NexGen Energy Ltd.

Thank you for standing by. This is the conference operator. Welcome to the NextGen Energy second quarter of 2025 results conference call. As a reminder, all participants are in listen-only mode, and the conference is being recorded. After the speaker's remarks, there will be a question and answer session at the end. To join the question queue, you may press star, then 1 on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star, then 0. I would now like to turn the conference over to Mr. Lee Currier, Chief Executive Officer and Director with NextGen Energy Limited. Please go ahead, sir.

Thank you, Joseph. Good morning, and thank you for joining NextGen's Q2 2025 Financial Results and Investor Conference School. My name is Lee Currier, and I am Chief Executive Officer. Today, I'm joined by Travis McPherson, Chief Commercial Officer, and Benjamin Salter, Chief Financial Officer. On today's call, I'll discuss our exciting company advancements in pre-experience. Patterson Corridor East results, which strongly validate another significant mineral body is unfolding 3.5 kilometres to the east alongside Arrow. Further, the PCE results clearly suggest a very significant uranium mineralising event has occurred in the southwest region of the Athabasca Basin, Saskatchewan. On a pretty sedentary world scale, and that we are really only at the beginning of defining its true extent. Further, the exciting development of the uranium market over the quarter, including yesterday's announcement of NextGen doubling the volume in our off-tape book, incorporating our key focus of market-related pricing mechanisms, ensuring NextGen Energy deliver industry-leading leverage for future prices, whilst providing utilities with confidence with respect to volumes from work-to-runs technically, environmentally and socially elite operations. All in all, updating the critical role NextGen is set to play in delivering the world's most vital clean energy fuel supply. At the conclusion of this presentation, we'll move to the Q&A portion of the call, where you'll have the opportunity to ask Travis, Ben and myself your questions. Throughout the course of today's call, we will be making forward-looking statements. Please visit our website for all the relevant disclaimers. A few years ago, the idea of nuclear energy power in big tech, winning back global financing support and forming the cornerstone of national energy policy might have seemed optimistic. Today, it's happening. In just the past several weeks, we've witnessed a series of transformational developments that are reshaping global perceptions of nuclear energy. Developments that signal a clear structural shift is occurring today and forecast to extend well beyond 2050. In Q2, corporate buyers, particularly hyperscalers and AI leaders, moved aggressively to secure long-duration, baseload power for their required energy needs. These technology companies have committed over US$100 billion in AI data center construction, including Amazon's $20 billion spend on data centers in Pennsylvania, Metro signed a 20-year power purchase agreement with Constellation Energy to secure 1.1 gigawatts of nuclear-generated electricity, which would power the equivalent of across the one million homes. In addition, Constellation confirmed its nearing long-term nuclear fuel supply deals with other hyperscalers. Google has committed to fund the development of three advanced nuclear projects and TerraPower and Oclog. raised another combined $1.1 billion to develop small modular reactors. The race for energy and, particularly clean, baseload nuclear preferred is on the growth and demand has never been more robust. These are just a few examples of the decade-long commitments to nuclear energy from the most capitalised and data-dependent companies on the planet. According to the International Energy Agency, Now the centre demand for electricity is set to increase by 170% in China, 130% in the US, 80% in Japan and 70% in Europe over the next five years. This equates to an insatiable desire for uranium to fuel large portions of this demand through nuclear energy. The reality is that current mine supply will not keep up with the existing demand and certainly not meet the exponential demand growth. unless there are higher prices. Governments, including right here in Canada under Prime Minister Mark Carney, are also moving with urgency, fast-tracking regulatory frameworks, investing in SM, small modular active development, and emphasising domestic supply chains as a matter of national security. In May, President Trump signed a series of executive orders to accelerate US nuclear power development. aiming to quadruple nuclear capacity from 100 to 400 gigawatts by 2050. Immediate actions include funding 5 gigawatts of upgrades for existing plants, starting construction on 10 new large-scale reactors by 2030, restarting closed or unfinished reactors, fast-tracking permitting via reforms and constructing at least 3 new reactors on by 2026. U.S. Department of Energy will also direct funding to new projects investing in fuel cycle infrastructure, also prioritize U.S. energy security and supply chain independence. This is the most comprehensive nuclear policy ever seen, and it has a profound positive implications for next-gen. Western-based, low-cost, environmentally responsible, employees ready for construction, I'm at the conclusion of this NSC Commission hearing process, commencing one of three sessions only 99 days from now. In Canada, the passage of Bill C-5 enables the Government of Canada to fast-track major projects aligned with national, economic, environmental and Indigenous priorities, and an approach that reinforces the direction next year is taking since its inception. While RIP 1 is already well advanced under the current regulatory framework, The passage of Bill C-5 presents a clear opportunity for the federal government, under Prime Minister Carney and Minister Hodgson's leadership, to demonstrate this new legislation in action, something that is much needed in Canada in order for a country to realise its potential as a natural resources world leader. As approaching that unambiguously meets the criteria of national interest, delivering economic benefit, environmental excellence, and various Indigenous partnerships through legally binding industry-leading benefit agreements. In the first 10 years of forecasted production, ROOC 1 is scheduled to provide $37 billion in economic benefit to Canada. It will support 1,400 direct jobs and be initially licensed beyond 2050. Next stands ROOC 1 project based exemplifies every aspect of the criteria the County Government has defined for projects to be prioritised through Bill C-5 and we look forward to the conclusion of this NSC process to deliver the many stakeholder-led benefits our project exhibits. None of these developments are isolated. They are strategic signals from the private sector, financial institutions and government policy makers alike that nuclear energy is moved from the sidelines to the centre. of the global energy preference. Usually it's not just part of the solution, it is foundational. At the core of this shift is a single truth. The world needs more electricity and it needs to be clean, reliable and affordable. It's not just about the power, it's about energy security, economic prosperity and national competitiveness, all underpinned by the requirements that supply the key ingredient, uranium. All these developments, amidst a lack of supply, lay the groundwork for structurally higher uranium prices in the foreseeable future. The reality is that the industry at