Good morning. My name is Julie and I will be your conference operator today. At this time, I would like to welcome everyone to the NexGen's Energy Q1 2024 Financial Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session at the end. Before we begin, please note that the following caution respecting forward-looking statements, which is made on behalf of NexGen Energy and all of its representatives on this call. The statements made on this call will contain forward-looking information that involves risks and uncertainties. Actual results could differ materially from a conclusion, forecast, or projection in the forward-looking information. Certain material factors or assumptions were applied in producing forecasts and projections which are detailed in the forward-looking information. Additional information about those material factors and assumptions are contained in NexGen Energy's filings and they are available on the Cedarplus website at www.sedarplus.ca. Mr. Leigh Curyer, CEO and Director of NexGen Energy, you may begin your conference.

Thank you, Julie. Welcome and thank you to all our shareholders and stakeholders around the world for joining NexGen's Q1 2024 update and financial results call. I’m Leigh Curyer, Founder and Chief Executive Officer of NexGen Energy. Joining me on the call today is Travis McPherson, Chief Commercial Officer, and Ben Salter, Chief Financial Officer. From a company and industry perspective, it’s been a great first quarter of 2024 and I’ll commence by providing an update on the industry landscape and uranium market, which is entering into an unprecedented phase, with last night President of the United States, Joe Biden, signing into law legislation that bans the import of Russian uranium and unlocks $2.7 billion in spending to support the build-up of US domestic uranium supplies. This purely reflects the particularly high risk surrounding a large percentage of current mine sources and available supplies. We’ll provide progress in advancing the Rook I project, specifically federal permitting, which is in the final stages with the CNSC project development, with respect to front-end engineering design and detailed engineering work; exploration, which includes the early stage discovery of new mineralization in the first drill hole at the target on an entirely new conductor corridor 3.5 kilometers from the one that hosts the mighty Arrow deposit; and financing, including discussion related to two transactions in the last fortnight, the AUD250 million CDIs raised exclusively on the ASX, which closed this morning pre-market and the strategic purchase of 2.7 million pounds of uranium, which, given last night's ban being passed into law, is ultimately very, very timely. NexGen, upon closing, now has cash and liquid assets of approximately $930 million in preparation for construction of the Rook I project. After this discussion, I will then move into a Q&A portion on the call, where I invite you all to ask questions. In the last six months, we’re highly encouraged to see governments worldwide adopt energy policies and strategies that are aligning strongly with NexGen's recognition back in 2011 of the role sustainable and cost-effective nuclear energy will play in the 2020 decade and beyond. Increasingly, nuclear is being recognized as the critical component of the global energy mix, addressing the need for clean, efficient, and secure energy sources. The world is on an aggressive path to bring more nuclear power online, tripling by 2050, both in the form of new builds in places like China, India, UAE, UK, and France, as well as restarts and extensions in large and key nuclear markets such as Western Europe, Japan, South Korea, and the United States. This expansion is increasingly critical as the electrification of our world accelerates, notably through the expanding adoption of artificial intelligence and electric vehicles. Both need a reliable and baseload power source, leading to a paradigm shift in the energy market. We’ve seen this urgent need for a nuclear renaissance to continue, expressed by many thought leaders, including tech giants such as Microsoft and Amazon, as well as Sam Altman, OpenAI, and Brad Gerstner, a legendary venture investor. Demand is robust, sustainable, and growing significantly faster than anyone forecast, causing the focus to shift to the ability of the industry to supply this key energy fuel. Supply, however, tells a different story, a narrative of fragility and decline. The confluence of over a decade of extreme underinvestment, supply disruptions, dwindling inventories with the overlay of significant geopolitical risk is precipitating a new market reality; one in need of more dependable uranium sources and has led to uranium spot during this past quarter reaching new 15-year highs at $107 a pound. In the face of supply challenges, new sources must be found through purposeful exploration efforts and then developed, which take time, even for those companies doing their good work like ourselves and our Canadian development company colleagues, including Denison, Fission, UEC, and IsoEnergy in Canada. It's not simple, convenient, or quick to find and develop any mineral project. It’s at least a minimum of 15 years before new, undiscovered sources come online. It’s more important than ever to advance the Rook I project into production this decade, and the NexGen team is delivering on that objective. In Canada, the federal government has recognized this importance and strongly emphasizes commitment to expanding the nuclear sector, both domestically and globally. This includes efforts to expedite the approval process for nuclear projects in Canada and increased funding availability, as highlighted in the most recent federal budget. NexGen’s Rook I project, and all its shareholders and stakeholders are extremely well positioned for