# EDGAR Filing Document

**Accession Number:** 0001698535
**File Stem:** 0001193125-25-236164
**Filing Date:** 2025-10
**Character Count:** 357536
**Document Hash:** 003bae9be9eec99d46a674671fd9e9da
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-236164.hdr.sgml**: 20251010

**ACCESSION NUMBER**: 0001193125-25-236164

**CONFORMED SUBMISSION TYPE**: F-10/A

**PUBLIC DOCUMENT COUNT**: 9

**FILED AS OF DATE**: 20251010

**DATE AS OF CHANGE**: 20251009

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NexGen Energy Ltd.
- **CENTRAL INDEX KEY:** 0001698535
- **STANDARD INDUSTRIAL CLASSIFICATION:** MISCELLANEOUS METAL ORES [1090]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 840123707
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** F-10/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290666
- **FILM NUMBER:** 251386102

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 1021 WEST HASTINGS STREET
- **CITY:** VANCOUVER
- **PROVINCE COUNTRY:** A1
- **ZIP:** V6E 0C3
- **BUSINESS PHONE:** (604) 428-4112

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 1021 WEST HASTINGS STREET
- **CITY:** VANCOUVER
- **PROVINCE COUNTRY:** A1
- **ZIP:** V6E 0C3

##### [**Table of Contents**](#toc)
**As filed with the Securities and Exchange Commission on October 9, 2025** 

**Registration No. 333-290666** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

**Amendment No. 2** 

**To** 

**Form F-10** 

**REGISTRATION STATEMENT** 

***UNDER***

***THE SECURITIES ACT OF 1933***

## NEXGEN ENERGY LTD.
**(Exact name of Registrant as specified in its charter)** 

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| | | |
|:---|:---|:---|
| **British Columbia, Canada** | **1090** | **Not Applicable** |
| **(Province or other Jurisdiction of**<br> **Incorporation or Organization)** | **(Primary Standard Industrial**<br> **Classification Code Number)** | **(I.R.S. Employer**<br> **Identification Number, if applicable)** |

---

**Suite 3150 - 1021 West Hastings Street** 

**Vancouver, British Columbia V6E 0C3** 

**Canada** 

**(604) 428-4112** 

**(Address and telephone number of Registrant's principal executive offices)** 

**Puglisi & Associates** 

**850 Library Avenue, Suite 204** 

**Newark, Delaware 19711** 

**(302) 738-6680** 

**(Name, address (including zip code) and telephone number (including area code) of agent for service in the United States)** 

***Copies to:***

---

| | | |
|:---|:---|:---|
| **Daniel M. Miller**<br> **Dorsey & Whitney LLP<br>Suite 1070 - 1095 West Pender Street<br>Vancouver, British Columbia V6E 2M6 Canada<br>(604) 630-5199** | **Leigh R. Curyer**<br> **President and Chief Executive Officer**<br> **NexGen Energy Ltd.**<br> **Suite 3150 - 1021 West Hastings Street**<br> **Vancouver, British Columbia V6E 0C3**<br> **Canada**<br> **(604) 428-4112** | **Jay Sujir**<br> **Ronald G. Murray**<br> **Farris LLP**<br> **25<sup>th</sup> Floor, 700 West Georgia Street**<br> **Vancouver, British Columbia V7Y 1B3**<br> **Canada**<br> **(604) 684-9151** |

---

**Approximate date of commencement of proposed sale of the securities to the public:** 

**As soon as practicable after the effective date of this registration statement.** 

**Province of British Columbia, Canada** 

**(Principal jurisdiction regulating this offering)** 

It is proposed that this filing shall become effective (check appropriate box below):

A. ☒ upon filing with the Commission, pursuant to Rule 467(a) (if in connection with an offering being made
contemporaneously in the United States and Canada).

B. ☐ at some future date (check appropriate box below)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ☐ pursuant to Rule 467(b) on () at () (designate a
time not sooner than seven calendar days after filing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. ☐ pursuant to Rule 467(b) on () at () (designate a
time seven calendar days or sooner after filing) because the securities regulatory authority in the review jurisdiction has issued a receipt or notification of clearance on ().

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. ☐ pursuant to Rule 467(b) as soon as practicable after notification of the Commission by the Registrant or
the Canadian securities regulatory authority of the review jurisdiction that a receipt or notification of clearance has been issued with respect hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. ☐ after the filing of the next amendment to this Form (if preliminary material is being filed).

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to the home jurisdiction's shelf prospectus offering procedures, check the following box. ☐

**The Registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registration statement shall become effective as provided in Rule 467 under the Securities Act of 1933 or on such date as the Commission, acting pursuant to Section 8(a) of the Act, may determine.** 

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**PART I** 

**INFORMATION REQUIRED TO BE DELIVERED TO OFFEREES OR PURCHASERS** 

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##### [**Table of Contents**](#toc)
**SHORT FORM PROSPECTUS** 

*<u>New Issue</u>* October 9, 2025

## NEXGEN ENERGY LTD.
![LOGO](g30906g07a01.jpg)

**$400,000,002.64** 

**33,112,583 Common Shares** 

**$12.08 per Common Share**

This short form prospectus (the "**Prospectus**") hereby qualifies the distribution in each of the provinces and territories of Canada, other than Québec (the "**Offering**") of an aggregate of 33,112,583 common shares (the "**Offered Shares**", as modified below) in the capital of NexGen Energy Ltd. ("**NexGen**" or the "**Company**") at an offering price of $12.08 per Offered Share (the "**Offering Price**"). The Offered Shares will be sold pursuant to an underwriting agreement dated October 2, 2025 (the "**North American Underwriting Agreement**") among the Company and Merrill Lynch Canada Inc., Stifel Nicolaus Canada Inc., J.P. Morgan Securities Canada Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., RBC Dominion Securities Inc., and Canaccord Genuity Corp. (together, the "**North American Underwriters**"). The Offering Price was determined by arm's length negotiation between the North American Underwriters and the Company with reference to the prevailing market price of the common shares of the Company (the "**Common Shares**"). See "*Plan of Distribution*".

Concurrent with the Offering, the Company will also conduct a fully underwritten offering of Common Shares to be settled in the form of Australian CHESS Depositary Interests ("**CDIs**") at the Australian dollar equivalent of the Offering Price and for aggregate gross proceeds of $553,020,003.40, to Australian "sophisticated investors" and "professional investors" (within the meaning of sub-sections 708(8) and 708(11) of the Australian Corporations Act) and investors in other jurisdictions that may lawfully participate (the "**Concurrent Offering**") pursuant to an amended and restated underwriting agreement dated October 2, 2025 (the "**Australian Underwriting Agreement**") between the Company and Aitken Mount Capital Partners Pty Ltd (ABN 39 169 972 436), as sole underwriter and, together with the Australian JLM, joint bookrunner and joint lead manager to the Concurrent Offering (the "**Australian Underwriter**"), and an amended and restated joint lead manager appointment agreement dated October 2, 2025 between the Company and Canaccord Genuity (Australia) Limited (CAN 075 071 466) (the "**Australian JLM**") as joint bookrunner and joint lead manager to the Concurrent Offering. The completion of the Offering is not conditional upon the completion of the Concurrent Offering and the completion of the Concurrent Offering is not conditional upon the completion of the Offering. See "*Concurrent Offering*".

**NexGen is permitted, under a multi-jurisdictional disclosure system (the "MJDS") adopted in the United States and Canada, to prepare this Prospectus in accordance with Canadian disclosure requirements. Prospective investors should be aware that such requirements are different from those of the United States. The Company prepares its financial statements in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS"). Thus, the Company's financial statements may not be comparable to the financial statements of United States companies.** 

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##### [**Table of Contents**](#toc)
**Prospective investors should be aware that the acquisition, ownership and disposition of the Offered Shares may have tax consequences both in the United States and in Canada. Such consequences for investors who are resident in, or citizens of, the United States or are resident in Canada are not described fully herein. Prospective investors should read the tax discussion contained herein and consult their own tax advisors with respect to their own particular circumstances. See "Certain Canadian Federal Income Tax Considerations" and "Certain United States Federal Income Tax Considerations" in this Prospectus.** 

**The enforcement by investors of civil liabilities under United States federal securities laws may be affected adversely by the fact that the Company is incorporated under the laws of the Province of British Columbia, Canada, that most of its officers and directors are residents of Canada, that some of the experts named in this Prospectus are residents of Canada, and that all or a substantial portion of the assets of the Company and said persons are located outside of the United States.** 

**THESE OFFERED SHARES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION (THE "SEC") NOR HAS THE SEC PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.** 

**An investment in Offered Shares involves significant risks that should be carefully considered by prospective investors before purchasing Offered Shares. The risks outlined in this Prospectus and in the documents incorporated by reference herein should be carefully reviewed and considered by prospective investors in connection with any investment in Offered Shares. See "Cautionary Statement On Forward-Looking Information" and "Risk Factors". See also "*Purchasers' Statutory Rights*" for information about the right to withdraw or rescind from an agreement to purchase securities.** 

The outstanding Common Shares are listed and posted for trading on the Toronto Stock Exchange (the "**TSX**") under the symbol "NXE". On October 8, 2025, the last trading day prior to the date of this Prospectus, the closing price of the Common Shares on the TSX was $12.22. In addition, the Common Shares are listed on the New York Stock Exchange (the "**NYSE**") under the symbol "NXE". On October 8, 2025, the last trading day prior to the date of this Prospectus, the closing price of the Common Shares on the NYSE was US$8.76. The Common Shares also trade in the form of CDIs on the Australian Securities Exchange (the "**ASX**") under the symbol "NXG". On October 8, 2025, the last trading day prior to the date of this Prospectus, the closing price of the CDIs on the ASX was A$13.55. The TSX has conditionally approved the listing of the Offered Shares. Listing on the TSX is subject to the Company fulfilling all of the requirements of the TSX on or before December 30, 2025. The Company has applied for the listing of the Offered Shares on the NYSE. Listing on the NYSE will be subject to the Company fulfilling all the listing requirements of the NYSE**.**

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| | | | |
|:---|:---|:---|:---|
|  | **Price to<br>the Public** | **North American<br>Underwriters' Fee<sup>(1)</sup>** | **Net Proceeds to<br>the Company<sup>(2)</sup>** |
|  Per Offered Share | $12.08 | $0.604 | $11.476 |
|  Total Offering | $400000002.64 | $20000000.13 | $380000002.51 |

---

Notes:

(1) Pursuant to the terms and conditions of the North American Underwriting Agreement, the Company has agreed to
pay a cash fee to the North American Underwriters, equal to 5.0% of the aggregate gross proceeds of the sale of the Offered Shares (the "**North American Underwriters' Fee**") equal to $0.604 per Offered Share. See
" *Plan of Distribution* ".

(2) After deducting the North American Underwriters' Fee, but before deducting the other expenses of the
Offering, estimated to be $1 million, which will be paid from the proceeds of the Offering.

The North American Underwriters, as principals, conditionally offer the Offered Shares under this Prospectus, subject to prior sale, if, as and when issued by the Company and accepted by the North American Underwriters in accordance with the conditions contained in the North American Underwriting Agreement referred to under "Plan of Distribution" and subject to the approval of certain Canadian legal matters on behalf of the Company by Farris LLP, certain United States legal matters on behalf of the Company by Dorsey & Whitney LLP, certain

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Canadian legal matters on behalf of the North American Underwriters by Blake, Cassels & Graydon LLP and certain United States legal matters on behalf of the North American Underwriters by Skadden, Arps, Slate, Meagher & Flom LLP.

Subscriptions for Offered Shares will be received subject to rejection or allotment in whole or in part and the right is reserved to close the subscription books at any time without notice. It is expected that closing of the Offering will occur on or about October 15, 2025 or such other date as the Company and the North American Underwriters may agree, but in any event, not more than 42 days after the date of the receipt for the final short form prospectus (the "**Closing**" or "**Closing Date**"). Other than pursuant to certain exceptions, the Offered Shares sold pursuant to the Offering will be issued in electronic form to the Canadian Depository for Securities Inc. ("**CDS**") or nominees thereof and deposited with CDS upon Closing of the Offering. A purchaser will receive only a customer confirmation of the issuance of the securities purchased pursuant to the Offering from the North American Underwriters or other registered dealer who is a CDS participant through which the Offered Shares are purchased. Subject to the foregoing sentence, no definitive certificates will be issued unless specifically requested or required. See "*Plan of Distribution*".

**After the North American Underwriters have made reasonable efforts to sell all of the Offered Shares, the initial Offering Price may be decreased, and further changed from time to time, to an amount not greater than the initial Offering Price.** Notwithstanding any reduction by the North American Underwriters on the Offering Price, the Company will still receive net proceeds of $11.476 per Offered Share purchased by the North American Underwriters pursuant to this Offering. See "*Plan of Distribution*".

**This Prospectus does not constitute an offer to sell or a solicitation of an offer to buy any Offered Shares offered by this Prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.** 

**The Company has not authorized anyone to provide purchasers with information different from that contained or incorporated by reference in this Prospectus. An investment in the Offered Shares is speculative and involves a high degree of risk that should be considered by potential purchasers. An investment in the Offered Shares is suitable only for those purchasers who are willing to risk a loss of some or all of their investment and who can afford to lose some or all of their investment. The risk factors included and incorporated by reference into this Prospectus should be reviewed carefully and evaluated by prospective purchasers of the Offered Shares. See "*Risk Factors*" and "*Cautionary Statement On Forward-Looking Information*".** 

The Company's head office is located at Suite 3150 – 1021 West Hastings Street, Vancouver, British Columbia, V6E 0C3 and its registered office is located at 25<sup>th</sup> Floor, 700 West Georgia Street, Vancouver, British Columbia, V7Y 1B3.

**All dollar amounts in this Prospectus are in Canadian dollars, unless otherwise indicated. See "Currency Presentation and Exchange Rate Information".** 

Directors of the Company residing outside of Canada have appointed NexGen Energy Ltd. at Suite 3150 – 1021 West Hastings Street, Vancouver, British Columbia, V6E 0C3 as agent for service of process. Purchasers are advised that it may not be possible for investors to enforce judgments obtained in Canada against any person that resides outside of Canada, even if the person has appointed an agent for service of process.

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| | |
|:---|:---|
| **Name of Person** | **Name and Address of Agent** |
| Leigh Curyer | NexGen Energy Ltd., Suite 3150 – 1021 West Hastings Street, Vancouver, British Columbia, V6E 0C3 |
| Warren Gilman | NexGen Energy Ltd., Suite 3150 – 1021 West Hastings Street, Vancouver, British Columbia, V6E 0C3 |
| Chris McFadden | NexGen Energy Ltd., Suite 3150 – 1021 West Hastings Street, Vancouver, British Columbia, V6E 0C3 |
| Sharon Birkett | NexGen Energy Ltd., Suite 3150 – 1021 West Hastings Street, Vancouver, British Columbia, V6E 0C3 |

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##### [**Table of Contents**](#toc)
**TABLE OF CONTENTS** 

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| | |
|:---|:---|
|  | **Page** |
|  [ABOUT THIS SHORT FORM PROSPECTUS](#toc30906_1) | 1 |
|  [CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION](#toc30906_2) | 1 |
|  [NOTICE REGARDING PRESENTATION OF MINERAL RESERVE AND RESOURCE ESTIMATES](#toc30906_3) | 3 |
|  [NOTICE REGARDING PRESENTATION OF FINANCIAL INFORMATION](#toc30906_4) | 3 |
|  [ENFORCEMENT OF CERTAIN CIVIL LIABILITIES](#toc30906_5) | 3 |
|  [CERTAIN AVAILABLE INFORMATION](#toc30906_6) | 4 |
|  [CURRENCY PRESENTATION AND EXCHANGE RATE INFORMATION](#toc30906_7) | 4 |
|  [DOCUMENTS INCORPORATED BY REFERENCE](#toc30906_8) | 5 |
|  [MARKETING MATERIALS](#toc30906_9) | 6 |
|  [NEXGEN ENERGY LTD.](#toc30906_10) | 6 |
|  [CONCURRENT OFFERING](#toc30906_11) | 8 |
|  [CONSOLIDATED CAPITALIZATION](#toc30906_12) | 8 |
|  [USE OF PROCEEDS](#toc30906_13) | 8 |
|  [DESCRIPTION OF SECURITIES BEING DISTRIBUTED](#toc30906_14) | 10 |
|  [TRADING PRICE AND VOLUME](#toc30906_15) | 11 |
|  [PRIOR SALES](#toc30906_16) | 12 |
|  [DIVIDEND POLICY](#toc30906_17) | 13 |
|  [PLAN OF DISTRIBUTION](#toc30906_18) | 13 |
|  [CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS](#toc30906_19) | 15 |
|  [CERTAIN UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS](#toc30906_20) | 19 |
|  [RISK FACTORS](#toc30906_21) | 28 |
|  [MATERIAL CONTRACTS](#toc30906_22) | 30 |
|  [LEGAL PROCEEDINGS](#toc30906_23) | 30 |
|  [AUDITORS, TRANSFER AGENT AND REGISTRAR](#toc30906_24) | 30 |
|  [INTERESTS OF EXPERTS](#toc30906_25) | 30 |
|  [LEGAL MATTERS](#toc30906_26) | 31 |
|  [DOCUMENTS FILED AS PART OF THE REGISTRATION STATEMENT](#toc30906_27) | 31 |

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**ABOUT THIS SHORT FORM PROSPECTUS** 

In this Prospectus, the Company and its subsidiaries are collectively referred to as the "Company" or "NexGen", unless the context otherwise requires.

The Company has filed with the SEC a registration statement on Form F-10 (the "**U.S. Registration Statement**") under the United States Securities Act of 1933, as amended, with respect to the Offered Shares. Readers should rely only on the information contained or incorporated by reference in this Prospectus and on the other information included in the U.S. Registration Statement of which this Prospectus forms a part. The Company has not authorized anyone to provide readers with information that is different or additional information from that contained in this Prospectus. If anyone provides you with any different, additional, inconsistent or other information, you should not rely on it. The Company takes no responsibility for, and can provide no assurance as to the reliability of any other information that others may give readers of this Prospectus. The Company is not making an offer to sell or seeking an offer to buy the Offered Shares in any jurisdiction where the offer or sale is not permitted.

References to "management" in this Prospectus mean the persons acting in the capacity of the Company's Chief Executive Officer, the Company's Chief Financial Officer, and the other persons who are the Company's executive officers. Any statements in this Prospectus made by or on behalf of management are made in such persons' capacities as officers of the Company and not in their personal capacities.

This Prospectus and the documents incorporated herein by reference contain names, product names, trade names, trademarks and service marks of the Company. The Company owns or has rights to trademarks, service marks or trade names that it uses in connection with the operation of its business. In addition, the Company's name and logo are its service marks or trademarks. The other trademarks, trade names and service marks appearing in this Prospectus are the property of their respective owners. Solely for convenience, the trademarks, service marks, trade names and copyrights referred to in this Prospectus are typically listed without the <sup>©</sup>, <sup>®</sup> and <sup>™</sup> symbols, but the Company will assert, to the fullest extent under applicable law, its rights or the rights of the applicable licensors to these trademarks, service marks and trade names.

This Prospectus shall not be used by anyone for any purpose other than in connection with the Offering as described herein. The Company does not undertake to update the information contained or incorporated by reference herein, except as required by applicable securities laws. Information contained on, or otherwise accessed through, the website of the Company, www.nexgenenergy.ca, shall not be deemed to be a part of this Prospectus or documents incorporated by reference herein or therein, and should not be relied upon by prospective investors for the purpose of determining whether to invest in the Offered Shares.

**Information contained in this Prospectus should not be construed as legal, tax or financial advice and readers are urged to consult their own professional advisors in connection therewith.** 

**CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION** 

All statements, other than statements of historical fact, contained or incorporated by reference in this Prospectus constitute "forward-looking statements" within the meaning of the *United States Private Securities Litigation Reform Act of 1995* and "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information herein and in the documents incorporated by reference herein are provided as of the date of such documents only, and the Company does not intend, and does not assume any obligation, to update this forward-looking information and statements, except as required by law. Generally, forward-looking information and statements can be identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes", or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the

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negative connotation thereof. Forward-looking information and statements contained or incorporated by reference in this Prospectus include, but are not limited to, statements with respect to the future financial and operating performance of NexGen; planned exploration and development activities; budgets; the interpretation of drill results and other geological information; mineral reserve and resource estimates (to the extent they involve estimates of the mineralization that will be encountered if a project is developed); requirements for additional capital; capital costs; operating costs; cash flow estimates; production estimates; the future price of uranium and similar statements relating to the economic viability of a project, including the Rook I Project (as defined herein); expectations with respect to the process for and receipt of regulatory approvals, permits and licenses under governmental and other applicable regulatory regimes; future financings and the ability to raise capital; the future price of uranium; requirements for additional capital; the expectation that the Concurrent Offering will be completed; the proposed use of proceeds of the Offering and the Concurrent Offering; the amount of proceeds from the Concurrent Offering; and the listing of Offered Shares on any securities exchange.

Forward-looking information and statements are based on the then current expectations, beliefs, assumptions, estimates and forecasts of NexGen about NexGen's business and the industry and markets in which it operates. Forward-looking information and statements are made based upon numerous assumptions, including among others, that the results of planned exploration and development activities will be as anticipated and on time; the price of uranium; the cost of planned exploration and development activities; that as plans continue to be refined for the development of the Rook I Project, there will be no changes in project parameters that would materially adversely affect the Rook I Project; that financing will be available if and when needed and on reasonable terms; that third-party contractors, equipment, supplies and governmental and other approvals required to conduct NexGen's planned exploration and development activities will be available on reasonable terms and in a timely manner; that there will be no revocation of adverse amendments to or delays in granting government approvals; that general business, economic, competitive, social, and political conditions will not change in a material adverse manner; the assumptions underlying the Company's mineral reserve and resource estimates; assumptions made in the interpretation of drill results and other geological information; the ability to achieve production on the Rook I Project; other estimates, assumptions, and forecasts; the proposed use of proceeds of the Offering and the Concurrent Offering; and the listing of Offered Shares qualified by this document on any securities exchange. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.

Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual results, performances and achievements of NexGen to differ materially from any projections of results, performances and achievements of NexGen expressed or implied by such forward-looking information or statements, including, among others, the Company's broad discretion in the use of the proceeds of the Offering and Concurrent Offering; negative operating cash flow and dependence on third-party financing; uncertainty of additional financing; the price of uranium and alternative sources of energy; exploration and development risks; uninsurable risks; reliance upon key management and other personnel; the imprecision of mineral reserve and resource estimates; the risk that pending assay results will not confirm previously announced preliminary results; climate change; aboriginal title and consultation issues; risks related to title to its properties; information security and cyber threats; failure to manage conflicts of interest; failure to obtain or maintain required permits and licences; changes and compliance with laws, regulations and policy; political and regulatory risks; risks associated with competition; trading price and volatility of Common Shares; general inflationary pressures; industry and economic factors that may affect the business; potential dilution from future financings; loss of foreign private issuer status in the future; and other factors discussed or referred to in this Prospectus under "*Risk Factors*" and the documents incorporated or deemed to be incorporated by reference herein, which readers are advised to carefully review and consider.

Although NexGen has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information or statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended.

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There can be no assurance that such information or statements will prove to be accurate, as actual results and future events and actions could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information or statements. The forward-looking information and statements contained in this Prospectus are made as of the date of this Prospectus and, accordingly, are subject to change after such date.

**All of the forward-looking statements made in this Prospectus and the documents incorporated by reference herein are qualified by these cautionary statements and those made in the Company's other filings with the securities regulators of Canada and the United States including, but not limited to, the cautionary statements made in the "Risk Factors" section of this Prospectus, the "Risk Factors" section of the AIF (as defined herein) and the "Risk Analysis" sections of the 2024 MD&A and Q2 2025 MD&A (each as defined herein). These factors are not intended to represent a complete list of the factors that could affect NexGen. NexGen disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law. The Company's public filings with the securities commissions or similar authorities in each of the provinces and territories of Canada can be found through the SEDAR+ website on the Company's profile at www.sedarplus.ca.** 

**NOTICE REGARDING PRESENTATION OF MINERAL RESERVE AND RESOURCE ESTIMATES** 

In accordance with applicable Canadian securities regulatory requirements, all disclosure relating to mineral properties, mineralization and estimates of mineral reserves and mineral resources of NexGen included or incorporated by reference herein have been prepared in accordance with National Instrument 43-101—*Standards of Disclosure for Mineral Projects* ("**NI 43-101**"), classified in accordance with Canadian Institute of Mining Metallurgy and Petroleum's "*CIM Standards on Mineral Resources and Reserves Definitions and Guidelines*". The definitions of mineral reserves and mineral resources are set out in our disclosure of the Company's mineral reserve and mineral resource estimates that are incorporated by reference in this Prospectus. The requirements of NI 43-101 are different than SEC disclosure requirements applicable to mineral reserves and mineral disclosure. Therefore, disclosure relating to mineral properties, mineralization and estimates of mineral reserves and mineral resources contained herein is not comparable to disclosure by issuers required to comply with SEC disclosure requirements.

**NOTICE REGARDING PRESENTATION OF FINANCIAL INFORMATION** 

NexGen's consolidated financial statements as at December 31, 2024 and 2023 and for the years then ended and incorporated by reference in this Prospectus have been prepared in accordance with IFRS accounting standards. IFRS accounting standards differ in some material respects from United States Generally Accepted Accounting Principles ("**U.S. GAAP**") and so these financial statements may not be comparable to the financial statements of U.S. companies that report in accordance with U.S. GAAP. As a result, financial information included or incorporated in this Prospectus may not be comparable to financial information prepared by companies in the United States.

**ENFORCEMENT OF CERTAIN CIVIL LIABILITIES** 

The Company is a corporation existing under the laws of the Province of British Columbia, Canada. A majority of the assets of the Company are located outside of the United States and a majority of the directors and officers of the Company and some of the experts named in this Prospectus are residents of Canada and a majority of their assets are located outside of the United States. As a result, it may be difficult for United States investors to effect service of process within the United States upon those directors, officers or experts who are not residents of the

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United States, or to realize in the United States upon judgments of courts of the United States predicated upon civil liability of such directors, officers or experts under United States federal securities laws. There is substantial doubt whether an action could be brought in Canada in the first instance on the basis of liability predicated solely upon such laws.

The Company has filed with the SEC, concurrently with the U.S. Registration Statement of which this Prospectus is a part, an appointment of agent for service of process on Form F-X. Under the Form F-X, the Company appointed Puglisi & Associates, as its agent for service of process in the United States in connection with any investigation or administrative proceeding conducted by the SEC, and any civil suit or action brought against or involving it in a U.S. court arising out of or related to or concerning the offering of securities under this Prospectus.

**CERTAIN AVAILABLE INFORMATION** 

In addition to NexGen's continuous disclosure obligations under Canadian securities laws, NexGen is subject to the informational reporting requirements of the United States Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), as the Common Shares are registered under Section 12(b) of the Exchange Act. Accordingly, the Company is required to publicly file reports and other information with the SEC. Under the MJDS, the Company is permitted to prepare such reports and other information in accordance with Canadian disclosure requirements, which are different from United States disclosure requirements. As a foreign private issuer, the Company is exempt from the rules under the Exchange Act prescribing the furnishing and content of proxy statements, and the Company's officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, the Company may not be required to publish financial statements as promptly as U.S. companies. The Company's filings with the SEC are electronically available from the SEC's Electronic Data Gathering, Analysis and Retrieval System ("**EDGAR**"), and which may be accessed at www.sec.gov.

The Company has filed with the SEC the U.S. Registration Statement with respect to the Offered Shares. This Prospectus, including the documents incorporated by reference in this Prospectus, which forms a part of the U.S. Registration Statement, does not contain all of the information set forth in the U.S. Registration Statement, certain parts of which are contained in the exhibits to the U.S. Registration Statement as permitted by the rules and regulations of the SEC. For further information with respect to the Company and the Offered Shares, reference is made to the U.S. Registration Statement and the exhibits thereto. The U.S. Registration Statement can be found on EDGAR at www.sec.gov.

**CURRENCY PRESENTATION AND EXCHANGE RATE INFORMATION** 

All references to "$" or "C$" in this Prospectus are to Canadian dollars, all references to "US$" are to United States dollars and all references to "A$" are to Australian dollars. The following exchange rate information is based on the Bank of Canada daily rate of exchange.

For the year ended December 31, 2024, the high, low, average and closing exchange rates for: (i) US$1.00 expressed in Canadian dollars were $1.4416, $1.3316, $1.3698, and $1.4389, respectively; and (ii) A$1.00 expressed in Canadian dollars were $0.9333, $0.8738, $0.9035, and $0.8915, respectively. For the six-month period ended June 30, 2025, the high, low, average and closing exchange rates for: (i) US$1.00 expressed in Canadian dollars were $1.4603, $1.3558, $1.4094, and $1.3643, respectively; and (ii) A$1.00 expressed in Canadian dollars were $0.9114, $0.8540, $0.8938, and $0.8949, respectively.

On October 8, 2025, the Bank of Canada daily rate of exchange was US$1.00 = $1.3952 or $1.00 = US$0.7167, and A$1.00 = $0.9182 or $1.00 = A$1.0891.

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The Common Shares to be issued in accordance with the Australian Underwriting Agreement will be issued at price of A$13.10 each. For purposes of this Prospectus, the details of the Concurrent Offering are referred to in Canadian dollars based on an exchange rate of A$1.00 = C$0.9217, reflecting the Bloomberg exchange rate as quoted on October 1, 2025.

**DOCUMENTS INCORPORATED BY REFERENCE** 

**Information has been incorporated by reference in this Prospectus from documents filed with the securities commissions or similar authorities in each of the provinces and territories of Canada, except Québec**. Copies of the documents incorporated by reference herein may be obtained on request without charge from the Corporate Secretary of the Company at Suite 3150 – 1021 West Hastings Street, Vancouver, British Columbia, V6E 0C3 (Telephone (604) 428-4112) and are also available electronically at www.sedarplus.ca. The filings of the Company through SEDAR+ are not incorporated by reference in this Prospectus except as specifically set out herein.

The following documents filed by the Company with the securities commissions and similar regulatory authorities in all of the provinces and territories of Canada, except Québec, are specifically incorporated by reference in, and form an integral part of, this Prospectus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) annual information form of the Company for the year ended December 31, 2024 dated March 3, 2025 (the
" **AIF** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) audited consolidated financial statements of the Company as at and for the years ended December 31, 2024
and 2023, together with the notes thereto and the reports of independent registered public accounting firm thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) management's discussion and analysis of financial condition and result of operations of the Company for
the year ended December 31, 2024 (the "**2024 MD&A** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) management information circular of the Company dated May 1, 2025 in connection with the annual general and
special meeting of shareholders held on June 17, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) unaudited interim condensed consolidated financial statements of the Company as at June 30, 2025 and for
the three and six months ended June 30, 2025 and 2024, together with the notes thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) management's discussion and analysis of financial condition and result of operations of the Company for
the three and six months ended June 30, 2025 (the "**Q2 2025 MD&A** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) material change report of the Company dated October 9, 2025, with respect to the Offering and the Concurrent
Offering.

Any documents of the types referred to above, any material change reports and business acquisition reports (but excluding confidential material change reports) and any other documents referred to in Form F1 of National Instrument 44-101 – *Short Form Prospectus Distributions*, Item 11.1 filed by the Company with a securities commission or similar authority in Canada after the date of this Prospectus and prior to the termination of the distribution pursuant to the Offering will be deemed to be incorporated by reference in this Prospectus.

Documents and information in an annual report on Form 40-F filed by the Company with the SEC under the Exchange Act, from the date of this Prospectus and prior to the completion of the Offering shall be deemed incorporated by reference as exhibits to the U.S. Registration Statement of which this Prospectus forms a part. To the extent that any document or information incorporated by reference into this Prospectus is included in any report on Form 20-F, 10-K, 10-Q, 8-K or 6-K (or any respective successor form) that is filed with or furnished to the SEC after the date of this Prospectus, such document or information shall be deemed to be incorporated by reference as an exhibit to the U.S. Registration Statement of which this Prospectus forms a part. In addition, the Company may incorporate by reference into this Prospectus, or the U.S. Registration Statement of which it forms a part, other information from documents that the Company files with or furnishes to the SEC pursuant to

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Section 13(a) or 15(d) of the U.S. Exchange Act, if and to the extent expressly provided therein. The information contained on the Company's website or any other website the address of which is included herein or in any of the documents enumerated above is not part of this Prospectus and is not incorporated by reference in this Prospectus despite any references thereto in any such documents.

The Prospectus in electronic format may be made available electronically on websites or through other online services maintained by the North American Underwriters or by their affiliates. Other than the Prospectus in electronic format, the information on the North American Underwriters' websites and any information contained in any other website maintained by the North American Underwriters or their affiliates is not part of the Prospectus, has not been approved or endorsed by the Company or the North American Underwriters and should not be relied upon by investors.

**Notwithstanding anything herein to the contrary, any statement contained in this Prospectus or a document incorporated or deemed to be incorporated by reference herein will be deemed to be modified or superseded, for purposes of this Prospectus, to the extent that a statement contained in this Prospectus or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. The modifying or superseding statement need not state that it has modified or superseded a prior statement or include any other information set forth in the document or statement that it modifies or supersedes. The making of a modifying or superseding statement is not to be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation, an untrue statement of a material fact or an omission to state a material fact that is required to be stated or that is necessary to make a statement not misleading in light of the circumstances in which it was made. Any statement so modified or superseded will not, except as so modified or superseded, be deemed to constitute a part of this Prospectus.** 

**MARKETING MATERIALS** 

Any "template version" of "marketing materials" (each as defined in National Instrument 41-101 – *General Prospectus Requirements*, collectively, the "**Marketing Materials**") filed on SEDAR+ after the date of this Prospectus and before the termination of the distribution under the Offering (including any amendments to, or an amended version of, the Marketing Materials) will be deemed to be incorporated into this Prospectus. The Marketing Materials shall not be part of this Prospectus to the extent that the contents of the Marketing Materials have been modified or superseded by a statement contained in this Prospectus.

**NEXGEN ENERGY LTD.** 

NexGen is engaged in uranium exploration and development. The Company's head office is located at Suite 3150-1021 West Hastings Street, Vancouver, British Columbia, V6E 0C3 and its registered office is located at 25th Floor, 700 West Georgia Street, Vancouver, British Columbia, V7Y 1B3. NexGen's website address is www.nexgenenergy.ca.