large, to some extent, still believes that this can all be solved with higher prices over regional timeframes. However, to meet the exceptional growth in demand we're seeing, you need many new arrow-sized projects to be found, delineated, engineered, permitted, funded and built. Arrow is widely considered the most technically sound and environmentally benign deposit globally, and we are entering into the 12th year since its discovery. Our decision to relaunch Exploration 23 and 3 at Look 1 has paid immediate dividends with our PCE discovery, which will evaluate its significance as drilling and development advances. I'll say more in a moment about PCE. While the global policy environment accelerates, the uranium market is also gaining ground. In Q2, uranium spot prices rose over 20%, closing at $78.50 per pound, largely driven by the re-entry of the spot uranium cuts, following a $200 million raise. It is a powerful reminder that the uranium market is very under-supplied, and that when demand volume returns to the market, prices respond rapidly. Further, yesterday announced the next Further, yesterday, NextGen announced a new off-case agreement with a major US-based utility, which doubles their contract books in volume. Importantly, and distinguishingly from past practices, our pricing on the 10 million pound contract book is all US utilities and is NASA-related at the time of delivery, providing unprecedented leverage to investors in this rising uranium pricing environment. At the same time, given our superior technical setting and environmental design, it provides competent diversification of a new Western world supply. Our contract book represents approximately 3% of our total defined resources and underscores NextGen's patient and strategic approach to building a sales book. We're in advanced discussions with utilities across North America, Europe, the Middle East, Asia and negotiating Negotiations are increasingly urgent, informed and fast-moving. With the finishing hearings set for September 25 and February 23 fixed, NextGen is preparing to transition from advanced development to construction and subsequent operations. Our current cash balance stands at $375 million Canadian. The funding to complete the 2025 site programs and initiate development for the first 12 months of post-approval construction. We maintain full strategic optionality with a strong cash position and active engagement with global debt providers, sovereign funds and utilities amongst others, resulting in financing interest well in excess of the full funding requirements of the bill. As we always have, we will optimise the vast number of financing opportunities available for maintaining our production flexibility and ultimately maximise these the value of each pound of uranium we produce and sell. As PCE during the quarter, NextGen announced our best discovery phase asset today. We drill hole out K25232, returning an incredible 15 metres at 16.9% ULH, including an exceptional peak of 0.5 metres at 68.8%. This is amongst the best exploration intercepts in the world, with Arrow hosting the majority of the other top 10. Since discovery, 45 holes at PPE have intersected mineralisation. Of these, 12 have produced an ultra-high grade massive replacement mineralisation of over 61,000 chance per second. We've been bold with our spacing, in some cases over 200 metres apart, and are still intersecting mineralisation consistently. demonstrating the continuity of mineralisation and the overall strength of the system. Thrilling to date at TCE, confirming stark similarities to the Mighty Arrow deposit just 3.5km away. It's suggesting early signs of another Tier 1 asset. It really does speak to the vast discovery potential of potentially more deposits on the Roof 1 property in the future. We also recently announced the consolidation of our entire land package, including PCE, with the purchase of Rio Tinto's 10% production carry interest. It held on 39 of our claims. NextGen has secured a right of special refusal mechanism over this package after a third party made a bona fide offer to acquire it from Rio. NextGen now holds 100% ownership of all its claims in the district. It speaks to the acceptance by not only NextGen but others of the tremendous value in the South Western Acrobatics Basin portfolio, which dominates the known and prospective trends in the district, a district which is often referred to as the future of your own and mine. In response, we have received regulatory approval to expand our exploration infrastructure, including a temporary airstrip, road for dual-way traffic, and expanded accommodations to support a growing team on site. This program is currently underway and scheduled to be completed in Q1 2026. Our elite standards on responsible development continues to guide every part of the business. In May, we released our fifth annual sustainability report aligned with global reporting initiatives and task force for climate-related financial disclosure standards, highlighting major advancement across environmental, social and governance metrics. Through our growing education and workforce development programs, over 500 participants have engaged in NextGen-led training initiatives these past two years across a wide range of skilled trades. These programs, developed in partnership with regional institutions and Indigenous communities, are designed to build capacity and create meaningful career paths aligned with the project's long-term needs. Indigenous leaders have publicly recognized NextGen's unique and leading collaborative approach with all four of the Indigenous nations in the local project area, striking NextGen as a benchmark for meaningful Indigenous engagement and shared prosperity. I advise to keep an eye out for a video on our website about Chantelle Herman. She is one of a group of Helms and Lotus students who have become members of the NextGen team, pursuing highly technical careers at NextGen while still living in their communities. Shantel is one of these leaders in the community, and Travis and I met back in 2015 at the National School Volleyball Tournament, and went on through our summer student program, followed by a scholarship, and is now a second year geology student at university, whilst working as a field geology technician at Ruth Plum. She is one of many great outcomes from the Ruth Plum project, and is the foundation of delivering even greater generational advancement of the project as it goes into construction and operations. NextGen is well advanced on procurement, with long leave and critical path items already ordered, and in several cases, staged and secured in our warehouse. Its progress reflects NextGen's fully integrated execution stages and proactive supply chain planning, ensuring we are ready to begin major construction immediately upon final regulatory approval. With the 10 materials and partnerships in place, Group 1 is execution ready. At the end of the next phase, our focus is clear. Conclude approvals, finalise funding and begin building the most important new uranium project in a generation in a manner fully consistent with how NextGen has delivered the best results today across every aspect of the organisation. At NextGen, we're advancing with clarity and conviction. We're executed with deep respect for the environment, communities Saskatchewan, Canada, the world and our shareholders. We are energized by the opportunity to lead the future of nuclear. We appreciate your continued support and look forward to delivering further progress in the second half of the year. Thank you and we will now open the call to your questions.