this Canadian government commitment. The importance and reality for the need of allied supply chains was bluntly reflected last night with the signing prohibiting Russian Uranium Imports Act. This is set to take effect in 90 days, banning US imports of Russian uranium in a phased manner through 2028. This legislation begins a new, unprecedented era in the uranium market and is expected to tighten the market considerably, leading to significant and long-term upward pressure on uranium prices. Consequently, for all these reasons, utilities are seeking to diversify their highly concentrated nuclear fuel supply chains in allied jurisdictions. The Rook I project stands out as the world's largest and lowest cost future producer for an exceptionally sound technical and environmental setting, evident by its vertically stacked ore body that is large, high grade and located in our ideal hard rock conditions with clean ore, making it truly unparalleled in the global uranium landscape. We're encouraged to know that our valued government partners and local communities acknowledge the importance of Rook I's generational profile and recognize that Rook I will cement Canada as a global leader in the delivery of uranium as part of the green energy solution. Looking ahead, NexGen is energized to progress the Rook I project into construction and production through our innovative culture, deep expertise, operational excellence, and our collective commitment to being a key contributor to the essential global clean energy transition. Over the first quarter, we continue to execute our strategy to permit Rook I for construction. After receiving Saskatchewan Provincial Environmental Approval of the Rook I project on November 08, 2023, which was the first greenfield uranium mine and mill project in Canada to receive provincial EEA approval in over 20 years, we immediately submitted responses to the CNSC technical comments. On February 12, 2024, at the conclusion of the prescribed 90 days following that submission, NexGen received only 49 comments remaining to address and once done, will have concluded the federal environmental impact study. We're extremely pleased with this CNSC review and have been finalizing our subsequent responses to these remaining 49 comments, which we will be submitting imminently this week or early next and will be reflected in a news release at that time. This is all in the backdrop of full support from our local indigenous community partners, who have all signed impact benefit agreements with NexGen on the full lifecycle of the Rook I project. On project development, the 2023 site confirmation program is informing and validating the final detailed design of the production exhaust shafts, water treatment, underground tailings management facility, mill, and surface infrastructure. This work is estimated to be completed at or around the end of Q2, where we will then provide an updated cost summary on CapEx, OpEx, and project economics. Regarding procurement, we are finalizing details of the shaft sinking contract award and advancing the procurement of the mine hoist system, which will be awarded in the near future. Additionally, we are awarding various ancillary site contracts, including the LNG power plant, during the second half of this year. As we shared earlier this year, our 2024 Winter Exploration program has returned successful results at a brand new discovery on the Patterson Corridor East, which lies 3.5 kilometers east of Arrow on a separate conductor package. The intense mineralization discovered in RK-14-183 meant that we focused the balance of winter exploration solely in this area to first understand the extent of the system. Geological similarities between Patterson Corridor East and Arrow have dictated the summer program will focus on this area for a considerable period. The early exploration holes at Arrow in early 2014 were hitting the top of strong and large mineralization below. This discovery and the holes drilled to date suggest a similar setting of an extensive mineralizing event in the vicinity. Results of the remaining 2023 program are imminently pending and the 2024 summer drilling program will be commencing late May and will be an expanded program from winter and all on this new discovery. All discoveries have their unique nature and this will be no different, but note the execution of this drilling program is incorporating the same industry-leading technical approach and discipline as deployed at Arrow on discovery and in a manner that is the most time and cost-efficient per meter drilled in the discovery of a plus 100 million pounds deposit in the world. Regarding contracting, our discussions continue to advance well with respected nuclear power utilities. We have been recognized as a significant producer in the future with a strong understanding of NexGen's key positioning in any utility's future supply portfolio. Contract negotiations for 2028 and beyond are occurring now. Last week, NexGen announced the purchase of 2.7 million pounds of physical uranium at USD92.50 per pound via the issuance of a 250 million convertible debenture at a 30% premium to our five-day VWAP share price. This debenture is on the same terms of which we have successfully executed in the past with CEF, Li Ka-shing in 2016 and '17. Queens Road Capital and more recently, Salt Pattersons in Australia, which all incorporate an Investor Rights Agreement containing shareholder voting alignment, standstill, sale and transfer restriction covenants, and anti-hedging through short selling options, swaps, or derivatives. The rationale to procure uranium now is logical, given our stage of development in approaching final permitting, then construction and more so, the contracting cycle for delivery from 2028 and beyond is occurring now. Last night's signing of the Russian uranium ban, fully