NexGen was incorporated on March 8, 2011 under the *Business Corporations Act* (British Columbia) (the "**BCBCA**") as "Clermont Capital Inc." and changed its name to "NexGen Energy Ltd." on April 19, 2013.

The Common Shares trade on the TSX and NYSE under the symbol "NXE", and as CDIs on the ASX under the symbol "NXG".

NexGen is a reporting issuer in all of the provinces and territories of Canada. The Common Shares are also registered under the Exchange Act, and NexGen is subject to the SEC reporting requirements thereunder. NexGen is admitted to the official list of the ASX as an "ASX Foreign Exempt Listing".

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The Company has no material subsidiaries.

***Summary Description of the Business***

NexGen is a British Columbia corporation with a focus on developing into production the 100% owned Rook I Project (the "**Rook I Project**") located in the southwestern Athabasca Basin of Saskatchewan, Canada. NexGen has a highly experienced team of uranium industry professionals with a successful track record in the discovery of uranium deposits and in the development of projects from discovery to production. NexGen also owns a portfolio of highly prospective uranium properties in the southwestern Athabasca Basin.

On August 1, 2024, NexGen announced an interim, internally-prepared updated cost estimate for the Rook I Project, reflecting approximately C$310 million in inflationary increases since the Rook I FS Technical Report and approximately C$590 million in incremental capital costs (see the Company's Q2 MD&A under "Rook I Project Overview – Updated Cost Estimate" for further details). The interim cost estimate and accompanying sensitivity analysis were prepared for ongoing project financing discussions and disclosed as a trend report for cost sensitivities. They do not change the base case or constitute an economic analysis derived from material scientific or technical information not included in the Rook I FS Technical Report.

The interim cost estimate reflects advanced engineering activities undertaken in preparation for a final investment decision, including further detailing of construction packages, refining procurement strategies, and enhancing execution schedules. These enhancements and iterative refinements are typical as a project moves from feasibility-level design toward construction readiness and have not changed the technical aspects or performance of the Rook I Project.

The Company is continuing with Front-End Engineering Design (FEED) activities and refining its internal estimates of capital and operating costs, with engineering continuing up to and beyond the commencement of construction. To date, no material new scientific or technical information has been obtained during this process that is not included in summary form in the Rook I FS Technical Report, including the resource or reserve estimates, mining method, cut-off grade, or mill throughput. Notably, the interim cost estimate would not result in any changes to the mineral resource or reserve estimates at the US$50/lb U3O8 base case in the Rook I FS Technical Report.

Further information regarding the business of the Company, its operations and its mineral properties can be found in the Company's AIF and the documents incorporated by reference into this Prospectus, except as supplemented or updated herein. See "*Documents Incorporated by Reference*". For the most recently disclosed internally prepared cost trends, refer to the Company's Q2 MD&A under "Rook I Project Overview – Updated Cost Estimate".

Subsequent to the date of the AIF, the Company continued to progress its regulatory permitting processes with respect to the Rook I Project, supply arrangements, general preparatory work in relation to the Rook I Project, and exploration activities in the Patterson Corridor East.

On September 30, 2025, the Company terminated its previously announced at-the-market program be terminating its equity distribution agreement dated December 11, 2023, and amended April 29, 2024, entered into with Virtu Canada Corp. and Virtu Americas, LLC, thereby creating $140,976,696 in room under its final short form base shelf prospectus filed in all provinces and territories of Canada dated December 8, 2023.

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**CONCURRENT OFFERING** 

Concurrent with the Offering, the Company will also conduct the underwritten Concurrent Offering of Common Shares at the Offering Price for aggregate gross proceeds of $552,995,395.12 to Australian "sophisticated investors" and "professional investors" (within the meaning of sub-sections 708(8) and 708(11) of the Australian Corporations Act) and investors in other jurisdictions that may lawfully participate pursuant to the Australian Underwriting Agreement. The completion of the Offering is not conditional upon the completion of the Concurrent Offering and the completion of the Concurrent Offering is not conditional upon the completion of the Offering. There can be no assurance that the Concurrent Offering will be consummated on the terms described herein or at all.

The Company agrees and acknowledges that the North American Underwriters are not providing services to or on behalf of, and do not assume or accept any duty or responsibility to, the Company or any other person in connection with the Concurrent Offering and the North American Underwriters undertake no obligation to the Company or to the purchasers under the Concurrent Offering. The Company acknowledges and agrees that the purchasers under the Concurrent Offering do not and will not have any recourse to or any rights against the North American Underwriters, and the North American Underwriters do not and will not have any liability whatsoever to purchasers under or in connection with the Concurrent Offering.

**CONSOLIDATED CAPITALIZATION** 

There has been no material change in the consolidated capitalization of the Company since June 30, 2025, the date of the Company's most recent financial statements, other than the expected completion of the Offering and the Concurrent Offering.

The following table sets forth the number of Common Shares that will be issued and outstanding following the completion of the Offering and the Concurrent Offering:

---

| | |
|:---|:---|
|  Common Shares currently issued and outstanding | 575271968 |
|  Common Shares issuable under the Offering | 33112583 |
|  Common Share issuable under the Concurrent Offering | 45801527 |
|  **Total** | **654186078** |

---

**USE OF PROCEEDS** 

The estimated net proceeds to be received by the Company from the Offering will be approximately $379 million, after deducting the North American Underwriters' Fee of $20 million and estimated expenses of the Offering of $1 million.

The estimated net proceeds to be received by the Company from the Concurrent Offering will be approximately $530 million, after deducting the Australian Underwriter and Australian JLM's fees of approximately $22 million and the Australian Underwriter's estimated expenses of the Concurrent Offering of $1 million.

**Principal Purposes** 

The Company has historically funded its operations and project development solely through equity and debt financings. As at June 30, 2025, the Company had $372 million cash on hand. The Company's cash on hand, together with the net proceeds of the Offering and the Concurrent Offering, if consummated, are expected to provide sufficient funding to progress the business objectives and milestones as disclosed in this Prospectus.

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The Company intends to use the net proceeds from the Offering and the Concurrent Offering for the following purposes:

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| | | |
|:---|:---|:---|
|  | **Approximate**<br>**Use of Net Proceeds**<br>**($'000)** | **Approximate**<br>**Use of Net Proceeds**<br>**($'000)** |
| **Activity or Nature of Expenditure** | **Closing of the<br>Offering** | **Closing of the<br>Offering and the<br>Concurrent<br>Offering<sup>(2)</sup>** |
|  Engineering | $75000 | $75000 |
|  Rook I Pre-Production Capital Costs<sup>(1)</sup> | $254000 | $744000 |
|  General Corporate Purposes | $50000 | $90000 |
|  **Total** | $379000 | $909000 |

---

(1) Includes approximately $295 million for long-lead procurement, a portion of which is expected to occur
prior to receipt of a Canadian Nuclear Safety Commission ()"**CNSC**") licence, with the balance and all construction activities subject to receipt of such licence and a final investment decision by the board of directors of the
Company.

(2) If the Company does not complete the Concurrent Offering, such use of the net proceeds of the Offering and
Concurrent Offering (and the corresponding expenditures under "Business Objectives and Milestones" below) will be prioritized to advance engineering of the Rook I Project, long-lead procurement and then major construction.

The above allocation represents the Company's current intentions with respect to its use of proceeds, based on current knowledge, planning and expectations of management of the Company. Actual expenditures may differ from the estimates set forth above, and there may be circumstances where, for sound business reasons, a reallocation of the net proceeds may be necessary or prudent. The actual amount that the Company spends in connection with each of the intended uses of proceeds may vary significantly from the amounts specified above and will depend on a number of factors, including those referred to under "Risk Factors" herein, in the AIF and in the other documents incorporated by reference herein.

Until used for the above purposes, the Company may invest the net proceeds of this Offering that it does not immediately require in short-term marketable debt securities, cash balances, certificates of deposit, and other instruments issued by banks or guaranteed by the government of Canada, or add them to general working capital.

The Company does not have revenues and has historically had negative cash flow from operating activities. The Company has funded its operations and project development solely through equity and debt financings. The Company anticipates it will continue to have negative cash flow from operating activities in future periods until profitable commercial production is achieved (if at all) at the Rook I Project. As a result, a portion of the net proceeds allocated to General Corporate Purposes may be used to fund negative cash flow from operating activities in future periods. See "*Risk Factors*" herein, in the AIF and in other documents incorporated by reference herein.

**Business Objectives and Milestones** 

The Company's business objectives to be funded from the net proceeds of the Offering and Concurrent Offering, if consummated, are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Advance Engineering of the Rook I Project** 

An aggregate of $75 million has been allocated to advance engineering activities for the Rook I Project. Work is progressing to a detailed engineering level across multiple areas, including shaft sinking, water treatment works, and above- and below-ground infrastructure. These costs are expected to cover engineering through the CNSC's licencing process and into the construction phase.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Rook I Pre-Production Capital Costs** 

The Company has allocated $744 million to pre-production capital costs, which are expected to be deployed in two main components, as outlined below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Long-Lead Procurement (approximately $295 million)** 

Proceeds will be used to fund procurement of major equipment and materials that require early commitments, including contracts for maintenance and warehouse facilities, site electrical infrastructure, above ground processing equipment, and bulk construction materials. Certain payments are expected in the near term, with additional commitments continuing through the construction phase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Major Construction (approximately $449 million)** 

Following receipt of a CNSC licence, proceeds will be used to fund construction activities, including shaft sinking (with associated ground preparation and headworks), site earthworks, freeze plant installation, and surface facility installations. The Company currently anticipates receiving the licence in 2026, although actual timing is uncertain and subject to risks described under "Risk Factors" herein, in the AIF and in the other documents incorporated by reference herein.

The Company will require additional financing over and above the Offering and Concurrent Offering in order to meet its longer-term business objectives, and there can be no assurances that such financing sources will be available as and when needed. Historically, the Company has funded its operations and project development solely through equity and debt financings. The availability of future financing will depend on a number of factors, including project progress, market conditions, and investor sentiment. If additional financing is not available on acceptable terms, the Company's planned work programs may be postponed, or otherwise revised, as necessary. See "Risk Factors" herein, in the AIF and in the other documents incorporated by reference herein.

Prospective investors are cautioned that the above represents the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those described above. See "Cautionary Statement On Forward-Looking Information".

The proposed use of proceeds has been reviewed and approved as being reasonable by Mr. Simon Allard, P.Eng., Vice President, Commercial, a Qualified Person for purposes of NI 43-101.

**DESCRIPTION OF SECURITIES BEING DISTRIBUTED** 

**Common Shares** 

The Company's authorized capital consists of one class of Common Shares without par value. The Company is authorized to issue an unlimited number of Common Shares. Each Common Share is entitled to one vote. As at October 8, 2025, prior to giving effect to the Offering, 575,271,968 Common Shares were issued and outstanding.

All of the Common Shares are of the same class and rank equally as to voting rights, dividends and participation in assets of the Company on winding-up or dissolution. There are no pre-emptive rights or conversion rights, and no provisions for redemption or purchase for cancellation, surrender, or sinking or purchase funds, except that the Company's articles provide that the Company may, if authorized by a resolution of the directors, purchase or otherwise acquire any of its Common Shares at the price and upon the terms specified in such resolution and subject to the BCBCA. Provisions as to creation, modification, amendment or variation of such rights or such provisions are contained in the BCBCA.

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Subject to the provisions of the BCBCA, the board of directors of the Company may declare dividends payable to the Company's shareholders according to their respective rights and interest in the Company. Dividends may be paid in money or property or by issuing fully paid Common Shares. See "*Dividend Policy*".

**TRADING PRICE AND VOLUME** 

The Common Shares are listed and posted for trading on the TSX under the symbol "NXE". On October 8, 2025, the last trading day prior to the date of this Prospectus, the closing price of the Common Shares on the TSX was $12.22. In addition, the Common Shares are listed on the NYSE under the symbol "NXE". On October 8, 2025, the last trading day prior to the date of this Prospectus, the closing price of the Common Shares on the NYSE was US$8.76. The Common Shares also trade in the form of CDIs on the ASX under the symbol "NXG". On October 8, 2025, the last trading day prior to the date of this Prospectus, the closing price of the CDIs on the ASX was A$13.55.

The following table sets forth the reported price range and the trading volume for the Common Shares on the TSX and NYSE and the CDIs on the ASX for the 12-month period prior to the date of this Prospectus.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Month** | **High**<br>**TSX ($)** | **Low**<br>**TSX ($)** | **Volume**<br>**TSX** | **High**<br>**NYSE<br>(US$)** | **Low**<br>**NYSE<br>(US$)** | **Volume**<br>**NYSE** | **High ASX<br>(A$)** | **Low ASX<br>(A$)** | **Volume<br>ASX** |
| **2024** |  |  |  |  |  |  |  |  |  |
|  October | 11.60 | 8.83 | 31698070 | 8.45 | 6.54 | 26382891 | 12.37 | 9.41 | 15183248 |
|  November | 12.51 | 9.67 | 38861250 | 8.96 | 6.96 | 28857554 | 13.53 | 10.71 | 12942402 |
|  December | 12.06 | 9.38 | 24741196 | 8.60 | 6.51 | 26183867 | 13.19 | 10.76 | 5541327 |
| **2025** |  |  |  |  |  |  |  |  |  |
|  January | 11.07 | 8.73 | 36979106 | 7.72 | 6.07 | 29328971 | 12.10 | 9.80 | 4420320 |
|  February | 9.66 | 7.36 | 29090935 | 6.76 | 5.10 | 28854213 | 10.89 | 8.37 | 12472605 |
|  March | 7.72 | 6.17 | 45358445 | 5.35 | 4.30 | 46152174 | 8.65 | 7.16 | 13012386 |
|  April | 7.57 | 5.59 | 33748874 | 5.48 | 3.91 | 40284390 | 8.89 | 6.44 | 12258046 |
|  May | 9.07 | 7.10 | 35833366 | 6.60 | 5.16 | 37101377 | 10.16 | 8.05 | 15982448 |
|  June | 9.81 | 8.21 | 35987435 | 7.25 | 5.98 | 38057523 | 10.98 | 9.23 | 9939168 |
|  July | 10.20 | 8.73 | 41243679 | 7.45 | 6.37 | 33723022 | 11.30 | 9.66 | 8995983 |
|  August | 11.38 | 8.68 | 37506539 | 8.27 | 6.26 | 31577633 | 12.09 | 9.98 | 9719737 |
|  September | 13.1 | 10.28 | 45899785 | 9.42 | 7.46 | 42313026 | 14 | 11.4 | 13221863 |
|  October 1-8 | 13.0 | 11.95 | 18795064 | 9.32 | 8.565 | 16266211 | 13.75 | 13.11 | 4875628 |
|  **Total for Periods** |  |  | 455743744 |  |  | 425082852 |  |  | 138565161 |

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**PRIOR SALES** 

The Company has not issued any Common Shares (or securities convertible into Common Shares) for the 12 months prior to the date of this Prospectus except as set out below:

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| | | | |
|:---|:---|:---|:---|
| **Date Issued** | **Number of Securities Issued** | **Issue/Exercise/<br>Conversion Price<br>Per Security ($)** | **Issue/Exercise/<br>Conversion Price<br>Per Security ($)** |
|  October 15, 2024 | Options to purchase up to 250,000<br>Common Shares |  | 9.77 |
|  November 20, 2024 | 20,000 Common Shares<sup>(1)</sup> |  | 7.45 |
|  November 22, 2024 | 33,333 Common Shares<sup>(1)</sup> |  | 3.24 |
|  November 26, 2024 | 35,000 Common Shares<sup>(1)</sup> |  | 4.79 |
|  December 6, 2024 | 2,700,000 Common Shares<sup>(1)</sup> |  | 1.59 |
|  December 6, 2024 | 100,000 Common Shares<sup>(1)</sup> |  | 1.59 |
|  December 9, 2024 | 200,000 Common Shares<sup>(1)</sup> |  | 1.59 |
|  December 10, 2024 | 205,763 Common Shares<sup>(2)</sup> | US$ | 8.02 |
|  December 10, 2024 | 498,821 Common Shares<sup>(3)</sup> | US$ | 8.02 |
|  December 11, 2024 | 25,000 Common Shares<sup>(1)</sup> |  | 1.59 |
|  December 12, 2024 | 25,000 Common Shares<sup>(1)</sup> |  | 1.59 |
|  December 16, 2024 | 250,000 Common Shares<sup>(1)</sup> |  | 5.16 |
|  December 20, 2024 | Options to purchase up to 3,878,000<br>Common Shares |  | 10.05 |
|  March 28, 2025 | 100,000 Common Shares<sup>(1)</sup> |  | 5.57 |
|  April 1, 2025 | 280,000 Common Shares<sup>(1)</sup> |  | 5.67 |
|  April 1, 2025 | 100,000 Common Shares<sup>(1)</sup> |  | 5.57 |
|  April 10, 2025 | 100,000 Common Shares<sup>(1)</sup> |  | 5.57 |
|  May 13, 2025 | 50,000 Common Shares<sup>(1)</sup> |  | 5.52 |
|  May 26, 2025 | 250,000 Common Shares<sup>(1)</sup> |  | 1.80 |
|  May 27, 2025 | 25,000 Common Shares<sup>(1)</sup> |  | 1.80 |
|  June 2, 2025 | 100,000 Common Shares<sup>(1)</sup> |  | 7.51 |
|  June 5, 2025 | 25,000 Common Shares<sup>(1)</sup> |  | 1.80 |
|  June 10, 2025 | 277,073 Common Shares<sup>(2)</sup> | US$ | 5.96 |
|  June 10, 2025 | 629,712 Common Shares<sup>(3)</sup> | US$ | 5.96 |
|  July 24, 2025 | 191,667 Common Shares<sup>(1)</sup> |  | 5.78 |
|  August 6, 2025 | 60,000 Common Shares<sup>(1)</sup> |  | 5.64 |
|  August 11, 2025 | 250,000 Common Shares<sup>(1)</sup> |  | 1.80 |
|  August 12, 2025 | 2,900,000 Common Shares<sup>(1)</sup> |  | 1.80 |
|  August 14, 2025 | 10,000 Common Shares<sup>(1)</sup> |  | 6.99 |
|  August 15, 2025 | Options to purchase up to 4,250,000<br>Common Shares |  | 9.37 |
|  August 18, 2025 | 250,000 Common Shares<sup>(1)</sup> |  | 1.80 |
|  August 21, 2025 | 20,000 Common Shares<sup>(1)</sup> |  | 5.57 |
|  August 22, 2025 | 66,667 Common Shares<sup>(1)</sup> |  | 9.33 |
|  August 26, 2025 | 25,000 Common Shares<sup>(1)</sup> |  | 5.57 |
|  September 2, 2025 | 66,666 Common Shares<sup>(1)</sup> |  | 3.24 |
|  September 9, 2025 | 16,666 Common Shares<sup>(1)</sup> |  | 7.51 |
|  September 10, 2025 | 50,000 Common Shares<sup>(1)</sup> |  | 4.53 |
|  September 11, 2025 | 33,336 Common Shares<sup>(1)</sup> |  | 5.44 |
|  September 16, 2025 | 50,000 Common Shares<sup>(1)</sup> |  | 9.33 |
|  September 23, 2025 | 16,667 Common Shares<sup>(1)</sup> |  | 7.51 |
|  September 24, 2025 | 150,000 Common Shares<sup>(1)</sup> |  | 5.84 |
|  October 2, 2025 | 90,000 Common Shares<sup>(1)</sup> |  | 5.62 |

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Notes:

(1) Issued in connection with the exercise of stock options.

(2) Common Shares issued in connection with interest payments on the US$110 million aggregate principal amount
of 9.0% unsecured convertible debentures.

(3) Common Shares issued in connection with interest payments on the US$250 million aggregate principal amount
of 9.0% unsecured convertible debentures.

**DIVIDEND POLICY** 

Although not restricted from doing so, the Company has not paid any dividends since incorporation and the Company does not expect to pay dividends in the foreseeable future. Payment of dividends in the future will be made at the discretion of the Company's board of directors based upon, among other things, cash flow, the results of operations and financial condition of the Company, the need for funds to finance ongoing operations and such other considerations as the board of directors considers relevant.

**PLAN OF DISTRIBUTION** 

Pursuant to the North American Underwriting Agreement, the Company has agreed to sell and the North American Underwriters have agreed to purchase, as principals, on the Closing Date, all, but not less than all, of the Offered Shares at a price of $12.08 per Offered Share for aggregate gross proceeds of $400,000,002.64, payable in cash to the Company against delivery of the Offered Shares, subject to compliance with all necessary legal requirements and to the conditions contained in the North American Underwriting Agreement. The North American Underwriting Agreement provides for the Company to pay the North American Underwriters a fee of $0.604 per Offered Share (or 5.0% of the total gross proceeds of the Offering), being an aggregate commission of $20,000,000.13, for their services performed in connection with the Offering, upon completion of the Offering.

The obligations of the North American Underwriters under the North American Underwriting Agreement are several and not joint, nor joint and several, and subject to compliance with all legal requirements and the conditions contained in the North American Underwriting Agreement. Each North American Underwriter may terminate its obligations under the North American Underwriting Agreement at its discretion on the basis of a "material change out", "disaster out", "regulatory out", "breach out" and upon the occurrence of certain other stated events. The North American Underwriters are, however, obligated to take up and pay for all of the Offered Shares if any of the Offered Shares are purchased under the North American Underwriting Agreement. The Offering Price was determined by arm's length negotiation between the Company and the North American Underwriters, with reference to the prevailing market price of the Common Shares on the TSX and NYSE, and the prevailing market price of the CDIs on the ASX.

The Offering is being made concurrently in each of the provinces and territories of Canada, other than Québec, and in the United States pursuant to the MJDS. The Offered Shares will be offered in Canada and the United States by the North American Underwriters either directly or through their respective Canadian or U.S. broker-dealer affiliates or agents, as applicable. Offers and sales of Offered Shares outside the United States and Canada will be made in accordance with applicable securities laws in Canada, the United States and such other jurisdictions. The Company is not making an offer to sell or a solicitation of an offer to buy the Offered Shares in any jurisdiction where such offer or solicitation is not permitted.

The North American Underwriters will not, in any capacity, be involved in the selling of any securities pursuant to the Concurrent Offering, and the North American Underwriters undertake no obligation to the Company or to the purchasers under the Concurrent Offering. The completion of the Offering is not conditional upon the completion of the Concurrent Offering and the completion of the Concurrent Offering is not conditional upon the

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completion of the Offering. The Company acknowledges and agrees that the purchasers under the Concurrent Offering do not and will not have any recourse to or any rights against the North American Underwriters, and the North American Underwriters do not and will not have any liability whatsoever to purchasers under or in connection with the Concurrent Offering.

No placement document, prospectus or product disclosure statement has been lodged with the Australian Securities and Investments Commission, in relation to the Offering. This Prospectus does not constitute a prospectus, product disclosure statement or other disclosure document under the Australian Corporations Act, and does not purport to include the information required for a prospectus, product disclosure statement or other disclosure document under the Australian Corporations Act.

Pursuant to the North American Underwriting Agreement, the Company has agreed to pay the North American Underwriters' Fee to the North American Underwriters for their services in connection with the distribution of the Offered Shares.

Subscriptions for the Offered Shares will be received subject to rejection or allotment in whole or in part and the right is reserved to close the subscription books at any time without notice. It is expected that the Company will arrange to electronically deposit the Offered Shares to be issued to purchasers to or for the account of the North American Underwriters with CDS on the Closing Date, against payment by the North American Underwriters to the Company of the aggregate purchase price for the Offered Shares. No certificate evidencing the Offered Shares will be issued to purchasers, except in certain limited circumstances, and registration will be made in the depositary services of CDS. Purchasers of the Offered Shares will receive only a customer confirmation from the North American Underwriters or other registered dealer who is a CDS participant and from or through whom a beneficial interest in the Offered Shares is purchased.

The TSX has conditionally approved the listing of the Offered Shares. Listing on the TSX is subject to the Company fulfilling all of the requirements of the TSX on or before December 30, 2025. The Company has applied for the listing of the Offered Shares on the NYSE. Listing on the NYSE will be subject to the Company fulfilling all the listing requirements of the NYSE.

The Offering is expected to close on or about October 15, 2025. Under Rule 15c6-1 under the Exchange Act, trades in the secondary market generally are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade their Offered Shares on the date of this Prospectus will be required, by virtue of the fact that the Offered Shares initially will not settle T+1, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of Offered Shares who wish to trade such Offered Shares should consult their own advisor.

Pursuant to the rules and/or policy statements of certain Canadian provincial securities commissions, the North American Underwriters may not, throughout the period of distribution under this Prospectus, bid for or purchase Common Shares for their own account or for accounts over which they exercise control or direction. The foregoing restriction is subject to certain exceptions, provided that the bid or purchase is not engaged in for the purpose of creating actual or apparent active trading in, or raising the price of, the Common Shares. These exceptions include a bid or purchase permitted under the Universal Market Integrity Rules administered by the Canadian Investment Regulatory Organization relating to market stabilization and passive market-making activities and a bid or purchase made for, or on behalf of, a customer where the order was not solicited during the period of distribution.

The North American Underwriters propose to offer the Offered Shares initially at the Offering Price. After the North American Underwriters have made a reasonable effort to sell all of the Offered Shares at the Offering Price, the offering price of the Offered Shares may be decreased and may be further changed from time to time to an amount not greater than the Offering Price, and the compensation realized by those North American Underwriters who sell their proportionate share of the Offered Shares at a reduced price will be decreased by the

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amount that the aggregate price paid by purchasers for such Offered Shares is less than the price paid by the applicable North American Underwriters to the Company. Notwithstanding any reduction by the North American Underwriters in the offering price of the Offered Shares, the Company will still receive net proceeds of $11.476 per Offered Share after payment of the North American Underwriters' Fee, but before payment of the other expenses of the Offering.

The Company has agreed in the North American Underwriting Agreement to reimburse the North American Underwriters for out-of-pocket expenses and reasonable legal fees in connection with the Offering.

The Company has agreed to indemnify each of the North American Underwriters and their affiliates and their respective directors, officers, employees, advisors and agents against certain liabilities and to contribute to payments that the North American Underwriters may be required to make in respect thereof.

Except as contemplated by the North American Underwriting Agreement, the Company has agreed not to, directly or indirectly, issue, offer, pledge, purchase, sell, grant any option, right or warrant to purchase or otherwise dispose of any Common Shares or securities convertible into or exchangeable for Common Shares or agree to do any of the foregoing or publicly announce any intention to do any of the foregoing for a period of 90 days following the Closing Date (the "**Lock-Up Period**") without the prior written consent of the North American Underwriters, other than: (i) issuing Common Shares or securities convertible into or exchangeable for Common Shares pursuant to any equity incentive plan, stock ownership or purchase plan, dividend reinvestment plan or other equity plan in effect on the date of the North American Underwriting Agreement; or (ii) issuing Common Shares issuable upon the conversion, exchange or exercise of any outstanding convertible securities including warrants or options outstanding on the date of the North American Underwriting Agreement.

The Company has also agreed to cause each of its directors and executive officers to enter into lock-up agreements evidencing their agreement to not offer, sell, contract to sell, transfer, assign, pledge, grant any option to purchase, make any short sale or otherwise dispose of or monetize any Common Shares or any options or warrants to purchase any Common Shares, or any other securities convertible into or exchangeable for, Common Shares for a period of 90 days following the Closing Date, other than: (i) with the prior written consent of the North American Underwriters; (ii) to sell, transfer or tender locked-up securities (or any of them) to a bona fide take-over bid made to all holders of Common Shares of the Company or in connection with a merger, business combination, arrangement, consolidation, reorganization, restructuring or similar transaction (a "**reorganization**") involving the Company; provided, however, that in such case it shall be a condition of the sale, transfer or tender that if such take-over bid or reorganization is not completed during the Lock-Up Period, any locked-up securities shall remain subject the lock-up; and (iii) to exercise any options or warrants provided that any underlying securities issued by the Company on such exercise remain part of the locked-up securities, except that with respect to those currently granted and outstanding options and warrants that expire during the Lock-Up Period the disposition of Common Shares there underlying shall not be restricted.

**CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS** 

The following is a summary of the principal Canadian federal income tax considerations under the Income Tax Act (Canada) and the regulations thereunder (collectively, the "**Tax Act**") generally applicable to a holder who acquires Offered Shares under the Offering and who, for purposes of the Tax Act and at all relevant times, deals at arm's length with, and is not affiliated with, the Company or the North American Underwriters and acquires and holds the Offered Shares as capital property (a "**Holder**"). Generally, the Offered Shares will be considered to be capital property to a Holder thereof provided that the Holder does not use or hold the Offered Shares in the course of carrying on a business of buying and selling securities and such Holder has not acquired them in one or more transactions considered to be an adventure or concern in the nature of trade.

This summary does not apply to a Holder (i) that is a "financial institution" for purposes of the mark-to-market rules contained in the Tax Act; (ii) that is a "specified financial institution" as defined in the Tax Act; (iii) an interest in which is a "tax shelter investment" as defined in the Tax Act; (iv) that has elected to report its tax

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results in a "functional currency" (as defined in the Tax Act, which excludes Canadian currency); (v) that has entered or will enter into, with respect to the Offered Shares, a "derivative forward agreement" or a "synthetic disposition agreement", as those terms are defined in the Tax Act, (vi) that receives dividends on the Offered Shares under or as part of a "dividend rental arrangement" as defined in the Tax Act or (vii) that is exempt from tax under the Tax Act. Additional considerations, not discussed herein, may be applicable to a Holder that is a corporation resident in Canada (or does not deal at arm's length with a corporation resident in Canada) that is, or becomes as part of a transaction or event or series of transactions or events that includes the acquisition of the Offered Shares, controlled by a non-resident person, or group of persons that do not deal with each other at arm's length for the purposes of the "foreign affiliate dumping" rules in section 212.3 of the Tax Act. Such Holders should consult their own tax advisors with respect to an investment in Offered Shares. This summary does not address the deductibility of interest by a Holder who has borrowed money or otherwise incurred debt in connection with the acquisition of Offered Shares.

This summary is based on the facts set out in this Prospectus, the provisions of the Tax Act in force as of the date prior to the date hereof and counsel's understanding of the current administrative policies and assessing practices of the Canada Revenue Agency (the "**CRA**") published in writing by the CRA and publicly available prior to the date hereof. This summary takes into account all specific proposals to amend the Tax Act publicly and officially announced by or on behalf of the Minister of Finance (Canada) prior to the date hereof (the "**Tax Proposals**") and assumes that the Tax Proposals will be enacted in the form proposed, although no assurance can be given that the Tax Proposals will be enacted in their current form or at all. This summary does not otherwise take into account or anticipate any changes in law or in the administrative policies or assessing practices of the CRA, whether by way of judicial, legislative or governmental decision or action. This summary is not exhaustive of all possible Canadian federal income tax considerations, and does not take into account other federal or any provincial, territorial or foreign income tax legislation or considerations, which may differ materially from those described in this summary.

This summary is not exhaustive of all possible Canadian federal income tax considerations, is of a general nature only and is not, and is not intended to be, and should not be construed to be, legal or tax advice to any particular Holder, and no representations concerning the tax consequences to any particular Holder are made. The tax consequences of acquiring, holding and disposing of Offered Shares will vary according to the Holder's particular circumstances. Holders should consult their own tax advisors regarding the tax considerations applicable to them having regard to their particular circumstances.

**Currency Conversion** 

Generally, for purposes of the Tax Act, all amounts relating to the acquisition, holding or disposition of Offered Shares (including dividends, adjusted cost base and proceeds of disposition) must be computed in Canadian dollars based on the applicable exchange rate determined in accordance with the Tax Act.

**Taxation of Resident Holders** 

The following portion of the summary applies to a Holder who, for purposes of the Tax Act and any applicable income tax treaty or convention, is or is deemed to be resident in Canada at all relevant times (a "**Resident Holder**"). A Resident Holder to whom Offered Shares might not constitute capital property may make, in certain circumstances, an irrevocable election permitted by subsection 39(4) of the Tax Act to have the Offered Shares, and all other "Canadian securities" as defined in the Tax Act, held by such Resident Holder in the taxation year of the election and in all subsequent taxation years, treated as capital property. Resident Holders should consult their own tax advisors regarding this election.

*Dividends on Offered Shares* 

Dividends (including deemed dividends) received on the Offered Shares by a Resident Holder who is an individual (other than certain trusts) will be included in the individual's income and will be subject to the

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gross-up and dividend tax credit rules applicable to "taxable dividends" received by individuals from "taxable Canadian corporations", each as defined in the Tax Act, including the enhanced dividend tax credit rules applicable to any dividends designated by the Company as "eligible dividends" in accordance with the Tax Act. There may be limits on the ability of the Company to designate dividends as eligible dividends.

Dividends received by individuals (other than certain trusts) may give rise to minimum tax under the Tax Act, depending on the individual's circumstances. Resident Holders who are individuals should consult their own tax advisors in this regard.

Dividends (including deemed dividends) received on the Offered Shares by a Resident Holder that is a corporation will be included in computing the corporation's income and will generally be deductible in computing its taxable income. In certain circumstances, subsection 55(2) of the Tax Act will treat a taxable dividend received (or deemed to be received) by a Resident Holder that is a corporation as proceeds of disposition or a capital gain. Resident Holders that are corporations are urged to consult their own tax advisors having regard to their particular circumstances.

A Resident Holder that is a "private corporation" or a "subject corporation", each as defined in the Tax Act, may be liable to pay a tax (refundable in certain circumstances) under Part IV of the Tax Act on dividends received (or deemed to be received) on the Offered Shares to the extent that such dividends are deductible in computing such Resident Holder's taxable income. A "subject corporation" is generally a corporation (other than a private corporation) resident in Canada and controlled directly or indirectly by or for the benefit of an individual (other than a trust) or a related group of individuals (other than trusts).

*Disposition of Offered Shares* 

Generally, upon a disposition (or a deemed disposition) of an Offered Share (other than to the Company, unless purchased by the Company on the open market in the manner in which shares are normally purchased by any member of the public in the open market) a Resident Holder will realize a capital gain (or a capital loss) equal to the amount by which the Resident Holder's proceeds of disposition are greater (or less) than the Resident Holder's adjusted cost base of such share and any reasonable costs of the disposition. The adjusted cost base to the Resident Holder of an Offered Share acquired pursuant to the Offering will be determined by averaging the cost of such share with the adjusted cost base of all Common Shares owned by the Resident Holder as capital property immediately before the time of acquisition, if any. The tax treatment of capital gains and capital losses is discussed below under "Taxation of Capital Gains and Capital Losses".

