Title: NexGen Energy Update: World Nuclear Symposium 2026 Insights Show: Jimmy Connor (YouTube) — recorded in London during the World Nuclear Symposium Guest: Leigh Curyer (founder & CEO, NexGen Energy) Date: 2026-SEP-10 URL: https://youtu.be/1DBiKNykKOU Length: 15:07 Note: Auto-caption transcript; fillers (um/uh/you know) and stutters removed, wording otherwise verbatim. Caption garbles left as-is in the text below — map them when reading: "Lee" = Leigh; "NextG / NextGen / nextg" = NexGen; "CNC" = CNSC (Canadian Nuclear Safety Commission); "Premier Scott Mo" = Premier Scott Moe; "Steven Harper" = Stephen Harper; "Buckley Ballinger" = Buckley Belanger; "Matey Nation Saskatchewan" = Metis Nation–Saskatchewan; "Glenn McCullum" = Glen McCallum; "airirst strip" = airstrip; "expiration shaft" = exploration shaft; "capbacks on the aeromine is 2.2 billion Canadian" = capex on the Arrow mine, C$2.2B; "Rook One" = Rook I; "Atabaska" = Athabasca; "charted accountant" = chartered accountant; "costconcious" = cost-conscious.
00:08 Lee, thank you very much for making time with us today. So, 2026 has proven to be a very significant year for NextG Energy. You met many milestones beginning the receiving of your final permit from the federal government March of this year and then you officially started construction on August the 13th and you also had an official groundbreaking ceremony on that date and now you're moving full speed ahead with construction.
00:34 Tell us what's happening at site right now. >> Yeah, it's an incredibly exciting time, Jimmy. Look, we've been preparing for construction for the past 12 years. We discovered the project in 2014. We knew we were immediately on to one of the if not the world's best resources project. And so we'd been planning for construction for 12 years.
00:57 And to receive the permit on March the 5th from the CNC after a very rigorous permitting process, really the world's best permitting process. I don't think there is one that's more rigorous than Canada. And we love that because we are about developing an environmentally elite project.
01:21 We are finally into construction and yes we had a wonderful event on August the 13th attended by Premier Scott Mo, former prime minister Mr. Steven Harper, Buckley Ballinger who's the secretary of state on behalf of the federal government and local indigenous leaders including Glenn McCullum who's the president of Matey Nation Saskatchewan. Incredible turnout.
01:50 We also had around 40 community members who'd come up the night before and stayed at our camp, participated in the groundbreaking ceremony. So a wonderful ceremony to officially reflect that we've started construction. It was great to land on the new airirst strip. It's the first time I'd done it and key part of the infrastructure up at site and that's one of a number of aspects that we've been doing.
02:18 We're doing basically civil works for the balance of this calendar year in preparation for the freezing the top layer of the production shaft and the expiration shaft. We just put in our water diffuser. So the water pipe was implemented and installed by August the 30th. That was actually a very highly complex operation involving underwater divers, concrete pillars sinking and done in an incredibly environmentally sensitive manner.
02:50 So up at site at the moment, we've got accommodation for 700 people. There's about 240 people on site as I speak. Enormous amount happening. And that was the takeaway from everyone who came to the construction ceremony. They couldn't believe the scale of work that was done at site.
03:13 We've got every day planned for the next four years. What's happening, who's doing it, who's responsible for it within NextG. And the team has never operated better. And look, we had a hundred million dollar program getting ready for construction last year. This is just an extension of that program.
03:42 And so we've been very well prepared and to see the team firing on all cylinders is just a very exciting time. And four short years from now we will be in production. >> And winter is coming soon to northern Saskatchewan. Will that slow down the operations at all? >> Doesn't really slow down the operations. There's just some added complexity with the freezing.
04:03 But no, you'll see no abatement in the level of activity. In fact, there'll be more people coming to site over the winter period. The installation of the freeze plant which we have already, it's about to be shipped up to site >> and then preparation for the shaft sinking which will commence in mid 2027.
04:26 And the capbacks on the aeromine is 2.2 billion Canadian. You have many financing options. Maybe you can just speak to that and if you have a preference for one option at this time. >> Yeah, we're working on a number of options. We're working on prepayment which would be the ideal financial structuring of the financing delta. We've got bank debt.
04:48 We've got a project equity partner that is and then there's corporate equity. Raising the money is not the challenge. It's getting that ideal structure in place to ensure what's in the best interest of shareholders, the community and the government and that's our focus. It's really pleasing to see the amount of government options that are available for our project as well.
05:15 So incredible avenues in front of us. We will be answering the balance of funding of the capex between now and March of 2027. We're currently funded well into the latter part of 2027 with about a billion dollars currently in the treasury. So we have some time to do that. But look, it's something that we will resolve and it will be in the best interests of shareholders, local stakeholders and the government.
05:48 That's a good spot to be in because not too many companies can say they have a billion dollars in the treasury. >> Yeah, that's right. Look, we got amazing support from our shareholders. What we've seen in the last 5 years, there's been a lot of interest out of Australasia. I think around 45% of our shareholders currently reside down in Australia and the demand for exposure to our story which is a fabulous resources story just across all commodities is very very high in that region and
06:24 to be in a position to be in construction and in four years from now based on the current spot price and I think we all agree and this conference 1400 people this year. It's evident that uranium price is going higher. But at the current uranium price will be a top 10 world mining company based on after tax cash flow and in an elite environmental performance and social performance at the same time.