enforced by 2028, means the importance of procurement for this time and beyond has even more significantly elevated in the last 24 hours. Nuclear fuel is unique, in that it’s a highly specialized input of production for power utilities that takes many years to procure and is not commonly available if caught short. The producers and spot market is no longer flush with inventory levels to accommodate any unexpected shortfalls. Given the supply side dynamics of fragility, utilities are rightfully focused on security of supply now. This purchase shows utilities NexGen has their back and is a responsible, reliable supplier, reflecting respect and understanding of their risks and requirements for successful operation. With respect to the price of $92.50 per pound, based on recent spot market purchases over the last six months, 100,000 pounds has been resulting in over $1.50 upward price movement. We are confident we have purchased extremely diligently and at the same time as enhancing our contracting and debt financing approach. The debt package, which we will continue to advance through due diligence and schedule, concluding shortly after federal approval, includes many different potential avenues, and significant capacity is being evaluated while maintaining leverage to future uranium prices, evidenced by expressions of interest from lenders totaling approximately USD1.4 billion, providing substantial capacity to fund and execute the project. We continue to experience strong institutional and retail shareholder support from Australia and the broader Asia Pacific region, who exhibit strong demand for unhedged uranium development opportunities. Our listing and subsequent inclusion in the ASX 300 index on March 18 marked a significant milestone, reflecting our company's continual commitment to finding new shareholder markets, exposure, and in the process, leveraging optimal outcomes for our shareholders and stakeholders. In line with this objective, two weeks ago, NexGen issued a $224 million placement to ASX investors, which together with the issuance of the $250 million convertible, takes our cash and liquid assets to approximately $930 million Canadian, excluding our investment in ISO energy. We have significantly addressed the equity component of funding construction of Rook I, providing the market with clear visibility of our objective of taking Rook I immediately into construction upon receiving federal approval with the value of that milestone unencumbered. In September of 2023, NexGen raised approximately $540 million with a discount to market being an industry-leading 1.5% to 4% discount while still maintaining sector-leading share price performance. Further, this has been during a time when institutional investors have liquidated their shareholding. This represented approximately 18% at the beginning of last September and only yesterday was advised is now holding less than 0.1%. We are proud of this investment return to CEF since 2017 of over 500% and equally excited it has been replaced with new, predominantly large, Australian-based shareholders with an affinity for a new world mining company delivering exceptional returns. By the end of Q1 2024, we will have invested approximately $459 million in the successful exploration and development of the Rook I project, resulting in a current market capitalization of $5.4 billion. The day prior to the announcement of the uranium purchase last week, NexGen hit a new all-time high market capitalization at $12.14 per share and led all year-to-date one year rolling tables relative to its peers. The 2.7 million pound purchase of uranium represented approximately 4% dilution of that market cap and placed NexGen in a far stronger position than what it was prior to the announcement. Before we turn to the Q&A, I’d like to mention Susannah Pierce’s nomination for election to our board of directors at our upcoming AGM in June, referenced in the NexGen management information circular issued last week. Susannah currently presides as President and Country Chair of Shell Canada. Her expertise and experience in the global energy industry and genuine engagement with local indigenous communities and government stakeholders makes her a natural fit for our organization. I encourage everyone to read the NexGen management information circular, which details all aspects of our approach, governance, and diligence in delivering the world’s largest, environmentally, socially, and economically elite uranium development project. Our team's strength lies in its diverse composition, enriched by top-tier talent from a variety of backgrounds, reflecting a wide-reaching perspective that enhances our approach. In 2023, total employees by gender statistics were 66% male and 34% female, compared to a Canadian average of females in mining measuring 16%, more than double. Proudly, 80% of Rook I signed employees were from the local priority area. Over $44 million has been spent on local priority area supplies in 2023, stimulating economic development within local communities and building long-lasting and self-sustaining community resilience. As we move forward with the project, we continue to add to our high-performance team, and building and investing in skilled talent pools is central to our continued success and local economies' success. In summary, we are moving forward with the support of our valued indigenous partners, our shareholders, the regulatory and governmental authorities of our dedicated team. As we look toward the rest of 2024, our focus is on advancing the Rook I project. We are at a pivotal and exciting time for our company, and as always, it’s a privilege to share our continued growth with you as we work together to secure the energy transition. Now, let's transition to the Q&A, and we encourage questions from all of you. I'll hand it over to the moderator.