*Taxation of Capital Gains and Capital Losses* 

Generally, one-half of any capital gain (a "**taxable capital gain**"), realized by a Resident Holder in a taxation year must be included in the Resident Holder's income for that year and one-half of any capital loss (an "**allowable capital loss**") realized by a Resident Holder in a taxation year must be deducted against taxable capital gains realized by the Resident Holder in the year. Allowable capital losses in excess of taxable capital gains realized in a particular taxation year generally may be carried back and deducted in any of the three preceding taxation years or carried forward and deducted in any subsequent taxation year against net taxable capital gains (but not against other income) realized by the Resident Holder in such years, to the extent and in the circumstances described in the Tax Act. Capital gains realized by an individual (other than certain trusts) may give rise to minimum tax.

The amount of any capital loss realized by a Resident Holder that is a corporation on the disposition (or deemed disposition) of an Offered Share may be reduced by the amount of any dividends received (or deemed to be received) by the Resident Holder on such share (or a share substituted for such share) to the extent and under the circumstances described in the Tax Act. Similar rules may apply where an Offered Share is owned by a partnership or trust of which a corporation, trust or partnership is a member or beneficiary.

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A Resident Holder that is throughout the relevant taxation year a "Canadian-controlled private corporation" as defined in the Tax Act or a "substantive CCPC" as defined in the Tax Act, may be liable for an additional tax (refundable in certain circumstances) on its "aggregate investment income" which is defined in the Tax Act to include an amount in respect of taxable capital gains.

**Taxation of Non-Resident Holders** 

This portion of the summary is applicable to a Holder who, at all relevant times, is neither resident in Canada nor deemed to be resident in Canada for purposes of the Tax Act and any applicable income tax treaty or convention, and who does not use or hold, (and is not deemed to use or hold) the Offered Shares in connection with carrying on a business (including an adventure or concern in the nature of trade) in Canada (a "**Non-Resident Holder**").

Special rules, which are not discussed in this summary, may apply to a Non-Resident Holder that is an insurer carrying on business in Canada and elsewhere or is an "authorized foreign bank" (as defined in the Tax Act). Such Non-Resident Holders should consult their own tax advisors with respect to an investment in Offered Shares.

*Dividends on Offered Shares* 

Dividends paid or credited (or deemed to be paid or credited) to a Non-Resident Holder by the Company will be subject to Canadian withholding tax at the rate of 25%, subject to a reduction of such rate under the terms of an applicable income tax treaty or convention. In general, in the case of a Non-Resident Holder who is a resident of the United States for purposes of the *Canada-United States Tax Convention (1980)*, as amended (the "**Treaty**"), who is the beneficial owner of the dividend, and who qualifies for full benefits of the Treaty, the rate of such withholding tax will be reduced to 15% (or 5% if the beneficial owner of such dividend is a company that owns, directly or indirectly, at least 10% of the voting stock of the Company). The *Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting* (the "**MLI**") of which Canada is a signatory, affects many of Canada's tax treaties (but not the Treaty), including the ability to claim benefits thereunder. Non-Resident Holders are urged to consult their own advisors to determine their entitlement to relief under an applicable income tax treaty or convention.

*Disposition of Offered Shares* 

A Non-Resident Holder generally will not be subject to tax under the Tax Act in respect of a capital gain realized on the disposition or deemed disposition of an Offered Share unless the Offered Share constitutes (or is deemed to constitute) "taxable Canadian property" of such Non-Resident Holder for purposes of the Tax Act, and the gain is not exempt from tax pursuant to the terms of an applicable income tax treaty or convention (including as a result of the application of the MLI).

Provided the Offered Shares are listed on a "designated stock exchange" as defined in the Tax Act (which currently includes the TSX) at the time of disposition, the Offered Shares generally will not constitute taxable Canadian property of a Non-Resident Holder unless, at any time during the 60-month period immediately preceding the disposition the following two conditions are met concurrently: (i) 25% or more of the issued shares of any class or series of the capital stock of the Company were owned by or belonged to any combination of (a) the Non-Resident Holder, (b) persons with whom the Non-Resident Holder did not deal at arm's length, and (c) partnerships in which the Non-Resident Holder or a person described in (b) holds a membership interest directly or indirectly through one or more partnerships; and (ii) more than 50% of the fair market value of such shares was derived, directly or indirectly, from any combination of real or immovable property situated in Canada, "Canadian resource property" (as defined in the Tax Act), "timber resource property" (as defined in the Tax Act), or options in respect of, interests in, or for civil law rights in such properties, whether or not such property exists. Notwithstanding the foregoing, Offered Shares may be deemed to be taxable Canadian property in certain circumstances specified in the Tax Act.

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If the Offered Shares are taxable Canadian property of a Non-Resident Holder, any capital gain realized on the disposition or deemed disposition of such Offered Shares may not be subject to tax under the Tax Act pursuant to the terms of an applicable income tax treaty or convention. Non-Resident Holders whose Offered Shares constitute taxable Canadian property should consult their own tax advisors.

In the event that the Offered Shares are, or are deemed to be, taxable Canadian property of a Non-Resident Holder and any capital gain that would be realized on the disposition thereof is not exempt from tax under the Tax Act pursuant to an applicable income tax convention or treaty (including as a result of the application of the MLI), the income tax consequences discussed above for Resident Holders, under "*Taxation of Resident Holders – Disposition of Offered Shares"* and "*Taxation of Resident Holders – Taxation of Capital Gains and Capital Losses*" will generally apply to the Non-Resident Holder, but any such Non-Resident Holder should consult its own tax advisor in this regard.

**CERTAIN UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS** 

The following is a general summary of certain material U.S. federal income tax considerations applicable to a U.S. Holder (as defined below) arising from and relating to the acquisition, ownership and disposition of the Offered Shares acquired pursuant to this Offering.

This summary is for general information purposes only and does not purport to be a complete analysis or listing of all potential U.S. federal income tax considerations that may apply to a U.S. Holder arising from and relating to the acquisition, ownership and disposition of Offered Shares acquired pursuant to this Offering. In addition, this summary does not take into account the individual facts and circumstances of any particular U.S. Holder that may affect the U.S. federal income tax considerations relevant to such U.S. Holder, including, without limitation, specific tax consequences to a U.S. Holder under an applicable tax treaty. Accordingly, this summary is not intended to be, and should not be construed as, legal or tax advice with respect to any U.S. Holder. This summary does not address the U.S. federal net investment income tax, U.S. federal alternative minimum tax, U.S. federal estate and gift tax, U.S. state and local tax, and non-U.S. tax consequences to U.S. Holders of the acquisition, ownership, and disposition of Offered Shares. In addition, except as specifically set forth below, this summary does not discuss applicable tax reporting requirements. Each prospective U.S. Holder should consult its own tax advisor regarding the U.S. federal, U.S. state and local, and non-U.S. tax consequences relating to the acquisition, ownership and disposition of Offered Shares.

No ruling from the Internal Revenue Service (the "**IRS**") has been requested, or will be obtained, regarding the U.S. federal income tax consequences of the acquisition, ownership and disposition of Offered Shares. This summary is not binding on the IRS, and the IRS is not precluded from taking a position that is different from, or contrary to, the positions taken in this summary. In addition, because the authorities on which this summary is based are subject to various interpretations, the IRS and the U.S. courts could disagree with one or more of the conclusions described in this summary.

**THE FOLLOWING SUMMARY IS FOR GENERAL INFORMATION ONLY AND IS NOT INTENDED TO BE, NOR SHOULD IT BE CONSTRUED TO BE, LEGAL OR TAX ADVICE TO ANY HOLDER OR PROSPECTIVE HOLDER OF OFFERED SHARES AND NO OPINION OR REPRESENTATION WITH RESPECT TO THE U.S. FEDERAL INCOME TAX CONSEQUENCES TO ANY SUCH HOLDER OR PROSPECTIVE HOLDER IS MADE. PROSPECTIVE HOLDERS SHOULD CONSULT THEIR OWN TAX ADVISORS AS TO THE PARTICULAR CONSEQUENCES TO THEM UNDER U.S. FEDERAL, STATE AND LOCAL, AND APPLICABLE NON-U.S., TAX LAWS OF THE ACQUISITION, OWNERSHIP AND DISPOSITION OF OFFERED SHARES.** 

This summary is based on the Internal Revenue Code of 1986, as amended (the "**Code**"), Treasury Regulations (whether final, temporary, or proposed) promulgated under the Code, published rulings of the IRS, published

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administrative positions of the IRS, the current provisions of the Treaty, and U.S. court decisions that are applicable, and, in each case, as in effect and available, as of the date of this document. Any of the authorities on which this summary is based could be changed in a material and adverse manner at any time, and any such change could be applied retroactively. This summary does not discuss the potential effects, whether adverse or beneficial, of any proposed legislation that, if enacted, could be applied on a retroactive or prospective basis.

**U.S. Holders** 

For purposes of this summary, the term "U.S. Holder" means a beneficial owner of Offered Shares acquired pursuant to this Offering that is, for U.S. federal income tax purposes:

• an individual who is a citizen or resident of the United States;

• a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) organized under the
laws of the United States, any state thereof or the District of Columbia;

• an estate the income of which is subject to U.S. federal income taxation regardless of its source; or

• a trust that (1) is subject to the primary supervision of a court within the United States and the control
of one or more U.S. persons for all substantial decisions or (2) has a valid election in effect under applicable Treasury Regulations to be treated as a U.S. person.

**U.S. Holders Subject to Special U.S. Federal Income Tax Rules Not Addressed** 

This summary does not address the U.S. federal income tax considerations applicable to U.S. Holders that are subject to special provisions under the Code, including, but not limited to, U.S. Holders that: (a) are tax-exempt organizations, qualified retirement plans, individual retirement accounts, or other tax-deferred accounts; (b) are banks, financial institutions, underwriters, insurance companies, real estate investment trusts, or regulated investment companies; (c) are brokers or dealers in securities or currencies or U.S. Holders that are traders in securities or currencies that elect to apply a mark-to-market accounting method; (d) have a "functional currency" other than the U.S. dollar; (e) own Offered Shares as part of a straddle, hedge, conversion transaction, constructive sale, or other integrated transaction; (f) acquired Offered Shares in connection with the exercise or cancellation of employee stock options or otherwise as compensation for services; (g) hold Offered Shares other than as a capital asset within the meaning of Section 1221 of the Code (generally, property held for investment purposes); (h) are partnerships and other pass-through entities (and partners or investors in such partnerships and entities) or are S corporations (and shareholders thereof); (i) are subject to special tax accounting rules in respect of the Offered Shares; (j) own, have owned or will own (directly, indirectly, or by attribution) 10% or more of the total combined voting power or value of the Company's outstanding shares; (k) are U.S. expatriates or former long-term residents of the United States; (l) hold Offered Shares in connection with a trade or business, permanent establishment or fixed base outside the United States; (m) are subject to the alternative minimum tax; or (n) are deemed to sell Offered Shares under the constructive sale provisions of the Code. U.S. Holders that are subject to special provisions under the Code, including U.S. Holders described immediately above, should consult their own tax advisors regarding the U.S. federal, U.S. state and local, and non-U.S. tax consequences relating to the acquisition, ownership and disposition of Offered Shares.

If an entity or arrangement that is classified as a partnership (or other "pass-through" entity) for U.S. federal income tax purposes holds Offered Shares, the U.S. federal income tax consequences to such entity or arrangement and the owners of such entity or arrangement generally will depend on the activities of such entity or arrangement and the status of such partners (or other owners). This summary does not address the tax consequences to any such entity or arrangement or partner (or other owner). Partners (or other owners) of entities or arrangements that are classified as partnerships for U.S. federal income tax purposes are urged to consult their own tax advisor regarding the U.S. federal income tax consequences arising from and relating to the acquisition, ownership, and disposition of Offered Shares.

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**Passive Foreign Investment Company Rules** 

If the Company were to constitute a "passive foreign investment company" within the meaning of Section 1297 of the Code (a "**PFIC**") at any time during a U.S. Holder's holding period, then certain potentially adverse rules would affect the U.S. federal income tax consequences to a U.S. Holders resulting from the acquisition, ownership, and disposition of Offered Shares.

The Company believes that it was classified as a PFIC for its prior tax year, and based on current business plans and financial expectations, the Company expects that it may be a PFIC for its current tax year and may be a PFIC in future tax years. No opinion of legal counsel or ruling from the IRS concerning the status of the Company as a PFIC has been obtained or is currently planned to be requested. PFIC classification is fundamentally factual in nature, generally cannot be determined until the close of the tax year in question, and is determined annually. The determination of whether any corporation was, or will be, a PFIC for a tax year depends, in part, on the application of complex U.S. federal income tax rules, which are subject to differing interpretations. In addition, whether any corporation will be a PFIC for any tax year depends on the assets and income of such corporation over the course of each such tax year and, as a result, the Company's PFIC status for the current year and future years cannot be predicted with certainty as of the date of this Prospectus. Accordingly, there can be no assurance that the IRS will not challenge any PFIC determination made by the Company. Each U.S. Holder should consult its own tax advisor regarding the Company's status as a PFIC and the PFIC status of each non-U.S. subsidiary of the Company.

In any year in which the Company is classified as a PFIC, a U.S. Holder will be required to file an annual report with the IRS containing such information as Treasury Regulations and/or other IRS guidance may require. In addition to penalties, a failure to satisfy such reporting requirements may result in an extension of the time period during which the IRS can assess a tax. U.S. Holders should consult their own tax advisors regarding the requirements of filing such information returns under these rules, including the requirement to file an IRS Form 8621 annually.

The Company generally will be a PFIC if, for a tax year, (a) 75% or more of the gross income of the Company for such tax year is passive income (the "**PFIC income test**") or (b) 50% or more of the value of the assets of the Company either produce passive income or are held for the production of passive income, based on the quarterly average of the fair market value of such assets (the "**PFIC asset test**"). "Gross income" generally includes all sales revenues less the cost of goods sold, plus income from investments and from incidental or outside operations or sources, and "passive income" generally includes, for example, dividends, interest, certain rents and royalties, certain gains from the sale of stock and securities, and certain gains from commodities transactions. Active business gains arising from the sale of commodities generally are excluded from passive income if substantially all of a non-U.S. corporation's commodities are stock in trade or inventory, depreciable property used in a trade or business, or supplies regularly used or consumed in the ordinary course of its trade or business, and certain other requirements are satisfied.

For purposes of the PFIC income test and PFIC asset test described above, if the Company owns, directly or indirectly, 25% or more of the total value of the outstanding shares of another corporation, the Company will be treated as if it (a) held a proportionate share of the assets of such other corporation and (b) received directly a proportionate share of the income of such other corporation. In addition, for purposes of the PFIC income test and PFIC asset test described above, and assuming certain other requirements are met, "passive income" does not include certain interest, dividends, rents, or royalties that are received or accrued by the Company from certain "related persons" (as defined in Section 954(d)(3) of the Code), to the extent such items are properly allocable to the income of such related person that is not passive income.

Under certain attribution rules, if the Company is a PFIC, U.S. Holders will generally be deemed to own their proportionate share of any of the Company's subsidiaries which is also a PFIC (a "**Subsidiary PFIC**"), and will generally be subject to U.S. federal income tax under the "Default PFIC Rules Under Section 1291 of the Code"

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discussed below on their proportionate share of any (i) any "excess distributions," as described below, on the stock of a Subsidiary PFIC and (ii) a disposition or deemed disposition of shares of a Subsidiary PFIC, both as if such U.S. Holders directly held the shares of such Subsidiary PFIC. Accordingly, U.S. Holders should be aware that they could be subject to tax under the PFIC rules even if no distributions are received and no redemptions or other dispositions of Offered Shares are made. In addition, U.S. Holders may be subject to U.S. federal income tax on any indirect gain realized on the stock of a Subsidiary PFIC on the sale or disposition of Offered Shares.

*Default PFIC Rules Under Section 1291 of the Code* 

If the Company is a PFIC for any tax year during which a U.S. Holder owns Offered Shares, the U.S. federal income tax consequences to such U.S. Holder of the acquisition, ownership, and disposition of Offered Shares will depend on whether such U.S. Holder makes a "qualified electing fund" or "**QEF**" election under Section 1295 of the Code (a "**QEF Election**") or makes a mark-to-market election under Section 1296 of the Code (a "**Mark-to-Market Election**") with respect to Offered Shares. A U.S. Holder that does not make either a QEF Election or a Mark-to-Market Election (a "**Non-Electing U.S. Holder**") will be taxable as described below.

A Non-Electing U.S. Holder will be subject to the rules of Section 1291 of the Code (described below) with respect to (a) any gain recognized on the sale or other taxable disposition of Offered Shares and (b) any excess distribution received on the Offered Shares. A distribution generally will be an "excess distribution" to the extent that such distribution (together with all other distributions received in the current tax year) exceeds 125% of the average distributions received during the three preceding tax years (or during a U.S. Holder's holding period for the Offered Shares, if shorter).

Under Section 1291 of the Code, any gain recognized on the sale, exchange or other taxable disposition of Offered Shares of a PFIC (including an indirect disposition of shares of a Subsidiary PFIC), and any excess distribution received on such Offered Shares (or a distribution by a Subsidiary PFIC to its shareholder that is deemed to be received by a U.S. Holder) must be ratably allocated to each day in a Non-Electing U.S. Holder's holding period for the Offered Shares. The amount of any such gain or excess distribution allocated to the tax year of disposition or distribution of the excess distribution and to years before the entity became a PFIC, if any, would be taxed as ordinary income (and not eligible for certain preferential tax rates, as discussed below). The amounts allocated to any other tax year would be subject to U.S. federal income tax at the highest tax rate applicable to ordinary income in each such year, and an interest charge would be imposed on the tax liability for each such year, calculated as if such tax liability had been due in each such year. A Non-Electing U.S. Holder that is not a corporation must treat any such interest paid as "personal interest," which is not deductible.

If the Company is a PFIC for any tax year during which a Non-Electing U.S. Holder holds Offered Shares, it will continue to be treated as a PFIC with respect to such Non-Electing U.S. Holder, regardless of whether it ceases to be a PFIC in one or more subsequent tax years. If the Company ceases to be a PFIC, a Non-Electing U.S. Holder may terminate this deemed PFIC status with respect to Offered Shares by electing to recognize gain (which will be taxed under the rules of Section 1291 of the Code, as discussed above), but not loss, as if such Offered Shares were sold on the last day of the last tax year for which the Company was a PFIC.

*QEF Election* 

A U.S. Holder that makes a timely and effective QEF Election for the first tax year in which the holding period of its Offered Shares begins generally will not be subject to the rules of Section 1291 of the Code discussed above with respect to its Offered Shares. However, a U.S. Holder that makes a timely and effective QEF Election will be subject to U.S. federal income tax on such U.S. Holder's pro rata share of (a) the Company's net capital gain, which will be taxed as long-term capital gain to such U.S. Holder, and (b) the Company's ordinary earnings, which will be taxed as ordinary income to such U.S. Holder. Generally, "net capital gain" is the excess of (a) net long-term capital gain over (b) net short-term capital loss, and "ordinary earnings" are the excess of (a) "earnings and profits" over (b) net capital gain. A U.S. Holder that makes a QEF Election will be subject to U.S.

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federal income tax on such amounts for each tax year in which the Company is a PFIC, regardless of whether such amounts are actually distributed to such U.S. Holder by the Company. However, for any tax year in which the Company is a PFIC and has no net income or gain, U.S. Holders that have made a QEF Election would not have any income inclusions as a result of the QEF Election. If a U.S. Holder that made a QEF Election has an income inclusion, such a U.S. Holder may, subject to certain limitations, elect to defer payment of current U.S. federal income tax on such amounts, subject to an interest charge. If such U.S. Holder is not a corporation, any such interest paid will be treated as "personal interest," which is not deductible.

A U.S. Holder that makes a timely QEF Election generally (a) may receive a tax-free distribution from the Company to the extent that such distribution represents "earnings and profits" that were previously included in income by the U.S. Holder because of such QEF Election and (b) will adjust such U.S. Holder's tax basis in the Offered Shares to reflect the amount included in income or allowed as a tax-free distribution because of such QEF Election. In addition, a U.S. Holder that makes a QEF Election generally will recognize capital gain or loss on the sale or other taxable disposition of Offered Shares.

The procedure for making a QEF Election, and the U.S. federal income tax consequences of making a QEF Election, will depend on whether such QEF Election is timely. A QEF Election will be treated as "timely" for purposes of avoiding the default PFIC rules discussed above if such QEF Election is made for the first year in the U.S. Holder's holding period for the Offered Shares in which the Company was a PFIC. A U.S. Holder may make a timely QEF Election by filing the appropriate QEF Election documents at the time such U.S. Holder files a U.S. federal income tax return for such year. If a U.S Holder owns PFIC stock indirectly through another PFIC, separate QEF Elections must be made for the PFIC in which the U.S. Holder is a direct shareholder and the Subsidiary PFIC for the QEF rules to apply to both PFICs.

A QEF Election will apply to the tax year for which such QEF Election is timely made and to all subsequent tax years, unless such QEF Election is invalidated or terminated or the IRS consents to revocation of such QEF Election. If a U.S. Holder makes a QEF Election and, in a subsequent tax year, the Company ceases to be a PFIC, the QEF Election will remain in effect (although it will not be applicable) during those tax years in which the Company is not a PFIC. Accordingly, if the Company becomes a PFIC in another subsequent tax year, the QEF Election will be effective and the U.S. Holder will be subject to the QEF rules described above during any subsequent tax year in which the Company qualifies as a PFIC.

U.S. Holders should be aware that there can be no assurances that the Company will satisfy the record keeping requirements that apply to a QEF, or that the Company will supply U.S. Holders with a PFIC Annual Information Statement or other information that such U.S. Holders are required to report under the QEF rules, in the event that the Company is a PFIC. Thus, U.S. Holders may not be able to make a QEF Election with respect to their Offered Shares. Each U.S. Holder should consult its own tax advisor regarding the availability of, and procedure for making, a QEF Election.

A U.S. Holder makes a QEF Election by attaching a completed IRS Form 8621, including a PFIC Annual Information Statement, to a timely filed U.S. federal income tax return. However, if the Company does not provide the required information with regard to the Company or any of its Subsidiary PFICs, U.S. Holders will not be able to make a QEF Election for such entity and will continue to be subject to the rules of Section 1291 of the Code discussed above that apply to Non-Electing U.S. Holders with respect to the taxation of gains and excess distributions.

*Mark-to-Market Election* 

A U.S. Holder may make a Mark-to-Market Election with respect to Offered Shares only if the Offered Shares are marketable stock. The Offered Shares generally will be "marketable stock" if the Offered Shares are regularly traded on (a) a national securities exchange that is registered with the SEC, (b) the national market system established pursuant to Section 11A of the U.S. Exchange Act or (c) a non-U.S. securities exchange that is

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regulated or supervised by a governmental authority of the country in which the market is located, provided that (i) such non-U.S. exchange has trading volume, listing, financial disclosure, and surveillance requirements, and meets other requirements and the laws of the country in which such non-U.S. exchange is located, together with the rules of such foreign exchange, ensure that such requirements are actually enforced and (ii) the rules of such non-U.S. exchange effectively promote active trading of listed stocks. If such stock is traded on such a qualified exchange or other market, such stock generally will be considered "regularly traded" for any calendar year during which such stock is traded, other than in *de minimis* quantities, on at least 15 days during each calendar quarter. Provided that the Offered Shares are "regularly traded" as described in the preceding sentence, the Offered Shares are expected to be marketable stock. However, there can be no assurance that the Offered Shares will be "regularly traded" in subsequent calendar quarters. U.S. Holders should consult their own tax advisors regarding the marketable stock rules.

A U.S. Holder that makes a Mark-to-Market Election with respect to its Offered Shares generally will not be subject to the rules of Section 1291 of the Code discussed above with respect to such Offered Shares. However, if a U.S. Holder does not make a Mark-to-Market Election beginning in the first tax year of such U.S. Holder's holding period for the Offered Shares and such U.S. Holder has not made a timely QEF Election, the rules of Section 1291 of the Code discussed above will apply to certain dispositions of, and distributions on, the Offered Shares.

A U.S. Holder that makes a Mark-to-Market Election will include in ordinary income, for each tax year in which the Company is a PFIC, an amount equal to the excess, if any, of (a) the fair market value of the Offered Shares, as of the close of such tax year over (b) such U.S. Holder's tax basis in the Offered Shares. A U.S. Holder that makes a Mark-to-Market Election will be allowed a deduction in an amount equal to the excess, if any, of (i) such U.S. Holder's adjusted tax basis in the Offered Shares, over (ii) the fair market value of such Offered Shares (but only to the extent of the net amount of previously included income as a result of the Mark-to-Market Election for prior tax years).

A U.S. Holder that makes a Mark-to-Market Election generally also will adjust such U.S. Holder's tax basis in the Offered Shares to reflect the amount included in gross income or allowed as a deduction because of such Mark-to-Market Election. In addition, upon a sale or other taxable disposition of Offered Shares, a U.S. Holder that makes a Mark-to-Market Election will recognize ordinary income or ordinary loss (not to exceed the excess, if any, of (a) the amount included in ordinary income because of such Mark-to-Market Election for prior tax years over (b) the amount allowed as a deduction because of such Mark-to-Market Election for prior tax years). Losses that exceed this limitation are subject to the rules generally applicable to losses provided in the Code and Treasury Regulations.

A U.S. Holder makes a Mark-to-Market Election by attaching a completed IRS Form 8621 to a timely filed U.S. federal income tax return. A timely Mark-to-Market Election applies to the tax year in which such Mark-to-Market Election is made and to each subsequent tax year, unless the Offered Shares cease to be "marketable stock" or the IRS consents to revocation of such election. Each U.S. Holder should consult its own tax advisor regarding the availability of, and procedure for making, a Mark-to-Market Election.

Although a U.S. Holder may be eligible to make a Mark-to-Market Election with respect to the Offered Shares, no such election may be made with respect to the stock of any Subsidiary PFIC that a U.S. Holder is treated as owning because such stock is not marketable. Hence, the Mark-to-Market Election will not be effective to eliminate the interest charge and other income inclusion rules described above with respect to deemed dispositions of Subsidiary PFIC stock or distributions from a Subsidiary PFIC to its shareholder.

*Other PFIC Rules* 

Under Section 1291(f) of the Code, the IRS has issued proposed Treasury Regulations that, subject to certain exceptions, would cause a U.S. Holder that had not made a timely QEF Election to recognize gain (but not loss)

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upon certain transfers of Offered Shares that would otherwise be tax-deferred (e.g., gifts and exchanges pursuant to corporate reorganizations). However, the specific U.S. federal income tax consequences to a U.S. Holder may vary based on the manner in which Offered Shares are transferred.

If finalized in their current form, the proposed Treasury Regulations applicable to PFICs would be effective for transactions occurring on or after April 1, 1992. Because the proposed Treasury Regulations have not yet been adopted in final form, they are not currently effective, and there is no assurance that they will be adopted in the form and with the effective date proposed. Nevertheless, the IRS has announced that, in the absence of final Treasury Regulations, taxpayers may apply reasonable interpretations of the Code provisions applicable to PFICs and that it considers the rules set forth in the proposed Treasury Regulations to be reasonable interpretations of those Code provisions. The PFIC rules are complex, and the implementation of certain aspects of the PFIC rules requires the issuance of Treasury Regulations which in many instances have not been promulgated and which, when promulgated, may have retroactive effect. U.S. Holders should consult their own tax advisors about the potential applicability of the proposed Treasury Regulations.

Certain additional adverse rules may apply with respect to a U.S. Holder if the Company is a PFIC, regardless of whether such U.S. Holder makes a QEF Election. For example, under Section 1298(b)(6) of the Code, a U.S. Holder that uses Offered Shares as security for a loan will, except as may be provided in Treasury Regulations, be treated as having made a taxable disposition of such Offered Shares.

In addition, a U.S. Holder who acquires Offered Shares from a decedent will not receive a "step up" in tax basis of such Offered Shares to fair market value unless such decedent had a timely and effect QEF Election in place.

Special rules also apply to the amount of foreign tax credit that a U.S. Holder may claim on a distribution from a PFIC. Subject to such special rules, non-U.S. taxes paid with respect to any distribution in respect of stock in a PFIC are generally eligible for the foreign tax credit. The rules relating to distributions by a PFIC and their eligibility for the foreign tax credit are complicated, and a U.S. Holder should consult with its own tax advisor regarding the availability of the foreign tax credit with respect to distributions by a PFIC.

The PFIC rules are complex, and each U.S. Holder should consult its own tax advisor regarding the PFIC rules (including the availability and advisability of making a QEF Election or Mark-to-Market Election) and how the PFIC rules may affect the U.S. federal income tax consequences of the acquisition, ownership, and disposition of Offered Shares.

**General Rules Applicable to U.S. Holders of the Acquisition, Ownership, and Disposition of Offered Shares** 

The following discussion describes the general rules applicable to the ownership and disposition of the Offered Shares but is subject in its entirety to the special rules described above under the heading "Passive Foreign Investment Company Rules."

*Distributions on Offered Shares* 

A U.S. Holder that receives a distribution, including a constructive distribution, with respect to an Offered Share will be required to include the amount of such distribution in gross income as a dividend (without reduction for any Canadian income tax withheld from such distribution) to the extent of our current and accumulated "earnings and profits", as computed under U.S. federal income tax principles. A dividend generally will be taxed to a U.S. Holder at ordinary income tax rates if the Company is a PFIC for the tax year of such distribution or the preceding tax year. To the extent that a distribution exceeds the current and accumulated "earnings and profits" of the Company, such distribution will be treated first as a tax-free return of capital to the extent of the U.S. Holder's tax basis in the Offered Shares and thereafter as gain from the sale or exchange of such Offered Shares (see "Sale or Other Taxable Disposition of Offered Shares" below). However, the Company may not maintain

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calculations of its earnings and profits in accordance with U.S. federal income tax principles, and each U.S. Holder should therefore assume that any distribution by the Company with respect to the Offered Shares will constitute ordinary dividend income. Dividends received on Offered Shares generally will not be eligible for the "dividends received deduction" generally applicable to corporations. Subject to applicable limitations and provided the Company is eligible for the benefits of the Treaty, or the Offered Shares are readily tradable on a U.S. securities market, dividends paid by the Company to non-corporate U.S. Holders, including individuals, generally will be eligible for the preferential tax rates applicable to long-term capital gains for dividends, provided certain holding period and other conditions are satisfied, including that the Company not be classified as a PFIC in the tax year of distribution or in the preceding tax year. The dividend rules are complex, and each U.S. Holder should consult its own tax advisor regarding the application of such rules.

*Sale or Other Taxable Disposition of Offered Shares* 

A U.S. Holder will recognize gain or loss on the sale or other taxable disposition of Offered Shares in an amount equal to the difference, if any, between (a) the amount of cash plus the fair market value of any property received and (b) such U.S. Holder's tax basis in such Offered Shares sold or otherwise disposed of. Any such gain or loss generally will be capital gain or loss, which will be long-term capital gain or loss, if, at the time of the sale or other taxable disposition, such Offered Shares are held for more than one year.

Preferential tax rates apply to long-term capital gains of a U.S. Holder that is an individual, estate, or trust. There are currently no preferential tax rates for long-term capital gains of a U.S. Holder that is a corporation. Deductions for capital losses are subject to significant limitations under the Code.

**Additional Tax Considerations** 

*Receipt of Foreign Currency* 

The amount of any distribution paid to a U.S. Holder in non-U.S. currency, or on the sale, exchange or other taxable disposition of Offered Shares, generally will be equal to the U.S. dollar value of such non-U.S. currency based on the exchange rate applicable on the date of actual or constructive receipt, or, if applicable, the date of the settlement if the Offered Shares are traded on an established securities market (regardless of whether such non-U.S. currency is converted into U.S. dollars at that time). A U.S. Holder will have a tax basis in the non-U.S. currency equal to its U.S. dollar value on the date of receipt. Any U.S. Holder who converts or otherwise disposes of the non-U.S. currency after the date of receipt may have a non-U.S. currency exchange gain or loss that would be treated as ordinary income or loss, and generally will be U.S.-source income or loss for foreign tax credit purposes. Different rules apply to U.S. Holders who use the accrual method of tax accounting. Each U.S. Holder should consult its own U.S. tax advisor regarding the U.S. federal income tax consequences of receiving, owning, and disposing of non-U.S. currency.

*Foreign Tax Credit* 

Dividends paid on the Offered Shares will be treated as non-U.S.-source income, and generally will be treated as "passive category income" or "general category income" for U.S. foreign tax credit purposes. Any gain or loss recognized on a sale or other disposition of Offered Shares generally will be U.S.-source gain or loss. Certain U.S. Holders that are eligible for the benefits of the Treaty may elect to treat such gains or losses as Canadian-source gain or loss for U.S. foreign tax credit purposes. The Code applies various complex limitations on the amount of non-U.S. taxes that may be claimed as a credit by U.S. taxpayers. In addition, Treasury Regulations that apply to non-U.S. taxes paid or accrued (the "**Foreign Tax Credit Regulations**") impose additional requirements for Canadian withholding taxes to be eligible for a foreign tax credit, and there can be no assurance that those requirements will be satisfied. The Treasury Department has released guidance temporarily pausing the application of certain of the Foreign Tax Credit Regulations.

Subject to the PFIC rules and the Foreign Tax Credit Regulations, each as discussed above, a U.S. Holder that pays (whether directly or through withholding) Canadian income tax with respect to dividends paid on the

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Offered Shares generally will be entitled, at the election of such U.S. Holder, to receive either a deduction or a credit for such Canadian income tax paid. Generally, a credit will reduce a U.S. Holder's U.S. federal income tax liability on a dollar-for-dollar basis, whereas a deduction will reduce a U.S. Holder's income that is subject to U.S. federal income tax. This election is made on a year-by-year basis and applies to all non-U.S. taxes paid (whether directly or through withholding) by a U.S. Holder during a year. The foreign tax credit rules are complex and involve the application of rules that depend on a U.S. Holder's particular circumstances. Accordingly, each U.S. Holder should consult its own tax advisor regarding the foreign tax credit rules.

