energy (NXE) Q4 2024 earnings summary

Executive summary

• Achieved major milestones in 2024, including completion of the Federal Technical Review and acceptance of the Federal Environmental Impact Statement for Rook I.

• Secured first uranium sales contracts with leading U.S. utilities, aligning with a strategy to maximize exposure to future uranium prices.

• Commenced the largest exploration program in the Athabasca Basin, resulting in a significant new discovery at Patterson Corridor East (PCE).

• Maintains strong support from Indigenous communities and has executed legally binding benefit agreements.

Financial highlights

• Ended 2024 with approximately CAD 477 million in cash, sufficient to cover 18 months of post-approval construction.

• Updated capital estimate for Rook I confirms rapid payback (~12 months) and low operating cost of $9.98/lb U.S.

• Exploration budget for 2025 is CAD 15 million for a 43,000 m drill program.

• Capital spend for Rook I post-approval is projected at CAD 209 million for the first 12 months.

Outlook and guidance

• Anticipates imminent scheduling of the commission hearing for Rook I, with construction to begin immediately after approval.

• Expects further uranium contract signings as global utility interest increases.

• 2025 exploration program aims to define the scale of mineralization at PCE.

• Focus remains on securing full federal approvals and advancing engineering, procurement, and training.