06:53 So the commitment from everywhere and the dedication of the nextg team is absolutely on display and it's a privilege really. Let's talk about inflation. It's being very resilient, especially with oil up 50 or 60% on the year. Maybe you could just speak to that if inflation is having any sort of impact on your operations, and if so, what are you doing to mitigate that risk? >> Yeah, not not currently, Jimmy.
07:21 Look, inflation is ever present. We're not immune to it. I think we're fortunate that the economics of the project is so strong that the impact of inflation is immaterial. Having said that, we won't spend an extra dollar than we have to. And so we've got very high cost control around everything we do at NextG.
07:42 And I'm a charted accountant originally. So yeah, spending as efficient amount of money as possible is absolutely paramount in everything I do. But that's just not me. It's right throughout the organization. We're very costconcious. So whilst we're not immune to inflation, I think the impact on us is minimal.
08:03 >> And in addition to building a mine, you're still exploring. You've done a lot of work at the Patterson Corridor East or PCE. Maybe you can just tell us what's going on there and how many rigs you have on the go. >> Yeah, it's unbelievable. We're developing the world's best resource into production and at the same time we've got another incredible deposit formulating at PCE.
08:26 We just added another rig, so we're now up to five rigs. And that really speaks to the materiality of that project. And so, the long-term future of the Rook One project is already in the bank, so to speak. And I think that it's just going to get even longer with more drilling. >> Let's talk about contracting.
08:48 Now, you've signed contracts for over 10 million pounds earlier this year. You recently announced an additional 1.3 million pounds. Maybe you can just tell us what's happening on the contract side and what you and your team are doing behind the scenes that investors might not be aware of. >> Yeah, look, we're extremely busy behind the scenes.
09:07 As you said, we've signed a number of contracts all with very strong exposure to spot price. We've got a number of contracts under negotiation as we speak. So that's one of the busiest departments outside construction at NextGen and we're currently the world's most levered company to the future price uranium and our contracting strategy will maintain that status as the world's most levered company to the future price uranium and the amount of interest from utilities in securing offtake from nextG is clearly present and
09:50 this conference like we got an incredibly busy schedule. The teams had to actually split up to cover the amount of interest both from investors but utilities as well. And that's utilities represented from Europe, the US and Asia. >> And can we expect some more contract announcements before year end? Yeah, whilst I can't be specific on the dates, we've got a number of contracts in the early, mid, and late stages of negotiation.
10:24 So, look, we're in an environment with construction with the results from PCE with contracting. We got a lot of news flow ahead of us. And another element as to why it's so exciting to be at NextGen on any given day. It's exciting. >> And so you're in London meeting with investors also from around the world.
10:48 Maybe you can just speak to those meetings that you're having. What sort of feedback are you getting? What sort of questions are being asked and what the interest is like? I would say the takeaway at the moment is a very strong realization of the scarcity of mine supply and then I would also take into account the sovereign risk around the current world's mine supply is increasing [music] and so you being in Canada everyone loves Canada, yet you have a natural advantage developing a project in Canada,
11:26 Australia or the US, you have a natural advantage. And so I think that's one of this year's key elements that are coming that the scarcity of mine supply is very very evident and there's not a lot of homes that can answer that requirement. We happen to be one of those very few homes and it's a mission that we take extremely seriously.
11:56 >> And in terms of the investors, where do you find there's more interest coming from? Is it coming from North America, Europe, or Asia? >> That's a good question. I would say there's quite a strong contingent of North American and US and Asian funds that are here. Just today and we got a full day tomorrow and Friday as well.
12:18 But if today's any representation of that, I think it's pretty evenly spread frankly. Asian funds particularly some of those larger ones and I think that reflects that region are building a lot of reactors. You also got South Korea doubling down on their reactor builds and nuclear ambitions. But US, that's currently the world's largest market I think it still will be and the need for power worldwide is so evident. It's not really a demand growth story even though there's huge demand growth,
13:02 it's supply side focused and I think a lot of the financial institutions are seeing that demand and supply construct and that the fact that you haven't seen the spot price really go down from $85. That would be representative of the current producers cost profile. But also, prices are creeping up.
13:32 There seems to be no supply out there at $85. So, I think we're at a bit of a new floor and the upward pressure on prices is clearly evident. >> Lee, this has been a great update and as we wrap up, what sort of news can investors expect as we go into year end from NextG Energy? >> Yeah, well, we had our webinar last week.
13:54 We developed a it's about a 35minute video which goes through every aspect of construction, the dates as well. So we will be reporting against that regularly throughout drilling at PCE. We've added a fifth rig. Incredibly exciting. I think that might be the largest program in the Atabaska basin on a given prospect as we speak.
14:20 And then yeah those ever present contracting negotiations that we're having. And then just also I think we've always seen this time of year and through to the northern hemisphere winter spot activity always increases. And if utilities aren't getting what they're after under contract, I think you're going to see a bit more buying from utilities on that spot market as we've seen in the past.
14:49 So I think it's an incredibly exciting period coming up. Jimmy >> Lee, once again, thank you for making the time today. >> Thank you, Jimmy.