*Information Reporting; Backup Withholding Tax* 

Under U.S. federal income tax law and Treasury Regulations, certain categories of U.S. Holders must file information returns with respect to their investment in, or involvement in, a non-U.S. corporation. For example, U.S. return disclosure obligations (and related penalties) are imposed on individuals who are U.S. Holders that hold certain specified foreign financial assets in excess of certain threshold amounts. The definition of specified foreign financial assets includes not only financial accounts maintained in foreign financial institutions, but also, unless held in accounts maintained by a financial institution, any stock or security issued by a non-U.S. person, any financial instrument or contract held for investment that has an issuer or counterparty other than a U.S. person and any interest in a non-U.S. entity. U. S. Holders may be subject to these reporting requirements unless their Offered Shares are held in an account at certain financial institutions. Penalties for failure to file certain of these information returns are substantial. U.S. Holders should consult their own tax advisors regarding the requirements of filing information returns, including the requirement to file an IRS Form 8938.

Payments made within the U.S., or by a U.S. payor or U.S. middleman, of dividends on, and proceeds arising from the sale or other taxable disposition of, the Offered Shares generally may be subject to information reporting and backup withholding tax (currently at the rate of 24%) if a U.S. Holder (a) fails to furnish such U.S. Holder's correct U.S. taxpayer identification number (generally on IRS Form W-9), (b) furnishes an incorrect U.S. taxpayer identification number, (c) is notified by the IRS that such U.S. Holder has previously failed to properly report items subject to backup withholding tax, or (d) fails to certify, under penalty of perjury, that such U.S. Holder has furnished its correct U.S. taxpayer identification number and that the IRS has not notified such U.S. Holder that it is subject to backup withholding tax. However, certain exempt persons, such as U.S. Holders that are corporations, generally are excluded from these information reporting and backup withholding tax rules. Backup withholding is not an additional tax. Any amounts withheld under the U.S. backup withholding tax rules generally will be allowed as a credit against a U.S. Holder's U.S. federal income tax liability, if any, or will be refunded, if such U.S. Holder furnishes required information to the IRS in a timely manner.

The discussion of reporting requirements set forth above is not intended to constitute a complete description of all reporting requirements that may apply to a U.S. Holder. A failure to satisfy certain reporting requirements may result in an extension of the time period during which the IRS can assess a tax and, under certain circumstances, such an extension may apply to assessments of amounts unrelated to any unsatisfied reporting requirement. Each U.S. Holder should consult its own tax advisor regarding the information reporting and backup withholding rules.

**THE ABOVE SUMMARY IS NOT INTENDED TO CONSTITUTE A COMPLETE ANALYSIS OF ALL TAX CONSIDERATIONS APPLICABLE TO U.S. HOLDERS WITH RESPECT TO THE ACQUISITION, OWNERSHIP, AND DISPOSITION OF OFFERED SHARES. U.S. HOLDERS SHOULD CONSULT THEIR OWN TAX ADVISORS AS TO THE TAX CONSIDERATIONS APPLICABLE TO THEM IN LIGHT OF THEIR OWN PARTICULAR CIRCUMSTANCES.** 

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**RISK FACTORS** 

The operations of the Company are speculative due to the high-risk nature of its business which is the exploration and development of mining properties. Before making an investment decision in Offered Shares, prospective purchasers should carefully consider the information described in this Prospectus and the documents incorporated by reference herein. There are certain risks inherent in an investment in the Offered Shares, including any risk factors described herein or in a document incorporated by reference herein, which investors should carefully consider before investing. Some of the factors described herein and in the documents incorporated by reference herein are interrelated and, consequently, investors should treat such risk factors as a whole. If any of the risk factors described herein, in the AIF or in another document incorporated by reference herein occur, it could have a material adverse effect on the business, financial condition and results of operations of the Company. Additional risks and uncertainties of which the Company currently is unaware or that are unknown or that the Company currently deems to be immaterial could have a material adverse effect on the Company's business, financial condition and results of operation. The Company cannot assure you that it will successfully address any or all of these risks. There is no assurance that any risk management steps taken will avoid future loss due to the occurrence of the risks described herein, in the AIF or in the other documents incorporated by reference herein or other unforeseen risks.

***Broad Discretion in the Use of Proceeds***

The Company currently expects to apply the net proceeds it receives from the Offering and the Concurrent Offering as described under "Use of Proceeds" of this Prospectus. Management of the Company will have broad discretion in the application of the net proceeds from the Offering and the Concurrent Offering and could spend the proceeds in ways that do not improve the Company's results of operations or enhance the value of the Common Shares. The failure by management to apply these funds effectively could result in financial losses that could have a material adverse effect on the Company's business and cause the price of the Common Shares to decline. Pending their use, the Company may invest the net proceeds from the Offering in a manner that does not produce income or that loses value.

***Additional Issuances of Equity Securities May Result in Dilution***

The Company may issue additional equity securities in the future to finance operations, exploration, development, project construction, acquisitions or other projects. The Company cannot predict the size of future issuances of securities or the effect, if any, that future issuances and sales of securities will have on the market price of the Common Shares. Issuances of substantial numbers of Common Shares, or the expectation that such issuances could occur, may adversely affect prevailing market prices of the Offered Shares. In connection with any additional issuance of Common Shares, investors will suffer dilution to their voting power and the Company may experience dilution in its earnings per share.

***Loss of Entire Investment***

An investment in the Offered Shares is speculative and may result in the loss of an investor's entire investment. An investment in the Offered Shares involves a high degree of risk and should be undertaken only by investors whose financial resources are sufficient to enable them to assume such risks and who have no need for immediate liquidity in their investment. Only potential investors who are experienced in high risk investments and who can afford to lose their entire investment should consider an investment in the Company.

***Liquidity of Common Shares***

Shareholders of the Company may be unable to sell significant quantities of Common Shares into the public trading markets without a significant reduction in the price of their Common Shares, or at all. There can be no assurance that there will be sufficient liquidity of the Common Shares on the trading market, and that the

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Company will continue to meet the listing requirements of the TSX, NYSE and ASX or achieve listing on any other public listing exchange.

***Trading Price and Volatility of Common Shares***

The trading price of the Common Shares may be subject to large fluctuations. The trading price of the Common Shares may increase or decrease in response to a number of events and factors, including: the price of metals and minerals including the price of uranium; the Company's operating performance and the performance of competitors and other similar companies; exploration and development of the Company's properties; the public's reaction to the Company's press releases, other public announcements and the Company's filings with the various securities regulatory authorities; changes in earnings estimates or recommendations by research analysts who track the Common Shares or the shares of other companies in the resource sector; changes in general economic conditions; the number of Common Shares to be publicly traded after the Offering; the arrival or departure of key personnel; and acquisitions, strategic alliances or joint ventures involving the Company or its competitors.

In addition, the market price of the Common Shares is affected by many variables not directly related to the Company's success and not within the Company's control, including, but not limited to: developments that affect the market for all resource sector shares; the breadth of the public market for the Common Shares; and the attractiveness of alternative investments. In addition, securities markets have recently experienced an extreme level of price and volume volatility, and the market price of securities of many companies has experienced wide fluctuations which have not necessarily been related to the operating performance, underlying asset values or prospects of such companies. As a result of these and other factors, the Company's share price may be volatile in the future and may decline below the price at which an investor acquired its shares. Accordingly, investors may not be able to sell their securities at or above their acquisition cost.

***Negative Operating Cash Flow and Dependence on Third-Party Financing***

The Company has no source of operating cash flow and there can be no assurance that the Company will ever achieve profitability. Accordingly, the Company is dependent on third-party financing to continue exploration and development activities on the Company's properties, maintain capacity and satisfy contractual obligations. Accordingly, the amount and timing of expenditures depends on the Company's cash reserves and access to third-party financing. Failure to obtain such additional financing could result in delay or indefinite postponement of further exploration and development of the Company's properties, including the Rook I Project, or require the Company to sell one or more of its properties (or an interest therein).

In the long-term, the Company's success will depend on continued exploration, development and mining activities on its existing properties, which will ultimately determine the Company ability to achieve and maintain profitability and positive cash flow from operations, by developing the properties into profitable mining activities. The economic viability of mining activities, including the expected duration and profitability of the Rook I Project, has many risks and uncertainties.

***U.S. Shareholders May Face Adverse U.S. Federal Income Tax Consequences if the Company is a PFIC***

If the Company is a PFIC for any taxable year that is included in the holding period of a purchaser of Offered Shares that is subject to United States federal taxation, the purchaser may be subject to adverse U.S. federal income tax consequences and may be subject to additional reporting requirements. The actual PFIC status of the Company for any taxable year, however, will not be determinable until after the end of such taxable year. U.S. investors should refer to "*Certain United States Federal Income Tax Considerations*" and consult their own tax advisors regarding the possible application of the PFIC rules.

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##### [**Table of Contents**](#toc)
***Completion of the Concurrent Offering***

There can be no certainty that the Concurrent Offering will be completed. The Concurrent Offering is subject to normal commercial risks that the Concurrent Offering may not be completed on the terms negotiated, or at all. Although it is expected that all of the closing conditions pursuant to the Concurrent Offering will be satisfied, there is no certainty that such conditions will be satisfied or waived on a timely basis, or at all. If closing of the Concurrent Offering does not take place as contemplated, the Company could suffer adverse consequences, including the loss of investor confidence.

**MATERIAL CONTRACTS** 

The only material contract the Company has entered into since the date of the AIF is the North American Underwriting Agreement with respect to the Offering.

**LEGAL PROCEEDINGS** 

As of the date of this Prospectus, the Company is not subject to any material proceedings or regulatory action.

**AUDITORS, TRANSFER AGENT AND REGISTRAR** 

The auditors of the Company are KPMG LLP, Chartered Professional Accountants, 11<sup>th</sup> Floor, 777 Dunsmuir Street, Vancouver, BC V7Y 1K3.

KPMG LLP has confirmed that they are independent with respect to the Company within the meaning of the relevant rules and related interpretations prescribed by the relevant professional bodies in Canada and any applicable legislation or regulation, and that they are independent accountants with respect to the Company under all relevant U.S. professional and regulatory standards.

The transfer agent and registrar for the Common Shares is Computershare Investor Services Inc. at its principal offices in Toronto and Vancouver, British Columbia.

**INTERESTS OF EXPERTS** 

Mr. Kevin Small, P.Eng., former Senior Vice President, Engineering and Operations for NexGen and a "qualified person" within the meaning of NI 43-101 reviewed or approved certain scientific and technical information included in the documents incorporated by reference herein. As Mr. Small is no longer employed by NexGen, the Company is no longer relying upon the work of Mr. Small and Mr. Simon Allard, P.Eng., Vice President, Commercial should now be regarded as the expert with respect to the portions of the scientific and technical information previously attributed to Mr. Small. To the knowledge of the Company as of the date hereof, Mr. Allard, is the registered or beneficial owner, directly or indirectly, in the aggregate, of less than 1% of the outstanding Common Shares and does not otherwise have any direct or indirect interest in the property of the Company.

Certain scientific and technical information relating to the Rook I Project contained in the documents incorporated by reference herein is derived from the NI 43-101 technical report titled "Arrow Deposit, Rook I Project, Saskatchewan, NI 43-101 Technical Report on Feasibility Study", with an effective date of February 22, 2021, and as amended and restated on March 10, 2021 (the "Rook I FS Technical Report"). The Rook I FS Technical Report was authored by: (i) Mr. Mark Hatton, P.Eng. of Stantec Consulting Ltd ("**Stantec**"); (ii)

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##### [**Table of Contents**](#toc)
Mr. Paul O'Hara, P.Eng., formerly of Wood Canada Limited ("**Wood**"); and (iii) Mr. Mark Mathisen, C.P.G., of Roscoe Postle Associates (USA) Ltd. ("**RPA**") (now a part of SLR International Corporation). Each of Mr. Hatton and Mr. Mathisen is a "qualified person" and "independent" of the Company within the meaning of 43-101. Each of Stantec, Wood and RPA are also independent in accordance with the requirements of NI 43-101. Mr. O'Hara was a "qualified person" and "independent" of the Company within the meaning of NI 43-101 as at the date of the Rook I FS Technical Report. Mr. O'Hara has since retired from Wood, and accordingly, the Company is no longer relying upon the work of Mr. O'Hara. Wood should now be regarded as the expert with respect to the portions of the Rook I FS Technical Report previously attributed to Mr. O'Hara.

To the knowledge of NexGen as of the date hereof, each of Messrs. Hatton, O'Hara, and Mathisen, and Stantec, Wood and RPA (now a part of SLR International Corporation) and each of their respective partners, employees and consultants who participated in the preparation of the Rook I FS Technical Report, or who were in a position to influence the outcome of such reports, is the registered or beneficial owner, directly or indirectly, of less than 1% of the outstanding Common Shares.

**LEGAL MATTERS** 

Certain legal matters relating to the Offering will be passed upon on behalf of the Company by Farris LLP with respect to Canadian law matters and by Dorsey & Whitney LLP with respect to United States law matters, and on behalf of the North American Underwriters by Blake, Cassels & Graydon LLP with respect to Canadian law matters and by Skadden, Arps, Slate, Meagher & Flom LLP with respect to United States law matters. As of the date of this Prospectus, the partners and associates of Farris LLP, beneficially own, directly or indirectly, less than 1% of the outstanding securities of the Company. As of the date of this Prospectus, the partners and associates of Blake, Cassels & Graydon LLP beneficially own, directly or indirectly, less than 1% of the outstanding securities of the Company.

**DOCUMENTS FILED AS PART OF THE REGISTRATION STATEMENT** 

The following documents have been or will be filed with the SEC as part of the U.S. Registration Statement of which this Prospectus forms a part: (i) the documents referred to under the heading "Documents Incorporated by Reference"; (ii) consents of the Company's auditors and experts; (iii) any underwriting agreement that is required to be filed, and (iv) powers of attorney from the Company's directors and officers.

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![LOGO](g30906g31a01.jpg)

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##### [**Table of Contents**](#toc)
**PART II** 

**INFORMATION NOT REQUIRED TO BE DELIVERED TO** 

**OFFEREES OR PURCHASERS** 

**Indemnification of Directors and Officers.** 

NexGen Energy Ltd. ("we", "us" or "our company") is subject to the provisions of Part 5, Division 5 of the *Business Corporations Act* (British Columbia) (the "Act").

Under Section 160 of the Act, we may, subject to Section 163 of the Act:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) indemnify an individual who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is or was a director or officer of our company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is or was a director or officer of another corporation (i) at a time when such corporation is or was an
affiliate of our company; or (ii) at our request, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at our request, is or was, or holds or held a position equivalent to that of, a director or officer of a
partnership, trust, joint venture or other unincorporated entity,

and including, subject to certain limited exceptions, the heirs and personal or other legal representatives of that individual (collectively, an "eligible party"), against all eligible penalties to which the eligible party is or may be liable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) after final disposition of an eligible proceeding, pay the expenses actually and reasonably incurred by an
eligible party in respect of that proceeding, where:

"eligible penalty" means a judgment, penalty or fine awarded or imposed in, or an amount paid in settlement of, and eligible proceeding.

"eligible proceeding" means a proceeding in which an eligible party or any of the heirs and personal or other legal representatives of the eligible party, by reason of the eligible party being or having been a director or officer of, or holding or having held a position equivalent to that of a director or officer of, our company or an associated corporation (a) is or may be joined as a party, or (b) is or may be liable for or in respect of a judgment, penalty or fine in, or expenses related to, the proceeding.

"proceeding" includes any legal proceeding or investigative action, whether current, threatened , pending or completed.

"expenses" includes costs, charges and expenses, including legal and other fees, but does not include judgments, penalties, fines or amounts paid in settlement of a proceeding.

Under Section 161 of the Act, and subject to Section 163 of the Act, we must, after the final disposition of an eligible proceeding, pay the expenses actually and reasonably incurred by an eligible party in respect of that proceeding if the eligible party (a) has not been reimbursed for those expenses, and (b) is wholly successful, on the merits or otherwise, in the outcome of the proceeding or is substantially successful on the merits in the outcome of the proceeding.

Under Section 162 of the Act, and subject to Section 163 of the Act, we may pay, as they are incurred in advance of the final disposition of an eligible proceeding, the expenses actually and reasonably incurred by an eligible party in respect of the proceeding, provided that we must not make such payments unless we first receive from the eligible party a written undertaking that, if it is ultimately determined that the payment of expenses is prohibited under Section 163 of the Act, the eligible party will repay the amounts advanced.

Under Section 163 of the Act, we must not indemnify an eligible party against eligible penalties to which the eligible party is or may be liable under Section 160(a) of the Act, or pay the expenses of an eligible party in

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##### [**Table of Contents**](#toc)
respect of that proceeding under Sections 160(b), 161 or 162 of the Act, as the case may be, if any of the following circumstances apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the indemnity or payment is made under an earlier agreement to indemnify or pay expenses and, at the time that
the agreement to indemnify or pay expenses was made, we were prohibited from giving the indemnity or paying the expenses by our memorandum or articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the indemnity or payment is made otherwise than under an earlier agreement to indemnify or pay expenses and,
at the time that the indemnity or payment is made, we are prohibited from giving the indemnity or paying the expenses by our memorandum or articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, in relation to the subject matter of the eligible proceeding, the eligible party did not act honestly and in
good faith with a view to the best interests of our company or the associated corporation, as the case may be; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the case of an eligible proceeding other than a civil proceeding, if the eligible party did not have
reasonable grounds for believing that the eligible party's conduct in respect of which the proceeding was brought was lawful.

If an eligible proceeding is brought against an eligible party by or on behalf of our company or by or on behalf of an associated corporation, we must not either indemnify the eligible party against eligible penalties to which the eligible party is or may be liable under Section 160(a) of the Act, or pay the expenses of the eligible party under Sections 160(b), 161 or 162 of the Act, as the case may be, in respect of the proceeding.

Under Section 164 of the Act, and despite any other provision of Part 5, Division 5 of the Act and whether or not payment of expenses or indemnification has been sought, authorized or declined under Part 5, Division 5 of the Act, on application of our company or an eligible party, the Supreme Court of British Columbia may do one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• order us to indemnify an eligible party against any liability incurred by the eligible party in respect of an
eligible proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• order us to pay some or all of the expenses incurred by an eligible party in respect of an eligible proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• order the enforcement of, or payment under, an agreement of indemnification entered into by us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• order us to pay some or all of the expenses actually and reasonably incurred by any person in obtaining an order
under Section 164 of the Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make any other order the court considers appropriate.

Section 165 of the Act provides that we may purchase and maintain insurance for the benefit of an eligible party or the heirs and personal or other legal representatives of the eligible party against any liability that may be incurred by reason of the eligible party being or having been a director or officer of, or holding or having held a position equivalent to that of a director or officer of, our company or an associated corporation.

Under our articles, and subject to the Act, we may indemnify a director, former director, officer or former officer and his or her heirs and legal personal representatives against all eligible penalties to which such person is or may be liable, and we may, after the final disposition of an eligible proceeding, pay the expenses actually and reasonably incurred by such person in respect of that proceeding. Each director and officer is deemed to have contracted with our company on the terms of the indemnity contained in our articles.

Under our articles, and subject to the Act, we may agree to indemnify and may indemnify any person (including an eligible party). We have entered into indemnity agreements with certain of our directors and officers.

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##### [**Table of Contents**](#toc)
Pursuant to our articles, the failure of an eligible party to comply with the Act or our articles does not, of itself, invalidate any indemnity to which he or she is entitled under our articles.

Under our articles, we may purchase and maintain insurance for the benefit of a person (or his or her heirs or legal personal representatives) who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is or was a director, alternate director, officer, employee or agent of our company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is or was a director, alternate director, officer, employee or agent of another corporation at a time when such
corporation is or was an affiliate of our company, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at our request, is or was, or holds or held a position equivalent to that of, a director, alternate director or
officer of a partnership, trust, joint venture or other unincorporated entity,

against any liability incurred by him or her as a director, alternate director, officer, employee or agent or person who holds or held such equivalent position.

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended, may be permitted to directors, officers or persons controlling our company pursuant to the foregoing provisions, we have been informed that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is therefore unenforceable.

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##### [**Table of Contents**](#toc)
**EXHIBITS** 

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| 3.1 | [Underwriting Agreement](d30906dex31.htm) |
| 4.1 | [Annual Information Form for the fiscal year ended December 31, 2024 (incorporated by reference to Exhibit 99.1 to the Annual Report on Form 40-F of NexGen Energy Ltd. for the fiscal year ended December 31, 2024, filed with the Commission on March 4, 2025) (File No. 001-38072).](http://www.sec.gov/Archives/edgar/data/1698535/000119312525044556/d878346dex991.htm) |
| 4.2 | [Audited Consolidated Financial Statements as at and for the years ended December 31, 2024 and 2023, together with the notes thereto and the reports of independent registered public accounting firm thereon (incorporated by reference to Exhibit 99.3 to Amendment No. 1 to the Annual Report on Form 40-F of NexGen Energy Ltd. for the fiscal year ended December 31, 2024, filed with the Commission on March 5, 2025) (File No. 001-38072).](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1698535/000119312525045899/d878346dex993.htm) |
| 4.3 | [Management's Discussion and Analysis of Financial Condition and Results of Operations for the year ended December 31, 2024 (incorporated by reference to Exhibit 99.2 to the Annual Report on Form 40-F of NexGen Energy Ltd. for the fiscal year ended December 31, 2024, filed with the Commission on March 4, 2025) (File No. 001-38072).](http://www.sec.gov/Archives/edgar/data/1698535/000119312525044556/d878346dex992.htm) |
| 4.4 | [Management Information Circular, dated May 1, 2025, prepared in connection with the annual general and special meeting of shareholders held on June 17, 2025 (incorporated by reference to Exhibit 99.1 to the Report on Form 6-K of NexGen Energy Ltd. containing such document, filed with the Commission on May 9, 2025) (File No. 001-38072).](http://www.sec.gov/Archives/edgar/data/1698535/000106299325008944/exhibit99-1.htm) |
| 4.5 | [Unaudited interim consolidated financial statements as at June 30, 2025 and for the three and six months ended June 30, 2025 and 2024, together with the notes thereto (incorporated by reference to Exhibit 99.1 to the Report on Form 6-K of NexGen Energy Ltd. containing such document filed with the Commission on August 6, 2025) (File No. 001-38072).](http://www.sec.gov/Archives/edgar/data/1698535/000106299325013662/exhibit99-1.htm) |
| 4.6 | [Management's discussion and analysis of financial condition and results of operations for the three and six months ended June 30, 2025 (incorporated by reference to Exhibit 99.2 to the Report on Form 6-K of NexGen Energy Ltd. containing such document filed with the Commission on August 6, 2025) (File No. 001-38072).](http://www.sec.gov/Archives/edgar/data/1698535/000106299325013662/exhibit99-2.htm) |
| 4.7 | [Material change report, dated October 9, 2025.](d30906dex47.htm) |
| 5.1 | [Consent of KPMG LLP](d30906dex51.htm) |
| 5.2\* | [Consent of Wood Canada Limited](http://www.sec.gov/Archives/edgar/data/1698535/000119312525226857/d30906dex52.htm) |
| 5.3\* | [Consent of Mark B. Mathisen, C.P.G.](http://www.sec.gov/Archives/edgar/data/1698535/000119312525226857/d30906dex53.htm) |
| 5.4\* | [Consent of Mark Hatton, P.Eng.](http://www.sec.gov/Archives/edgar/data/1698535/000119312525226857/d30906dex54.htm) |
| 5.5 | [Consent of Jason Craven, P.Geo.](d30906dex55.htm) |
| 5.6 | [Consent of Simon Allard, P.Eng.](d30906dex56.htm) |
| 6.1\* | [Powers of Attorney.](http://www.sec.gov/Archives/edgar/data/1698535/000119312525226857/d30906df10.htm#sig) |
| 107\* | [Calculation of Filing Fee Table.](http://www.sec.gov/Archives/edgar/data/1698535/000119312525226857/d30906dexfilingfees.htm) |

---

\* Previously filed.

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##### [**Table of Contents**](#toc)
**PART III** 

**UNDERTAKING AND CONSENT TO SERVICE OF PROCESS** 

**Item 1. Undertaking.** 

NexGen Energy Ltd. undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Securities and Exchange Commission (the "Commission") staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to the securities registered pursuant to Form F-10 or to transactions in said securities.

**Item 2. Consent to Service of Process.** 

NexGen Energy Ltd. has previously filed with the Commission a written Appointment of Agent for Service of Process and Undertaking on Form F-X.

Any change to the name or address of the agent for service of NexGen Energy Ltd. shall be communicated promptly to the Commission by an amendment to Form F-X referencing the file number of this Registration Statement.

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##### [**Table of Contents**](#toc)
**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, NexGen Energy Ltd. certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-10 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Vancouver, British Columbia, Canada, on October 9, 2025.

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| | |
|:---|:---|
| **NEXGEN ENERGY LTD.** | **NEXGEN ENERGY LTD.** |
| By: | /s/ Leigh R. Curyer |
|  | Name: Leigh R. Curyer |
|  | Title: President and Chief Executive Officer |

---

**POWERS OF ATTORNEY** 

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities indicated and on October 9, 2025.

---

| | |
|:---|:---|
| **Signature** | **Title** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Leigh R. Curyer<br> Leigh R. Curyer | Chief Executive Officer, President and Director (Principal Executive Officer) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Benjamin Salter<br> Benjamin Salter | Chief Financial Officer (Principal Financial and Principal Accounting Officer) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*<br> Christopher McFadden | Chairman of the Board of Directors |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*<br> Sharon Birkett | Director |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*<br> Warren Gilman | Director |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*<br> Karri Howlett | Director |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*<br> Ivan Mullany | Director |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*<br> Richard Patricio | Director |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*<br> Sybil Veenman | Director |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*<br> Brad Wall | Director |

---

---

| |
|:---|
| \*By: /s/ Leigh R. Curyer |
| Leigh R. Curyer<br> *Attorney-in-fact* |

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##### [**Table of Contents**](#toc)
**AUTHORIZED REPRESENTATIVE** 

Pursuant to the requirements of Section 6(a) of the Securities Act of 1933, the undersigned has signed this Registration Statement, solely in its capacity as the duly authorized representative of NexGen Energy Ltd. in the United States, on October 9, 2025.

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| | |
|:---|:---|
| **PUGLISI & ASSOCIATES** | **PUGLISI & ASSOCIATES** |
| By: | /s/ Donald J. Puglisi |
|  | Name: Donald J. Puglisi |
|  | Title: Managing Director |

---

## Exhibit 3.1

**Exhibit 3.1** 

**UNDERWRITING AGREEMENT** 

October 2, 2025

NexGen Energy Ltd.

Suite 3150, 1021 West Hastings Street

Vancouver, British Columbia

V6E 0C3

Attention: Leigh Curyer <br> <u>Chief Executive Officer</u>

Dear Mr. Curyer:

Merrill Lynch Canada Inc. (the "**Lead Underwriter**"), Stifel Nicolaus Canada Inc., ("**Stifel**"), J.P. Morgan National Securities Canada Inc. ("**JPM**"), BMO Nesbitt Burns Inc. ("**BMO**"), National Bank Financial Inc. ("**NBF**"), RBC Dominion Securities Inc. ("**RBC**") and Canaccord Genuity Corp. ("**CGF**", and together with the Lead Underwriter, Stifel, JPM, BMO, NBF and RBC, the "**Underwriters**" and each individually an "**Underwriter**") hereby severally, and not jointly nor jointly and severally, offer to purchase from NexGen Energy Ltd. (the "**Corporation**") in the respective percentages set forth in Section 22 hereof, and the Corporation hereby agrees to issue and sell to the Underwriters, upon and subject to the terms hereof, an aggregate of 33,112,583 common shares of the Corporation (the "**Offered Shares**"), on an underwritten basis at a price of $12.08 per Offered Share (the "**Offering Price**") for an aggregate purchase price of $400,000,002.64.

The Corporation has filed under and as required by Canadian Securities Laws (as hereinafter defined) a preliminary short form prospectus with each of the Canadian Securities Commissions (as hereinafter defined) relating to the distribution of the Offered Shares (such short form prospectus, including the Documents Incorporated by Reference (as hereinafter defined), the "**Initial Canadian Preliminary Prospectus**") and has obtained a Dual Prospectus Receipt (as hereinafter defined) therefor. In addition, the Corporation has filed with the United States Securities and Exchange Commission (the "**SEC**") a registration statement on Form F-10 (File No. 333-290666) registering the distribution of the Offered Shares under the United States Securities Act of 1933, as amended (the "**U.S. Securities Act**"), and the rules and regulations of the SEC thereunder, including the Initial Canadian Preliminary Prospectus (with such deletions therefrom and additions thereto as are permitted or required by Form F-10 and the applicable rules and regulations of the SEC) (such registration statement, including the exhibits and any schedules thereto, the Documents Incorporated by Reference and the documents otherwise deemed under applicable rules and regulations of the SEC to be a part thereof or included therein, the "**Initial Registration Statement**").

The Corporation shall, on October 2, 2025 and on a basis acceptable to the Underwriters, acting reasonably, prepare and file under and as required by Canadian Securities Laws with each of the Canadian Securities Commissions an amended and restated Initial Canadian Preliminary Prospectus (such short form prospectus, including the Documents Incorporated by Reference, the "**Amended and Restated Canadian Preliminary Prospectus**") and all other required documents

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and obtain a Dual Prospectus Receipt therefor no later than 5:00 p.m. (Vancouver time) on October 2, 2025. The Corporation shall also, immediately after the filing of the Amended and Restated Canadian Preliminary Prospectus and on a basis acceptable to the Underwriters, acting reasonably, prepare and file with the SEC a pre-effective amendment to the Initial Registration Statement, including the Amended and Restated Canadian Preliminary Prospectus (with such deletions therefrom and additions thereto as are permitted or required by Form F-10 and the applicable rules and regulations of the SEC) (such amended registration statement, including the exhibits and any schedules thereto, the Documents Incorporated by Reference and the documents otherwise deemed under applicable rules and regulations of the SEC to be a part thereof or included therein, the "**Amendment No. 1 to the Registration Statement**").

The Corporation shall prepare and file forthwith after any comments with respect to the Amended and Restated Canadian Preliminary Prospectus have been received from, and have been resolved with, the Commission (as hereinafter defined), and on a basis acceptable to the Underwriters, acting reasonably, and on the terms set out below, under and as required by Canadian Securities Laws with each of the Canadian Securities Commissions a (final) short form prospectus (such short form prospectus, including the Documents Incorporated by Reference, the "**Canadian Final Prospectus**", and collectively with the Initial Canadian Prospectus and Amended and Restated Canadian Prospectus, the "**Prospectuses**") and all other required documents, including any document incorporated by reference therein that has not previously been filed, in order to qualify for distribution to the public the Offered Shares in each of the provinces and territories of Canada other than the Province of Quebec (the "**Qualifying Jurisdictions**") through the Underwriters or any other investment dealer or broker registered to transact such business in the applicable Qualifying Jurisdictions contracting with the Underwriters and shall as soon as practicable thereafter obtain a Dual Prospectus Receipt. The Corporation shall also, immediately after the filing of the Canadian Final Prospectus and on a basis acceptable to the Underwriters, acting reasonably, file with the SEC a pre-effective amendment to the Initial Registration Statement, including the Canadian Final Prospectus (with such deletions therefrom and additions thereto as are permitted or required by Form F-10 and the applicable rules and regulations of the SEC) (such amended registration statement, including the exhibits and any schedules thereto, the Documents Incorporated by Reference and the documents otherwise deemed under applicable rules and regulations of the SEC to be a part thereof or included therein, the "**Amendment No. 2 to the Registration Statement**") and cause the Amendment No. 2 to the Registration Statement to become effective under the U.S. Securities Act unless it becomes effective automatically upon filing (Amendment No. 2 to the Registration Statement, as amended at the time it becomes effective, including the exhibits and any schedules thereto, the Documents Incorporated by Reference and the documents otherwise deemed under applicable rules and regulations of the SEC to be a part thereof or included therein, the "**Registration Statement**").

The Corporation has also prepared and filed with the SEC an appointment of agent for service of process upon the Corporation on Form F-X (the "**Form F-X**") in conjunction with the filing of the Initial Registration Statement.

The Corporation and the Underwriters agree that (i) any offers or sales of the Offered Shares in Qualifying Jurisdictions will be conducted through the Underwriters, or one or more affiliates of the Underwriters, duly registered in compliance with applicable Canadian Securities Laws; and (ii) any offers or sales of the Offered Shares in the United States will be conducted through the Underwriters, or one or more affiliates of the Underwriters, duly registered as a broker-dealer in compliance with applicable U.S. Securities Laws (as hereinafter defined) and the requirements of the Financial Industry Regulatory Authority, Inc.

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In consideration of the agreement on the part of the Underwriters to purchase the Offered Shares and in consideration of the services rendered and to be rendered by the Underwriters hereunder, the Corporation agrees to pay to the Lead Underwriter on behalf of the Underwriters, at the Closing Time (as hereinafter defined), a cash fee equal to 5% of the aggregate gross proceeds of the sale of the Offered Shares (the "**Underwriting Fee**"), the payment of such fee to be reflected by the Underwriters making payment of the gross proceeds of the sale of the Offered Shares to the Corporation less the amount of the Underwriting Fee.

The Corporation and the Underwriters acknowledge that the Corporation is undertaking a concurrent offering of fully paid common shares of the Corporation and corresponding CHESS Depositary Interests ("**CDIs**") to be quoted on the Australian Securities Exchange (the "**Concurrent Australian Offering**") pursuant to (i) an amended and restated placement agreement dated October 2, 2025, between the Corporation and Aitken Mount Capital Partners Ptd Ltd, as sole underwriter and joint bookrunner and joint lead manager; and (ii) a separate amended and restated appointment letter dated October 2, 2025 between the Corporation and Canaccord Genuity (Australia) Limited, as joint lead manager and joint bookrunner. The Corporation agrees, and the Underwriters confirm, that the Underwriters are not providing services to or on behalf of, and do not assume or accept any duty or responsibility to, the Corporation or any other person in connection with the Concurrent Australian Offering.