Your first question comes from Andrew Wong from RBC. Please go ahead.

Good morning. Thank you for the questions. It's exciting to hear that you will be resubmitting the EIS soon. I would like some clarification on the timeline. After you submit, what are the specific steps and timeline that need to occur before a public hearing can be scheduled, and what happens during that public hearing? Will there be any public comments that need to be addressed during that process, and what is the timeline from the public hearing until you receive a final decision from the Minister?

Yes. Thanks, Andrew. So we're very pleased with the response that we received from the CNSC. To have 277 questions in the first place, according to our consultants, was unprecedented for this stage of a project. We're down to 49. While every aspect is very important and we’re respectful of that, we are submitting imminently, either late this week or early next. As prescribed by the rules and regulations, the CNSC is entitled to another 90 days to review and close out those remaining 49 aspects. Upon closing those 49 aspects out, the EIS will be deemed final. At that point, it will then establish a commission hearing date. Every project that has gone to a commission hearing has been approved within 60 days. While all aspects are very important and material, it’s very significant concerning concluding the EIS and we are looking forward to the conclusion of this next 90-day period. With respect to other public comments, the federal government has already run its 120-day public comment period back in 2022, and those questions that we've already addressed were directed at those public and technical comments. So from our perspective, it’s been very rigorous and has incorporated all stakeholders, and this is on the overlay of having 100% community support from the communities in the local project area who have all reviewed and signed off on the EIS as we presented to the CNSC.

Okay, that’s great. And then just talking about the Rook I project itself, you've been clear on your intentions to bring it into production. It sounds like there could potentially be a construction start within the next six months to 12 months. So you talked about the technical team that you have in place already. What’s the size of that team right now, and how much more do you need to build it out? How quickly can you hire the labor force that needs to build a project?

Sure. On receiving federal approval, we’ll be in a position to start immediately the following week. We have done 100% engineering of a lot of the site infrastructure aspects, the preliminary works to commence construction in earnest, and all the early-stage items are 100% engineered. The remaining engineered items around the specifics in the mill, to give you perspective around the wiring, and we’re ready, subject to federal approval, to immediately start. Regarding the team, we currently have about 76 people in our Saskatoon head technical office. Our culture at NexGen emphasizes absolute responsibility, so we have a dedicated NexGen person for every aspect of our operations. Not just for the construction of the project, but in geology, the financial side, commercial side, and more. We have been very strategic and well-planned in acquiring the personnel and technical expertise since 2017 because we knew at that stage we had a project and we were taking it forward into production. That’s increasing as we speak, and to give one example, on the safety side, we're now breaking that out into very specific areas of safety at surface and underground radiation experts. Given the profile of the project and the culture that NexGen is exhibiting, we're pleased with the caliber of the applicants we’re receiving, not just from Saskatoon and Saskatchewan but also from outside the province. Our community team, led by Adam Angle and Dylan Smart in Saskatoon, has already been running training programs with the various government technical colleges in Saskatchewan, and the uptake of those training programs has been phenomenal. We are well-prepared on both fronts, demonstrating our commitment to making as many jobs local as possible, and you’ll also see an inflow of population into the local community area upon the commencement of construction.

Appreciate all of that. Thank you very much.

Your next question comes from Puneet Singh from Eight Capital. Please go ahead.

Hi. Good morning. Just a couple of questions on the convertible; regarding strategy, with how the uranium price has traded, why not do this a couple of years ago? And what specifically were you seeing in the market that made you pull the trigger now?

Yes, you’re quite right. We’ve always been confident that the price of uranium is going higher, even five years ago, and it's going to go higher, but the decision to purchase pounds of uranium now is completely in line with our stage of development. We are in the final stages of federal approval. We will immediately start construction upon receiving it, and the contracting cycle for 2028 and beyond is now. That’s predicated on the fragility around current production and available supplies, as producers have had a significant drawdown of inventory on hand over the last two years, and the spot market is incredibly tight. The utilities want a surety of delivery, so us acquiring 2.7 million pounds is very significant in our contract negotiations with utilities, recognizing the utilities’ risks around security of supply. The timing has been elevated significantly into a new, unprecedented era, frankly, with the recent developments.

Yeah. Hey, Puneet, it’s Travis here. I’d also just add that about the timing; like, three, four, or two years ago, we weren’t at the point of these negotiations with the utilities. We’re there now, and to Leigh’s point, the world that the utilities live in is it’s 2028 tomorrow. So that’s where the decision-making on exact timing has come into play. It's not a speculative purchase based on the uranium price, it's tied to the development of the Arrow project as it relates to contracting, which feeds into the debt financing discussions.