Ladies and gentlemen, we will now begin the question and answer session. To join the question queue, you may press star then one on your telephone keypad. You will hear a tone acknowledging your request. If you are using a speakerphone, please pick up your handset before pressing any keys. Should you wish to decline from the polling process, please press star followed by the number 2.

We will pause for a moment as callers join the queue and while we prepare the Q&A roster. And we will take our first question here, coming from Katie with Canaccord.

Please go ahead.

Hey, guys. Thanks for taking my question. Congrats on the new offtake. Similar to your previous agreements, you noted that it was a market-related contract. Two questions. Can you confirm if there's floors and ceilings in that new contract? And then as a follow-up, it appears that you're signing better terms relative to what some of your peer companies are announcing. Okay. Is that fair to say, and if so, what do you think is giving you that edge?

Thanks. I can confirm that our contracts as a blend are very substantially market-related prices at the time of delivery. There's not one contract that fits all. Contracts are very specific to the technical and sovereign profile of either the producer or the emerging producer. and also that of the particular circumstances of the utilities. I would make a general comment that US utilities and particularly the larger ones do prefer a surety around future pricing and so what you will see with those contracts is an embedded floor and ceiling. And where that is the case with NextGen, and I want to say that we have four contracts in place which cover all aspects, floor and ceiling, full spot, and then also no floor and an extremely high ceiling. They are, based on our knowledge of the market, very strong, relatively. And I think that speaks to a number of things. I think it an overall assessment by utilities with respect to the state of the current mine supply worldwide. We're seeing some of the historical projects that have been getting back into production not meeting expectations and then we're also seeing significant sovereign and technical risk impact some of the current producing centres. What NextGen represents and also the other advanced development developers in Jenison, particularly in Canada, is we provide an alternative or a diversified supply of this key important fuel and I think that then ultimately gets reflected in the pricing from what has occurred in the past to what is actually about to unfold in the future. So I know that's a bit of a long-winded answer, but we are only conveying what we're experiencing, and that is what is driving our contract book.

