David A. Talbot | MD, Head of Equity Research dtalbot @redcloud securities .com Impact : Very Positive NexGen Energ y (NXE ) announced the best hole (RK - 24 - 207) to date and a material expansion of the Paterson Corridor East (PCE) discovery from its summer exploration program (22,000m) at its 100% - owned SW2 property , located 3.5km east of Arrow in the SW Athabasca Basin. Hole RK - 24 - 207 returned >10,000 cps over 1.5m incl. >61,000 cps over 0.3m within a composite inter section of 26.2m that exceeds 500 cps (Figure 1) E ight of 12 summer drill holes have now hit mineralization at the PCE zone In our view, the PCE zone is starting to shape rather quickly. While we have yet to see a repeat of the wide sustained mineralization like in the discovery hole (0.78% U 3 O 8 over 13.5m), we are seeing narrow zones of very high - grade massive uranium. But these holes remain rather far apart from each other, and are showing the characteristics of a large, basement hosted uranium deposit similar to Arrow. Meanwhile , we continue to await Federal approval of the Rook I project ( read notable ) while NexGen prepares itself for construction, remaining on track for production by 2029. • Eight of 12 summer holes have hit mineralization at PCE Off - scale mineralization (>61,000 cps) has now been identified in four holes within the basement rocks. Mineralization is hosted as semi - massive to massive pitchblende veins, fracture coatings, and disseminations. Specifically, hole RK - 24 - 207 is the first massive uraninite occurrence within the zone , and has returned >10,000 cps over 1.5m including >61,000 cps over 0.3m within a composite intersection of 26.2m that exceeds 500 cps M ost intercepts are ~1.5m in width with holes - 207 and - 197 returning thickn esses of 4m and 3m. Assays are due in Q4/24. • PCE zone starting to gain critical mass PCE has expanded from two holes located 275m apart to 540m along strike, 600m in vertical extent and 75m width . By comparison , Arrow had a ~500m strike by 550m vertical extent and 150m w idth at the same stage of exploration (15 holes in) (Figures 2 & 3) The d epth of mineralization is like that found within the heart of the A2 high - grade zone . These wide intervals of elevated radioactivity remain open at depth and along strike • Focus ed o n incre asing summer drillin g Twelve drill holes (10,045.5 m) of the 2 2,000m drill program are now complete. Two primary objectives remain : 1) continu ing to test the extent of the mineralized system through bold step outs, and 2) vector ing in on the high - grade zones within the broader area of mineralization • Winter results were reported in late May Previous assays were returned from discovery hole - 183 ( read note ) that hit 0.78% U 3 O 8 over 13.5m incl. 10% U 3 O 8 over 0.5m and 6.23% U 3 O 8 over 0.5m ( read notable ) Results remain pending from hole - 193, which hit various zones of mineralization over 67.5m incl 7 , 000 cps over 1.5m. We maintain our BUY rating and target price of C$12.00/ sh Our valuation for NexGen is primarily based on a DCF analysis for the Rook I project. Upcoming catalysts : 1) Federal license approval (H2/24), 2) Early construction (ongoing), 3) Financing and strategic discussions (ongoing), and 4) Assays from 2024 drill program (30,000m) at SW1 and SW2 (H2/24). NexGen Energy Ltd ( TSX:NXE ) PCE’s Best Hole to Date Marks a Material Expansion of Mineraliz ed Zone Exploration Update August 9, 2024 (Currency is CAD$ unless noted otherwise) Closing Price $7.51 Rating BUY Target ($/sh) $12.00 Return to Target 60% 52 Week Low / High $6.26 / $12.14 CAPITALIZATION Basic Diluted Shares Outstanding (M)* 564.5 611.5 Market Capitalization ($MM)* $4,239.3 Enterprise Value ($MM) $4,131.6 Cash and Equivalents ($MM) (incl. Equities) $572.4 Total Debt ($MM) $464.7 FYE DEC 31 2026E 2027E 2028E Uranium production (M lb) - - 23.2 Revenue ($M) - - $2,635 Net Earnings ($M) ($125) ($125) $1,283 EBITDA ($M) ($32) ($32) $2,121 Avg. cash cost (US$/lb) - - $9.39 EPS ($/sh) ($0.23) ($0.22) $2.29 CFPS ($/sh) ($0.03) ($0.03) $2.76 STOCK CHART RELATIVE PERFORMANCE NET ASSET VALUE $M $/sh Arrow (100%-owned) $7,482.0 $11.47 IsoEnergy (50.1%-owned) $154.2 $0.24 Other corporate adj. $521.4 0.80 Corporate NAV $8,157.5 $12.51 RELATIVE VALUATION P/NAV NexGen Energy Ltd. $9.18 0.63x Peers * $3.36 0.40x *S&P Capital IQ & Company Reports MAJOR SHAREHOLDERS DISCLOSURE CODE: 1,2,5 (Please refer to the disclosures listed on the back page) Source: RCS, Company Information, Capital IQ Company Description Management and Insiders (1.9%), L1 