Okay, got it. And then just building on that, if it's tied to the utilities, should we expect more purchases from you guys? How should we look at that in terms of a strategy, contracts versus physical inventory?

You’re not going to see us fill materially. Obviously, the production volumes that come out of Arrow and those contracts we sign will be filled predominantly by Arrow's production, like, vast majority of it. This acquisition of 2.7 million pounds might grow from here or not; that’s yet to be determined. I think we're happy with the 2.7 million pounds that we acquired because it provides a bit of an insurance policy to utilities and really demonstrates that we understand the supply challenges, meaning the available insurance that exists in the market is very limited.

While it is very unique to the nuclear fuel market concerning mining, it is a necessity of a start-up operation, but it’s not unique, as we’ve seen other developers do a similar thing as they approach production—like Boss Energy and Denison. So it’s not unique in that sense, and it does reflect our commitment to take this project into production.

Hey guys. Thanks for taking my question. I have two, but I just want to quickly follow up on Puneet’s question. With respect to the contract negotiations you’re currently having, what sort of volumes or tenor would you be looking to lock down when you are looking to sign contracts?

I’ll start with the question and hand over to Travis. We are currently negotiating with four main utilities at the moment, all of varying degrees. We’ve been clear that we are looking for three-year off-take arrangements that are tied specifically to market prices at the time of delivery. Volume levels are commercially sensitive, but given the supply and demand gap that all market commentators see from 2028 and beyond, there’s no doubt we will be filling contracts to the tune of what Arrow’s capable of producing annually.

There’s no urgency. It’s optimal to sign some contracts in the timeframe we’re in now. In terms of specific volumes, when we look out for the foreseeable, say, three to five years of Arrow’s production, there will be a minimum level, which ensures cash flows necessary for debt service payments while providing comfort to either the utilities or lenders. As we progress from today onward, you’ll see contracts and off-take negotiations progressively as we move toward the start-up of production.

Got it. That's super helpful. Maybe just one other question; in the prepared remarks, you mentioned you guys are going to provide updated capital as well as operating costs around the end of this quarter or early Q3. Can you provide any detail on where you are seeing some of the largest impacts on the cost side?

I'll start and then hand over to Travis. Concerning cost, as I explained in an earlier call, the inflationary impact on the $1.3 billion estimated in the 2021 feasibility study to date is around $320 million. Labor wages have been the biggest out of everything on a weighted basis, but we’re also experiencing decreases in raw materials as well. The biggest cost component of construction is around the two shafts, and we’ll be entering into a contract that limits subsequent inflationary pressure on both production exhaust shafts construction and the construction of the mill. So to answer your question, Katie, it’s predominantly around labor.

I think it’s important to note that the inflationary impact is not calculated based on market indices, but through a unit cost-by-unit cost comparison from the feasibility site to today to ensure clarity on that aspect. Remaining aspects over and above inflationary impacts are finalizing now through some ongoing test work.

In short, we’re just shy of a billion dollars Canadian in treasury now with the debt process over expressions of interest over $1.4 billion. We have enough capacity, even when taking into account the impact of inflation on the feasibility study. We are very well-financed to execute this project, with our current cash and liquid assets, including the debt expressions of interest.

Awesome. Thank you, guys. I appreciate the detailed responses.

Your next question comes from Craig Hutchison from TD Cowen. Please go ahead.

Good morning, guys. Just a follow-up question regarding the timing of the purchases you made. It seems to me that your tier one asset in a tier one jurisdiction puts you in the driver's seat regarding off-take discussions, so you would not have to enter purchase agreements now. Can you just talk to those discussions? Are you seeing the utilities not rushed to enter into contracts? Are they not short material? Just some sense on that because I think in previous discussions you talked about potential forward sale of uranium. Thanks.

In terms of the description about being in the box seat, we’re working with utilities to get contracts and arrangements in place that meet win-wins. We’re developing relationships with these key utilities for the long term. That uranium purchase reflects our understanding of their sensitivities around a start-up operation, which exists for any start-up operation. The focus on security of supply is now significantly elevated and is elevating week by week with these market developments. Yes, there’s a possibility of a forward sale of a contract, but that may not necessarily be with a utility. We are receiving expressions of interest from not just utilities but also financial players concerning that.

It's all about optimization. We can get contracts without necessarily purchasing uranium. We’re maximizing the value of the plus 350 million pounds we have in the ground, and buying some uranium now helps us potentially optimize what those contracts look like for the sale price of that plus 350 million pounds.

