<SEC-DOCUMENT>0001279569-24-001358.txt : 20241108
<SEC-HEADER>0001279569-24-001358.hdr.sgml : 20241108
<ACCEPTANCE-DATETIME>20241107193551
ACCESSION NUMBER:		0001279569-24-001358
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20240930
FILED AS OF DATE:		20241108
DATE AS OF CHANGE:		20241107

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
		IRS NUMBER:				840123707
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38072
		FILM NUMBER:		241437611

	BUSINESS ADDRESS:	
		STREET 1:		1021 WEST HASTINGS STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6E 0C3
		BUSINESS PHONE:		(604) 428-4112

	MAIL ADDRESS:	
		STREET 1:		1021 WEST HASTINGS STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6E 0C3
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>nexgen6k.htm
<DESCRIPTION>FORM 6-K
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    <P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>
    <P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>___________________</B></P>
    <P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>Form 6-K</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE
    13a-16 OR 15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>For the month of November 2024</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Commission File Number 001-38072</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>___________________</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NexGen Energy Ltd.</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>(Translation of registrant's name into English)
    </I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Suite 3150, 1021 - West Hastings Street<BR>
    Vancouver, B.C., Canada V6E 0C3</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(<I>Address of principal executive offices</I>)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>___________________</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Indicate by check mark whether the registrant files or will file annual
    reports under cover of Form 20-F or Form 40-F.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Form 20-F &#9744;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form
40-F &#9745;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 18pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INCORPORATION BY REFERENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Exhibits 99.1 and 99.2 to this Report on Form 6-K are hereby incorporated
by reference as Exhibits to the Registration Statement on Form F-10 of NexGen Energy Ltd. (File No. 333-266575).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

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    <TD STYLE="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Exhibit</U></B></FONT></TD>
    <TD STYLE="width: 83%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Description</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><A HREF="ex991.htm">99.1</A></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><A HREF="ex991.htm">Unaudited Condensed Interim
    Consolidated Financial Statements for the Periods Ending September 30, 2024 and 2023</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><A HREF="ex992.htm">99.2</A></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><A HREF="ex992.htm">Management&rsquo;s Discussion and Analysis for the Three and Nine Months Ended September 30, 2024</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><A HREF="ex993.htm">99.3</A></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><A HREF="ex993.htm">Form 52-109F2 Certification of Interim Filings - Chief Executive Officer</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><A HREF="ex994.htm">99.4</A></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><A HREF="ex994.htm">Form 52-109F2 Certification of Interim Filings - Chief Financial Officer</A></FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on November 7, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>NEXGEN ENERGY LTD.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; width: 45%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">/s/
    Benjamin Salter&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Name: Benjamin Salter</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;Chief Financial Officer</FONT></TD></TR>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991.htm
<DESCRIPTION>UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIODS ENDING SEPTEMBER 30, 2024 AND 2023
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<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>EXHIBIT 99.1</B></FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B></B></FONT></P>

<P STYLE="font: bold 18pt/22pt Arial, Helvetica, Sans-Serif; margin: 0 6.95pt 0 56.8pt; letter-spacing: 0.5pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center"><B>&nbsp;<IMG SRC="logo.jpg" ALT=""></B></P>

<P STYLE="font: 12pt/105% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/105% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/105% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center"><FONT STYLE="letter-spacing: 0.05pt"><B>Condensed
Interim Consolidated Financial Statements</B></FONT></P>

<P STYLE="font: 11pt/105% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center">September 30, 2024 and 2023</P>

<P STYLE="font: 11pt/105% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center">(expressed in thousands of Canadian dollars)
- Unaudited</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>NexGen Energy Ltd.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Condensed Interim Consolidated Statements of Financial Position</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(expressed in thousands of Canadian Dollars) - Unaudited</P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5pt; border-bottom: Black 1.5pt solid; font-size: 12pt">&nbsp;</TD><TD STYLE="padding-right: 5pt; border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">September 30, 2024</TD><TD STYLE="padding-right: 5pt; border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">December 31, 2023</TD><TD STYLE="padding-right: 5pt; border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">January 1, 2023</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; padding-left: 5.4pt">Assets</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Restated - Note 3(d)</I><B>&nbsp;</B></FONT></TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Restated - Note 3(d)</I><B>&nbsp;</B></FONT></TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Current assets</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 46%; text-indent: 9pt; padding-left: 5.4pt">Cash</TD><TD STYLE="width: 5%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 11%; font-weight: bold; text-align: right">537,766</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">290,743</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">134,447</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left; text-indent: 9pt; padding-left: 5.4pt">Marketable securities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,775</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left; text-indent: 9pt; padding-left: 5.4pt">Amounts receivable</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,238</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,940</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,801</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left; text-indent: 9pt; padding-left: 5.4pt">Prepaid expenses and other assets</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">5,197</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,770</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,165</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt; text-indent: 9pt; padding-left: 5.4pt">Lease receivable
    (Note 10(a))</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><B>512</B></TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><B>512</B></TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><B>&mdash;&nbsp;&nbsp;</B></TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left"><B>&nbsp;</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-size: 12pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">544,713</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">306,965</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">144,188</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Non-current assets</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left; text-indent: 9pt; padding-left: 5.4pt">Exploration and evaluation assets (Note 5)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">549,296</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">451,356</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">405,248</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left; text-indent: 9pt; padding-left: 5.4pt">Property and equipment (Note 6)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">5,859</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,404</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,048</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left; text-indent: 9pt; padding-left: 5.4pt">Investment in associate (Note 7)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">239,436</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">240,116</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-indent: 9pt; padding-left: 5.4pt">Deposits</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">82</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">82</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">76</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left; text-indent: 9pt; padding-left: 5.4pt">Strategic inventory (Note 8)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">341,150</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt; text-indent: 9pt; padding-left: 5.4pt">Lease receivable (Note 10(a))</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,118</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,502</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Total assets</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">1,683,654</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,007,425</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">554,560</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-size: 12pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; padding-left: 5.4pt">Liabilities</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Current liabilities</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 9pt; padding-left: 5.4pt; background-color: white">Accounts payable and accrued liabilities (Note 9)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">37,660</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">$</TD><TD STYLE="text-align: right; background-color: white">26,986</TD><TD STYLE="text-align: left; background-color: white">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">$</TD><TD STYLE="text-align: right; background-color: white">13,723</TD><TD STYLE="text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left; text-indent: 9pt; padding-left: 5.4pt">Lease liabilities (Note 10(c))</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">990</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">926</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">775</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left; text-indent: 9pt; padding-left: 5.4pt">Flow-through share premium liability</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,069</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt; text-indent: 9pt; padding-left: 5.4pt">Convertible debentures (Note 9)</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">429,924</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">158,478</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">80,021</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-size: 12pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">468,574</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">186,390</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,588</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Non-current liabilities</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left; text-indent: 9pt; padding-left: 5.4pt">Long-term lease liabilities (Note 10(c))</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">266</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,016</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,688</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt; text-indent: 9pt; padding-left: 5.4pt">Deferred income tax liabilities</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">867</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Total liabilities</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">468,840</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">187,406</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">99,143</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-size: 12pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; padding-left: 5.4pt">Equity</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-indent: 9pt; padding-left: 5.4pt">Share capital (Note 11)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">1,388,054</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,009,130</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">712,603</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left; text-indent: 9pt; padding-left: 5.4pt">Reserves (Note 11)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">132,783</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">116,934</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">94,680</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left; text-indent: 9pt; padding-left: 5.4pt">Accumulated other comprehensive income (deficit)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">9,153</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,041</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">460</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt; text-indent: 9pt; padding-left: 5.4pt">Accumulated deficit</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(315,176</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(304,004</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(389,867</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 5.4pt">Equity attributable to NexGen Energy Ltd. shareholders</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,214,814</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">820,019</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">417,876</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt; text-indent: 9pt; padding-left: 5.4pt">Non-controlling interests</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">37,541</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Total equity</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">1,214,814</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">820,019</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">455,417</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Total liabilities and equity</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">1,683,654</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,007,425</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">554,560</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 9pt/95% Arial, Helvetica, Sans-Serif; margin: 0 2.6in 0 0; text-indent: 0in">Nature of operations (Note 2)</P>

<P STYLE="font: bold 9pt/95% Arial, Helvetica, Sans-Serif; margin: 0 2.6in 0 0; text-indent: 0in">Commitments (Note 14)</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; text-align: center">&#9;<FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt">The
accompanying notes are an integral part of these consolidated financial statements.&#9;</FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>NexGen Energy Ltd.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Condensed Interim Consolidated Statements of Net Income (Loss) and Comprehensive Income (Loss)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(expressed in thousands
of Canadian Dollars, except per share and share information) - Unaudited</P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5pt">&nbsp;</TD><TD STYLE="padding-right: 5pt; font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="padding-right: 5pt; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">Three months ended September 30,</TD><TD STYLE="padding-right: 5pt; font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="padding-right: 5pt; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">Nine months ended September 30,</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5pt; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-right: 5pt; border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5pt; border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">2024</TD><TD STYLE="padding-right: 5pt; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5pt; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">2023</TD><TD STYLE="padding-right: 5pt; border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5pt; border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">2024</TD><TD STYLE="padding-right: 5pt; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5pt; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">2023</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt">Expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 40%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 9pt; padding-left: 5.4pt">Salaries, benefits and directors&rsquo; fees</TD><TD STYLE="width: 3%; font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">2,363</TD><TD STYLE="width: 1%; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">2,185</TD><TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">7,732</TD><TD STYLE="width: 1%; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">7,204</TD><TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 9pt; padding-left: 5.4pt">Office, administrative, and travel</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">4,540</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">4,406</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">14,305</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">10,012</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 9pt; padding-left: 5.4pt">Professional fees and insurance</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">2,993</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">6,661</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">9,805</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">12,631</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 9pt; padding-left: 5.4pt">Depreciation (Note 6)</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">580</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">483</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">1,660</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">1,308</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; text-indent: 9pt; padding-left: 5.4pt">Share-based payments (Note 11(b))</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">8,236</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">10,901</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">20,320</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">23,074</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">(18,712</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(24,636</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">(53,822</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(54,229</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-indent: 9pt; padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 9pt; padding-left: 5.4pt">Finance income</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">6,277</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">1,103</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">15,705</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">3,706</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-indent: 9pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt">Mark-to-market gain (loss) on convertible debentures (Note 9)</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">32,867</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(39,619</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">46,299</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(38,495</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 9pt; padding-left: 5.4pt">Interest expense on convertible debentures (Note 9)</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">(11,295</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(991</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">(20,726</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(2,369</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 9pt; padding-left: 5.4pt">Interest on lease liabilities (Note 10(c))</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">(25</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(37</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">(89</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(121</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 9pt; padding-left: 5.4pt">Share of net income (loss) from associate (Note 7)</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">1,359</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">(2,158</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-indent: 9pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt">Loss on dilution of ownership interest in associate (Note 7)</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">(256</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">(101</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 9pt; padding-left: 5.4pt">Loss on disposal of assets</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(12</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(12</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 9pt; padding-left: 5.4pt">Foreign exchange gain (loss)</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">(474</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">680</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">323</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">145</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; text-indent: 9pt; padding-left: 5.4pt">Other expense</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">(159</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt">&nbsp;Income (loss) before taxes</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">9,741</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(63,512</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">(14,728</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(91,375</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; text-indent: 9pt; padding-left: 5.4pt">Deferred income tax recovery</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">511</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">316</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">3,556</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">1,574</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt">Net income (loss)</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">10,252</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(63,196</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">(11,172</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(89,801</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt">Items