NexGen Energy Ltd.
For the period ended Dec 31, 2025. Filed Mar 4, 2026.
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The yearly report of certain Canadian companies, filed under a joint US and Canadian system. It is the main yearly account these companies give US investors, largely as filed in Canada.
FY2025 · Filed Mar 4, 2026
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Contents
EX-99.1 · Sensitivity Analysis
Sensitivity Analysis
The table below illustrates, for sensitivity purposes only, the impact of uranium price on key economic metrics for the Rook I Project, as presented in the Rook I FS Technical Report(Q4-2020 dollars) and, for comparison, the illustrative impact on such metrics from using cost assumptions disclosed in the Interim Trend Update(Q4-2023 dollars):
| Feasibility Study (Q4 2020 Dollars) · Interim Trend Update (Q4 2023 Dollars) | ||||||||
|---|---|---|---|---|---|---|---|---|
| UraniumPrice (US$/lb) | Average Annual Free Cash Flow (Y1-5) (C$ billion) | Payback Period (Years) | IRR (%) | NPV (C$ billion) | Average Annual FreeCash Flow (Y1-5) (C$ billion) | Payback Period (Years) | IRR (%) | NPV (C$ billion) |
| $100 | 2.11 | 0.6 | 81.6 | 8.13 | 2.04 | 1 | 46.9 | 6.79 |
| $90 | 1.9 | 0.6 | 76.8 | 7.2 | 1.82 | 1.1 | 43.4 | 5.84 |
| $80 | 1.68 | 0.7 | 71.5 | 6.27 | 1.61 | 1.2 | 39.6 | 4.89 |
| $70 | 1.47 | 0.7 | 65.8 | 5.33 | 1.39 | 1.3 | 35.4 | 3.96 |
| $60 | 1.25 | 0.8 | 59.5 | 4.4 | 1.18 | 1.6 | 30.7 | 3.04 |
| $50 (FS Base Case) | 1.04 | 0.9 | 52.4 | 3.47 | 0.97 | 2 | 25.2 | 2.1 |
| $40 | 0.82 | 1.1 | 44 | 2.53 | 0.76 | 2.6 | 18.9 | 1.19 |
| $30 | 0.61 | 1.3 | 33.8 | 1.59 | 0.55 | 3.8 | 10.5 | 0.23 |
| 1. | The Base Case from the Rook I FS Technical Report uses a discount rate of 8%. Free Cash Flow represents the after-tax net cash flow from the Project, determined in accordance with the Rook I FS Technical Report. It assumes that 100% of the uranium produced from the Rook I Project can be sold at a long-term price of US$50/lb U3O8 at an exchange rate of C$/US$ of 1.00:0.75. |
| 2. | The Interim Trend Update reflects revised capital and operating cost assumptions for the Rook I Project as of August 1, 2024, including updated estimates for sustaining capital, royalties, and taxes. |
| 3. | As noted in the Rook I FS Technical Report, NPV and IRR are most sensitive to uranium price, head grade, process recovery, and exchange rates. To demonstrate these sensitivities, the Rook I FS Technical Report includes an extended sensitivity analysis (Figures 22-2 and 22-3) illustrating the impact of uranium price fluctuations on project economics. The Interim Trend Update indicates that positive after-tax NPV (8%) is maintained across the range of uranium price scenarios, including at US$30/lb U3O8. The sensitivity information is provided for illustrative purposes only, is not an updated feasibility study or an economic analysis derived from material scientific or technical information not included in the Rook I FS Technical Report, and does not represent forecasts of uranium prices or prices at which uranium produced from the Rook I Project can be sold. |
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