Capital Pty. Limited (4.27%), Mega Uranium Ltd. (3.45%) NexGen Energy Ltd., an exploration and development stage company, engages in the acquisition, exploration, and evaluation and development of uranium properties in Canada. Its principal asset is the Rook I project that consists of 32 contiguous mineral claims totaling an area of 35,065 hectares located in the Athabasca Basin, Saskatchewan. The company is headquartered in Vancouver, Canada. US$ EV/lb U 3 O 8 0.0 5.0 10.0 15.0 20.0 $0.00 $2.00 $4.00 $6.00 $8.00 $10.00 $12.00 $14.00 2023-08-08 2023-12-08 2024-04-08 2024-08-08 Volume Price -20% 0% 20% 40% 60% 80% 100% 2023-08-08 2023-12-08 2024-04-08 2024-08-08 TSX:NXE HURA August 9 , 2024 PCE’s Best Hole to Date Marks a Material Expansion of Mineralized Zone 2 David A. Talbot | MD, Head of Equity Research dtalbot @redcloud securities .com Figure 1 : Core photo from RK - 24 - 207; high grade mineralization is hosted across 7.1 m from 523.9 m to 531m with outer low grade disseminated uranium extending above to 519.4 m and below to 534.4m; Narrow secondary veins are hosted nearby in the footwall below Source: Company reports August 9 , 2024 PCE’s Best Hole to Date Marks a Material Expansion of Mineralized Zone 3 David A. Talbot | MD, Head of Equity Research dtalbot @redcloud securities .com Figure 2 : Schematic plan view of mineralized footprint at Arrow and PCE at the same stage of drilling; gravity as background with low values in blue Source: Company reports August 9 , 2024 PCE’s Best Hole to Date Marks a Material Expansion of Mineralized Zone 4 David A. Talbot | MD, Head of Equity Research dtalbot @redcloud securities .com Figure 3 : Schematic long section of mineralized footprint at Arrow and PCE at the same stage of drilling Source: Company reports August 9 , 2024 PCE’s Best Hole to Date Marks a Material Expansion of Mineralized Zone 5 David A. Talbot | MD, Head of Equity Research dtalbot @redcloud securities .com David A. Talbot | MD, Head of Equity Research Daniel Kozielewicz | Research Associate Shikhar Sarpal | Research Associate Surya Sankarasubramanian | Research Associate Red Cloud Securities Inc. 120 Adelaide Street West, Suite 1400 Toronto ON, M5H 1 T1 research@redcloudsecurities.com www.redcloudresearch.com Disclosure Statement Updated August 9 , 202 4 Disclosure Requirement Red Cloud Securities Inc. is registered as an Investment Dealer and is a member of the Canadian Investment Regulatory Organization (CIRO). Red Cloud Securities registration as an Investment Dealer is specific to the provinces of Alberta, British Columbia, Manitoba, Ontario, Quebec, and Saskatchewan. We are registered and authorized to conduct business solely within these jurisdictions . We do not operate in or hold registration in any other regions, territories, or countries outside of these provinces. Red Cloud Securities bears no liability for any consequences arising from the use or misuse of our services, products, or information ou tside the registered jurisdictions. Part of Red Cloud Securities Inc.'s business is to connect mining companies with suitable investors. Red Cloud Securities Inc., its affiliates and their respective officers, directors, representatives, researchers and members of their families may hold pos itions in the companies mentioned in this document and may buy and/or sell their securities. Additionally, Red Cloud Securities Inc. may have provided in the past, and may provide in the future, certain advisory or corporate finance services and receive fi nancial and other incentives from issuers as consideration for the provision of such services. Red Cloud Securities Inc. has prepared this document for general information purposes only. This document should not be considered a solicitation to purchase or sell securities or a recommendation to buy or sell securities. The information provided has bee n derived from sources believed to be accurate but cannot be guaranteed. This document does not take into account the particular investment objectives, financial situations, or needs of individual recipients and other issues (e.g. prohibitions to investmen ts due to law, jurisdiction issues, etc.) which may exist for certain persons. Recipients should rely on their own investigations and take their own professional advice before investment. Red Cloud Securities Inc. will not treat recipients of this document as clients by virtue of having viewed this document. Date Rating Target Status % 2022-12-02 NA NA BUY 71% 2023-05-02 NA NA BUY (S) 26% 2023-06-02 NA NA HOLD 0% 2023-07-06 BUY 10.00 TENDER/ SELL 2% 