that may not be reclassified subsequently to profit or loss:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0.9pt; padding-left: 8.95pt; background-color: white">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 8.55pt; background-color: white">Change in fair value of convertible debenture attributable to the change in credit risk (Note 9)</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">1,894</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">327</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">13,171</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">239</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0.9pt; padding-left: 8.55pt">Change in fair value of marketable securities</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">33</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(534</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0.9pt; padding-left: 8.55pt">Deferred income tax expense</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">(511</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(94</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">(3,556</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(20</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; text-indent: 0.9pt; padding-left: 8.55pt">Share of other comprehensive income (loss) of associate (Note 7)</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">(168</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">1,579</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Net comprehensive income (loss)</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">11,467</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(62,930</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">22</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(90,116</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Net income (loss) attributable to: </B></P></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0.9pt; padding-left: 8.95pt; background-color: white">Shareholders of NexGen Energy Ltd.</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">10,252</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(52,135</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">(11,172</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(78,085</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; text-indent: 0.9pt; padding-left: 8.95pt">Non-controlling interests</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(11,061</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(11,716</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">10,252</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(63,196</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">(11,172</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(89,801</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Net comprehensive income (loss) attributable to: </B></P></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0.9pt; padding-left: 8.95pt; background-color: white">Shareholders of NexGen Energy Ltd.</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">11,467</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(51,834</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">22</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(78,076</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; text-indent: 0.9pt; padding-left: 8.95pt">Non-controlling interests</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(11,096</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(12,040</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">11,467</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(62,930</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">22</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(90,116</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt">Earnings (loss) per share attributable to NexGen Energy Ltd. shareholders (Note 15)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-indent: 9pt; padding-left: 5.4pt">Basic earnings (loss) per share</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">0.02</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(0.11</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">(0.02</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(0.16</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-indent: 9.4pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt">Diluted loss per share</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">(0.02</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(0.11</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">(0.02</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(0.16</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 8.95pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt">Weighted average common shares outstanding (Note 15)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-indent: 9pt; padding-left: 5.4pt">Basic</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">564,693,987</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">491,274,394</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">550,962,116</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">489,872,514</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-indent: 9pt; padding-left: 5.4pt">Diluted</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">621,899,927</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">491,274,394</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">550,962,116</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">489,872,514</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; text-align: center">&#9;<FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt">The
accompanying notes are an integral part of these consolidated financial statements.&#9;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; text-align: center"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>NexGen Energy Ltd.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Condensed Interim Consolidated Statements of Cash Flows</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(expressed in thousands of Canadian dollars) - Unaudited</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5pt; font-size: 12pt; text-align: justify">&nbsp;</TD><TD STYLE="padding-right: 5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="padding-right: 5pt; font-weight: bold; text-align: right"><P STYLE="margin-top: 0; margin-bottom: 0">Three months ended</P>
                                                                 <P STYLE="margin-top: 0; margin-bottom: 0">September 30,</P></TD><TD STYLE="padding-right: 5pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="padding-right: 5pt; text-align: right"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 1.85pt 0 0; text-align: right"><B>Nine
months ended</B></P>
                                              <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 1.85pt 0 0; text-align: right"><B>September 30,</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5pt; border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: justify">&nbsp;</TD><TD STYLE="padding-right: 5pt; border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2024</TD><TD STYLE="padding-right: 5pt; border-bottom: Black 1.5pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5pt; border-bottom: Black 1.5pt solid; text-align: right">2023</TD><TD STYLE="padding-right: 5pt; border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2024</TD><TD STYLE="padding-right: 5pt; border-bottom: Black 1.5pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5pt; border-bottom: Black 1.5pt solid; text-align: right">2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; text-align: left; text-indent: 9pt; padding-left: 5.4pt; background-color: white">Net income (loss) for the period:</TD><TD STYLE="width: 3%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">10,252</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">(63,196</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 3%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">(11,172</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">(89,801</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 9pt; padding-left: 5.4pt; background-color: white">Adjust for:</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 16.05pt; background-color: white">Depreciation (Note 6)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">580</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">483</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,660</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,308</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 16.05pt; background-color: white">Share-based payments (Note 11(b))</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">8,236</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,901</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">20,320</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,074</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 16.05pt; background-color: white">Mark-to-market (gain) loss on convertible debenture (Note 9)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(32,867</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,619</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(46,299</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,495</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 16.05pt; background-color: white">Interest expense on convertible debentures (Note 9)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">11,295</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">991</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">20,726</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,369</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 16.05pt; background-color: white">Interest on lease liabilities (Note 10(c))</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">25</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">89</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">121</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 16.05pt; background-color: white">Share of net (income) loss from associate (Note 7)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(1,359</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,158</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 16.05pt; background-color: white">Loss on dilution of ownership interest in associate (Note 7)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">256</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">101</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 16.05pt; background-color: white">Deferred income tax recovery</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(511</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(316</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(3,556</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,574</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 16.05pt; background-color: white">Unrealized foreign exchange (gain) loss</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">654</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(334</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(143</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 16.05pt; background-color: white">Loss on disposal of assets</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 16.05pt; background-color: white">Other expense</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">159</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 5.4pt; background-color: white">Operating cash flows before working capital</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(3,439</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11,803</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(15,957</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(25,999</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 