Awesome. Maybe just one quick follow-up. In the past, you've indicated, I think it was upwards of $1.6 billion in lending interest from banks and other credit providers. Is that number around the same or has that changed? And now that you've got a couple of these off-state contracts in hand, do you feel like you're getting closer to finalizing an agreement on the debt side? Yeah.

And I'll hand over to Travis. Yes. Thanks, Katie.

And as we were hitting, yes, it is growing, I would say. There's more parties getting involved. seemingly every week, frankly. I think that's on the back of, you know, obviously all those banks signing that agreement to support the funding of this growth initiative by all of these international governments. Also the bank funding a nuclear product. And Uptake, I would say, do help the lending process but it also opens up potentially new avenues of lending government as an example um so but you know to be clear the the um the outtake contracts are being done kind of an isolated basis based on you know our um acceptance of of those terms everything like they're it's not like we're um conceding on on anything that we that we want long term so um yeah it's very positive and uh we're really chasing to fund about the project um along those timelines that we've indicated in the past, which is, you know, end of year, into Q1 of next year ahead of the approval process. Out-of-debt is one of the alternatives at hand, as we mentioned in the earlier part of the call. You know, we do have a number. I think it should be unsurprising quality of the action offers, but we have quite a few options at hand to fund this whole project.

Great. Awesome. Thank you, guys. And our next question will come from Andrew Wong with RBC Capital Markets.

Please go ahead.

Hey, good morning. Thanks for taking my questions. So let me stay back on financing a little bit. With regard to that, as you're having more of these conversations with various partners and there's more and more interest, what's your stance on the most likely path here? Is having a strategic asset or strategic partner the most preferred path and then maybe that's supplemented by debt or equity?

You need to just provide a sense on that. Thanks. Thanks. Maybe I'll start. Go ahead. Did you want to go? Yeah.

I would say we don't have a mass at this stage. Like we're keeping an open mind to all of the avenues at hand. You know, they all come with, well, first of all, they're all at various stages. I would say all of them are advanced, but obviously various stages of how advanced they are. And so, all of them are attractive in isolation or together. So, I would say we're keeping a very open mind with respect to how this ultimately gets funded. Although, you know, obviously we are keeping our focus on our ability to be flexible with respect to production volumes and maintaining our leveraged feed to our up-to-date prices. That's what I would say to that.

Yeah, exactly.

Look, our principle is to finance it in a manner that optimizes the production and the return on every pound produced. And we're working both streams, both the equity stream, project equity, debt, and also the potential of a prepayment on the future supply of a volume of pounds. Each one of them comes with their costs and benefits, but the overall principle that we will incorporate when we conclude the package is optimising the exposure to future uranium prices. And whilst we can't be specific on the objective equity percentage or whether it's project equity or not, that will be the guiding principle, and we will be most likely concluding that in the first half of 2026, subject to, respectfully, the conclusion of the term of the hearing process.

Great, great. Then just maybe on the project itself, in terms of construction, given that the Approval might be coming sometime in that first half of next year. Can you just talk about how the project team is shaping up right now? Can you highlight any construction type of expertise you've hired or any notable additions recently?

Yeah, it's a good question, Andrew. One that we don't make a lot of noise about, but behind the scenes, there's a very well-planned human resource execution that is going on. We've been adding to the team consistently since 2017 in line with the stage of development. Look, there's no doubt we're appointed some people that are ready to go and start constructing this mine. And obviously, you know, when we're seeing a quality hire, we've hired them on board and they're busy. They're not sitting around doing nothing, that's for sure. So I would say on balance, we're probably over-employed, but it is going to pay strong dividends once we have that approval and we're into the construction phase. The benefit of a long terming process is it gives you plenty of opportunity to plan, plan, review, plan again and review again and I can tell you the construction plan is down to a finite detail. We know exactly what we're building. It's technically a very simple mine in a mining sense and we've attracted the best in the business onto the team. We have a combination of both direct employees and consultants but the overall philosophy of NextGen is that we don't delegate any decision making. We have a person on the team that takes responsibility for their respective field, and that responsibility ultimately rests with Travis and myself and the board. And so we are very much an owner-constructor and operator model.