This Agreement shall be subject to the following terms and conditions:

**TERMS AND CONDITIONS** 

**Section 1 Interpretation** 

(1) Definitions

Where used in this Agreement or in any amendment hereto, the following terms shall have the following meanings, respectively:

"**affiliate**" has the meaning given to it in the *Business Corporations Act* (British Columbia);

"**Agreement**" means the agreement resulting from the acceptance by the Corporation of the offer made by the Underwriters by this letter;

"**Agreements and Instruments**" has the meaning given to it in Section 8(42);

"**Amended and Restated Canadian Preliminary Prospectus**" has the meaning given to it in the third paragraph of this Agreement;

"**Amendment No. 1 to the Registration Statement**" has the meaning given to it in the third paragraph of this Agreement;

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"**Amendment No. 2 to the Registration Statement**" has the meaning given to it in the fourth paragraph of this Agreement;

"**Applicable Securities Laws**" means collectively, Canadian Securities Laws and U.S. Securities Laws;

"**ASX**" means the Australian Securities Exchange;

"**Australian Corporations Act**" means the *Corporations Act 2001* (Cth);

"**Australian Securities Laws**" means the Australian securities legislation applicable to the Corporation (including the Australian Corporations Act), the regulations and rules made under that legislation, and all administrative policy statements, blanket orders, notices, directions and rulings issued by the ASIC, orders issued by the ASX and the ASX Listing Rules

"**Business Day**" means any day, other than a Saturday or Sunday, on which banks are open for business in Vancouver, British Columbia and New York, New York;

"**Canadian Final Prospectus**" has the meaning given to it in the fourth paragraph of this Agreement;

"**Canadian Offering Documents**" means each of the Canadian Preliminary Prospectus, the Canadian Final Prospectus, any Canadian Prospectus Amendment, including the Documents Incorporated by Reference and any Marketing Documents;

"**Canadian Preliminary Prospectus**" means the Initial Canadian Preliminary Prospectus, including the Documents Incorporated by Reference and, subsequent to the filing of the Amended and Restated Canadian Preliminary Prospectus, references to the "**Canadian Preliminary Prospectus**" shall mean the Initial Canadian Preliminary Prospectus, as amended by the Amended and Restated Canadian Preliminary Prospectus, including the Documents Incorporated by Reference;

"**Canadian Prospectus Amendment**" means any amendment to the Canadian Preliminary Prospectus or the Canadian Final Prospectus, including the Documents Incorporated by Reference;

"**Canadian Securities Commissions**" means the securities regulatory authorities in each of the Qualifying Jurisdictions;

"**Canadian Securities Laws**" means all applicable securities laws of each of the Qualifying Jurisdictions and the respective rules and regulations under such laws together with applicable published national, multilateral and local policy statements, instruments, notices, blanket orders and rulings of the securities regulatory authorities in the Qualifying Jurisdictions;

"**CDIs**" has the meaning given to it in the eighth paragraph of this Agreement;

"**CDS**" means CDS Clearing and Depository Services Inc.;

"**CFPOA**" has the meaning given to it in Section 8(46);

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"**CHESS**" means Clearing House Electronic Subregister System;

"**Cleansing Statement**" means a notice in accordance with section 708A(5) of the Australian Corporations Act which complies with the requirements of section 708A(6) of the Australian Corporations Act;

"**Closing Date**" has the meaning given to it in Section 15;

"**Closing Time**" has the meaning given to it in Section 15;

"**Commission**" means the British Columbia Securities Commission;

"**Common Shares**" means the common shares in the capital of the Corporation;

"**Concurrent Australian Offering**" has the meaning given to it in the eighth paragraph of this Agreement;

"**Consents**" has the meaning give to it in Section 8(15);

"**Corporation**" has the meaning given to it in the first paragraph of this Agreement;

"**Distribution**" means "distribution" or "distribution to the public" as those terms are defined in the Applicable Securities Laws in Canada;

"**Documents Incorporated by Reference**" means all interim and annual financial statements, management's discussion and analysis, business acquisition reports, management information circulars, annual information forms, material change reports, Marketing Documents and other documents that are or are required by Applicable Securities Laws to be incorporated by reference into the Offering Documents, as applicable;

"**Dual Prospectus Receipt**" means the receipt issued by the Commission, which is deemed to also be a receipt of the other Canadian Securities Commissions and evidence of the receipt of the Ontario Securities Commission pursuant to Multilateral Instrument 11-102 – *Passport System* and National Policy 11-202 – *Process for Prospectus Reviews in Multiple Jurisdictions*, for the Canadian Preliminary Prospectus, the Amended and Restated Canadian Preliminary Prospectus, the Canadian Final Prospectus and any Canadian Prospectus Amendment, as the case may be;

"**Environmental Laws**" has the meaning given to it in Section 8(30);

"**FCPA**" has the meaning given to it in Section 8(46);

"**Form F-X**" has the meaning given to it in the fifth paragraph of this Agreement;

"**Governmental Authority**" means and includes, without limitation, any national or federal government, province, state, municipality or other political subdivision of any of the foregoing, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and any corporation or other entity owned or controlled (through stock or capital ownership or otherwise) by any of the foregoing;

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"**Governmental Licences**" has the meaning given to it in Section 8(34);

"**Hazardous Materials**" has the meaning given to it in Section 8(30);

"**IFRS**" means International Financial Reporting Standards as issued by the International Accounting Standards Board, as the same may be amended or supplemented from time to time;

"**Indemnified Party**" has the meaning given to it in Section 10(1);

"**Initial Canadian Preliminary Prospectus**" has the meaning given to it in the second paragraph of this Agreement;

"**Initial Registration Statement**" has the meaning given to it in the second paragraph of this Agreement;

"**Investment Company Act**" has the meaning given to it in Section 8(68);

"**Issuer Free Writing Prospectus**" means an "issuer free writing prospectus" as defined in Rule 433 under the U.S. Securities Act relating to the Offered Shares that (i) is required to be filed with the SEC by the Corporation, (ii) is a "road show that is a written communication" within the meaning of Rule 433(d)(8)(i) under the U.S. Securities Act whether or not required to be filed with the SEC or (iii) is exempt from filing pursuant to Rule 433(d)(5)(i) under the U.S. Securities Act because it contains a description of the Offered Shares or of the Offering that does not reflect the final terms, in each case in the form filed or required to be filed with the SEC or, if not required to be filed, in the form retained in the Corporation's records pursuant to Rule 433(g) under the U.S. Securities Act;

"**IT Systems and Data**" has the meaning given to it in Section 8(72);

"**Leased Premises**" has the meaning given to it in Section 8(64);

"**Marketing Documents**" means the marketing materials approved in accordance with Section 4(2);

"**marketing materials**" has the meaning given to it in NI 41-101;

"**Material Adverse Effect**" means any event, change, fact or state of being which could reasonably be expected to have a material and adverse effect on the business, affairs, capital, operation, permits, contractual arrangements, assets, management, condition (financial or otherwise), business prospects, financial position, shareholders' equity, results of operations, liabilities (absolute, accrued, contingent or otherwise) or properties of the Corporation and its consolidated interest in the Subsidiaries, taken as a whole, or the ability of the Corporation to consummate the transactions contemplated by this Agreement or any fact, event, or change that would result in any Offering Document containing a misrepresentation;

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"**material change**" means a material change in or relating to the Corporation for the purposes of Applicable Securities Laws in Canada or any of them, or where undefined under the Applicable Securities Laws of an Offering Jurisdiction means a change in or relating to the business, operations or capital of the Corporation and its subsidiaries taken as a whole that would reasonably be expected to have a significant effect on the market price or value of any securities of the Corporation and includes a decision to implement such a change made by the board of directors of the Corporation or by senior management who believe that confirmation of the decision by the board of directors of the Corporation is probable;

"**Material Contracts**" has the meaning given to it in Section 8(36);

"**material fact**" means a material fact for the purposes of Applicable Securities Laws in Canada or any of them, or where undefined under the Applicable Securities Laws of an Offering Jurisdiction means a fact that would reasonably be expected to have a significant effect on the market price or value of any securities of the Corporation;

"**Material Properties**" mean Rook I uranium project - Saskatchewan, Canada;

"**Mining Claims**" has the meaning given to it in Section 8(24);

"**Mining Laws**" has the meaning given to it in Section 8(47);

"**misrepresentation**" means a misrepresentation for the purposes of the Applicable Securities Laws of an Offering Jurisdiction or any of them, or where undefined under the Applicable Securities Laws of an Offering Jurisdiction means: (i) an untrue statement of a material fact, or (ii) an omission to state a material fact that is required to be stated or that is necessary to make a statement not misleading in the light of the circumstances in which it was made;

"**Money Laundering Laws**" has the meaning given to it in Section 8(47);

"**NI 41-101**" means National Instrument 41-101 – *General Prospectus Requirements*;

"**NI 43-101**" means National Instrument 43-101 – *Standards for Disclosure for Mineral Projects*;

"**NI 44-101**" means National Instrument 44-101 – *Short Form Prospectus Distributions*;

"**NI 51-102**" means National Instrument 51-102 – *Continuous Disclosure Obligations*;

"**NI 52-110**" means National Instrument 52-110 – *Audit Committees;*

"**NYSE**" means the New York Stock Exchange;

"**Offered Shares**" has the meaning given to it in the first paragraph of this Agreement;

"**Offering**" means the sale of Offered Shares pursuant to this Agreement;

"**Offering Documents**" means the Canadian Offering Documents and the U.S. Offering Documents;

"**Offering Jurisdictions**" means, collectively, each of the Qualifying Jurisdictions and the United States, but excludes Australia;

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"**Offering Price**" has the meaning given to it in the first paragraph of this Agreement;

"**Prospectuses**" has the meaning given to it in the fourth paragraph of this Agreement;

"**Purchasers**" means, collectively, each of the purchasers of the Offered Shares arranged by the Underwriters, including the Substituted Purchasers, pursuant to the Offering;

"**QA/QC**" has the meaning given to it in Section 8(29);

"**Qualifying Jurisdictions**" has the meaning given to it in the fourth paragraph of this Agreement;

"**Registration Statement**" has the meaning given to it in the fourth paragraph of this Agreement;

"**Repayment Event**" has the meaning given to it in Section 8(42);

"**Sanctioned Country**" has the meaning given to it in Section 8(47);

"**SEC**" has the meaning given to it in the second paragraph of this Agreement;

"**SEDAR+**" means SEDAR+ or the System for Electronic Data Analysis and Retrieval, as the context requires;

"**Selling Firm**" has the meaning given to it in Section 2(1);

"**Stock Plan**" has the meaning given to it in Section 8(63);

"**Subsidiaries**" has the meaning given to it in the *Business Corporations Act* (British Columbia), and "**Subsidiary**" means any one of them;

**"Substituted Purchaser"** means any person or entity resident in an Offering Jurisdiction, that is arranged by an Underwriter to purchase Offered Shares directly from the Corporation at the Offering Price in accordance with the terms of this Agreement, and whose purchase reduces, on a dollar-for-dollar basis, the number of Offered Shares required to be purchased by the Underwriters;

"**Supplementary Material**" means, collectively, any amendment to the Offering Documents and any amendment or supplemental prospectus or ancillary materials that may be filed by or on behalf of the Corporation under Applicable Securities Laws relating to the Offering and/or the distribution of the Offered Shares;

"**template version**" has the meaning ascribed to such term in NI 41-101 and includes any revised template version of marketing materials as contemplated by NI 41-101;

"**Testing-the-Waters Communication**" has the meaning given to it in Section 8(76);

"**TSX**" means the Toronto Stock Exchange;

"**Underwriters**" has the meaning given to it in the first paragraph of this Agreement;

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"**Underwriters' Expenses**" has the meaning given to it in Section 17;

"**Underwriting Fee**" has the meaning given to it in the seventh paragraph of this Agreement;

"**U.S. Amended Prospectus**" means a prospectus included in any U.S. Registration Statement Amendment;

"**U.S. Exchange Act**" means the United States Securities Exchange Act of 1934, as amended;

"**U.S. Final Prospectus**" means the Canadian Final Prospectus with such deletions therefrom and additions thereto as are permitted or required by Form F-10 and the applicable rules and regulations of the SEC, included in the Registration Statement at the time it becomes effective, including the Documents Incorporated by Reference;

"**U.S. Offering Documents**" means the Initial Registration Statement, the Amendment No. 1 to the Registration Statement, the Amendment No. 2 to the Registration Statement, the Registration Statement, any U.S. Registration Statement Amendment, the U.S. Preliminary Prospectus, the U.S. Final Prospectus and any U.S. Amended Prospectus;

"**U.S. Preliminary Prospectus**" means the Canadian Preliminary Prospectus with such deletions therefrom and additions thereto as are permitted or required by Form F-10 and the applicable rules and regulations of the SEC, included in the Initial Registration Statement as amended at such time, including the Documents Incorporated by Reference therein;

"**U.S. Registration Statement Amendment**" means any amendment to Amendment No. 1 to the Registration statement (other than Amendment No. 2 to the Registration Statement) and any post-effective amendment to the Registration Statement filed with the SEC during the distribution of the Offered Shares;

"**U.S. Securities Act**" has the meaning given to it in the second paragraph of this Agreement;

"**U.S. Securities Laws**" means all applicable United States securities laws, including, without limitation, the U.S. Securities Act, the U.S. Exchange Act and the rules and regulations promulgated thereunder;

"**United States**" means the United States of America, its territories and possessions, any State of the United States and the District of Columbia; and

"**Written Testing-the-Waters Communication**" has the meaning given to it in Section 8(76).

(2) Capitalized terms used but not defined herein have the meanings ascribed to them in the Canadian Preliminary
Prospectus.

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(3) Any reference in this Agreement to a Section or Subsection shall refer to a section or subsection of this
Agreement.

(4) All words and personal pronouns relating thereto shall be read and construed as the number and gender of the
party or parties referred to in each case required and the verb shall be construed as agreeing with the required word and/or pronoun.

(5) Any reference in this Agreement to "US$" or to "dollars" shall refer to the lawful
currency of the United States, unless otherwise specified.

(6) The following are the schedules to this Agreement, which schedules are deemed to be a part hereof and are
hereby incorporated by reference herein:

Schedule "A" – Matters to be Addressed in the Corporation's Canadian Counsel Opinion

Schedule "B" – Matters to be Addressed in the Corporation's U.S. Counsel Opinion

Schedule "C" – Form of Lock-Up Agreement

**Section 2 Distribution of the Offered Shares** 

(1) Each Underwriter shall be permitted to appoint additional investment dealers or brokers (each, a
" **Selling Firm**") as its agents in the Offering and each such Underwriter may determine the remuneration payable to such Selling Firm. The Underwriters may offer the Offered Shares, directly and through Selling Firms or any
affiliate of an Underwriter, in the Offering Jurisdictions for sale to the public only in accordance with Applicable Securities Laws and in any jurisdiction outside of the Offering Jurisdictions (subject to Section 7 hereof) to purchasers
permitted to purchase the Offered Shares only in accordance with Applicable Securities Laws and applicable securities laws in such jurisdiction, and upon the terms and conditions set forth in the Offering Documents and in this Agreement. Each
Underwriter shall require any Selling Firm appointed by such Underwriter to agree to the foregoing and such Underwriter shall be severally responsible for the compliance by such Selling Firm with the provisions of this Agreement.

(2) For purposes of this Section 2, the Underwriters shall be entitled to assume that the Offered Shares are
qualified for Distribution in any Qualifying Jurisdiction where a Dual Prospectus Receipt shall have been obtained following the filing of the Canadian Final Prospectus, unless otherwise notified in writing by the Corporation.

(3) The Underwriters shall promptly notify the Corporation when, in their opinion, the Distribution of the Offered
Shares has ceased and will provide to the Corporation, as soon as practicable thereafter, a breakdown of the number of Offered Shares distributed in each of the Qualifying Jurisdictions where such breakdown is required for the purpose of calculating
fees payable to the Canadian Securities Commissions and, if applicable, in the United States.

(4) The Underwriters shall not, in connection with the services provided hereunder, make any representations or
warranties with respect to the Corporation or its securities, other than as set out in the Offering Documents or in any Issuer Free Writing Prospectus.

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(5) Notwithstanding the foregoing provisions of this Section 2, no Underwriter will be liable to the
Corporation under this Section 2 with respect to a default by another Underwriter or another Underwriter's duly registered broker-dealer affiliate in the United States or any Selling Firm, as the case may be.

(6) The Underwriters acknowledge that the Corporation is not taking any steps to qualify the Offered Shares for
Distribution or register the Offered Shares or the Distribution thereof with any securities authority outside of the Offering Jurisdictions.

(7) The Corporation agrees that the Underwriters are acting severally and not jointly (or jointly and severally) in
performing their respective obligations under this Agreement and that no Underwriter shall be liable for any act, omission or conduct by any other Underwriter.

**Section 3 Substituted Purchasers** 

(1) Subject to Section 3(2), the Underwriters will arrange for Substituted Purchasers to purchase Offered
Shares directly from the Corporation at the Offering Price.

(2) Where the Underwriters have not arranged for a Substituted Purchaser in accordance with this Section 3(1),
an Underwriter shall purchase Offered Shares directly from the Corporation at the Offering Price, without the intention of selling or transferring those Offered Shares, or granting, issuing or transferring interests in, or options over, them.

(3) The number of Offered Shares purchased by Substituted Purchasers shall reduce, on a dollar-for-dollar basis, the number of Offered Shares required to be purchased by the Underwriters under this Agreement.

**Section 4 Preparation of Prospectus; Marketing Materials; Due Diligence** 

(1) During the period of the Distribution of the Offered Shares, the Corporation shall co-operate in all respects with the Underwriters to allow and assist the Underwriters to participate fully in the preparation of, and allow the Underwriters to approve the form and content of, the Offering Documents
and any Issuer Free Writing Prospectus and shall allow the Underwriters to conduct all "due diligence" investigations which the Underwriters may reasonably require to fulfil the Underwriters' obligations under Applicable Securities
Laws as underwriters and, in the case of the Canadian Preliminary Prospectus, the Amended and Restated Canadian Preliminary Prospectus, the Canadian Final Prospectus and any Canadian Prospectus Amendment, to enable the Underwriters responsibly to
execute any certificate required to be executed by the Underwriters.

(2) Without limiting the generality of clause (1) above, during the distribution of the Offered Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subject to Section 8(77), the Corporation shall prepare, in consultation with the Underwriters, and shall
approve in writing, prior to the time that any such marketing materials are provided to potential Purchasers, a template version of any marketing materials reasonably requested to be provided by the Underwriters to any such potential Purchasers, and
such marketing materials shall comply with Applicable Securities Laws and shall be acceptable in form and substance to the Underwriters and their counsel, acting reasonably;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Underwriters shall approve a template version of any such marketing materials in writing prior to the time
that such marketing materials are provided to potential Purchasers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Corporation shall file a template version of any such marketing materials on SEDAR+ as soon as reasonably
practical after such marketing materials are so approved in writing by the Corporation and the Underwriters and in any event on or before the day the marketing materials are first provided to any potential Purchaser, and any comparables shall be
removed from the template version in accordance with NI 44-101 prior to filing such on SEDAR+ (provided that if any such comparables are removed, the Corporation shall deliver a complete template version of
any such marketing materials to the Commission), and the Corporation shall provide a copy of such filed template version to the Underwriters as soon as practicable following such filing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) following the approvals and filings set forth in (a) to (c) above, the Underwriters may provide a limited
use version of such marketing materials to potential Purchasers in accordance with Applicable Securities Laws.

(3) The Corporation and each Underwriter, on a several basis, covenants and agrees not to provide any potential
Purchaser with any marketing materials except for marketing materials which have been approved as contemplated in Section 4(2).

**Section 5 Material Changes** 

(1) During the period from the date of this Agreement to the completion of the Distribution of the Offered Shares,
the Corporation covenants and agrees with the Underwriters that it shall promptly notify the Underwriters in writing of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any material change (actual, anticipated, contemplated or threatened) in or relating to the business, affairs,
operations, assets, liabilities (contingent or otherwise), capital or ownership of the Corporation and its Subsidiaries taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any material fact which has arisen or been discovered and would have been required to have been stated in any
of the Offering Documents or any Issuer Free Writing Prospectus had the fact arisen or been discovered on or prior to the date of such document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any change in any material fact (which for purposes of this Agreement shall be deemed to include the disclosure
of any previously undisclosed material fact) contained in the Canadian Offering Documents, as they exist immediately prior to such change, which fact or change is, or may reasonably be expected to be, of such a nature as to render any statement in
such Canadian Offering Documents, as they exist taken together in their entirety immediately prior to such change, misleading or untrue in any material respect or which would result in the Canadian Offering

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Documents, as they exist immediately prior to such change, containing a misrepresentation or which would result in the Canadian Offering Documents, as they exist immediately prior to such change, not complying with the laws of any Qualifying Jurisdiction in which the Offered Shares are to be offered for sale or which change would reasonably be expected to have a significant effect on the market price or value of any securities of the Corporation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the occurrence of any event as a result of which (i) the Initial Registration Statement, the Amendment
No. 1 to the Registration Statement, the Amendment No. 2 to the Registration Statement, the Registration Statement or any U.S. Registration Statement Amendment, in each case as amended immediately prior to such occurrence, would include
any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading, or (ii) the U.S. Preliminary Prospectus, the U.S. Final Prospectus, any
U.S. Amended Prospectus or any Issuer Free Writing Prospectus, in each case as then amended or supplemented, would include any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order
to make the statements therein, in the light of the circumstances in which they are made, not misleading.

(2) The Underwriters agree, and will require each Selling Firm to agree, to cease the Distribution of the Offered
Shares upon the Underwriter receiving written notification of any change or material fact with respect to any Offering Document contemplated by this Section 5 and to not recommence the Distribution of the Offered Shares until Supplementary
Materials disclosing such change are filed in such Offering Jurisdiction.

(3) The Corporation shall, to the reasonable satisfaction of the Underwriters' counsel, promptly comply with
all applicable filing and other requirements under Applicable Securities Laws whether as a result of such change, material fact or otherwise; provided that the Corporation shall not file any Supplementary Material or other document without first
providing the Underwriters with a copy of such Supplementary Material or other document and consulting with the Underwriters with respect to the form and content thereof.

(4) If during the Distribution of the Offered Shares there is any change in any Applicable Securities Laws, which,
in the reasonable opinion of the Underwriters, results in a requirement to file a Canadian Prospectus Amendment or U.S. Registration Statement Amendment, the Corporation shall, to the reasonable satisfaction of the Underwriters' counsel and
subject to the proviso in clause (2) above, make any such filing under Applicable Securities Laws as soon as possible.

(5) The Corporation shall in good faith discuss with the Underwriters any fact or change in circumstances (actual,
anticipated, contemplated or threatened, financial or otherwise) which is of such a nature that there is reasonable doubt whether written notice need be given under this Section 5.

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**Section 6 Deliveries to the Underwriters** 

(1) The Corporation shall deliver or cause to be delivered to the Underwriters, forthwith:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) copies of the Initial Canadian Preliminary Prospectus, the Amended and Restated Canadian Preliminary
Prospectus, the Canadian Final Prospectus and any Marketing Documents duly signed as required by the laws of all of the Qualifying Jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) copies of the Initial Registration Statement, the Amendment No. 1 to the Initial Registration Statement
and the Amendment No. 2 to the Initial Registration Statement, in each case signed as required by the U.S. Securities Act and the rules and regulations of the SEC thereunder and any documents included as exhibits to any such registration
statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) copies of any Canadian Prospectus Amendment required to be filed under Section 5 hereof duly signed as
required by the laws of all of the Qualifying Jurisdictions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any U.S. Registration Statement Amendment required to be filed under Section 5 hereof, signed as required
by the U.S. Securities Act and the rules and regulations of the SEC thereunder and any documents included as exhibits to the U.S. Registration Statement Amendment.

(2) The Corporation shall forthwith cause to be delivered to the Underwriters in such cities in the Offering
Jurisdictions as they may reasonably request, without charge, such numbers of commercial copies of the Canadian Preliminary Prospectus, Canadian Final Prospectus and any Marketing Documents and the U.S. Preliminary Prospectus and U.S. Final
Prospectus, excluding in each case the Documents Incorporated by Reference, as the Underwriters shall reasonably require. The Corporation shall similarly cause to be delivered to the Underwriters commercial copies of any Canadian Prospectus
Amendment or U.S. Amended Prospectus, excluding in each case the Documents Incorporated by Reference. The Corporation agrees that such deliveries shall be effected as soon as possible and, in any event, (i) in Vancouver not later than 12:00
noon P.S.T. on October 9, 2025, and in all other cities by 12:00 noon local time, on the next Business Day, with respect to the Canadian Preliminary Prospectus and the U.S. Preliminary Prospectus, and (ii) in Vancouver with respect to the
Canadian Final Prospectus, the U.S. Final Prospectus, any Marketing Documents, any Canadian Prospectus Amendment and any U.S. Amended Prospectus by 12:00 noon P.S.T. on the next Business Day following the delivery by the Commission of the Dual
Prospectus Receipt for the Canadian Final Prospectus or Canadian Prospectus Amendment, as the case may be, and in all other cities by 12:00 noon local time, on the second Business Day following such Dual Prospectus Receipt, provided that the
Underwriters have given the Corporation written instructions as to the number of copies required and the places to which such copies are to be delivered not less than 24 hours prior to the time requested for delivery. Such delivery shall also
confirm that the Corporation consents to the use by the Underwriters and Selling Firms of the Offering Documents in connection with the Distribution of the Offered Shares in compliance with the provisions of this Agreement and Applicable Securities
Laws.

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(3) By the act of having delivered the Offering Documents to the Underwriters, the Corporation shall have
represented and warranted to the Underwriters that all information and statements (except information and statements relating solely to the Underwriters) contained in such documents, at the respective dates of initial delivery thereof, comply with
the Applicable Securities Laws and are true and correct in all material respects, and that such documents, at such dates, contain no misrepresentation or omit to state a material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading and constitute full, true and plain disclosure of all material facts relating to the Corporation and the Offering as required by the Applicable Securities Laws.

(4) The Corporation shall also deliver or cause to be delivered to the Underwriters, concurrently with the filing
of the Canadian Final Prospectus with the Commission, a "long form" comfort letter of KPMG LLP, in form and substance satisfactory to the Underwriters, acting reasonably, addressed to the Underwriters and the directors of the
Corporation, with respect to certain financial and accounting information relating to the Corporation and its Subsidiaries and affiliates contained in the Offering Documents, which letter shall be in addition to the auditors' report
incorporated by reference in the Canadian Final Prospectus and the U.S. Final Prospectus.

**Section 7 Regulatory Approvals** 

The Corporation will make all necessary filings, obtain all necessary consents and approvals (if any) required to be made or obtained by it, and pay all filing fees required to be paid by it in connection with the transactions contemplated by this Agreement. The Corporation will qualify the Offered Shares for offering and sale under the Applicable Securities Laws of the Offering Jurisdictions and in such other jurisdictions as the Underwriters may designate and maintain such qualifications in effect for so long as required for the Distribution of the Offered Shares; provided, however, that (i) the Corporation shall not be obligated to make any material filing, file any prospectus, registration statement or similar document, consent to service of process, or qualify as a foreign corporation or as a dealer in securities in any of such other jurisdictions, or subject itself to taxation in respect of doing business in any of such other jurisdictions in which it is not otherwise so subject, or become subject to any additional periodic reporting or continuous disclosure obligations in such other jurisdictions, and (ii) the Underwriters and the Selling Firms shall comply with the applicable laws in any such designated jurisdiction in making offers and sales of Offered Shares therein.

The Corporation will make all necessary filings and obtain all necessary consents and approvals required in connection with the issuance and sale of Offered Shares in Australia, including the lodgement of a Cleansing Statement with the ASX.

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**Section 8 Representations and Warranties of the Corporation** 

The Corporation represents and warrants to each of the Underwriters and acknowledges that the Underwriters are relying on such representations and warranties in entering into this Agreement. The representations and warranties of the Corporation contained in this Agreement shall be true as of the date hereof, the Closing Time, and shall survive the completion of the transactions contemplated under this Agreement and remain in full force and effect thereafter for the benefit of the Underwriters.

(1) *Due Incorporation.* The Corporation has been duly incorporated and is validly existing under the laws of
British Columbia and has all requisite corporate power and authority to own, lease and operate its properties and assets, to conduct its business as now carried on by it as is or will be described in the Offering Documents, and to enter into,
deliver and perform its obligations under this Agreement. The Corporation is duly qualified or authorized to transact business and is in good standing (in respect of the filing of annual returns where required or other information filings under
applicable corporations information legislation) in each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business.

(2) *Material Subsidiaries.* The Corporation has no Subsidiaries that are "significant
subsidiaries" within the meaning of Rule 1-02(w) of Regulation S-X under the Act or are otherwise material to the Corporation; no Subsidiary is currently
prohibited, directly or indirectly, from paying any dividends to the Corporation, from making any other distribution on such Subsidiary's capital stock, from repaying to the Corporation any loans or advances to such Subsidiary from the
Corporation or from transferring any of such Subsidiary's property or assets to the Corporation or any other Subsidiary of the Corporation; all of the issued share capital of or other ownership interests in each Subsidiary have been duly and
validly authorized and issued and are fully paid and non-assessable and are owned directly or indirectly by the Corporation free and clear of any lien, charge, mortgage, pledge, security interest, claim, or
other encumbrance of any kind whatsoever (each, a "**Lien** "); each Subsidiary has been duly organized and validly exists as a corporation, partnership or limited liability company in good standing under the laws of the jurisdiction
of its organization, with full corporate power and authority to own, lease and operate its properties and to conduct its business as described in the Offering Documents; each Subsidiary is duly qualified to do business and is in good standing in
each jurisdiction in which the character or location of its properties (owned, leased or licensed) or the nature or conduct of its business makes such qualification necessary, except for those failures to be so qualified or in good standing which
(individually or in the aggregate) could not reasonably be expected to have a Material Adverse Effect.

(3) *Capitalization.* As of the date of this Agreement, the Corporation's authorized capital is
comprised of an unlimited number of common shares and preferred shares, of which 575,181,968 common shares and no preferred shares are issued and outstanding; all of the issued and outstanding share capital of the Corporation, being the
Common Shares, have been duly authorized and validly issued and are fully paid and non-assessable, have been issued in compliance with all applicable Canadian, U.S. and other securities laws and were not
issued in violation of any pre-emptive right, resale right, right of first refusal or similar right; the Common Shares are duly listed, and admitted and authorized for trading, on the NYSE and the TSX.

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(4) *The Shares.* When issued in accordance with this Agreement and pursuant to the effective Registration
Statement and the Prospectuses, and upon receipt of payment for the Offered Shares, the Offered Shares will have been duly and validly created and issued as fully paid and non-assessable. The Offered Shares,
upon issuance, will not be issued in violation of or subject to any pre-emptive rights or contractual rights to purchase securities issued by the Corporation.

(5) *Shares Qualified Investments*. The Offered Shares are qualified investments under the *Income Tax Act* (Canada) for trusts governed by registered retirement savings plans, registered retirement income funds, deferred profit-sharing plans, registered education savings plans, tax free savings accounts and registered disability savings plans.

(6) *Transfer Agent and Registrar.* Computershare Investor Services Inc. at its principal office in the city
of Vancouver, British Columbia is the duly appointed registrar and transfer agent of the Corporation with respect to its Common Shares and Computershare Trust Company, N.A. at its principal office in Denver, Colorado is the duly appointed U.S. co-transfer agent of the Corporation with respect to its Common Shares.

(7) *Proposed Legislation.* The Corporation has no knowledge of any legislation, or proposed legislation
published and publicly disseminated by a legislative body, which would materially and adversely affect the business, affairs, operations, assets, liabilities (contingent or otherwise) or prospects of the Corporation or any Subsidiary if such
legislation or proposed legislation would be enacted, in the form published and publicly disseminated, as of the date hereof.

(8) *Absence of Rights.* Except as described in the Offering Documents, no person has any right, agreement or
option, present or future, contingent or absolute, or any right capable of becoming a right, agreement or option, for the issue or allotment of any unissued Common Shares of the Corporation or any other agreement or option, for the issue or
allotment of any unissued securities of the Corporation or any other security convertible into or exchangeable for any such Common Shares or to require the Corporation to purchase, redeem or otherwise acquire any of the issued and outstanding
securities of the Corporation; except as disclosed in the Offering Documents, no person has any rights to require registration or qualification under the U.S. Securities Act or the Canadian Securities Laws of any security in connection with the
offer and sale of the Offered Shares contemplated hereby, and any such rights so disclosed have either been fully complied with by the Corporation or effectively waived by the holders thereof.

(9) *Ordinary Course.* Since December 31, 2024, other than as disclosed in the Offering Documents:
(i) there has not been any material change in the assets, liabilities, obligations (absolute, accrued, contingent or otherwise), business, condition (financial or otherwise) or results of operations of the Corporation and its Subsidiaries;
(ii) there has not been any material change in the capital stock or long-term debt of the Corporation; and (iii) the Corporation and its Subsidiaries have carried on their respective business in the ordinary course.

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(10) *Continuous Disclosure*. The Corporation is in compliance in all material respects with its timely
disclosure obligations under the Exchange Act and Canadian Securities Laws and the by-laws, rules and policies of the TSX and NYSE, and the information and statements in the documents incorporated by reference
in the Offering Documents were true and correct at the time such documents were filed on SEDAR+ or EDGAR, as applicable, and did not contain any misrepresentation, as of the respective dates of such information and statements, and the Corporation
has not filed any confidential material change reports since December 31, 2024, which remain confidential as at the date hereof.

(11) *Disclosure Controls.* The Corporation maintains disclosure controls and procedures (as defined in Rule 13a-15 under the Exchange Act and Canadian Securities Laws) that comply with the requirements of the Exchange Act and Canadian Securities Laws; such disclosure controls and procedures have been designed to ensure
that material information relating to the Corporation is made known to the Corporation's principal executive officer and principal financial officer by others within those entities; such disclosure controls and procedures have been evaluated
by the Corporation's principal executive officer and principal financial officer as effective, as set out in the Corporation's most recent annual report on Form 40-F.

(12) *Financial Statements.* The consolidated financial statements of the Corporation, including the notes
thereto, included or incorporated by reference in the Offering Documents (i) present fairly, in all material respects, the financial position of the Corporation and the statements of loss and comprehensive loss from operations and changes in
equity and cash flows of the Corporation for the periods specified in such financial statements; and (ii) have been prepared in accordance with International Financial Reporting Standards as issued by IFRS applied on a consistent basis
throughout the periods involved; the other financial and statistical information relating to the Corporation included or incorporated by reference in the Offering Documents, present fairly the information included therein and have been prepared on a
basis consistent with that of the financial statements of the Corporation that are included or incorporated by reference in the Offering Documents and the books and records of the Corporation.

(13) *Accounting Policies*. There has been no change in accounting policies or practices of the Corporation
since December 31, 2024, except as has been disclosed in the Offering Documents.