9pt; padding-left: 5.4pt; background-color: white">Changes in working capital items:</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 16.05pt; background-color: white">Amounts receivable</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">87</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(428</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">617</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">256</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 16.05pt; background-color: white">Prepaid expenses and other</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">111</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,932</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,090</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,249</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 16.05pt; background-color: white">Accounts payable and accrued liabilities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">405</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,016</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(1,309</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-left: 16.05pt; background-color: white">Deposits</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(5</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(5</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt; background-color: white">Cash used in operating activities</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(2,836</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(7,288</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(14,559</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(30,009</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; padding-left: 5.4pt; background-color: white">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 16.05pt; background-color: white">Expenditures on exploration and evaluation assets (Note 5)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(31,499</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(27,116</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(90,446</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(68,317</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 16.05pt; background-color: white">Acquisition of marketable securities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,000</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 16.05pt; background-color: white">Acquisition of property and equipment (Note 6)</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(529</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,207</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(2,274</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(5,655</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt; background-color: white">Cash used in investing activities</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(32,028</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(28,323</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(92,720</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(75,972</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; padding-left: 5.4pt; background-color: white">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 16.05pt; background-color: white">Proceeds from at-the-market equity program, net of issuance costs (Note 11)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">150,217</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">130,237</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">177,255</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 16.05pt; background-color: white">Proceeds from ASX CDI offering, net of issuance costs (Note 11)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(541</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">215,780</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 16.05pt; background-color: white">Issuance of convertible debentures, net of issuance costs (Note 9)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">147,955</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">147,955</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 16.05pt; background-color: white">Proceeds from exercise of options</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,859</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,661</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">13,596</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,845</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 16.05pt; background-color: white">Payment of lease liabilities (Note 10(c))</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(260</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(234</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(775</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(695</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 16.05pt; background-color: white">Interest paid on convertible debentures</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(304</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(4,536</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,241</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt; background-color: white">Cash provided by financing activities</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,058</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">305,295</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">354,302</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">342,119</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; padding-left: 5.4pt; background-color: white">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 16.05pt; background-color: white">Realized foreign exchange gain (loss) on cash</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(791</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">189</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(141</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt; background-color: white">&nbsp;Increase (decrease) in cash</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(34,597</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">269,873</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">247,023</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">235,997</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; padding-left: 16.05pt; background-color: white">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; background-color: white">Cash, beginning of period</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">572,363</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,571</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">290,743</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">134,447</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt; background-color: white">Increase (decrease) in cash</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(34,597</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">269,873</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">247,023</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">235,997</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt; padding-left: 5.4pt; background-color: white">Cash, end of period</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">537,766</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">370,444</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">537,766</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">370,444</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 7.1pt">Supplemental cash flow information (Note 12)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 7.1pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; text-align: center">&#9;<FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt">The
accompanying notes are an integral part of these consolidated financial statements.&#9;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>NexGen
Energy Ltd.</B> <BR>
Condensed Interim Consolidated Statements of Changes in Equity <BR>
(expressed in thousands of Canadian dollars, except share information) - Unaudited</FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: justify"></P>
<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; white-space: nowrap; font-size: 12pt; text-align: right; background-color: white">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; background-color: white">Share Capital</TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; text-align: center; background-color: white">&nbsp;</TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; text-align: center; background-color: white">&nbsp;</TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; text-align: center; background-color: white">&nbsp;</TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; text-align: center; background-color: white">&nbsp;</TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; white-space: nowrap; border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: right; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; background-color: white">Common Shares</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: center; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: center; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: center; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: center; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 5pt; white-space: nowrap; font-size: 12pt; text-align: right; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center; background-color: white">Number</TD><TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center; background-color: white">Amount</TD><TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center; background-color: white">Reserves</TD><TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center; background-color: white"><P STYLE="margin-top: 0; margin-bottom: 0">Accumulated</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Other</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Comprehensive</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Income (Loss)</P></TD><TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center; background-color: white"><P STYLE="margin-top: 0; margin-bottom: 0">Accumulated</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Deficit</P></TD><TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center; background-color: white"><P STYLE="margin-top: 0; margin-bottom: 0">Attributable to</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">shareholder&rsquo;s</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">of NexGen</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Energy Ltd.