Yeah, that's great. Thank you very much. Thank you. And our next question will come from Ralph Pafidi, which he will. Please go ahead.

Thanks, Operator. Good morning. Thanks for taking my questions. Lee and Travis, I just want to delve in a little bit on these two off-date contracts being held to a five-year term. Was there appetite on the part of the counterparties to move those contracts out to a further 10-year and is what's holding back sort of movement on the floors and the ceilings, you know, or is this becoming the industry standard? Or just wondering if there's other factors at play, specifically with regards to the tenure.

We, you know, the contracts are very different depending on the actual asset and the utility. There's not one contract that, you know, suits all. and that is also reflective of the utility's specific requirements. Utilities have a range of contracts with a range of suppliers, and some are short-term and some are long-term. I would class ours as medium-term in terms of length, and we are just at the beginning. We're at 3% of our total defined resources, and we all know that The Arrow deposit is much larger and given its inferred resource, which will convert to X, indicated with subsequently closer space filling. I would say our philosophy is, or at the moment, we're negotiating a variety of between three-year, five-year and ten-year contracts. It is really dependent on the specific circumstances of the utility. And those characteristics differ from one region to the next worldwide. Like the US utilities have a different preference to the Asian utilities. who have a different preference to the European utility. So I just want to make a point that there's not one contract in this market that fits all. It is very specific to the utility and very specific to the producer. What we offer is obviously a high level of confidence and volume, given the technical simplicity of our project. And...

uh that is resonated strongly with the utility customers it's very helpful i appreciate that thanks and um you know you mentioned the bill c5 a couple times in your pre-prepared comments and uh now that we're six months from that second cnsc hearing it does sound like there's iterations going on with detailed engineering and just wondering Has there been any scope changes with regards to plans, equipment, or components in the design that are directly being driven by Bill C-5? And the reason I'm asking is just to kind of think about scope changes in the early pre-construction phase of the project.

Yeah, interesting question, but the answer is no. There's been absolutely no scope changes whatsoever. and we wouldn't be contemplating scope changes as a result of Bill C-5. You know, our approach since even prior to discovery has been to deliver an environmentally elite approach along with a socially elite approach. and we have done that and in every respect we've exceeded the requirements of the legislation from a technical environmental perspective and also from a social perspective it's well documented that we've been incredibly proactive in engaging and consulting with Indigenous communities and implemented programs where there is incredibly strong collaboration between NextGen and the communities. And that actually even extends beyond those that are defined as impacted. So, you know, I think Bill C-5 is a reflection of Prime Minister Mark Carney's government recognising that there are elements of duplication to permit a resources project, not just specific to uranium, but major energy and national infrastructure projects, and I absolutely applaud them for recognising it and introducing legislation that aims to make the whole process more efficient while maintaining incredibly high environmental and social standards that Canada leads the world in. So, you know, that's why we are in Canada. That absolutely is aligned with our values as an organisation and we're very proud to, you know, deliver this project to Canada in line with the very high environmental and social standards that Canadians express.

Great. Very helpful answers, Lee. Thank you. Thanks, Ralph. And our next question will come from George Ross with Organot. Please go ahead.

Thanks, operator. Hi, Liam. Thanks for taking my questions. In regards to the production period interest, when is the market going to be informed a little bit more on the cost, et cetera, attached to that?

Well, it's confidential. as per the agreement of the clause that triggered it. And so, yeah, we are unable to disclose what it means or what the cost was specifically in relation to that acquisition. I will say, yeah, we are very pleased to have acquired it. We had approached Rio Tinto on it. And then, yeah, a donor party bid was received by an external party, which we did not even know the identity of. And so we triggered our right of virtual refusal. And whoever that party was, thank you for expediting the process.

Fair enough. Okay, thanks for that. And just in regards to the Patterson trend, Any plans to sort of test on strike at this point, Ray, or it's very much just going to be focused on sort of defining the higher grades there at PCE?

Yeah, our initial focus is to define and extend what we have at PCE, but look, we also have seen the results at Paladin, which is basically an extension of the trends that have some corridor reach trends off our property and they've hit minimalisation as well. And what that says is that the whole conductor trend is very highly prospective for additional minimalisation. As I speak, we've probably explored less than 1% of that actual person corridor east conductor trend. Similarly with Arrow, we've explored less than 10%. of that particular conductor corridor. And as everyone knows, you've got RRR that's along the Paterson corridor conductor of our project. So, you know, the area is extremely well mineralised and we are on the cusp or just at the very, very beginning of truly defining its true expense. We have eight conductor corridors going through the Rookland project alone. There's no doubt there's been a significant mineralising event in the region. And, you know, we've put in an exploration camp to facilitate extensive exploration of that region of which we host 320,000 hectares. So it's incredibly exciting. It really is a geological phenom. And we are, yeah, there's a lot of drilling to be done before we can truly hold our hand on our hearts and say, you know what, this is the extent of it.