(14) *Corporate Action.* The Corporation has the necessary corporate power and authority to execute and deliver
the Offering Documents and, if applicable, will have the necessary corporate power and authority to execute and deliver any amendment to the Registration Statement or Prospectuses prior to the filing thereof, and all necessary corporate action has
been taken by the Corporation to authorize the execution and delivery by it of the Offering Documents and the filing thereof, as the case may be, in each of the Qualifying Jurisdictions under Canadian Securities Laws or with the SEC under the U.S.
Securities Act, as applicable.

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(15) *No Consents Required.* No consent, approval, authorization, order, registration, qualification, license,
filing and permit of, with and from any judicial, regulatory and other legal or governmental agencies and bodies and any third parties, Canadian, U.S. or foreign (collectively, "**Consents**") is required in connection with the
distribution of the Offered Shares or the consummation of the transactions as contemplated by this Agreement, other than (i) as may be required under the securities or blue sky laws of the various jurisdictions in which the Offered Shares are
being offered, (ii) as have been obtained and are in full force and effect, and (iii) as may be required under the rules of the NYSE and the TSX.

(16) *Liabilities.* The Corporation does not have any material liabilities, obligations, indebtedness or
commitments, whether accrued, absolute, contingent or otherwise, which are not disclosed or referred to in the consolidated financial statements of the Corporation, including the notes thereto, included or incorporated by reference in the Offering
Documents or referred to or disclosed in the Offering Documents, other than liabilities, obligations, or indebtedness or commitments incurred in the normal course of business.

(17) *Independent Accountant.* KPMG LLP, which has audited the annual consolidated financial statements of the
Corporation that are included or incorporated by reference in the Offering Documents, and whose reports appear or are incorporated by reference in the Offering Documents, are independent with respect to the Corporation as required by Canadian
Securities Laws and are independent registered public accountants as required by the U.S. Securities Act, the Exchange Act and by the rules of the Public Company Accounting Oversight Board.

(18) *No Reportable Event.* There has not been any reportable event (within the meaning of NI 51-102) between the Corporation and its auditors.

(19) *Audit Committee*. The audit committee of the Corporation is comprised and operates in accordance with the
requirements of NI 52-110.

(20) *Internal Control Over Financial Reporting and Internal Accounting Controls.* The Corporation and its
Subsidiaries maintain a system of internal accounting and other controls sufficient to provide reasonable assurances that (i) transactions are executed in accordance with management's general or specific authorizations,
(ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain accountability for assets, (iii) access to assets is permitted only in
accordance with management's general or specific authorization, and (iv) the recorded accounting for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences;
management of the Corporation assessed the Corporation's internal control over financial reporting (as such term is defined in Exchange Act Rule 13a-15(f) and Canadian Securities Laws) as of the end of
the Corporation's most recent fiscal year and concluded that such internal control over financial reporting was effective as of such date and the Corporation is not aware of any material weakness in its internal control over financial
reporting.

(21) *No Change in the Corporation's Internal Control Over Financial Reporting.* Since the date of the
latest audited consolidated financial statements of the Corporation included or incorporated by reference in the Offering Documents, there has been no change in the Corporation's internal control over financial reporting that has materially
affected, or is reasonably likely to materially affect, the Corporation's internal control over financial reporting.

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(22) *Assets.* The Corporation and its Subsidiaries have good, valid and marketable title to and have all
necessary rights of ownership in respect of all material assets described in the Offering Documents as being owned by the Corporation or its Subsidiaries, free and clear of Liens save and except as otherwise disclosed in the Offering Documents or as
imposed by applicable law.

(23) *Machinery and Equipment*. All machinery and equipment owned or used by the Corporation in its business
has been properly maintained and is in working order for the purposes of ongoing operation, subject to ordinary wear and tear for comparable machinery and equipment.

(24) *Mining Claims.* All interests in material mining claims, concessions, exploitation or extraction rights
or similar rights ()"**Mining Claims**") that are held by the Corporation or any of its Subsidiaries are in good standing, are valid, subsisting and enforceable, are free and clear of any material Liens or charges and, other than as
set out in the Offering Documents, and other than assessment credits payable to governmental entities, no material commission, royalty, licence fee or similar payment is payable in respect of any of them. No other property rights are necessary for
the conduct of the Corporation's business as currently carried on as set out in the Offering Documents; and there are no material restrictions on the ability of the Corporation and its Subsidiaries to use, transfer or otherwise exploit any
such property rights. The Corporation and its Subsidiaries are the holders of Mining Claims necessary to carry on the activities of the Corporation as currently conducted. Mining Claims held by the Corporation and its Subsidiaries cover the areas
required by the Corporation for such purposes.

(25) *Option Agreements*. All material option or lease option agreements concerning mining interests to which
the Corporation or a Subsidiary is a party or otherwise bound, are in good standing and there are no material Liens registered or outstanding against the interests therein or the property related thereto, except in accordance with such option
agreements or as set forth in the Offering Documents; all payment obligations thereunder have been met and, to the knowledge of the Corporation, the title to the property held by the optionholders to which the option agreements relate are good and
marketable and held by the titleholders who are parties to the respective option agreements.

(26) *Mining Agreements*. Any and all of the agreements and other documents and instruments pursuant to which
the Corporation and its Subsidiaries hold the Corporation's Material Properties are valid and subsisting agreements, documents or instruments in full force and effect, enforceable in accordance with the terms thereof, neither the Corporation
nor any Subsidiary is in default of any of the material provisions of any such agreements, documents or instruments, nor to the knowledge of the Corporation has any such default been alleged and the Material Properties are not subject to any right
of first refusal or similar purchase or acquisition rights.

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(27) *Compliance with Mining Laws.* (i) The Corporation and its Subsidiaries (x) are, and at all
prior times were, in compliance with any and all applicable federal, first nations, aboriginal, tribal, state, provincial, municipal, local and foreign laws, rules, regulations, ordinances, codes, requirements, decisions and orders relating to
exploration, mining and related activities (collectively, "**Mining Laws** "), (y) have received and are in compliance, in all material respects, with all permits, licenses, certificates or other authorizations or approvals required of
them under applicable Mining Laws to conduct their respective businesses, and (z) have not received notice of any actual or potential liability under or relating to any non-compliance with Mining Laws and
have no knowledge of any event or condition that would reasonably be expected to result in any such notice, and (ii) except as described in each of the Offering Documents, (x) there are no proceedings, including but not limited to orders,
rights, directives, units or judgments, that are pending, or that are known to be contemplated, against the Corporation or any of its subsidiaries under any Mining Laws in which a governmental entity is also a party, and (y) the Corporation and
its subsidiaries are not aware of any non-compliance or potential non-compliance with Mining Laws, or liabilities or other obligations under Mining Laws, in each case
other than as would individually or in the aggregate, have a Material Adverse Effect.

(28) *Mineral Resources and Mineral Reserves.* The information relating to estimates by the Corporation of the
proven and probable mineral reserves and the measured, indicated and inferred mineral resources associated with its mineral property projects contained in the Offering Documents has been prepared in all material respects in accordance with NI 43-101; the Corporation believes that all of the assumptions underlying such reserve and resource estimates are reasonable and appropriate, and, subject to those assumptions being true and correct, that the
projected production and operating results relating to its projects and summarized in the Offering Documents are achievable by the Corporation; the Corporation has filed with the Canadian Securities Commissions all technical reports required to be
filed by it pursuant to NI 43-101.

(29) *Mining Controls.* The Corporation and its subsidiaries apply a quality assurance program and quality
control measures (collectively, the "**QA/QC**") to provide reasonable assurance regarding the precision and accuracy of its assay data. The Corporation is not aware of any material weaknesses in the QA/QC and maintains security
measures that are designed to provide assurance in the Corporation's and its subsidiaries' sample preparation, sample dispatches, sample security, sample splitting and reduction, data verification, and testing, assaying and analytical
procedures.

(30) *Environmental Laws*. Except as disclosed in the Offering Documents or any Issuer Free Writing Prospectus
(i) with respect to the Material Properties, the Corporation and its Subsidiaries are not in material violation of any federal, provincial, state, local, municipal or foreign statute, law, rule, regulation, ordinance, code, policy or any
judicial or administrative interpretation thereof, including any judicial or administrative order, consent decree or judgment, relating to pollution or protection of human health, the environment (including, without limitation, ambient air, surface
water, groundwater, land surface or subsurface strata) or wildlife, including, without limitation, laws and regulations relating to the release or threatened release of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous
substances, petroleum or petroleum products (collectively,

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"**Hazardous Materials**") or to the manufacture, processing, distribution, use, treatment, storage, disposal, discharge, transport or handling of Hazardous Materials (collectively, "**Environmental Laws**"); (ii) with respect to the Material Properties, there are no material pending or, to the knowledge of the Corporation, threatened, administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, notices of noncompliance or violation, investigation or proceedings relating to any Environmental Laws against the Corporation or any Subsidiary; (iii) the Corporation and its Subsidiaries have all permits, authorizations and approvals required under any applicable Environmental Laws and are each in material compliance with their requirements under such Environmental Laws; and (iv) neither the Corporation nor any Subsidiary is subject to any contingent or other liability relating to the restoration or rehabilitation of land, water or any other part of the environment (except for those derived from normal exploration or mining activities) or noncompliance with Environmental Laws.

(31) *Environmental Audits*. There are no material environmental audits, evaluations, assessments, studies or
tests relating to the Corporation except for ongoing assessments conducted by or on behalf of the Corporation or a Subsidiary in the ordinary course.

(32) *Costs and Liabilities related to Compliance with Environmental Laws.* In the
ordinary course of its business, the Corporation periodically reviews the effect of Environmental Laws on the business, operations and properties of the Corporation and its Subsidiaries, in the course of which it identifies and evaluates associated
costs and liabilities (including, without limitation, any capital or operating expenditures required for clean-up, closure or remediation of properties or compliance with Environmental Laws, or any permit,
license or approval, any related constraints on operating activities and any potential liabilities to third parties), and on the basis of such review, the Corporation has reasonably concluded that such associated costs and liabilities would not,
subject to maintaining adequate reserves for such costs, individually or in the aggregate, have a Material Adverse Effect.

(33) *Indigenous Rights.* Except as disclosed in the Offering Documents, there are no material claims with
respect to aboriginal, or indigenous rights currently outstanding or, to the knowledge of the Corporation, threatened or pending, with respect to the Material Properties.

(34) *Possession of Licenses and Permits.* The Corporation and its Subsidiaries have conducted and are
conducting their respective businesses in compliance in all material respects with all applicable law, rules, regulations, tariffs, orders and directives of each jurisdiction in which each carries on business. All material permits, certificates,
licenses, approvals, consents and other authorizations (collectively, "**Governmental Licences**") issued by the appropriate federal, provincial, state, local or foreign regulatory agencies or bodies necessary to carry on the business
currently carried on, or contemplated to be carried on, by it, are in place and there has been no breach of the material terms and conditions of all such Governmental Licences. All of the Governmental Licences are valid and in full force and effect
and will remain valid and in full force and effect. No notice of proceedings relating to the revocation, material modification or cancellation or, or intention to revoke, modify or cancel any such Governmental Licences has been issued or is
contemplated, and the Corporation has no reason to believe that any such Governmental Licences will not be renewed in the ordinary course.

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(35) *Insurance.* The Corporation and its Subsidiaries maintain insurance against loss of, or damage to, their
assets on a basis consistent with reasonably prudent persons in comparable businesses, and all of the policies in respect of such insurance coverage are in good standing in all respects and not in default or breach, and neither the Corporation nor
any Subsidiary has failed to promptly give any notice or present any claim thereunder in a due and timely fashion; there are no material claims by the Corporation or any Subsidiary under any such policy or instrument as to which any insurance
company is denying liability or defending under a reservation of rights clause; the Corporation has no reason to believe that it will be unable to renew its existing insurance as and when such coverage expires or will be able to obtain replacement
insurance adequate for the conduct of the business and the value of its properties at a cost that would not have a Material Adverse Effect.

(36) *Material Contracts*. All of the material contracts and agreements of the Corporation and its Subsidiaries
not made in the ordinary course of business (collectively, the "**Material Contracts**") have been disclosed in the Offering Documents and filed in accordance with the U.S. Securities Act and Canadian Securities Laws. Neither the
Corporation nor any Subsidiary has received notification from any party claiming that the Corporation or a Subsidiary is in breach or default under any Material Contract.

(37) *Voting Agreements*. Except as described in the Offering Documents, the Corporation is not party to any
agreement, nor is the Corporation aware of any agreement, which in any manner affects the voting control of any of the securities of the Corporation.

(38) *Shareholder Agreements.* Except as described in the Offering Documents, neither the Corporation nor, to
the knowledge of the Corporation, any of its shareholders is a party to any shareholders agreement, pooling agreement, voting trust or other similar type of arrangements in respect of outstanding securities of the Corporation.

(39) *No Material Adverse Changes.* Subsequent to the respective dates as of which information is given in the
Offering Documents, (i) the Corporation has not declared or paid any dividends, or made any other distribution of any kind, on or in respect of its share capital, (ii) there has not been any material change in the share capital or
long-term or short-term debt of the Corporation and its Subsidiaries taken as a whole, (iii) neither the Corporation nor any Subsidiary has sustained any material loss or interference with its business or properties from fire, explosion, flood,
hurricane, accident or other calamity, whether or not covered by insurance, or from any labour dispute or any legal or governmental proceeding, in any such case that is material to the Corporation and its Subsidiaries taken as a whole, and
(iv) there has not been any material adverse change or any development involving a prospective material adverse change, whether or not arising from transactions in the ordinary course of business, in or affecting the business, general affairs,
management, condition (financial or otherwise), results of operations, shareholders' equity, properties or prospects of the Corporation and the Subsidiaries, taken as a whole; since the date of the latest balance sheet included, or
incorporated by reference, in the Offering Documents, neither the Corporation nor any Subsidiary has incurred or undertaken any liabilities or obligations, whether direct or indirect, liquidated or contingent, matured or unmatured, or entered into
any transactions, including any acquisition or disposition of any business or asset, which are material to the Corporation and the Subsidiaries, taken as a whole, except for liabilities, obligations and transactions which are disclosed in the
Offering Documents.

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(40) *Outstanding Judgments.* There is no outstanding judgment, order, decree, arbitral award or decision of
any court or governmental body, including any executive, legislative, judicial, administrative or regulatory body against the Corporation or any Subsidiary, which, either separately or in the aggregate, may result in a Material Adverse Effect.

(41) *Absence of Proceedings.* There is no action, suit, proceeding, inquiry or investigation before or brought
by any court or governmental body, including any executive, legislative, judicial, administrative or regulatory body, now pending or, to the knowledge of the Corporation, threatened against or affecting the Corporation or any Subsidiary, which is
required to be disclosed in the Offering Documents. The aggregate of all pending legal or governmental proceedings to which the Corporation or any Subsidiary is a party or of which any of their respective property or assets is subject, which are not
described the Offering Documents include only ordinary routine litigation incidental to the business, properties and assets of the Corporation and would not reasonably be expected to result in a Material Adverse Effect.

(42) *Absence of Defaults and Conflicts .* This Agreement has been duly authorized, executed and
delivered by the Corporation and this Agreement constitutes a valid and binding agreement of the Corporation enforceable against the Corporation in accordance with the terms hereof or thereof, as the case may be, except as the enforcement may be
limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting creditors' rights generally or general equitable principles. The Corporation is not in violation of its articles or notice
of articles or other constating documents or in default in the performance or observance of any obligation, agreement, covenant or condition contained in any contract, indenture, mortgage, deed of trust, loan or credit agreement, note, lease,
license or other agreement or instrument to which the Corporation or a Subsidiary is a party or by which it or any of them may be bound, or to which any of the property or assets of the Corporation is subject (collectively, "**Agreements and Instruments** "). The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated herein and therein and compliance by the Corporation with its obligations hereunder and thereunder, and the
application of the net proceeds from the offering and sale of the Offered Shares to be sold by the Corporation in the manner set forth in the Prospectuses under "Use of Proceeds" have been duly authorized by all necessary corporate
action, and do not and will not, whether with or without the giving of notice or passage of time or both, conflict with or constitute a breach of, or default or Repayment Event (as defined below) under, or result in the creation or imposition of any
Lien upon any of the assets of the Corporation or any Subsidiary of the Corporation, pursuant to the Agreements and Instruments, nor will such action result in any violation or conflict with the provisions of the articles or notice of articles or
other constating documents of the Corporation or any Subsidiary, or any applicable law, statute, rule, regulation, judgment, order, writ or decree of any government, government instrumentality or court, domestic or foreign, having jurisdiction over
the Corporation or

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any Subsidiary, or any of its assets, properties or operations. As used herein, a "**Repayment Event**" means any event or condition which gives the holder of any note, debenture or other evidence of indebtedness (or any person acting on such holder's behalf) the right to require the repurchase, redemption or repayment of all or a portion of such indebtedness by the Corporation. This Agreement conforms in all material respects to the description thereof contained in the Offering Documents.

(43) *Taxes.* All tax returns, reports, elections, remittances and payments of the Corporation and each
Subsidiary required by applicable law to have been filed or made in any applicable jurisdiction, have been filed or made (as the case may be) and are true, complete and correct in all material respects and all taxes of the Corporation and each
Subsidiary have been paid or accrued in the consolidated financial statements of the Corporation, including the notes thereto, included or incorporated by reference in the Offering Documents. To the knowledge of the Corporation, no examination of
any tax return of the Corporation or any Subsidiary is currently in progress and there are no issues or disputes outstanding with any Governmental Authority respecting any taxes that have been paid, or may be payable, by the Corporation or any
Subsidiary.

(44) *No Transfer Taxes.* There are no transfer taxes or other similar fees or charges under Canadian or U.S.
federal law or the laws of any state, province or any political subdivision thereof, required to be paid in connection with the execution and delivery of this Agreement or the issuance by the Corporation or sale by the Corporation of the Offered
Shares.

(45) *No Stamp Duty, Registration or Documentary Taxes.* No stamp duty, registration or documentary taxes,
duties or similar charges are payable under the federal laws of Canada or the laws of any province in connection with: (i) the execution and delivery of this Agreement, (ii) the enforcement or admissibility in evidence of this Agreement,
(iii) the issuance, sale and delivery to the Underwriters of the Offered Shares, or (iv) the sale of the Offered Shares through the Underwriters to U.S. residents.

(46) *Compliance with Anti-Corruption Laws.* None of the Corporation, any of its Subsidiaries nor, to the
knowledge of the Corporation, any of its directors, officers, agents, employees, affiliates or other person acting on behalf of the Corporation or any of its Subsidiaries, is aware of or has taken any action, directly or indirectly, that would
result in a violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the "**FCPA**") or the Corruption of Foreign Public Officials Act (Canada) (the
" **CFPOA** "), including, without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or
other property, gift, promise to give, or authorization of the giving of anything of value to any "foreign official" (as such term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign
political office, in contravention of the FCPA or the CFPOA and the Corporation and its affiliates have conducted their businesses in compliance with the FCPA and the CFPOA and have instituted and maintain policies and procedures designed to ensure,
and which are reasonably expected to continue to ensure, continued compliance therewith.

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(47) *Compliance with Anti-Money Laundering Laws.* None of the Corporation, any Subsidiary nor, any of its
employees or agents, has (i) made any unlawful contribution to any candidate for non-United States office, or failed to disclose fully any such contribution in violation of law, or (ii) made any
payment to any federal or state governmental officer or official, or other person charged with similar public or quasi-public duties, other than payments required or permitted by the laws of the United States or any jurisdiction thereof; the
operations of the Corporation and each Subsidiary are and have been conducted at all times in compliance with applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended,
the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada) and the money laundering statutes of all other applicable jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines
issued, administered or enforced by any governmental agency (collectively, the "**Money Laundering Laws**") and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving
the Corporation or any Subsidiary with respect to the Money Laundering Laws is pending or, to the best knowledge of the Corporation, threatened.

(48) *No Conflicts with Sanctions Laws*. Neither the Corporation nor any of its Subsidiaries, nor any director
or officer of the Corporation or its Subsidiaries, nor, to the knowledge of the Corporation, any agent, employee or representative of the Corporation or its Subsidiaries, affiliate or other person associated with or acting on behalf of the
Corporation or its Subsidiaries is currently the subject or target of any sanctions administered or enforced by the U.S. government (including, without limitation, the Office of Foreign Assets Control of the U.S. Treasury Department or the U.S.
Department of State and including, without limitation, the designation as a "specially designated national" or "blocked person"), the United Nations Security Council, the European Union, Her Majesty's Treasury or other
relevant sanctions authority (collectively, "**Sanctions** "), nor is the Corporation or any of its Subsidiaries located, organized or resident in a country or territory that is the subject or the target of Sanctions, including,
without limitation, Cuba, Iran, Sudan, Burma, North Korea, Syria, Russia, the Crimea and the non-government controlled areas of the Zaporizhzhia and Kherson regions of Ukraine, the so-called Donetsk People's Republic, the so-called Luhansk People's Republic, any other territory or region of Ukraine currently under the asserted control of
Russia, recognized by Russia, or subject to territorial claims by Russia, or any other covered region of Ukraine identified pursuant to Executive Order 14065 (each, a "**Sanctioned Country** "); and the Corporation will not directly or
indirectly use the proceeds of the offering of the Offered Shares hereunder, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other person or entity (i) to fund or facilitate any
activities of or business with any person that, at the time of such funding or facilitation, is the subject or the target of Sanctions, (ii) to fund or facilitate any activities of or business in any Sanctioned Country; or (iii) in any
other manner that will result in a violation by any person (including any person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions. Since April 24, 2019, the Corporation and its Subsidiaries
have not, knowingly engaged in, are not now knowingly engaged in, and will not engage in, any dealings or transactions with any person that at the time of the dealing or transaction is or was the subject or the target of Sanctions or with any
Sanctioned Country.

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(49) *No Acquisition or Disposition*. Neither the Corporation nor any Subsidiary completed any
"significant acquisition", "significant disposition" nor is it proposing any "probable acquisitions" (as such terms are defined in NI 51-102) that would require the
inclusion of any additional financial statements or pro forma financial statements in the Offering Documents pursuant to Canadian Securities Laws.

(50) *No Loans*. Except as disclosed in the Offering Documents, neither the Corporation nor any Subsidiary is
party to any loan, bond, debenture, promissory note or other instrument evidencing indebtedness (demand or otherwise) for borrowed money or any agreement, contract or commitment to create, assume or issue any debt instrument, other than those which
would not be disclosable in the financial statements of the Corporation.

(51) *Directors and Officers*. To the knowledge of the Corporation, none of the directors or officers of the
Corporation are now, or have ever been, subject to an order or ruling of any securities regulatory authority or stock exchange prohibiting such individual from acting as a director or officer of a public company or of a company listed on a
particular stock exchange.

(52) *Insider Dealings*. To the knowledge of the Corporation, none of the directors, officers or employees of
the Corporation, any known holder of more than 10% of any class of shares of the Corporation, or any known associate or affiliate of any of the foregoing persons or companies, has had any material interest, direct or indirect, in any transaction
within the previous two (2) years or any proposed transaction with the Corporation, which, as the case may be, materially affected, is material to or will materially affect the Corporation.

(53) *Insider Loans*. Neither the Corporation nor any Subsidiary has any material loans or other material
indebtedness outstanding which has been made to any of the Corporation's shareholders, officers, directors or employees, past or present, or any person not dealing at arm's length with them other than for the reimbursement of ordinary
course business expenses.

(54) *Interest in Revenues*. No director, officer, employee or any other person not dealing at arm's
length with the Corporation, or any known associate or affiliate of the foregoing persons or companies, owns, has or is entitled to any royalty, net profits interest, carried interest, licensing fee, or any other encumbrances or claims of any nature
whatsoever which are based on the revenues of the Corporation, except for claims in the ordinary and normal course of the business of the Corporation such as for accrued vacation pay or other amounts or matters which would not be material to the
Corporation.

(55) *Commissions*. Other than the Underwriters pursuant to this Agreement, there is no person acting or
purporting to act at the request of the Corporation who is entitled to any brokerage, agency or other fiscal advisory or similar fee in connection with the transactions contemplated herein.

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(56) *Diligence Access*. All information that has been prepared by the Corporation relating to the Corporation,
its Subsidiaries and their respective businesses, properties and liabilities and provided to the Underwriters or their counsel, and that may be provided to the Underwriters or their counsel in accordance with this Agreement, including all financial,
marketing, technical and operational information, was, and will be (unless superseded by information provided subsequently by the Corporation to the Underwriter), as of the date such information is provided (or such subsequent information is
provided), true and correct in all material respects, and no fact or facts have been or will be omitted therefrom which would make such information misleading in any material respect.

(57) *Minute Books and Records*. The minute books and records of the Corporation made available to counsel for
the Underwriters in connection with their due diligence investigation of the Corporation and its Subsidiaries are all of the minute books and records of the Corporation and its Subsidiaries and contain copies of all material proceedings (or
certified copies thereof or drafts thereof pending approval) of the shareholders, the directors and all committees of directors of the Corporation and its Subsidiaries to the date of review of such corporate records and minute books and there have
been no other meetings, resolutions or proceedings of the shareholders, directors or any committees of the directors of the Corporation or its Subsidiaries to the date hereof not reflected in such minute books and other records, other than those
which are not material in the context of the Corporation or its Subsidiaries.

(58) *Canadian Reporting Issuer; Listing of Common Shares*. The Corporation is a reporting issuer under the
securities laws of each province in Canada that recognizes the concept of reporting issuer and is not on the list of defaulting reporting issuers maintained by any Canadian Securities Commission in each such jurisdiction that maintains such a list;
the outstanding Common Shares of the Corporation are registered pursuant to Section 12(b) of the Exchange Act; the Common Shares are listed and posted for trading on the TSX and the NYSE, and the Corporation has taken no action designed to, or
likely to have the effect of, terminating the registration of the Common Shares of the Corporation under the Exchange Act or de-listing the Common Shares from the TSX or the NYSE, nor has the Corporation
received any notification that the SEC, the TSX or the NYSE is contemplating terminating such registration or listing.

(59) *Purchases and Sales*. Since December 31, 2024, the board of directors of the Corporation has not
approved and the Corporation has not entered into any agreement in respect of: (i) the purchase of any material property or any interest therein or the sale, transfer or other disposition of any material property or any interest therein
currently owned, directly or indirectly, by the Corporation or any Subsidiary, whether by asset sale, transfer of shares, or otherwise; (ii) the change of control (by sale or transfer of shares or sale of all or substantially all of the
property and assets of the Corporation or any Subsidiary) of the Corporation or any Subsidiary; or (iii) a proposed or planned disposition of shares by any shareholder who owns, directly or indirectly, 10% or more of the outstanding Common
Shares of the Corporation.

(60) *Employee Plans*. The Offering Documents (including the Documents Incorporated by Reference therein)
disclose, to the extent required by applicable Canadian Securities Laws, each material plan for retirement, bonus, stock purchase, profit sharing, stock option, deferred compensation, severance or termination pay, insurance, medical, hospital,
dental, vision care, drug, sick leave, disability, salary continuation, legal benefits, unemployment

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benefits, vacation, incentive or otherwise contributed to, or required to be contributed to, by the Corporation and its Subsidiaries for the benefit of any current or former director, officer, employee or consultant of the Corporation or any Subsidiary (the "Employee Plans"), each of which has been maintained in all material respects with its terms and with the requirements prescribed by any and all statutes, orders, rules and regulations that are applicable to such Employee Plans. The Corporation and its Subsidiaries are in material compliance with all laws respecting employment and employment practices, terms and conditions of employment, occupational health and safety, pay equity and wages.

(61) *Accruals*. All material accruals for unpaid vacation pay, premiums for unemployment insurance, health
premiums, pension plan premiums, accrued wages, salaries and commissions and employee benefit plan payments have been reflected in the books and records of the Corporation and its Subsidiaries.

(62) *Labour*. No labour dispute or conflict with the employees of the Corporation or any Subsidiary currently
exists or, to the knowledge of the Corporation, is imminent. Neither the Corporation nor any Subsidiary is a party to any collective bargaining agreement and, to the knowledge of the Corporation, no action has been taken or is contemplated to
organize any employees of the Corporation or any Subsidiary.

(63) *Stock Plan*. Each stock option granted under any stock option plan of the Corporation (each, a
" **Stock Plan**") was granted with a per share exercise price no less than the fair market value per Common Share on the grant date of such option, and no such grant involved any "back-dating", "forward-dating"
or similar practice with respect to the effective date of such grant; each such option (i) was granted in compliance with applicable law and with the applicable Stock Plan(s), (ii) was duly approved by the board of directors (or a duly
authorized committee thereof) of the Corporation or such Subsidiary, as applicable, and (iii) has been properly accounted for in the Corporation's consolidated financial statements and disclosed, to the extent required, in the
Corporation's filings or submissions with the SEC and the Canadian Securities Commissions.

(64) *Leased Premises*. With respect to each premises of the Corporation and its Subsidiaries which is material
to the Corporation and its Subsidiaries, and which the Corporation or its Subsidiaries occupies as tenant (the "**Leased Premises** "), the Corporation or Subsidiary, as applicable, occupies the Leased Premises and has the exclusive
right to occupy and use the Leased Premises and each of the leases pursuant to which the Corporation or Subsidiary, as applicable, occupies the Leased Premises is in good standing and in full force and effect.

(65) *Bankruptcy and Insolvency*. Neither the Corporation nor any Subsidiary has committed an act of bankruptcy
and it is not insolvent, and it has not proposed a compromise or arrangement to its creditors generally, had a petition or a receiving order in bankruptcy filed against it, made a voluntary assignment in bankruptcy, taken any proceedings with
respect to a compromise or arrangement, taken any proceedings to have itself declared bankrupt or wound-up or to have a receiver appointed for any of its property, had any person holding any encumbrance, lien,
charge, hypothec, pledge, mortgage or other security interest or receiver take possession of any of the property thereof, or had any execution or distress become enforceable or become levied upon any of its property or assets.

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(66) *Dissolution or Liquidation*. No proceedings have been taken, instituted, threatened or to the knowledge
of the Corporation, are pending for or relating to the dissolution or liquidation of the Corporation or any Subsidiary.

(67) *Intellectual Property*. Each of the Corporation or its Subsidiaries own or has the right to use under
license, sub-license or otherwise all material intellectual property used by the Corporation or any Subsidiary in its respective business, including copyrights, industrial designs, trademarks, trade secrets, know-how and proprietary rights, free and clear of any and all encumbrances, except where the failure to own or have the right to use such intellectual property has not had, and would not reasonably be expected to
have, a Material Adverse Effect.

(68) *Investment Company*. The Corporation is not and, after giving effect to application of the net proceeds
of the offering of the Offered Shares as described in the Offering Documents, will not be, required to register as an "investment company" under the Investment Company Act of 1940, as amended (the "**Investment Company Act** "), and is not and will not be an entity "controlled" by an "investment company" within the meaning of the Investment Company Act.

(69) *No Franchise, Contract or Other Document*. There is no franchise, contract or other document of a
character required to be described in the Offering Documents, or to be filed as an exhibit to the Corporation's Annual Report on Form 40-F or filed as a "material contract" with the Canadian
Securities Commissions, which is not described or filed as required; insofar as such descriptions summarize legal matters, agreements, documents or proceedings discussed therein, such descriptions are accurate and fair summaries of such legal
matters, agreements, documents or proceedings.

(70) *Compliance with the Sarbanes-Oxley Act*. There is and has been no failure on the part of the Corporation
or any of its directors or officers, in their capacities as such, to comply with any provision of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith, including, without limitation, Section 402
related to loans and Sections 302 and 906 related to certifications.

(71) *Statistical, Industry-Related and Market-Related Data*. The statistical, industry-related and
market-related data included in the Offering Documents are based on or derived from sources which the Corporation reasonably and in good faith believes are reliable and accurate, and such data agree with the sources from which they are derived.

(72) *Cybersecurity*. (i) There has been no material security breach or other compromise of or relating to
any of the Corporation's information technology and computer systems, networks, hardware, software, data (including the data of its customers, employees, suppliers, vendors and any third party data maintained by or on behalf of it), equipment
or technology (collectively, "**IT Systems and Data**") and the Corporation has not been notified of, and has no knowledge of any event or condition that would reasonably be

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expected to result in, any security breach or other compromise to its IT Systems and Data except in the case of this clause (i) where such breach or compromise would not have a Material Adverse Effect; (ii) the Corporation is presently in compliance, in all material respects, with all applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations relating to the privacy and security of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation or modification, except as would not, in the case of this clause (ii), individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and (iii) the Corporation has implemented backup and disaster recovery technology consistent with industry standards and practices.

(73) *U.S. Status*. The Corporation meets the general eligibility requirements for the use of Form F-10 under the U.S. Securities Act; and at the time of filing the Registration Statement and any post-effective amendment thereto, at the earliest time thereafter that the Corporation or any offering participant
made a bona fide offer (within the meaning of Rule 164(h)(2) under the U.S. Securities Act) of the Offered Shares and at the date hereof, the Corporation was not and is not an "ineligible issuer", as defined in Rule 405 under the U.S.
Securities Act.

(74) *Canadian Offering Documents*. The Canadian Preliminary Prospectus complied, as of the time of filing
thereof, and all other Canadian Offering Documents as of the time of filing thereof will comply, in all material respects with the applicable requirements of Canadian Securities Laws; the Canadian Preliminary Prospectus, as of the time of filing
thereof, did not, and all other Canadian Offering Documents, as of the time of filing thereof and as of the Closing Time, will not, contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or
necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading; and the Canadian Preliminary Prospectus, as of the time of filing thereof, constituted, and all other Canadian Offering
Documents, as of the time of filing thereof and as of the Closing Time, will constitute, full, true and plain disclosure of all material facts relating to the Offered Shares and to the Corporation; provided, however, that this representation and
warranty shall not apply to any information contained in or omitted from any Canadian Offering Document in reliance upon and in conformity with information furnished in writing to the Corporation by or on behalf of any Underwriter specifically for
use therein.

(75) *U.S. Offering Documents*. As of the applicable effective date of the Registration Statement and any
post-effective amendment thereto, the Registration Statement and any such post-effective amendment thereto will comply as to form in all material respects with the U.S. Securities Act and the applicable rules and regulations of the SEC, and will not
contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading; the U.S. Preliminary Prospectus complied as to form, as of the time
of filing thereof, and the U.S. Final Prospectus and any U.S. Amended Prospectus, as of the time of filing thereof, will comply, in all material respects with the applicable requirements of U.S. Securities Laws; the U.S. Preliminary Prospectus, as
of the time of filing thereof, did not, and the U.S. Final Prospectus and any U.S. Amended Prospectus, as of the time of filing thereof and as of the

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Closing Date, will not, contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading; provided, however, that this representation and warranty shall not apply to any information contained in or omitted from any U.S. Offering Document in reliance upon and in conformity with information furnished in writing to the Corporation by or on behalf of any Underwriter specifically for use therein.