</P></TD><TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center; background-color: white"><P STYLE="margin-top: 0; margin-bottom: 0">Non-</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">controlling</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">interests</P></TD><TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">Total</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; white-space: nowrap; width: 28%; font-weight: bold; background-color: white">Balance at December 31, 2022</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="width: 5%; font-weight: bold; text-align: right; background-color: white">482,530,145</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; background-color: white">$</TD><TD STYLE="width: 5%; font-weight: bold; text-align: right; background-color: white">712,603</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; background-color: white">$</TD><TD STYLE="width: 5%; font-weight: bold; text-align: right; background-color: white">94,680</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; background-color: white">$</TD><TD STYLE="width: 5%; font-weight: bold; text-align: right; background-color: white">460</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; background-color: white">$</TD><TD STYLE="width: 5%; font-weight: bold; text-align: right; background-color: white">(389,867</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; background-color: white">)</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; background-color: white">$</TD><TD STYLE="width: 5%; font-weight: bold; text-align: right; background-color: white">417,876</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; background-color: white">$</TD><TD STYLE="width: 5%; font-weight: bold; text-align: right; background-color: white">37,541</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 5%; font-weight: bold; text-align: right">455,417</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; padding-left: 5pt">At-the-market equity program, net of issuance costs (Note 11)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,724,125</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">175,299</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">175,299</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">175,299</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; padding-left: 5pt">Share-based payments (Note 11(b))</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,719</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,719</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,672</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,391</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; padding-left: 5pt">Shares issued on exercise of stock options (Note 11(b))</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,655,482</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,838</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11,412</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,426</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,426</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; padding-left: 5pt">Shares issued on convertible debentures <BR>conversion (Note 9)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,663,461</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">72,773</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">72,773</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">72,773</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; padding-left: 5pt">Shares issued for convertible debenture interest &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;payments (Note 9)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65,560</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">434</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">434</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">434</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; padding-left: 5pt">Shares issued for convertible debenture establishment fee (Note 9)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">634,615</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,443</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,443</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,443</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; padding-left: 5pt">Ownership changes relating to non-controlling interests</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">279</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">279</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">307</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">586</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; padding-left: 5pt">Net loss for the period</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(78,085</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(78,085</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11,716</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(89,801</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; padding-left: 5pt">Reclass accumulated other comprehensive income related to converted debentures (Note 9)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">361</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(361</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left; padding-bottom: 1pt; padding-left: 5pt">Other comprehensive loss</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(324</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(315</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; padding-bottom: 1pt; padding-left: 5pt">Balance at September 30, 2023</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">522,273,388</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">995,390</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">105,987</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">830</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(468,034</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">634,173</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">30,480</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">664,653</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; font-size: 12pt; padding-bottom: 1pt; padding-left: 5pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; padding-bottom: 1pt; padding-left: 5pt; background-color: white">Balance at December 31, 2023</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right; background-color: white">525,340,525</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left; background-color: white">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right; background-color: white">1,009,130</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left; background-color: white">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right; background-color: white">116,934</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left; background-color: white">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right; background-color: white">(2,041</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left; background-color: white">)</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left; background-color: white">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right; background-color: white">(304,004</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left; background-color: white">)</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left; background-color: white">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right; background-color: white">820,019</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left; background-color: white">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right; background-color: white">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">820,019</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; padding-left: 5pt">At-the-market equity program, net of issuance costs (Note 11)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,000,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">129,955</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">129,955</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">129,955</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; padding-left: 5pt; background-color: white">Shares issued on ASX CDI Offering, net of issuance costs (Note 11)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,161,290</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">215,664</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">215,664</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">215,664</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; padding-left: 5pt; background-color: white">Share-based payments (Note 11(b))</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,235</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,235</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,235</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; padding-left: 5pt; background-color: white">Shares issued on exercise of stock options (Note 11(b))</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,368,673</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,982</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,386</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,596</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,596</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; padding-left: 5pt; background-color: white">Shares issued for convertible debenture interest &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;payments (Note 9)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">215,219</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,088</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,088</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,088</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; padding-left: 5pt; background-color: white">Shares issued for convertible debentures establishment fee (Note 9)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">909,090</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,235</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,235</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,235</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; padding-left: 5pt; background-color: white">Net loss for the period</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11,172</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11,172</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11,172</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left; padding-bottom: 1pt; padding-left: 5pt; background-color: white">Other comprehensive income</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,194</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,194</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,194</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; padding-bottom: 1pt; padding-left: 5pt; background-color: white">Balance at September 30, 2024</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">564,995,597</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">1,388,054</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">132,783</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">9,153</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(315,176</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">1,214,814</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">1,214,814</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; white-space: nowrap; font-size: 12pt">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; text-align: center">&#9;<FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt">The
accompanying notes are an integral part of these consolidated financial statements.&#9;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 12pt/105% Arial, Helvetica, Sans-Serif; letter-spacing: 0.5pt; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">1.</TD><TD STYLE="padding-right: 6.95pt">REPORTING ENTITY</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0; text-align: justify">NexGen Energy Ltd. (&ldquo;NexGen&rdquo;
or the &ldquo;Company&rdquo;) is an exploration and development stage entity engaged in the acquisition, exploration and evaluation and
development of uranium properties in Canada. The Company was incorporated pursuant to the provisions of the British Columbia Business
Corporations Act on March 8, 2011. The Company&rsquo;s registered records office is located on the 25th Floor, 700 West Georgia Street,
Vancouver, B.C., V7Y 1B3.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0; text-align: justify">The Company is listed on the Toronto Stock
Exchange (the &ldquo;TSX&rdquo;) under the symbol &ldquo;NXE&rdquo; and is a reporting issuer in each of the provinces of Canada. On July
2, 2021, the Company commenced trading on the Australian Stock Exchange (the <B>&ldquo;</B>ASX<B>&rdquo;</B>) under the symbol &ldquo;NXG&rdquo;.