Thanks, Lee. You drew a drill. And our next question will come from Fred Pollard, a private investor. Please go ahead.

Thank you. Good morning, Lee and team. You mentioned Rook One is execution ready, and you've been held back in my view for some time now awaiting the federal approval process. You mentioned C5, and I have a couple of questions along that team. So has C5 triggered some conversations with the government on advancing mine approval? And secondly, might there be some movement on the government's schedule that you also mentioned earlier in the call? And I ask that because of the principles of cross-tracking that are associated with Bill C-5. Thanks.

Thank you for the question and it's a very topical question. Look, I would say that The introduction of Bill C-5 from Prime Minister Carney is absolute recognition that there are some efficiencies that can be changed at the federal level, particularly after provincial approval and the Indigenous community approval in the region of a specific project. And he's been very, very clear about that. And as a consequence, he's also going to resort to new project offers to help fast-track the federal process. I absolutely applaud Prime Minister Carney and his ministers for that endeavour. I think, in reality, the NextGen project is so advanced in the process that these initiatives are going to really benefit other projects that come after NextGen. And so, you know, we are resourcing this to architects, clearly, and we're really excited about that because, like, NextGen isn't going to fill the gap on its own. The world needs to, with respect to uranium, the world needs two to three arrows, and they need them now. So I think that's excellent news for every other advanced developer out there looking to get into construction. So specifically to our project, I think that the benefit is most likely for other projects behind us, but I absolutely applaud the recognition and the importance that the federal government is placing on the expedition of major projects.

Understood. Thank you. Pleasure. And thank you for your support. Again, if you have a question, you may press start or want to join the queue.

Our next question will come from Brian MacArthur with Raymond James. Please go ahead.

Hi, good morning, and thank you for taking my questions. If I can just go back to the contract, there's been a lot of talk about floors and ceilings, but can you confirm or deny, I guess, whether there are any volume options in those contracts? It sounds like there isn't the way you're talking about how much is committed, but I'm just trying to figure out how that part of the equation is working in all these contracts.

Yes, Brian, there's no volume discretion in the contracts by the utility or us as the supplier. I'd make, and that's very clear, I'd make a general statement that the form and structure and pricing of the contracts are changing from what has been done in the past. The environment is changing and The contracts which we are doing are different and have got different elements to what has been done in the past. I think you're just going to see that naturally evolve over time as the scarcity and the risk, be it sovereign or technically around supply, increases. And so, yeah, my overall comment is the environment is changing. There's no doubt about it. And what we are conveying to the market is what we are experiencing. And it's different for all companies. And as I said, it's very specific to the technical and software profile of your supplier and also very specific to the particular utility preferences and by default between the U.S., Asia, and Europe.

Great. Thanks. That's very clear.

The second thing, can I just confirm, there's been a couple of comments about the financing and timing, whether it's year-end or H1 next year, and then comments around the seniority approval. Could you have financing in place before the CNSC approval, and would that be subject to CNSC approval, or are they sort of dependent on each other? Any comments on that? Just to clarify, I think would be helpful.

Yeah, they're obviously related, and if we were approved today, we would have concluded the financing. We've been well prepared for this for many years, but we can't really trigger the financing until we have approval to that extent. So as the final approval timetable unfolds, so will the financing. And terms or optionality may be better in the future, given the way this environment is changing. And so we're just keeping our exposure to that in place. But I can assure you, we will conclude financing in short order post-approval.

Thanks, Dave. That's very clear. They're just different time horizons talked about, so I just tried to clarify that. Thank you very much. I appreciate it.

Thank you, Brian. And this concludes the question and answer session. I'd like to turn the conference back over to Lee Currier for any closing remarks.

Yeah, thank you all for listening and joining the Q2 call. Thank you for your questions. We certainly appreciate them and everyone's interest in this incredible project. Q3 is going to be an incredible quarter ahead of us with everything that we're working on and the conclusion towards the end of the year, not just what's happening at NextGen but driven by what is happening in a very rapidly changing market environment and we appreciate your interest in that project and we look forward to continuing to deliver on the milestones that we have articulated.

This brings to a close today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.