(76) *Testing-the Waters Communications.* The Corporation (a) has
not alone engaged in any Testing-the-Waters Communication other than Testing-the-Waters Communications with the consent of the Underwriters with entities that are qualified institutional buyers within the meaning of Rule 144A under the U.S. Securities Act or institutions that are accredited investors within the meaning of Rule 501
under the U.S. Securities Act and (b) has not authorized anyone other than the Underwriters to engage in Testing-the-Waters Communications. "**Testing-the-Waters Communication**" means any oral or written communication with potential investors undertaken in reliance on Rule 163B under the U.S. Securities Act.
The Corporation reconfirms that the Underwriters have been authorized to act on its behalf in undertaking Testing-the-Waters Communications. The Corporation has not
distributed any Written Testing-the-Waters Communications. "**Written Testing-the-Waters Communication**" means any Testing-the-Waters Communication
that is a written communication within the meaning of Rule 405 under the U.S. Securities Act.

(77) *Issuer Free Writing Prospectuses*. The Corporation (including its agents and representatives, other than
the Underwriters in their capacity as such) has not prepared, used, authorized, approved or referred to and will not prepare, use, authorize, approve or refer to any Issuer Free Writing Prospectus or Written Testing-the-Waters Communication, except in accordance with Section 3 hereof. Each such Issuer Free Writing Prospectus complied in all material respects with the applicable U.S. Securities Laws, has been
or will be (within the time period specified in Rule 433 under the U.S. Securities Act) filed in accordance with the U.S. Securities Act (to the extent required thereby) and, when taken together with the U.S. Final Prospectus, each such Issuer Free
Writing Prospectus, did not, and as of the Closing Date, will not, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they
were made, not misleading; provided, however, that this representation and warranty shall not apply to any information contained in or omitted from the any Issuer Free Writing Prospectus in reliance upon and in conformity with information furnished
in writing to the Corporation by or on behalf of any Underwriter specifically for use therein. Each such Issuer Free Writing Prospectus did not, does not and will not include any information that conflicted, conflicts or will conflict with the
information contained in the Registration Statement or the U.S. Final Prospectus.

(78) *Substituted Purchasers*. The Corporation represents and warrants that it will comply with all Applicable
Securities Laws in connection with the issuance and sale of Offered Shares to Substituted Purchasers.

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(79) No Covered Foreign Person. Neither the Corporation nor any of its subsidiaries is a "covered foreign
person," as that term is defined in 31 C.F.R. § 850.209. The consummation of the transactions contemplated by this Agreement will not result in the establishment of a covered foreign person or the engagement by a "person of a
country of concern," as defined in 31 C.F.R. § 850.221, in a covered activity, as that term is defined in 31 C.F.R. § 850.208. Neither the Corporation nor any of its subsidiaries currently engage, or have plans to engage, directly or
indirectly, in a covered activity.

**Section 9 Representations and Warranties of the Underwriters** 

Each Underwriter represents and warrants to the Corporation and acknowledges that the Corporation is relying on such representations and warranties in entering into this Agreement. The representations and warranties of the Underwriters contained in this Agreement shall be true as of the date hereof, the Closing Time, and shall survive the completion of the transactions contemplated under this Agreement and remain in full force and effect thereafter for the benefit of the Corporation.

(1) *Substituted Purchasers*. Each Underwriter represents and warrants that if it acquires Offered Shares
directly from the Corporation it is doing so without the intention of selling or transferring those Offered Shares, or granting, issuing or transferring interests in, or options over, them.

**Section 10 Indemnification** 

(1) The Corporation shall indemnify and save harmless each of the Underwriters and their respective affiliates, and
their respective directors, officers, employees and agents thereof (collectively, the "**Indemnified Parties**" and individually, an "**Indemnified Party**") from and against all losses (other than losses of profits),
claims, actions, suits, proceedings, damages, liabilities, costs and expenses, (including the reasonable fees and expenses of the Indemnified Parties' counsel that may be incurred in advising with respect to or defending such claim), in any
capacity under any statute or common law or otherwise insofar as such expenses, losses, claims, damages, liabilities, suits, proceedings, costs or actions arise out of or are based, directly or indirectly, upon the performance of professional
services rendered to the Corporation by the Indemnified Parties or otherwise in connection with the matters referred to in this Agreement, including, and for greater certainty, any claims, losses, or liabilities in connection with the Concurrent
Australian Offering, whether performed before or after the execution of this Agreement by the Corporation without limitation, in any way caused by, or arising directly or indirectly from, or in consequence of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) any information or statement, contained in any Offering Document, which at the time and in light of the
circumstances under which it was made contains or is alleged to contain a misrepresentation; (ii) any untrue statement or alleged untrue statement of a material fact contained (A) in an Offering Document, in any Issuer Free Writing Prospectus
or in any "issuer information" (as defined in Rule 433(h)(2) under the U.S. Securities Act) filed or required to be filed pursuant to Rule 433(d) under the U.S. Securities Act or (B) in any other materials or

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information provided to investors by, or with the approval of, the Corporation in connection with the Offering, or (iii) the omission or alleged omission to state in any Offering Document, in any Issuer Free Writing Prospectus, in any "issuer information" (as defined in Rule 433(h)(2) under the U.S. Securities Act) filed or required to be filed pursuant to Rule 433(d) under the U.S. Securities Act or in any Testing-the-Waters Communication or in any other materials or information provided to investors by, or with the approval of, the Corporation in connection with the Offering, a material fact required to be stated therein or necessary to make the statements therein (in the light of the circumstances under which they were made, in the case of any prospectus) not misleading; provided, however, that the Corporation will not be liable in any such case to the extent but only to the extent that any such expenses, losses, claims, damages, liabilities, suits, proceedings, costs or actions arise out of or are based upon any such misrepresentation, untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance upon and in conformity with written information furnished to the Corporation by or on behalf of any Underwriter expressly for use therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the breach of, or default under, any term, condition, covenant or agreement of the Corporation made or
contained herein or in any other document of the Corporation delivered pursuant hereto or made by the Corporation in connection with the sale of the Offered Shares or the breach of any representation or warranty of the Corporation made or contained
herein or in any other document of the Corporation delivered pursuant hereto or in connection with the sale of the Offered Shares being or being alleged to be untrue, false or misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any order made or inquiry, investigation or proceeding commenced or threatened by any securities regulatory
authority, stock exchange or by any other competent authority or any change of law or the interpretation or administration thereof which prevents or restricts the trading in or the sale of the Corporation's securities or the distribution of
the Offered Shares in any jurisdiction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the non-compliance or alleged non-compliance by the Corporation with any of the Applicable Securities Laws relating to or connected with the distribution of the Offered Shares, including the Corporation's non-compliance with any statutory requirement to make any document available for inspection;

provided that, if and to the extent that a court of competent jurisdiction in a final judgment from which no appeal can be made or a regulatory authority in a final ruling from which no appeal can be made shall determine that the liabilities, claims, actions, suits, proceedings, losses, costs, damages or expenses resulted from the gross negligence, fraud or wilful misconduct of an Indemnified Party claiming indemnity, such Indemnified Party shall promptly reimburse to the Corporation any funds advanced to the Indemnified Party in respect of such claim and the indemnity provided for in this Section 10 shall cease to apply to such Indemnified Party in respect of such claim. For greater certainty, the Corporation and the Underwriters agree that they do not intend that any failure by the Underwriters to conduct such reasonable investigation as necessary to provide the Underwriters with reasonable grounds for believing the Offering Document contained no misrepresentation shall constitute "gross negligence" or "wilful misconduct" for the purposes of this Section 10 or otherwise disentitle the Underwriters from indemnification hereunder.

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(2) If any claim contemplated by this Section 10 shall be asserted against any of the Indemnified Parties, or
if any potential claim contemplated by this Section 9 shall come to the knowledge of any of the Indemnified Parties, the Indemnified Party concerned shall notify in writing the Corporation as soon as possible of the nature of such claim
(provided that any failure to so notify in respect of any potential claim shall affect the liability of the Corporation under this Section 10 only to the extent that the Corporation is prejudiced by such failure). The Corporation shall, subject
as hereinafter provided, be entitled (but not required) to assume the defence on behalf of the Indemnified Party of any suit brought to enforce such claim; provided that the defence shall be through legal counsel selected by the Corporation and
acceptable to the Indemnified Party, acting reasonably, and no admission of liability shall be made by the Corporation or the Indemnified Party without, in each case, the prior written consent of all the Indemnified Parties affected and the
Corporation. An Indemnified Party shall have the right to employ separate counsel in any such suit and participate in the defence thereof but the fees and expenses of such counsel shall be at the expense of the Indemnified Party unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Corporation fails to assume the defence of such suit on behalf of the Indemnified Party within a reasonable
time after receiving notice of such suit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the employment of such counsel has been authorized by the Corporation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the named parties to any such suit (including any added or third parties) include the Indemnified Party and the
Corporation and the Indemnified Party and the Corporation shall have been advised in writing by counsel that representation of the Indemnified Party by counsel for the Corporation is inappropriate as a result of the potential or actual conflicting
interests of those represented;

in each of cases (a), (b) or (c), the Corporation shall not have the right to assume the defence of such suit on behalf of the Indemnified Party, but the Corporation shall only be liable to pay the reasonable fees and disbursements of one firm of separate counsel (in addition to local counsel) for all Indemnified Parties in any jurisdiction. In no event shall the Corporation be required to pay the fees and disbursements of more than one set of counsel (in addition to local counsel) for all Indemnified Parties in respect of any particular claim or set of claims in one jurisdiction. No settlement may be made by an Indemnified Party without the prior written consent of the Corporation, which consent will not be unreasonably withheld.

(3) To the extent that any Indemnified Party is not a party to this Agreement, the Underwriters hold the right and
benefit of this section in trust for and on behalf of such Indemnified Party.

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(4) The Corporation shall not, without the prior written consent of the Indemnified Parties, effect any settlement
or compromise of, or consent to the entry of judgment with respect to, any pending or threatened claim, investigation, action or proceeding in respect of which indemnity or contribution may be or could have been sought by an Indemnified Party
hereunder unless such settlement, compromise or judgment (i) includes an unconditional release of the Indemnified Parties from all liability arising out of such claim, investigation, action or proceeding and (ii) does not include a
statement as to or an admission of fault, culpability or any failure to act, by or on behalf of any Indemnified Party.

**Section 11 Contribution** 

(1) In order to provide for just and equitable contribution in circumstances in which the indemnity provided in
Section 10 hereof would otherwise be available in accordance with its terms but is, for any reason not solely attributable to any one or more of the Indemnified Parties, held to be unavailable to or unenforceable by the Indemnified Parties or
enforceable otherwise than in accordance with its terms, the Underwriters and the Corporation shall contribute to the aggregate of all claims, damages, liabilities, costs and expenses and all losses (other than losses of profits or consequential
damages) of the nature contemplated in Section 10 hereof and suffered or incurred by the Indemnified Parties in proportions as is appropriate to reflect: (i) as between the Corporation and the Underwriters, the relative benefits received
by the Underwriters, on the one hand (being the Underwriting Fee), and the relative benefits received by the Corporation, on the other hand (being the net proceeds of the Offering, before expenses) from the Offering; and (ii) as between the
Corporation and the Underwriters, the relative fault of the Corporation, on the one hand, and the Underwriters, on the other hand; provided that the Underwriters shall not in any event be liable to contribute, in the aggregate, any amount in excess
of the Underwriting Fee or any portion thereof actually received. However, no party who has been determined by a court of competent jurisdiction in a final, non-appealable judgement to have engaged in any
fraud, fraudulent misrepresentation or gross negligence shall be entitled to claim contribution from any person who has not been so determined to have engaged in such fraud, fraudulent misrepresentation, gross negligence or wilful misconduct.

(2) The rights to contribution provided in this Section 11 shall be in addition to and not in derogation of
any other right to contribution which the Indemnified Parties may have by statute or otherwise at law provided that Section 11(1) hereof shall apply, mutatis mutandis, in respect of such other right.

(3) Any party entitled to contribution will, promptly after receiving notice of commencement of any claim, action,
suit or proceeding against such party in respect of which a claim for contribution may be made against the other party under this section, notify such party from whom contribution may be sought. In no case shall such party from whom contribution may
be sought be liable under this Agreement unless such notice has been provided, but the omission to so notify such party shall not relieve the party from whom contribution may be sought from any other obligation it may have otherwise than under this
Section 11, except to the extent such party is materially prejudiced by the failure to receive such notice. The right to contribution provided in this Section 11 shall be in addition to, and not in derogation of, any other right to
contribution that the Underwriters or the Corporation may have by statute or otherwise by law. The obligations of the Underwriters to contribute pursuant to this Section 11 are several in proportion to the number of Offered Shares to be
purchased by each of the Underwriters hereunder and not joint.

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**Section 12 Covenants of the Corporation** 

(1) The Corporation covenants and agrees with the Underwriters that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Corporation will advise the Underwriters, promptly after receiving notice thereof, of the time when each
Offering Document or Issuer Free Writing Prospectus has been filed, when any Dual Prospectus Receipt has been obtained and when the Registration Statement becomes effective, and will provide evidence satisfactory to the Underwriters of each such
filing and a copy of each such Dual Prospectus Receipt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) between the date hereof and the date of completion of the Distribution of the Offered Shares, the Corporation
will advise the Underwriters, promptly after receiving notice or obtaining knowledge thereof, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the issuance by any Canadian Securities Commission or the SEC of any order suspending or preventing the use of
any of the Offering Documents or any Issuer Free Writing Prospectus, including without limitation the issuance by the SEC of any stop order suspending the effectiveness of the Registration Statement, or, to the knowledge of the Corporation, the
threatening of any such order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the issuance by any Canadian Securities Commission, the SEC, the TSX or the NYSE of any order having the effect
of ceasing or suspending the Distribution of the Common Shares or the trading in any securities of the Corporation, or of the institution or, to the knowledge of the Corporation, threatening of any proceeding for any such purpose; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any requests made by any Canadian Securities Commission or the SEC for amending or supplementing any of the
Offering Documents or any Issuer Free Writing Prospectus or for additional information;

and the Corporation will use its best efforts to prevent the issuance of any order referred to in subparagraph (b)(i) above or subparagraph (b)(ii) above and, if any such order is issued, to obtain the withdrawal thereof at the earliest possible time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Corporation will use its best efforts to obtain the conditional listing of the Offered Shares on the TSX by
the Closing Time, subject only to customary listing conditions, and the Corporation will use its best efforts to have the Offered Shares listed and admitted and authorized for trading on the NYSE by the Closing Time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) as soon as practicable, but in any event not later than eighteen months after the effective date of the
Registration Statement (as defined in Rule 158(c) under the U.S. Securities Act), the Corporation will make generally available to its security holders and to the Underwriters an earnings statement or statements of the Corporation and its
subsidiaries which will satisfy the provisions of Section 11(a) of the U.S. Securities Act and Rule 158 under the U.S. Securities Act; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Corporation will use the net proceeds from the Offering as described in the Canadian Final Prospectus and
the U.S. Final Prospectus.

(2) Prior to the completion of the Distribution of the Offered Shares, the Corporation will file all documents
required by it to be filed with or furnished to the Canadian Securities Commissions and the SEC pursuant to Applicable Securities Laws.

(3) In accordance with ASX Listing Rule 15.7, with respect to any document filed on SEDAR+, the Corporation shall
simultaneously file that document with the ASX.

(4) If at any time following the distribution of any Written Testing-the-Waters Communication and prior to the distribution of the Prospectuses there occurred or occurs an event or development as a result of which such Written Testing-the-Waters Communication included or would include an untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make the statements therein, in the
light of the circumstances existing at that subsequent time, not misleading, the Corporation will promptly notify the Underwriters and will promptly amend or supplement, at its own expense, such Written Testing-the-Waters Communication to eliminate or correct such untrue statement or omission.

(5) Except as contemplated by this Agreement or the Concurrent Australian Offering, the Corporation will not,
without the prior written consent of the Lead Underwriter (not to be unreasonably withheld) on behalf of the Underwriters, directly or indirectly issue, offer, pledge, sell, contract to sell, contract to purchase, purchase any option or contract to
sell, grant any option, right or warrant to purchase or otherwise transfer, lend or dispose of directly or indirectly, any Common Shares or securities or other financial instruments convertible into or having the right to acquire Common Shares or
enter into any agreement or arrangement under which the Corporation would acquire or transfer to another, in whole or in part, any of the economic consequences of ownership of Common Shares, whether that agreement or arrangement may be settled by
the delivery of Common Shares or other securities or cash, or agree to become bound to do so, or disclose to the public any intention to do so, during the period from the date hereof and ending 90 days following the Closing Date; provided that,
notwithstanding the foregoing, the Corporation may (i) issue Common Shares or securities convertible into Common Shares pursuant to an equity compensation plan in effect on the date hereof; and (ii) issue Common Shares issuable pursuant to
rights or obligations under agreements, securities or instruments outstanding on the date hereof (including with respect to interest payments in relation to convertible debentures outstanding on the date hereof). In addition, until the expiry of
such 90 day period, the Corporation shall not file a prospectus under Canadian Securities Laws or a registration statement under the U.S. Securities Act in connection with any transaction by the Corporation or any person that is prohibited pursuant
to the foregoing, except as pursuant to the Offering and for registration statements on Form S-8 relating to employee benefit plans or a base shelf prospectus under applicable Canadian Securities Laws and
under the U.S. Securities Act.

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(6) The Corporation will, immediately following the Closing Time, and in any event on the Closing Date, lodge a
Cleansing Statement with the ASX with respect to the Offered Shares to be issued pursuant to the Offering.

**Section 13 All Terms to be Conditions** 

The Corporation agrees that the conditions contained in this Agreement will be complied with insofar as the same relate to acts to be performed or caused to be performed by the Corporation. Any breach or failure to comply with any of the conditions set out in this Agreement shall entitle the Underwriters to terminate their obligation to purchase the Offered Shares, by written notice to that effect given to the Corporation at or prior to the Closing Time. It is understood that the Underwriters may waive, in whole or in part, or extend the time for compliance with, any of such terms and conditions without prejudice to the rights of the Underwriters in respect of any such terms and conditions or any other or subsequent breach or non-compliance, provided that to be binding on the Underwriters any such waiver or extension must be in writing and signed by the Underwriters.

**Section 14 Termination by Underwriters** 

(1) Each Underwriter shall also be entitled to terminate its obligation to purchase the Offered Shares by written
notice to that effect to the Corporation at or prior to the Closing Time, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) there should occur any material change (actual, anticipated, contemplated or threatened, financial or
otherwise) in the business, affairs, operations, assets, liabilities (contingent or otherwise), capital or control of the Corporation or a change in any material fact (other than a material fact related solely to any of the Underwriters as provided
by the Underwriters in writing in connection with and solely for the purposes of inclusion in the Offering Documents), or the Underwriters become aware of any undisclosed material information (other than information related solely to any of the
Underwriters as provided by the Underwriters in writing in connection with and solely for the purposes of inclusion in the Offering Documents), which in the opinion of an Underwriter, acting reasonably, could be expected to have a material adverse
effect on the market price or value of the Offered Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) there should develop, occur or come into effect or existence, or be announced, any event, action, state,
condition or major financial occurrence, catastrophe, accident, natural disaster, public protest, war or act of terrorism of national or international consequence or any new law or regulation or a change thereof or other occurrence of any nature
whatsoever which, in the opinion of an Underwriter, acting reasonably, seriously adversely effects, or involves, or is expected to seriously adversely effect, or involve, financial markets in Canada or the United States generally or the business,
operations, assets, liabilities (contingent or otherwise), capital or control of the Corporation, to the extent that there is any material adverse development related thereto after October 1, 2025 or similar event or the escalation thereof;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) there should occur or commence or be announced or threatened any inquiry, action, suit, investigation or other
proceeding (whether formal or informal) or any order or ruling is issued under or pursuant to any statute of Canada or the United States or of any province or territory of Canada, or state of the United States (including, without limitation, the
Commission, the securities regulatory authority in each of the other Qualifying Jurisdictions, the TSX, the NYSE or the SEC) (other than any such inquiry, action, suit, investigation or other proceeding or order relating solely to any of the
Underwriters), which in the reasonable opinion of an Underwriter would be expected to operate to prevent or materially restrict trading in or distribution of the Offered Shares or would have a material adverse effect on the market price or value of
the Offered Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Corporation is in breach of any term, condition or covenant of this Agreement or any representation or
warranty given by the Corporation in this Agreement becomes false.

(2) If this Agreement is terminated by any of the Underwriters pursuant to Section 14(1), there shall be no
further liability on the part of such Underwriter or of the Corporation to such Underwriter, except in respect of any liability which may have arisen or may thereafter arise under Section 10, Section 11 and Section 17.

(3) The right of the Underwriters or any of them to terminate their respective obligations under this Agreement is
in addition to such other remedies as they may have in respect of any default, act or failure to act of the Corporation in respect of any of the matters contemplated by this Agreement. A notice of termination given by one Underwriter under this
Section 14 shall not be binding upon the other Underwriters.

**Section 15 Closing** 

The closing of the purchase and sale of the Offered Shares herein provided for shall be completed at 8:00 a.m. (E.S.T.) on October 15, 2025, or such other date and/or time as may be agreed upon in writing by the Corporation and the Underwriters, but in any event not later than 42 days following the date of a final receipt for the Canadian Final Prospectus (respectively, the "**Closing Time**" and the "**Closing Date**"), virtually or at such other place agreed to by the Corporation and the Underwriters. In the event that the Closing Time has not occurred on or before the date which is 42 days following the date of a final receipt for the Canadian Final Prospectus, this Agreement shall, subject to Section 14(2) hereof, terminate.

**Section 16 Conditions of Closing** 

(1) The obligations of the Underwriters under this Agreement are subject to the accuracy of the representations and
warranties of the Corporation contained in this Agreement both as of the date of this Agreement, the Closing Time, the performance by the Corporation of its obligations under this Agreement and receipt by the Underwriters, at the Closing Time, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a favourable legal opinion, dated the Closing Date, from Farris LLP, the Corporation's Canadian counsel,
as to matters of Canadian federal and provincial law (who may rely on the opinions of local counsel acceptable to them and to the

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Underwriters' counsel as to matters governed by the laws of jurisdictions in Canada other than the Provinces of British Columbia), addressed to the Underwriters and the Underwriters' counsel, such matters to be as set out in the attached Schedule "A" subject to customary limitations, assumptions and qualifications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a favourable legal opinion, dated the Closing Date, from Dorsey & Whitney LLP, the Corporation's
U.S. counsel, addressed to the Underwriters, to the effect set forth in Schedule "B" (subject to customary limitations, assumptions and qualifications), which shall be accompanied by a negative assurance letter addressed to the
Underwriters in customary form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a negative assurance letter, dated the Closing Date, from Skadden, Arps, Slate, Meagher & Flom LLP,
the Underwriters' U.S. counsel, addressed to the Underwriters (subject to customary limitations, assumptions and qualifications), in customary form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a favorable legal opinion, dated the Closing Date, from Allens, the Corporation's Australian counsel,
addressed to the Underwriters, to the effect that (a) no prospectus is required under Australian Securities Laws in connection with the Common Shares (or CDIs in respect of such Common Shares) offered and sold in Australia pursuant to the
Concurrent Australian Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a favourable legal opinion, dated the Closing Date, from MLT Aikins LLP, the Corporation's counsel, in
form and substance satisfactory to the Underwriters, with respect to Corporation's right to and ownership of the Material Properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) certificates or evidence of registration representing, in the aggregate, the Offered Shares in the name of CDS
or its nominee or in such other name(s) as the Underwriters shall have directed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the auditor's comfort letter dated the Closing Date, updating the comfort letter referred to in
Section 6(4) above with such changes as may be necessary from the comfort letter delivered previously to bring the information therein forward to a date which is within two Business Days of the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Underwriting Fee paid in accordance with the eighth paragraph of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) evidence satisfactory to the Underwriters that the Offered Shares shall have been (A) listed and admitted
and authorized for trading on the NYSE, and (B) conditionally approved for listing on the TSX, subject only to customary listing conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a certificate, dated the Closing Date, and signed on behalf of the Corporation, but without personal liability,
by the President and Chief Executive Officer and by the Chief Financial Officer of the Corporation, or such other officers of the Corporation as may be reasonably acceptable to the Underwriters, certifying that: (i) the Corporation has complied
with all covenants and satisfied all terms and conditions

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hereof to be complied with and satisfied by the Corporation at or prior to the Closing Time; (ii) all the representations and warranties of the Corporation contained herein are true and correct as of the Closing Time with the same force and effect as if made at and as of the Closing Time, after giving effect to the transactions contemplated hereby; (iii) the Corporation is a "reporting issuer" or its equivalent under the securities laws of each of the Qualifying Jurisdictions and eligible to use the Short Form Prospectus System under NI 44-101; (iv) there has been no material change relating to the Corporation and its Subsidiaries, on a consolidated basis, since the date hereof which has not been generally disclosed, except for the offering of the Offered Shares, and with respect to which the requisite material change statement or report has not been filed and no such disclosure has been made on a confidential basis; and (v) that, to the best of the knowledge, information and belief of the persons signing such certificate, after having made reasonable inquiries, no order, ruling or determination having the effect of ceasing or suspending trading in the Common Shares or any other securities of the Corporation has been issued and no proceedings for such purpose are pending or are contemplated or threatened;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) at the Closing Time, certificates dated the Closing Date signed on behalf of the Corporation, but without
personal liability, by the Chief Executive Officer of the Corporation or another officer acceptable to the Underwriters, acting reasonably, in form and content satisfactory to the Underwriters, acting reasonably, with respect to the constating
documents of the Corporation; the resolutions of the directors of the Corporation relevant to the Offering, including the allotment, issue (or reservation for issue) and sale of the Offered Shares, the authorization of this Agreement, the listing of
the Offered Shares on the TSX and NYSE and transactions contemplated by this Agreement; and the incumbency and signatures of signing officers of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) at the Closing Time, the Corporation's directors and officers shall each have entered into lock-up agreements, substantially in the form attached hereto as Schedule "C";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) at the Closing Time, a certificate of status (or equivalent) for the Corporation dated within one
(1) Business Day (or such earlier or later date as the Underwriters may accept) of the Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) such other documents as the Underwriters or counsel to the Underwriters may reasonably require; and all
proceedings taken by the Corporation in connection with the issuance and sale of the Offered Shares shall be satisfactory in form and substance to the Underwriters and counsel for the Underwriters, acting reasonably.

**Section 17 Expenses** 

The Corporation will pay all expenses and fees in connection with the Offering, including, without limitation: (i) all expenses of or incidental to the creation, issue, sale or distribution of the Offered Shares and the filing of the Offering Documents; (ii) the fees and expenses of the Corporation's legal counsel; (iii) all costs incurred in connection with the preparation of

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documentation relating to the Offering; and (iv) the actual and accountable out-of-pocket expenses of the Underwriters and actual and accountable reasonable fees and disbursements of the Underwriters' legal counsel (collectively, the "**Underwriters' Expenses**"). All actual and accountable reasonable fees and expenses incurred by the Underwriters, or on their behalf, shall be payable by the Corporation immediately upon receiving an invoice therefor from the Underwriters and shall be payable whether or not an offering is completed. At the option of the Underwriters, such fees and expenses may be deducted from the gross proceeds otherwise payable to the Corporation on the closing of the Offering. Regardless of whether the transactions contemplated herein are completed or not, the Corporation will pay the Underwriters' Expenses, as described in this Section 17. Notwithstanding anything to the contrary contained herein, the Underwriters' Expenses payable by the Corporation hereunder shall be limited to the reasonable fees and expenses of the Underwriters in the circumstances.

**Section 18 No Advisory or Fiduciary Relationship** 

The Corporation acknowledges and agrees that (a) the purchase and sale of the Offered Shares pursuant to this Agreement, including the determination of the Offering Price of the Offered Shares and any related discounts and commissions, is an arm's-length commercial transaction between the Corporation, on the one hand, and the several Underwriters, on the other hand, (b) in connection with the Offering and the process leading to such transaction each Underwriter is and has been acting solely as a principal and is not the agent or fiduciary of the Corporation or its shareholders, creditors, employees or any other party, (c) no Underwriter has assumed or will assume an advisory or fiduciary responsibility in favour of the Corporation with respect to the Offering or the process leading thereto (irrespective of whether such Underwriter has advised or is currently advising the Corporation on other matters) and no Underwriter has any obligation to the Corporation with respect to the Offering except the obligations expressly set forth in this Agreement, (d) the Underwriters and their respective affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Corporation, and (e) the Underwriters have not provided any legal, accounting, regulatory or tax advice with respect to the Offering and the Corporation has consulted its own legal, accounting, regulatory and tax advisors to the extent it deems appropriate.

**Section 19 Notices** 

Any notice to be given hereunder shall be in writing and may be given by facsimile or by hand delivery and shall, in the case of notice to the Corporation, be addressed and faxed or delivered to:

NexGen Energy Ltd.

3150 – 1021 West Hastings Street

Vancouver, BC V6E 0C3

Attention: Travis McPherson

Email: <u>tmcpherson@nxe-energy.ca</u>

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with a copy to (such copy not to constitute notice):

Farris LLP

25th Floor, 700 West Georgia Street

Vancouver, BC V7Y 1B3

Attention: Ron Murray

Email: <u>rmurray@farris.com</u>

and to:

Dorsey & Whitney LLP

Suite 855 – 1095 West Pender Street

Vancouver, BC V6E 2M6

Attention: Daniel M. Miller

Email: <u>miller.dan@dorsey.com</u>

and in the case of the Underwriters, be addressed and faxed or delivered to:

Merrill Lynch Canada Inc.

Suite 400 – 181 Bay Street

Toronto, ON M5J 2V8

Attention: Jamie W. Hancock

Email: <u>jamie.hancock@bofa.com</u>

Stifel Nicolaus Canada Inc.

161 Bay Street, Suite 3800

Toronto ON M5J 2S1

Attention: Pierre Laliberté

Email: <u>plaliberte@stifel.com</u>

J.P. Morgan Securities Canada Inc.

330 5 Ave SW Floor: 23

Calgary, AB T2P 0L4

Attention: Dave Harrison

Email: <u>dave.j.harrison@jpmorgan.com</u>

BMO Nesbitt Burns Inc.

Suite 1700 – 885 West Georgia Street

Vancouver, BC V6C 3E8

Attention: Carter Hohmann

Email: <u>carter.hohmann@bmo.com</u>

National Bank Financial Inc.

130 King St, West Suite 800

Toronto. ON M5X 1J9

Attention: Mengfei Zhou

Email: <u>mengfei.zhou@nbc.ca</u>

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RBC Dominion Securities Inc.

RBC Plaza, 200 Bay Street

South Tower, 4<sup>th</sup> Floor

Toronto, ON M5J 2W7

Attention: Michael Scott

Email: <u>michael.d.scott@rbccm.com</u>

Canaccord Genuity Corp.

1133 Melville Street, Suite 1200

Vancouver, BC V6E 4E5

Attention: David Sadowski

Email: <u>dsadowski@cgf.com</u>

with a copy to (such copy not to constitute notice):

Blake, Cassels & Graydon LLP

Suite 3500 – 1133 Melville Street

Vancouver, BC V6E 4E5

Attention: Kathleen Keilty

Email: <u>kathleen.keilty@blakes.com</u>

and to:

Skadden, Arps, Slate, Meagher & Flom LLP & Affiliates

One Manhattan West

New York, NY 10001

Attention: Ryan Dzierniejko

Email: <u>ryan.dzierniejko@skadden.com</u>

The Corporation and the Underwriters may change their respective addresses for notice by notice given in the manner referred to above.

**Section 20 Actions on Behalf of the Underwriters** 

The execution of the Agreement by the Underwriters shall constitute the Corporation's authority for accepting notification of any such steps from, and for giving notice to, and for delivering the Underwriting Fee to, or to the order of, the Lead Underwriter for and on behalf of the Underwriters as specifically contemplated in this Agreement.

**Section 21 Survival** 

The representations, warranties, obligations and agreements of the Corporation and of the Underwriters contained herein or delivered pursuant to this Agreement shall survive the purchase by the Underwriters of the Offered Shares and shall continue in full force and effect notwithstanding any subsequent disposition by the Underwriters of the Offered Shares and the Underwriters shall be entitled to rely on the representations and warranties of the Corporation contained in or delivered pursuant to this Agreement notwithstanding any investigation which the Underwriters may undertake or which may be undertaken on the Underwriters' behalf.

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**Section 22 Underwriters' Obligations** 

(1) Subject to the terms of this Agreement, the Underwriters' obligations under this Agreement to purchase
the Offered Shares shall be several and not joint and several and the liability of each of the Underwriters to purchase the Offered Shares shall be limited to the following percentages of the purchase price paid for the Offered Shares:

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| | |
|:---|:---|
|  Merrill Lynch Canada Inc. | 25.0% |
|  Stifel Nicolaus Canada Inc. | 20.0% |
|  J.P. Morgan Securities Canada Inc. | 12.5% |
|  BMO Nesbitt Burns Inc. | 12.5% |
|  National Bank Financial Inc. | 12.5% |
|  RBC Dominion Securities Inc. | 12.5% |
|  Canaccord Genuity Corp. | 5.0% |

---

(2) If any of the Underwriters fails to purchase its applicable percentage of the Offered Shares at the Closing
Time, then the other Underwriters who shall be willing and able to purchase their applicable percentage of the Offered Shares, shall have the right, but not the obligation, to purchase, on a pro rata basis, all but not less than all of the Offered
Shares not purchased by the defaulting Underwriter, and to receive the defaulting Underwriter's portion of the Underwriting Fee in respect thereof, and such non-defaulting Underwriters shall have the
right, by notice to the Corporation, to postpone the Closing Date, by not more than three Business Days to effect such purchase. In the event that such right is not exercised, the other Underwriters that are not in default shall be relieved of all
obligations to the Corporation and the Corporation shall not be obligated to sell less than all the Offered Shares, and the Corporation shall be entitled to terminate its obligations under this Agreement except for those under Section 10,
Section 11 and Section 17 hereof. Nothing in this paragraph shall oblige the Corporation to sell to any or all of the Underwriters less than all of the Offered Shares, or relieve from liability to the Corporation any Underwriter which
shall be so in default.