On March 4, 2022, the Company up-listed from NYSE American exchange (the &ldquo;NYSE American&rdquo;) and began trading on the New York
Stock Exchange (&ldquo;NYSE&rdquo;) under the symbol &ldquo;NXE&rdquo;.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0; text-align: justify">The Company has three wholly owned subsidiaries:
NXE Energy Royalty Ltd., NXE Energy SW1 Ltd., and NXE Energy SW3 Ltd. (collectively, the &ldquo;Subsidiaries&rdquo;). The Subsidiaries
were incorporated to hold certain exploration assets of the Company. In 2016, certain exploration and evaluation assets were transferred
to each of IsoEnergy Ltd. (&ldquo;IsoEnergy&rdquo;), NXE Energy SW1 Ltd. and NXE Energy SW3 Ltd. Subsequent to the transfer, IsoEnergy
shares were listed on the TSX-V.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0; text-align: justify">On December 5, 2023, NexGen deconsolidated
IsoEnergy due to the completion of a merger between IsoEnergy and Consolidated Uranium Inc., which resulted in NexGen losing control of
IsoEnergy. The Company&rsquo;s investment in IsoEnergy has been accounted for using the equity method of accounting from this date. The
Company owns approximately 32.8% of IsoEnergy&rsquo;s outstanding common shares as of September 30, 2024 (December 31, 2023 - 33.9%).
IsoEnergy&rsquo;s shares commenced trading on the TSX on July 8, 2024 and ceased trading on the TSX-V at the close of business on July
5, 2024.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 12pt/105% Arial, Helvetica, Sans-Serif; letter-spacing: 0.5pt; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">2.</TD><TD STYLE="padding-right: 6.95pt">NATURE OF OPERATIONS</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0; text-align: justify">As an exploration and development stage
company, the Company does not have revenues and historically has recurring operating losses. As at September 30, 2024, the Company had
an accumulated deficit of $315,176, working capital of $76,139 including the convertible debentures, and $537,766 of cash. Although the
Company will be required to obtain additional funding to continue with the exploration and development of its mineral properties, the
Company has sufficient working capital to meet its current obligations for at least the next fifteen months.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0; text-align: justify">The business of exploring for minerals
and development of projects involves a high degree of risk. NexGen is an exploration and development company and is subject to risks and
challenges similar to companies in a comparable stage. These risks include, but are not limited to, development and operational risks
inherent in the mining industry; changes in government policies and regulations; the ability to obtain the necessary environmental permits
or, alternatively NexGen's ability to dispose of its exploration and evaluation assets on an advantageous basis; as well as global economic
and uranium price volatility; and the challenges of securing adequate capital; all of which are uncertain.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0; text-align: justify">The underlying value of the exploration
and evaluation assets is dependent upon the existence and economic recovery of mineral reserves and is subject to, but not limited to,
the risks and challenges identified above. Changes in future conditions could require material write-downs of the carrying value of exploration
and evaluation assets.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 12pt/105% Arial, Helvetica, Sans-Serif; letter-spacing: 0.5pt; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">3.</TD><TD STYLE="padding-right: 6.95pt">BASIS OF PREPARATION AND MATERIAL ACCOUNTING POLICIES</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">a)</TD><TD STYLE="text-align: left">Basis of Presentation</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0; text-align: justify">These condensed interim consolidated
financial statements have been prepared in accordance with International Accounting Standard (&ldquo;IAS&rdquo;) 34, Interim Financial
Reporting, using accounting policies consistent with International Financial Reporting Standards (&ldquo;IFRS&rdquo;) as issued by the
International Accounting Standards Board. Certain disclosures required by IFRS have been condensed or omitted in the following note disclosures
as they are disclosed or have been disclosed on an annual basis only. Accordingly, these condensed interim consolidated financial statements
should be read in conjunction with the consolidated financial statements for the years ended December 31, 2023 and 2022 (&ldquo;annual
financial statements&rdquo;), which have been prepared in accordance with IFRS. These condensed interim consolidated financial statements
follow the same accounting policies and methods of application as the annual financial statements except for the net realizable value
assessment related to strategic inventory (Note 3(c)), and the adoption of amendments to IAS 1 as in Note 3(d).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0; text-align: justify">On November 7, 2024, the Board of Directors
authorized these financial statements for issuance.</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">b)</TD><TD STYLE="text-align: left">Basis of Consolidation</TD></TR></TABLE>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0; text-align: justify">The accounts of the subsidiaries
controlled by the Company are included in the condensed interim consolidated financial statements from the date that control commenced
until the date that control ceases. Control is achieved where the Company has the power to govern the financial and operating policies
of an entity so as to obtain benefits from its activities. The subsidiaries of the Company and their geographic locations at September
30, 2024 are as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 12pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt/95% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt/95% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Name of Subsidiary</B></P></TD>
    <TD STYLE="width: 32%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt/95% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt/95% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Location</B></P></TD>
    <TD STYLE="width: 32%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt/95% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt/95% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Percentage Ownership </B></P>
    <P STYLE="font: 10pt/95% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5pt; padding-top: 3pt; border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt/95% Arial, Helvetica, Sans-Serif; text-align: justify; padding-bottom: 3pt">NXE Energy Royalty Ltd.</TD>
    <TD STYLE="padding-top: 3pt; font: 10pt/95% Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 3pt">Canada</TD>
    <TD STYLE="padding-top: 3pt; border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt/95% Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 3pt">100%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5pt; padding-top: 3pt; border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt/95% Arial, Helvetica, Sans-Serif; text-align: justify; padding-bottom: 3pt">NXE Energy SW1 Ltd.</TD>
    <TD STYLE="padding-top: 3pt; font: 10pt/95% Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 3pt">Canada</TD>
    <TD STYLE="padding-top: 3pt; border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt/95% Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 3pt">100%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5pt; padding-top: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt/95% Arial, Helvetica, Sans-Serif; text-align: justify; padding-bottom: 3pt">NXE Energy SW3 Ltd.</TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt/95% Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 3pt">Canada</TD>
    <TD STYLE="padding-top: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt/95% Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 3pt">100%</TD></TR>
  </TABLE>
<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0; text-align: justify">Intercompany balances, transactions,
income and expenses arising from intercompany transactions are eliminated in full on consolidation.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 10pt; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><B>c)</B></TD><TD STYLE="text-align: justify"><B>Adoption of material accounting policies</B></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 6pt 0"><I>Inventories</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0; text-align: justify">Inventories are measured at the lower
of cost and net realizable value at each reporting period. Cost is comprised of cost of purchase and other costs incurred in bringing
the inventories to their present location and condition. Net realizable value is based on the most reliable evidence available at the
time the estimates are made, of the amount the inventories are expected to realize in the time period the inventories are expected to
be sold. Inventories that are not expected to be sold within 12 months are classified as strategic inventory, a non-current asset.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 10pt; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><B>d)</B></TD><TD STYLE="text-align: justify"><B>Adoption of new accounting standards</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0; text-align: justify">Amendments to IAS&nbsp;1 related to the
Classification of Liabilities as Current or Non-Current, as issued in 2020, aim to clarify the requirements on determining whether a liability
is current or non-current, and apply retrospectively for annual reporting periods beginning on or after January 1, 2024. Among other items,
the amendments clarify how a company classifies a liability that can be settled in its own shares.</P>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0; text-align: justify">Under the amendments to IAS 1,
when a liability includes a counterparty conversion option that may be settled in the Company&rsquo;s common shares, the Company takes
into account the conversion option in classifying the liability as current or non-current, except when it is classified as an equity component
of a compound instrument. Previously, the Company did not take the conversion options of the counterparty to the Company&rsquo;s convertible
debentures into account when classifying the convertible debentures as current or non-current.</P>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 12pt 0; text-align: justify">The Company has applied the amendments