Thank you. So just wanted to understand, so tying this all together, the establishing of inventory, I understand, is to help you create an inventory in hand and allow you to negotiate on stronger terms with utilities with greater confidence, even as you’re starting up the mines. What was your timing on purchasing at current prices and financing it with quasi-equity; with a convertible? What were your alternatives? You could have waited. I'm curious about your timing and what current price and your outlook for prices in the future had to do with your timing.

The contracting cycle for 2028 and beyond is now. Utilities are focused on that timeline for off-take arrangements. So, yes, we could have bought earlier if we were simply making a trade because we always thought uranium prices would rise, but we purchased pounds now since that aligns with the immediate needs derived from our ongoing contracts with utilities. The recent ban on Russian uranium has elevated the discourse significantly.

It’s important to put in context that while this sounds big—a mine producing lots of uranium—the production is relatively small physically, conventional mining. If we were developing a very complex or large mine, we would need more considerations, but our project is straightforward, conventional hard rock mining.

We have $1.4 billion in debt expressions of interest, and the rates we are experiencing are comparable to standard commercial rates, but we won’t spend more than we have to. The interest coupon will not be material to the company. The debt decision hinges more on the structure because we don’t want excessive penalties for early repayment.

Thank you very much. Good luck.

Your next question comes from Fred Berliner, Private Investor. Please go ahead.

Good morning. I am concerned that the whole complexion of the company has changed. You had a vast land holding of uranium, and now you're going into the mining business, which is fraught with cost, fraught with unpleasant surprises, and you are now debt-laden. I don't understand why at this point you would be gambling on the price of uranium when you can just sit there with a product in the ground and watch it rise. So please explain to me how you going into the mining business; it's just so difficult. To cross that divide, you need real expertise and experience. Do you have it? Please enlighten me.

All valid risks of mining. Mining is not a simple endeavor, but everyone at the company has been in the business, from very large mining companies to the smallest scale. We faced far greater challenges earlier on in our incorporation back in 2011, just trying to make a discovery in the first place compared to what we have in front of us. When we explored the other side of the basin, we were skeptically laughed at by some industry leaders saying we'd never find economic mineralization out there. Well, we have discovered the largest and most economic mineralization that exists on the planet. We were told we'd never get a permit, and we received the provincial permit in the quickest time ever and the first one in the last 20 years. The federal permit is in the final stages, and we anticipate the same outcome. We have assembled top-tier talent in the company and will continue to improve the innovation and efficiency of our operations. Yes, mining is challenging but our record demonstrates our understanding, risks, and opportunities. Given the complexity of the permitting process, once we reach construction, the project will be primarily in our control. The exciting thing for investors is that as soon as we receive that federal permit, we’ll be constructing the mine and working towards substantial cash flows that position us as a top 10 mining company worldwide. The moment we received federal approval is when we can begin construction of a profitable mine.

It’s important to note that while developing a mine can be big news, if this were a gold mine, you wouldn’t have heard about it in terms of the tons that were moving daily. What we’re developing is a conventional underground mine in a granite hard rock setting using long haul stoping and conventional processing—except the product is extremely valuable and strategic as it advances energy transitions. While mining isn't easy, the size of the opportunity here is enormous.

In terms of the mill, based on the feasibility study from 2021, the mill represents approximately a third of the overall CapEx. That will need to be adjusted for inflation, and we'll provide those numbers at around the end of Q2. We will be building a mill with a capacity of 30 million pounds per annum output.

What is the budget for the completion of the mill and what will the annual capacity be? I believe there’s only one mill in the lower 48 states.

Yes, as per the feasibility study in 2021, the mill will have a capacity of 30 million pounds per annum output.

There are no further questions at this time. I will turn the call back over to the CEO, Leigh, for closing remarks.

Thank you, Julie. I thank everyone for their time, interest, and questions on today's call. We are incredibly excited about the balance of 2024, as mentioned, this inflection point as we look to conclude the federal permitting process with the CNSC. The story is stronger than ever. Rook I went into production. We'll be at the bottom of the cost curve, fully exposed to future uranium prices. The provincial permit is in place, and the federal permitting is in the final stages. The uranium market is entering into a new, unprecedented era, and NexGen is incredibly well-positioned and ready to leverage all of this. Thank you for your interest and look forward to our next call, the Q2 call for 2024. Thank you.

Ladies and gentlemen, this concludes today's conference call. You may now disconnect. Thank you.