**Section 23 Market Stabilization** 

In connection with the distribution of the Offered Shares, the Underwriters (or any of them) may effect transactions which stabilize or maintain the market price of the Common Shares at levels other than those which might otherwise prevail in the open market, but in each case as permitted by Applicable Securities Laws and Australian Securities Laws. Such stabilizing transactions, if any, may be discontinued by the Underwriters at any time.

**Section 24 Entire Agreement** 

Any and all previous agreements with respect to the purchase and sale of the Offered Shares, whether written or oral, are terminated and this Agreement constitutes the entire agreement between the Corporation and the Underwriters with respect to the purchase and sale of the Offered Shares.

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**Section 25 Governing Law** 

This Agreement shall be governed by and construed in accordance with the laws in force in the Province of British Columbia and the federal laws of Canada applicable therein.

**Section 26 Time of the Essence** 

Time shall be of the essence of this Agreement. This Agreement may be executed in counterparts, each of which when so executed shall be deemed to be an original and such counterparts together shall constitute one and the same instrument.

**- REMAINDER OF PAGE INTENTIONALLY BLANK -** 

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If the foregoing is in accordance with your understanding and is agreed to by you, will you please confirm your acceptance by signing the enclosed copies of this letter at the place indicated and returning the same to us on or before October 2, 2025.

Yours truly,

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| | | | |
|:---|:---|:---|:---|
| **MERRILL LYNCH CANADA INC.** | **MERRILL LYNCH CANADA INC.** | **STIFEL NICOLAUS CANADA INC.** | **STIFEL NICOLAUS CANADA INC.** |
| By: | *(signed) "Jamie Hancock"* | By: | *(signed) "Pierre Laliberté"* |
|  | Name: Jamie Hancock |  | Name: Pierre Laliberté |
|  | Title: Managing Director |  | Title: Managing Director |
| **J.P. MORGAN SECURITIES CANADA INC.** | **J.P. MORGAN SECURITIES CANADA INC.** | **BMO NESBITT BURNS INC.** | **BMO NESBITT BURNS INC.** |
| By: | *(signed) "Dave Harrison"* | By: | *(signed) "Carter Hohmann"* |
|  | Name: Dave Harrison |  | Name: Carter Hohmann |
|  | Title: Managing Director |  | Title: Managing Director |
| **NATIONAL BANK FINANCIAL INC.** | **NATIONAL BANK FINANCIAL INC.** | **RBC DOMINION SECURITIES INC.** | **RBC DOMINION SECURITIES INC.** |
| By: | *(signed) "Mengfei Zhou"* | By: | *(signed) "Michael Scott"* |
|  | Name: Mengfei Zhou |  | Name: Michael Scott |
|  | Title: Managing Director - Mining & Metals, Investment Banking |  | Title: Managing Director |

---

---

| | |
|:---|:---|
| **CANACCORD GENUITY CORP.** | **CANACCORD GENUITY CORP.** |
| By: | *(signed) "David Sadowski"* |
|  | Name: David Sadowski |
|  | Title: Managing Director, Head of Canadian<br>Metals & Mining Investment Banking |

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*[NXE – Signature Page to Underwriting Agreement]*

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The foregoing is in accordance with our understanding and is accepted by us.

---

| | |
|:---|:---|
| **NEXGEN ENERGY LTD.** | **NEXGEN ENERGY LTD.** |
| By: | *(signed) "Benjamin Salter"* |
|  | Name: Benjamin Salter |
|  | Title: Chief Financial Officer |

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*[NXE – Signature Page to Underwriting Agreement]*

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**SCHEDULE "A"** 

**MATTERS TO BE ADDRESSED IN THE CORPORATION'S** 

**CANADIAN COUNSEL OPINION** 

(a) the Corporation is a "reporting issuer", or its equivalent, in each of the Qualifying Jurisdictions
and it is not listed as in default of any requirement of the Applicable Securities Laws in any of the Qualifying Jurisdictions;

(b) the Corporation is a validly existing company and in good standing with respect to the filing of annual reports
with the British Columbia Register of Companies;

(c) the Corporation has all necessary corporate power and capacity to carry on its business as now conducted and to
own, lease and operate its property and assets and the Corporation has the requisite corporate power and capacity to execute and deliver this Agreement and to carry out the transactions contemplated hereby;

(d) the Corporation has all necessary corporate power and capacity to issue and sell the Offered Shares;

(e) the authorized and issued capital of the Corporation;

(f) the statements in the Registration Statement under "Part II – Information Not Required to be
Delivered to Offerees or Purchasers – Indemnification of Directors and Officers" insofar as such statements summarize legal matters or documents discussed therein, are fair summaries of such legal matters or documents in all material
respects;

(g) the attributes attaching to the Offered Shares are consistent and conform with the description under
"Description of the Securities Being Distributed" in the Canadian Final Prospectus;

(h) all necessary corporate action having been taken by Corporation to authorize the execution and delivery of this
Agreement and the performance by the Corporation of its obligations hereunder and to authorize the issuance, sale and delivery of the Offered Shares;

(i) the Offered Shares have been duly allotted and validly issued as fully-paid and non-assessable Common Shares in the capital of the Corporation upon full payment therefor and the issue thereof;

(j) if applicable, the form and terms of the definitive certificate representing the Common Shares have been
approved by the directors of the Corporation and comply in all material respects with the *Business Corporations Act (British Columbia)*, the Notice of Articles and Articles of the Corporation and the rules, policies and by-laws of the TSX;

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(k) if applicable, the delivery of the Offered Shares in electronic form does not conflict with the *Business Corporations Act (British Columbia)* or the Articles of the Corporation and the rules, policies and by-laws of the TSX;

(l) all necessary corporate action has been taken by the Corporation to authorize the execution and delivery of
each of the Canadian Preliminary Prospectus, the Canadian Final Prospectus, any Supplementary Material and any Marketing Documents and the filing thereof with the Commissions;

(m) this Agreement has been duly executed and delivered by the Corporation and constitutes a legal, valid and
binding obligation of the Corporation enforceable against the Corporation in accordance with its terms, subject to customary limitations and qualifications including, but not limited to, bankruptcy, insolvency and other laws affecting the rights of
creditors generally and subject to the qualification that equitable remedies may be granted in the discretion of a court of competent jurisdiction and that enforcement of rights to indemnity, contribution and waiver of contribution set out in this
Agreement may be limited by applicable law;

(n) the execution and delivery of this Agreement, the fulfillment of the terms thereof by the Corporation, the
offering, issuance, sale and delivery of the Offered Shares do not and will not conflict with any of the terms, conditions or provisions of the Notice of Articles and Articles of the Corporation, any resolutions of the shareholders or directors (or
any committee thereof) of the Corporation or any applicable corporate or securities laws of British Columbia or federal laws applicable therein;

(o) Computershare Investor Services Inc. is the duly appointed registrar and transfer agent for the Common Shares
of the Corporation and Computershare Trust Company, N.A. is the duly appointed co-transfer agent for the Common Shares in the United States;

(p) all necessary documents have been filed, all requisite proceedings have been taken and all approvals, permits
and consents of the appropriate regulatory authority in each Qualifying Jurisdiction have been obtained to qualify the distribution of the Offered Shares in each of the Qualifying Jurisdictions through persons who are registered under Applicable
Securities Laws and who have complied with the relevant provisions of such applicable laws;

(q) subject only to the Standard Listing Conditions, the Offered Shares have been conditionally listed or approved
for listing on the TSX; and

(r) as to the accuracy of the statements under the headings "Eligibility For Investment",
"Certain Canadian Federal Income Tax Considerations" in the Canadian Final Prospectus.

------

**SCHEDULE "B"** 

**MATTERS TO BE ADDRESSED IN THE CORPORATION'S** 

**U.S. COUNSEL OPINION** 

(a) The Registration Statement became effective upon its filing with the SEC at • **[a.m.]/[p.m.]** (New York City time) on •, 2025 pursuant to Rule 467(a) under the U.S. Securities Act; and based on a review of the SEC's website, no order suspending the effectiveness of the Registration Statement has been issued and no proceeding for that purpose or pursuant to Section 8A of the U.S. Securities Act against the Corporation or in connection with the Offering is pending or, to the knowledge of such counsel, threatened by the SEC.

(b) The Registration Statement, at the time it became effective, and the U.S. Final Prospectus, as of its date, appear on their face to be appropriately responsive in all material respects to the requirements of the U.S. Securities Act (in each case other than the financial statements, financial statement schedules and other financial data and technical information and data included or incorporated by reference in or omitted from either of them, as to which such counsel need express no opinion); and the Form F-X, as of its date, appears on its face to be appropriately responsive in all material respects to the requirements of the U.S. Securities Act.

(c) The execution, delivery and performance by the Corporation of this Agreement, the compliance by the Corporation with the terms thereof, the issuance and sale of the Offered Shares being delivered on the Closing Date, and the consummation of the transactions contemplated by this Agreement will not violate any Applicable Law (as defined below) (except that such counsel need express no opinion with respect to state securities laws, statutes, rules or regulations or the anti-fraud provisions of the securities laws of any applicable jurisdiction) or, to the knowledge of such counsel, any judgment, order or regulation of any Governmental Authority set forth in Schedule A to such counsel's opinion.

(d) No consent, approval, authorization or order of, or filing, registration or qualification with, any Governmental Authority, which has not been obtained, taken or made (other than as required by any state securities laws, as to which we express no opinion) is required on the part of the Corporation under any Applicable Law for the issuance or sale of the Offered Shares or the performance by the Corporation of its obligations under the Underwriting Agreement. For purposes of this opinion, the term "Governmental Authority" means any executive, legislative, judicial, administrative or regulatory body of the State of New York or the United States of America. For purposes of this opinion, the term "Applicable Law" means those laws, rules and regulations of the United States of America and the State of New York, in each case which in our experience are normally applicable to the transactions of the type contemplated by the Underwriting Agreement.

------

(e) The statements in the U.S. Prospectus under the heading "Certain U.S. Federal Income Tax Considerations" with respect to the tax considerations under United States federal income tax law, to the extent that they constitute summaries of United States federal statutes, rules and regulations, or portions thereof, are accurate in all material respects.

(f) After giving effect to the application of the proceeds received by the Corporation from the offering and sale of the Offered Shares as described in the U.S. Final Prospectus, the Corporation will not be required to be registered as an investment company under the United States Investment Company Act of 1940, as amended.

------

**SCHEDULE "C"** 

**FORM OF LOCK-UP AGREEMENT** 

• , 2025

Merrill Lynch Canada Inc.

Stifel Nicolaus Canada Inc.

J.P. Morgan Securities Inc.

BMO Nesbitt Burns Inc.

National Bank Financial Inc.

RBC Dominion Securities Inc.

Canaccord Genuity Corp.

**<u>Re: NexGen Energy Ltd. - Lock-Up Agreement</u>**

The undersigned, a director or officer of NexGen Energy Ltd. (the "**Corporation**"), understands that Merrill Lynch Canada Inc. (the "**Lead Underwriter**") and Stifel Nicolaus Canada Inc., J.P. Morgan Securities Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., RBC Dominion Securities Inc. and Canaccord Genuity Corp. (collectively, with the Lead Underwriter, the "**Underwriters**") have entered into an underwriting agreement with the Corporation providing for a public offering in Canada and the United States (the "**Offering**") of common shares of the Corporation. The undersigned also acknowledges that the Underwriters have requested that the undersigned enter into this agreement as a condition of completion of the Offering and that, in consideration of the Offering and for other good and valuable consideration, the receipt and sufficiency of which are hereby expressly acknowledged by the undersigned, the undersigned has agreed to enter into this agreement (the "**Lock-Up Agreement**") in favour of the Underwriters.

The undersigned represents and agrees that during the period beginning from the date hereof and ending 90 days from the closing date of the Offering (the "**Lock-Up Period**"), he or she shall not (and shall cause its affiliates not to) directly or indirectly, offer, sell, contract to sell, transfer, assign, pledge, grant any option to purchase, make any short sale or otherwise dispose of or monetize any common shares of the Corporation, or any options or warrants to purchase any common shares of the Corporation, or any securities convertible into, exchangeable for, or that represent the right to receive, common shares of the Corporation, now owned directly or indirectly by the undersigned, or under control or direction of the undersigned or with respect to which the undersigned has beneficial ownership as set out in Appendix "1" attached hereto (collectively, the "**Undersigned's Securities**"), or subsequently acquired, directly or indirectly by the undersigned, or under control or direction of the undersigned or with respect to which the undersigned acquires beneficial ownership (together with the Undersigned's Securities, the "**Locked-up Securities**") or enter into any swap, forward or other arrangement that transfers all or a portion of the economic consequences associated with the ownership of the Locked-up Securities (regardless of whether any such arrangement is to be settled by the delivery of securities of the Corporation, securities of another person, cash or otherwise) or agree to do any of the foregoing or publicly announce any intention to do any of the foregoing.

------

Notwithstanding the foregoing, the undersigned may offer, sell, contract to sell, transfer, assign, pledge, grant an option to purchase, make any short sale or otherwise dispose of any of the Locked-up Securities, or enter into any swap, forward or other arrangement that transfers all or a portion of the economic consequences associated with the ownership of the Locked-up Securities, whether directly or indirectly, during the Lock-Up Period:

1. with the prior written consent of the Lead Underwriter, such consent not to be unreasonably withheld;

2. without the consent of the Lead Underwriter, in order for the undersigned to sell, transfer or tender the Locked-up Securities (or any of them) to a bona fide take-over bid made to all holders of common shares of the Corporation or in connection with a merger, business combination, arrangement, consolidation,
reorganization, restructuring or similar transaction (a "**reorganization**") involving the Corporation; provided, however, that in such case it shall be a condition of the sale, transfer or tender that if such take-over bid or
reorganization is not completed during the Lock-Up Period, any Locked-up Securities subject to this Lock-Up Agreement shall
remain subject to the restrictions herein;

3. without the consent of the Lead Underwriter, where the undersigned exercises any options or warrants provided
that any underlying securities issued by the Corporation on such exercise remain part of the Locked-up Securities for purposes of this Lock-Up Agreement, except that
with respect to those currently granted and outstanding options and warrants that expire during the Lock-Up Period the disposition of the underlying Common Shares is permitted without consent;

4. without the consent of the Lead Underwriter, in connection with transfers made (A) pursuant to gifts or
transfers by will or intestacy, and (B) pursuant to transfers to (1) the undersigned's members, partners, affiliates, associates or immediate family or (2) a trust or Registered Retirement Savings Plan, the beneficiaries of
which are the undersigned and/or members of the undersigned's immediate family; provided in each such case that the transferee agrees in writing to be bound by the terms of this Lock-Up Agreement; and

5. without the consent of the Lead Underwriter, to sell up to an aggregate of 150,000 Common Shares during the Lock-up Period.

The undersigned understands that the Corporation and the Underwriters are relying upon this Lock-Up Agreement in proceeding toward consummation of the Offering. The undersigned further understands that this Lock-Up Agreement is irrevocable and shall be binding upon the undersigned's legal representatives, successors, and assigns, and shall enure to the benefit of the Corporation, the Underwriters and their legal representatives, successors and assigns. This Lock-Up Agreement shall be governed by and construed in accordance with the laws of the Province of British Columbia and the laws of Canada applicable therein and the parties hereto hereby agree to attorn to the non-exclusive jurisdictions of the court of the Province of British Columbia in connection with any dispute or claim hereunder.

------

DATED this • day of •, 2025

---

| |
|:---|
| **[NAME OF SHAREHOLDER]** |
| Per: |
| Name: |
| Title: |
| I have authority to bind the Corporation. |

---

------

**Appendix "1" to the Lock-Up Agreement** 

**UNDERSIGNED'S CURRENT SECURITY HOLDINGS OF** 

**NEXGEN ENERGY LTD.** 

The undersigned hereby confirms that the undersigned owns, directly or indirectly, or has control or direction over the following securities of the Corporation:

---

| |
|:---|
| Common Shares: |
| Options: |

---

## Exhibit 4.7

**Exhibit 4.7**![LOGO](g30906dsp011.jpg)

**Form 51-102F3** 

**MATERIAL CHANGE REPORT** 

---

| | |
|:---|:---|
| **Item 1** | **Name and Address of Company**  |

---

NexGen Energy Ltd. (the "**Company**" or "**NexGen**")

Suite 3150, 1021 West Hastings Street

Vancouver, BC V6E 0C3

---

| | |
|:---|:---|
| **Item 2** | **Dates of Material Change**  |

---

October 1 and 2, 2025

---

| | |
|:---|:---|
| **Item 3** | **News Release**  |

---

On October 1 and 2, 2025, the Company issued news releases reporting the material change through the facilities of Newsfile Corp.

---

| | |
|:---|:---|
| **Item 4** | **Summary of Material Change**  |

---

On October 1, 2025, the Company announced that it launched an equity financing comprising: (a) an agreement with a syndicate of underwriters (the "**North American Underwriters**") led by Merrill Lynch Canada Inc. under which the North American Underwriters have agreed to buy on a bought deal basis 33,112,583 common shares of the Company (the "**North American Common Shares**") at a price of $12.08 per Common Share (the "**Offering Price**") for gross proceeds of approximately C$400 million (the "**North American Offering"**); and (b) an underwriting agreement with Aitken Mount Capital Partners Pty Ltd (ABN 39 169 972 436) (the "**Australian Underwriter**") under which the Australian Underwriter has agreed to fully underwrite an offering of 30,534,351 common shares of the Company, to be settled in the form of Australian CHESS Depositary Interests, at the Offering Price for gross proceeds of approximately AUD$400 million (the "**Australian Offering"**). In accordance with a separate appointment letter, Canaccord Genuity (Australia) Limited (the "**Australian JLM**") will jointly lead manage and bookrun (but not underwrite) the Australian Offering.

On October 2, 2025, the Company announced an upsize in the Australian Offering. Pursuant to an amended and restated underwriting agreement with the Australian Underwriter, the Australian Underwriter has agreed to fully underwrite an offering of 45,801,527 common shares of the Company (the "**Australian Common Shares**") at the Offering Price for gross proceeds of approximately AUD$600 million (the "**Upsized Australian Offering**"). In accordance with a separate amended and restated appointment letter, the Australian JLM acted as joint lead manager and bookrunner to the Upsized Australian Offering.

------

---

| | |
|:---|:---|
| **Item 5** | **Full Description of Material Change**  |

---

**5.1** **Full Description of Material Change** 

On October 1, 2025, the Company announced that it launched an equity financing comprising: (a) an agreement with the North American Underwriters led by Merrill Lynch Canada Inc. under which the North American Underwriters have agreed to buy on a bought deal basis 33,112,583 common shares of the Company at the Offering Price for gross proceeds of approximately C$400 million; and (b) an underwriting agreement with Aitken Mount Capital Partners Pty Ltd (ABN 39 169 972 436) under which the Australian Underwriter has agreed to fully underwrite an offering of 30,534,351 common shares of the Company, to be settled in the form of Australian CHESS Depositary Interests, at the Offering Price for gross proceeds of approximately AUD$400 million. In accordance with a separate appointment letter, Canaccord Genuity (Australia) Limited will jointly lead manage and bookrun (but not underwrite) the Australian Offering. The Australian Offering will be conducted in Australian dollars at the Bloomberg exchange rate at the time of announcement as quoted on October 1, 2025 (C$1.00 = A$1.0850).

On October 2, 2025, the Company announced an upsize in the Australian Offering. Pursuant to an amended and restated underwriting agreement with the Australian Underwriter, the Australian Underwriter has agreed to fully underwrite an offering of 45,801,527 common shares of the Company at the Offering Price for gross proceeds of approximately AUD$600 million. In accordance with a separate amended and restated appointment letter, the Australian JLM acted as joint lead manager and bookrunner to the upsized Australian Offering. The Upsized Australian Offering will be conducted in Australian dollars at the Bloomberg exchange rate at the time of announcement as quoted on October 1, 2025 (C$1.00 = A$1.0850). The Company confirms that the bookbuild for the Upsized Australian Offering has successfully closed.

The North American Common Shares will be offered by way of a short form prospectus (the "**Prospectus**") in all provinces and territories of Canada, other than Quebec, and will be offered in the United States pursuant to a prospectus filed as part of a registration statement under the Canada/U.S. multi-jurisdictional disclosure system. A registration statement on Form F-10, including the U.S. preliminary prospectus (together with any amendments thereto, the "**Registration Statement**"), registering the North American Common Shares under the U.S. Securities Act of 1933, as amended (the "**U.S. Securities Act**") has been filed with the United States Securities and Exchange Commission (the "**SEC**") but has not yet become effective. The preliminary Prospectus and Registration Statement are subject to completion and amendment. Such documents contain important information about the North American Offering.

The Australian Common Shares will be issued without disclosure under the Australian *Corporations Act 2001* (Cth) to "sophisticated investors" and "professional investors" (within the meaning of sub-sections 708(8) and 708(11) of the Australian Corporations Act) and investors in other jurisdictions that may lawfully participate.

------

The completion of the North American Offering is not conditional upon the completion of the Upsized Australian Offering and the completion of the Upsized Australian Offering is not conditional upon the completion of the North American Offering, and the North American Underwriters have no obligations or liability with respect to the Upsized Australian Offering and the Australian Underwriter and the Australian JLM have no obligations or liability with respect to the North American Offering.

**Additional Information** 

A copy of the "Key Terms of the Offering" included in the Company's ASX notice providing further information regarding the Australian Offering and the North American Offering, which will be filed with the Australian Securities and Investments Commission, is attached hereto as Schedule A and Schedule B.

---

| | |
|:---|:---|
| **Item 6** | **Reliance on subsection 7.1(2) of National Instrument 51-102**  |

---

Not applicable.

---

| | |
|:---|:---|
| **Item 7** | **Omitted Information**  |

---

No significant facts otherwise required to be disclosed in this report have been omitted.

---

| | |
|:---|:---|
| **Item 8** | **Executive Officer**  |

---

The following executive officer of the Company is knowledgeable about the material change and may be contacted respecting the change:

Leigh Curyer

Chief Executive Officer

Phone: (604) 428-4112

Email: lcuryer@nxe-energy.ca

---

| | |
|:---|:---|
| **Item 9** | **Date of Report**  |

---

October 9, 2025

------

**SCHEDULE A** 

**Annexure —Key Terms of the Australian Offering** 

The Australian Offering is being conducted pursuant to an amended and restated underwriting agreement between the Company and the Australian Underwriter, recording (among other things) the terms of the Australian Offering and the Australian Underwriter's obligations in respect of the Australian Offering (the "**Australian Underwriting Agreement")**.

Pursuant to a separate appointment letter between the Company and the Australian JLM, the Australian JLM has agreed to jointly lead manage the Australian Offering and provide settlement support with respect to the Australian Common Shares (the "**Australian JLM Agreement")**.

The Australian Underwriting Agreement is on terms customary for an agreement of this nature, the key terms of which (being the key terms of the Australian Offering) are summarised below. The Australian JLM Agreement provides that this agreement will terminate of the Australian Underwriting Agreement is terminated.

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Termination Events** 

The Australian Underwriter may terminate the Australian Underwriting Agreement if any one or more of the following events occurs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (**listing**) ASX, TSX or NYSE announces that NexGen will be removed from the official list or that any
shares or CDIs quoted or trading on these exchanges will be delisted or suspended for any reason;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (**market fall)** The S&P 500 Index closes 15% (or more) below the level of the index immediately
prior to entry into the Australian Underwriting Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (**disclosure deficiency)** any Australian Offering materials include content that is materially:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) misleading or deceptive or likely to materially mislead or deceive; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) adverse from the point of view of an investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (**proceedings**) either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) there is an application to a Government Agency (excluding ASIC) for an order, declaration or other remedy; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Government Agency commences, or threatens commencement of, an investigation or hearing in respect of the
Australian Offering that it is reasonably likely to succeed and have a materially adverse effect on NexGen, the Australian Offering or its shares;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (**regulatory action**) ASIC:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) makes, or threatens to make, an application for an order under Part 9.5 of the Corporations Act related to the
Australian Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) commences, or conveys its intention to commence, an investigation or hearing related to the Australian
Offering; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) otherwise issues, or threatens to issue, proceedings, inquiries or investigations in relation to the Australian
Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (**quotation**) ASX does not, or states that it will not, agree to grant official quotation of all of the
Australian Common Shares (in the form of CDIs) on an unconditional basis (or subject to conditions which will not have a material effect on the Australian Offering);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (**unable to issue Australian Common Shares**) NexGen is unable to issue the Australian Common Shares by the
time required in the Australian Underwriting Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) (**prosecution**) any of the following occurs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a director or the Chief Executive Officer, Chief Commercial Officer or the Chief Financial Officer of NexGen is
charged with an indictable offence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any regulatory body commences any public action against a director of NexGen in his or her capacity as such or
announces that it intends to take any such action; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any director of NexGen is disqualified from managing a corporation under the Corporations Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (**timetable**) the timetable for the Australian Offering, as set out in the Australian Underwriting
Agreement, is delayed by 2 business days or more without the Australian Underwriter's consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) (**debt covenants**) NexGen breaches a covenant under any material debt or financing arrangement, or commits
an event of default under such debt or arrangement which entitles a financier to accelerate the debt, and the foregoing has an adverse effect on the NexGen group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) (**force majeure**) an event, occurrence or non-occurrence, or development of an existing event, occurrence
or non-occurrence, makes it illegal for the Lead Manager to satisfy an obligation under this Australian Underwriting Agreement, or to market, promote or settle the Australian Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) (**fraud**) NexGen or any of its directors or officers engage in any fraudulent conduct or activity, whether
or not in connection with the Australian Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) (**withdrawal**) NexGen withdraws the Australian Offering; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) (**insolvency**) an insolvency event occurs in respect of NexGen or any member of the NexGen group.

------

The Australian Underwriter may terminate the Australian Underwriting Agreement if any one or more of the following occurs and such event, matter or circumstance has, or is likely to have, a material adverse effect on the financial position or prospects of the Company; or the outcome or success of the Australian Offering; or the market price of, or ability to settle, the Australian Offering; or leads to a contravention by, or liability of, the Australian Underwriter under applicable law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) (**breach**) NexGen is in breach of any terms of the Australian Underwriting Agreement or any representation
or warranty given by NexGen under it becomes incorrect, untrue or misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) (**due diligence**) there is an omission from, or misstatement relating to, any completed due diligence
questionnaire, management meeting or information delivered by or on behalf of NexGen to the Australian Underwriter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) (**change in laws**) either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) there is introduced, or there is a public announcement of a proposal to introduce, a new law into the
Parliament of Australia or any State or Territory Parliament in Australia, Canada or the United States (including any provinces or states); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the central bank of Australia, Canada or the United States (or any authority of these jurisdictions) adopts or
announces a proposal to adopt a new policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) (**change in senior management**) there is a change to the Chief Executive Officer, Chief Financial Officer
or the board of directors of NexGen;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) (**compliance with laws**) NexGen contravenes a law or the Australian Offering fails to comply with the
applicable law, the ASX Listing Rules or NexGen's constituent documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) (**banking disruption**) there is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a suspension or material limitation in trading in securities generally on ASX, TSX, NYSE or LSE or a material
disruption in commercial banking securities or settlement or clearance services in in Australia, Canada, New Zealand, the United States, Hong Kong, Singapore or the United Kingdom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) there is an adverse change or disruption to the existing financial markets, political or economic conditions
(to the extent not existing or announced as at the date of the Placement Agreement) in Australia, Canada, New Zealand, the United Sates, Hong Kong, Singapore or the United Kingdom; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a general moratorium on commercial banking activities in Australia, Canada, New Zealand, the United Sates, Hong
Kong, Singapore or the United Kingdom is declared.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) (**hostilities**) hostilities not existing at the date of the Australian Underwriting Agreement commence
(whether war has been declared or not) or a major escalation in existing hostilities occurs (whether war has been declared or not) involving any one or more of Australia, New Zealand, Canada the United States, Japan, South Korea, the Democratic
People's Republic of Korea, a member state of the European Union, United Kingdom or the People's Republic of China, Russia or Israel or a state of emergency is declared by, or a significant terrorist attack is perpetrated on, any of
those countries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) (**new circumstances)** a new circumstance, that would be adverse from the point of view of an
investor, arises that would have been required to be disclosed in the Australian Offering materials, had it arisen before the Australian Offering materials were lodged with ASX;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) (**issuer information)** NexGen's most recent annual information form, annual and interim
management discussion and analysis and financial statements, annual proxy materials or subsequent public information releases includes a statement which is or becomes misleading or deceptive, or likely to mislead or deceive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) (**change of control)** a plan of arrangement or reconstruction is announced by NexGen, or another
offer to security holders is announced by another person, which if implemented, may result in a person and their associates acquiring a 50% or more interest in NexGen; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) (**statements of opinions and belief)** any Australian Offering materials include a statement of
opinion or belief not truly or honestly held or for which there are no reasonable grounds to make.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Representations and Warranties** 

NexGen has given customary representations, warranties and undertakings in respect of the Australian Offering to the Australian Underwriter and an indemnity to the Australian Underwriter and their respective affiliates subject to certain customary carve-outs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Adviser Fees** 

NexGen has agreed to pay the Australian Underwriter and the Australia JLM a fee, in aggregate, equal to 4% of the gross proceeds of the Australian Offering.

------

**SCHEDULE B** 

**Annexure —Key Terms of the North American Offering** 

The North American Offering is to be conducted pursuant to an underwriting agreement, to be entered into between NexGen and the North American Underwriters, recording (among other things) the terms of the North American Offering and the Noth American Underwriters' obligations in respect of the North American Offering (the **"North American Underwriting Agreement")**.

The North American Underwriting Agreement will be on terms customary for an agreement of this nature, the key anticipated terms of which (being the key terms of the North American Offering) are summarised below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Termination Events** 

The North American Underwriters may terminate the North American Underwriting Agreement if any one or more of the following events occurs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (**material change)** any of the following occurs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) there is a material change (actual, anticipated, contemplated or threatened, financial or otherwise) in the
business, affairs, operations, assets, liabilities, capital or control of NexGen or a change in any material fact; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the North American Underwriters become aware of any undisclosed material information,

which in the opinion of the North American Underwriters, acting reasonably, could be expected to have a material adverse effect on the market price or value of the North American Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (**financial markets)** the occurrence of an event or any new law or regulation or a change thereof
or other occurrence of any nature whatsoever which, in the opinion of an North American Underwriters, acting reasonably, seriously adversely effects or is expected to seriously adversely effect financial markets in Canada or the United States
generally or the business, operations, assets, liabilities (contingent or otherwise), capital or control of NexGen;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (**proceedings**) the occurrence, commencement, announcement or threat of any inquiry, action, suit,
investigation or other proceeding or any order or ruling in Canada or the United States, which in the reasonable opinion of the Underwriters would be expected to restrict or materially effect the trading in, distribution of, or the market price or
value of the shares offered under the North American Offering; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (**breach**) NexGen is in breach of any term, condition or covenant of the North American Underwriting
Agreement or any representation or warranty given by NexGen under it becomes false.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Representations and Warranties** 

NexGen will give customary representations, warranties and undertakings in respect of the North American Offering to the North American Underwriters and an indemnity to the North American Underwriters and their respective affiliates, subject to certain customary carve-outs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Adviser Fees** 

NexGen will pay the North American Underwriters a fee, in aggregate, equal to 5% of the gross proceeds of the North American Offering.

## Exhibit 5.1

**Exhibit 5.1** 

**Consent of Independent Registered Public Accounting Firm** 

The Board of Directors

NexGen Energy Ltd.

We consent to the use of our report dated March 3, 2025, with respect to the consolidated financial statements of NexGen Energy Ltd., which comprise the consolidated statements of financial position as of December 31, 2024 and 2023, the related consolidated statements of net income (loss) and comprehensive income (loss), changes in equity and cash flows for each of the years then ended, and the related notes, and our report dated March 3, 2025 on the effectiveness of internal control over financial reporting as of December 31, 2024, which are incorporated by reference in this Registration Statement on Form F-10/A of NexGen Energy Ltd..

/s/ KPMG LLP

Chartered Professional Accountants

October 9, 2025

Vancouver, Canada

## Exhibit 5.5

**Exhibit 5.5** 

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| | |
|:---|:---|
| ![LOGO](g30906dsp011.jpg) | **NexGen Energy Ltd.**<br> Head Office<br> 3150 – 1021 West Hastings Street<br> Vancouver, BC, V6E 0C3<br> Tel: 604.428.4112<br> Fax: 604.259.0321<br>Saskatoon Office<br> Suite 200, 475-2nd Ave S<br> Saskatoon SK, S7K 1P4<br> Tel: 306 954 2275 |

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**CONSENT OF QUALIFIED PERSON** 

I, Jason Craven, P.Geo., Vice President, Exploration for NexGen Energy Ltd., consent to the use of and reference to my name, and the inclusion and incorporation by reference in the registration statement on Form F-10 of NexGen Energy Ltd. and any amendments or supplements thereto (the "Registration Statement"), of the information prepared by me, that I supervised the preparation of or reviewed or approved by me that is of a scientific or technical nature and all other references to such information included or incorporated by reference in the Registration Statement.

Date: October 9, 2025

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| |
|:---|
| /s/ Jason Craven |
| Name: Jason Craven, P.Geo. |
| Title: Vice President, Exploration for NexGen Energy Ltd. |

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## Exhibit 5.6

**Exhibit 5.6** 

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| | |
|:---|:---|
| ![LOGO](g30906dsp011.jpg) | **NexGen Energy Ltd**.<br> Head Office<br> 3150 – 1021 West Hastings Street<br> Vancouver, BC, V6E 0C3<br> Tel: 604.428.4112<br> Fax: 604.259.0321<br>Saskatoon Office<br> Suite 200, 475-2nd Ave S<br> Saskatoon SK, S7K 1P4<br> Tel: 306 954 2275 |

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**CONSENT OF QUALIFIED PERSON** 

I, Simon Allard, P.Eng., Vice President, Commercial for NexGen Energy Ltd., consent to the use of and reference to my name, and the inclusion and incorporation by reference in the registration statement on Form F-10 of NexGen Energy Ltd. and any amendments or supplements thereto (the "Registration Statement"), of the information prepared by me, that I supervised the preparation of or reviewed or approved by me, or for which I have assumed responsibility, that is of a scientific or technical nature and all other references to such information included or incorporated by reference in the Registration Statement.

Date: October 9, 2025

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| |
|:---|
| /s/ Simon Allard |
| Name: Simon Allard, P.Eng. |
| Title: Vice President, Commercial for NexGen Energy Ltd. |

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