retrospectively for the period ended September 30, 2024, resulting in the balance of principal outstanding for the convertible debentures
being classified in full as a current liability and restated for comparative periods December 31, 2023 and January 1, 2023.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 12pt/105% Arial, Helvetica, Sans-Serif; letter-spacing: 0.5pt; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">4.</TD><TD STYLE="padding-right: 6.95pt">CRITICAL ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS IN ACCOUNTING POLICIES</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0; text-align: justify">The significant judgments, estimates and
assumptions made by management in applying the Company&rsquo;s accounting policies are consistent with those that applied to the annual
financial statements, except for the net realizable value assessment related to strategic inventory (Note 3(c)), and actual results may
differ from these estimates.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 12pt/105% Arial, Helvetica, Sans-Serif; letter-spacing: 0.5pt; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">5.</TD><TD STYLE="padding-right: 6.95pt">EXPLORATION AND EVALUATION ASSETS</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; white-space: nowrap; font-size: 12pt">&nbsp;</TD><TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; white-space: nowrap; font-weight: bold; text-align: right">Rook I</TD><TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; white-space: nowrap; font-weight: bold; text-align: right"><P STYLE="margin-top: 0; margin-bottom: 0">Other Athabasca</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Basin Properties</P></TD><TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; white-space: nowrap; font-weight: bold; text-align: right"><P STYLE="margin-top: 0; margin-bottom: 0">IsoEnergy</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Properties</P></TD><TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; white-space: nowrap; font-weight: bold; text-align: right">Total</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Acquisition Cost</TD><TD STYLE="width: 3%; font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: center"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 5.4pt">Balance at December 31, 2023</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">235</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">1,459</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">$</TD>
    <TD STYLE="font-weight: bold; text-align: right">1,694</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-left: 5.4pt">Additions</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&mdash;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt; padding-left: 5.4pt">Balance as at September 30, 2024</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">235</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">1,459</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">$</TD>
    <TD STYLE="font-weight: bold; text-align: right">1,694</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Deferred exploration costs</TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 5.4pt">Balance at December 31, 2023</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">428,398</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">21,264</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">449,662</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;Additions:</TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"> </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 16.05pt">Camp and infrastructure</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">13,510</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">13,510</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 16.05pt">General exploration and drilling</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">20,287</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">613</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">20,900</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 16.05pt">Environmental, permitting, and engagement</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">12,125</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">12,125</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 16.05pt">Technical, engineering and design</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">26,449</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">26,449</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 16.05pt">Geological and geophysical</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">166</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,583</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">1,749</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 16.05pt">Labour and wages</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">18,869</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">383</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">19,252</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 16.05pt">Share-based payments (Note 11(b))</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,915</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">2,915</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-left: 16.05pt">Travel</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,040</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,040</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;Total Additions</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">95,361</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,579</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">97,940</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt; padding-left: 5.4pt">Balance as at September 30, 2024</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">523,759</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">23,843</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">547,602</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt; padding-left: 5.4pt">Total costs, September 30, 2024</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">523,994</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">25,302</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">$</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">549,296</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 12pt; padding-bottom: 1pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Rook I</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: right"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Other Athabasca</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Basin Properties</B></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: right"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>IsoEnergy</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Properties</B></FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5pt; white-space: nowrap; font-weight: bold; text-align: right">Total</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Acquisition cost</TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: center"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 5.4pt">Balance at December 31, 2022</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">235</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,458</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">26,628</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">$</TD>
    <TD STYLE="text-align: right">28,321</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 5.4pt">Additions</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right">5</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Disposals due to deconsolidation of IsoEnergy</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(26,632</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">(26,632)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt; padding-left: 5.4pt">Balance as at December 31, 2023</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">235</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">1,459</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">$</TD>
    <TD STYLE="font-weight: bold; text-align: right">1,694</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Deferred exploration costs</TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 5.4pt">Balance at December 31, 2022</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">329,012</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">9,603</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">38,312</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">$</TD>
    <TD STYLE="text-align: right">376,927</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;Additions:</TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 16.05pt">General exploration and drilling</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,488</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,574</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,514</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right">19,576</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 16.05pt">Environmental, permitting, and engagement</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,583</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right">17,583</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 16.05pt">Technical, engineering and design</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59,863</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right">59,917</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 16.05pt">Geochemistry and assays</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">143</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right">143</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 16.05pt">Geological and geophysical</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">323</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,978</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,732</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right">6,033</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 16.05pt">Labour and wages</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,796</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,109</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,048</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right">16,953</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 16.05pt">Share-based payments</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,605</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,262</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right">6,867</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-left: 16.05pt">Travel</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">954</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">303</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,257</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;Total Additions</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">105,612</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,661</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,056</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right">128,329</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 8.85pt">Disposals due to deconsolidation of IsoEnergy</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(6,226</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(49,368</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">(55,594)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt; padding-left: 5.4pt">Balance as at December 31, 2023</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">428,398</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><B>$</B></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><B>21,264</B></TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">449,662</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt; padding-left: 5.4pt">Total costs, December 31, 2023</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">428,633</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><B>$</B></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><B>22,723</B></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">$</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">451,356</TD></TR>