2023-08-22 BUY 10.00 NA 2% 2023-09-01 BUY 10.00 UNDER REVIEW 0% 2023-11-09 BUY 10.00 2023-12-11 BUY 10.00 2024-02-08 BUY 10.00 2024-02-12 BUY 14.80 2024-03-11 BUY 14.80 2024-05-01 BUY 15.30 2024-05-09 BUY 14.90 2024-05-15 BUY 14.90 2024-05-22 BUY 14.90 2024-05-30 BUY 14.90 2024-06-25 BUY 14.90 2024-08-02 BUY 12.00 2024-08-09 BUY 12.00 Recommendation / Target Change Red Cloud Securities has this percentage of its universe assigned as the following: August 9 , 2024 PCE’s Best Hole to Date Marks a Material Expansion of Mineralized Zone 6 David A. Talbot | MD, Head of Equity Research dtalbot @redcloud securities .com Red Cloud Securities Inc. takes no responsibility for any errors or omissions contained herein, and accepts no legal responsibility for any errors or omissions contained herein, and accepts no legal responsibility from any losses resulting from investment decisions based on the content of this report. Company Specific Disclosure Details Company Name Ticker Symbol Disclosures NexGen Energy Ltd TSX:NXE 1, 2,5 1. The analyst has visited the head/principal office of the issuer or has viewed its material operations. 2. The issuer paid for or reimbursed the analyst for a portion, or all of the travel expense associated with a visit. 3. In the last 12 months preceding the date of issuance of the research report or recommendation, Red Cloud Securities Inc. has performed investment banking services for the issuer. 4. In the last 12 months, a partner, director or officer of Red Cloud Securities Inc., or an analyst involved in the preparation of the research report has provided services other than in the normal course investment advisory or trade execution services to th e issuer for remuneration. 5. An analyst who prepared or participated in the preparation of this research report has an ownership position (long) in, or discretion or control over an account holding, the issuer’s securities, directly or indirectly. 6. Red Cloud Securities Inc. and its affiliates collectively beneficially own 1% or more of a class of the issuer’s equity securities. 7. A partner, director, officer, employee or agent of Red Cloud Securities Inc., serves as a partner, director, officer or employee of (or in an equivalent advisory capacity to) the issuer. 8. Red Cloud Securities Inc. is a market maker in the equity of the issuer. 9. There are material conflicts of interest with Red Cloud Securities Inc. or the analyst who prepared or participated in the preparation of the research report, and the issuer. Analysts are compensated through a combined base salary and bonus payout system. The bonus payout is determined by revenues generated from various departments including Investment Banking, based on a system that includes the following criteria: reports gen erated, timeliness, performance of recommendations, knowledge of industry, quality of research and client feedback. Analysts are not directly compensated for specific Investment Banking transactions. Recommendation Terminology Red Cloud Securities Inc. recommendation terminology is as follows: • BUY – expected to outperform its peer group • HOLD – expected to perform with its peer group • SELL – expected to underperform its peer group • Tender – clients are advised to tender their shares to a takeover bid • Not Rated or NA – currently restricted from publishing, or we do not yet have a rating • Under Review – our rating and target are under review pending, prior estimates and rating should be disregarded. Companies with BUY, HOLD or SELL recommendations may not have target prices associated with a recommendation. Recommendations without a target price are more speculative in nature and may be followed by “(S)” or “(Speculative)” to reflect the higher degre e of risk associated with the company. Additionally, our target prices are set based on a 12 - month investment horizon. Dissemination Red Cloud Securities Inc. distributes its research products simultaneously, via email, to its authorized client base. All research is then available on www.redcloudsecurities.com via login and password Analyst Certification Any Red Cloud Securities Inc. research analyst named on this report hereby certifies that the recommendations and/or opinions expressed herein accurately reflect such research analyst’s personal views about the companies and securities that are the subject of this report. In addition, no part of any research analyst’s compensation is, or will be, directly or indirectly, related to the specific recommendations or vi ews expressed by such research analyst in this report.