  </TABLE>

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<P STYLE="font: 2pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="background-color: Yellow"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 2pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="background-color: Yellow"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

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<P STYLE="font: 2pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="background-color: Yellow"><B>&nbsp;</B></FONT></P>


<!-- Field: Page; Sequence: 8; Value: 12 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; text-align: right"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; width: 100%">NexGen Energy Ltd.</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0">Notes to the Condensed Interim Consolidated Financial Statements</P><P STYLE="margin-top: 0; margin-bottom: 0">For the three and nine months ended September 30, 2024 and 2023</P><P STYLE="border-bottom: Black 1pt solid; margin-top: 0; margin-bottom: 0">(expressed in thousands of Canadian dollars, except as otherwise stated) - Unaudited</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-variant: small-caps; letter-spacing: 0.5pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 12pt/105% Arial, Helvetica, Sans-Serif; letter-spacing: 0.5pt; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">6.</TD><TD STYLE="padding-right: 6.95pt">PROPERTY AND EQUIPMENT</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; white-space: nowrap; border-top: Black 1.5pt solid; font-size: 12pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-right: 5pt; border-top: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1.5pt solid; padding-right: 5pt; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><P STYLE="margin-top: 0; margin-bottom: 0">Machinery and</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Equipment</P></TD><TD STYLE="border-bottom: Black 1pt solid; padding-right: 5pt; border-top: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1.5pt solid; padding-right: 5pt; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><P STYLE="margin-top: 0; margin-bottom: 0">Computer</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Equipment and</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Software</P></TD><TD STYLE="border-bottom: Black 1pt solid; padding-right: 5pt; border-top: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1.5pt solid; padding-right: 5pt; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Other</TD><TD STYLE="border-bottom: Black 1pt solid; padding-right: 5pt; border-top: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1.5pt solid; padding-right: 5pt; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Total</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-weight: bold; padding-left: 5pt">Cost</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 40%; padding-left: 5pt">As at December 31, 2022</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">6,665</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">1,978</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">5,891</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">14,534</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 5pt">Additions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,009</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">253</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,328</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 5pt">Disposals</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(101</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(101</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; padding-left: 5pt">Transfer to lease receivable (Note 10(a))</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,100</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,100</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left; padding-bottom: 1pt; padding-left: 5pt">Disposals due to deconsolidation of IsoEnergy</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(107</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(65</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(172</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 5pt">As at December 31, 2023</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">8,366</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,979</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6,144</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">16,489</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 5pt">Additions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,109</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">165</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,274</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-bottom: 1pt; padding-left: 5pt">Disposals</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(159</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;&#9;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(159</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; padding-bottom: 1pt; padding-left: 5pt">Balance as at September 30, 2024</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">10,316</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,144</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">6,144</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">18,604</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; white-space: nowrap; font-weight: bold; text-align: left">Accumulated Depreciation</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 5pt">As at December 31, 2022</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4,703</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,731</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,098</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">9,532</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 5pt">Depreciation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">626</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">162</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">980</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,768</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 5pt">Disposals</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(81</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(81</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left; padding-bottom: 1pt; padding-left: 5pt">Disposals due to deconsolidation of IsoEnergy</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(69</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(65</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(134</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 5pt">Balance as at December 31, 2023</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5,179</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,828</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4,078</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">11,085</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-bottom: 1pt; padding-left: 5pt">Depreciation</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">770</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">97</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">793</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,660</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; padding-bottom: 1pt; padding-left: 5pt">Balance as at September 30, 2024</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">5,949</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,925</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">4,871</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">12,745</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 12pt; padding-bottom: 1pt; padding-left: 5pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; padding-bottom: 1pt; padding-left: 5pt">Net book value at December 31,2023</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,187</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">151</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,066</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">5,404</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; padding-bottom: 1pt; padding-left: 5pt">Net book value at September 30, 2024</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">4,367</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">219</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,273</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">5,859</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 12pt/105% Arial, Helvetica, Sans-Serif; letter-spacing: 0.5pt; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">7.</TD><TD STYLE="padding-right: 6.95pt">INVESTMENT IN ASSOCIATE</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; border-top: Black 1.5pt solid; font-size: 12pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; border-top: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">IsoEnergy Ltd.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-left: 5.4pt">Balance, December 31, 2022</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; text-align: left; padding-left: 5.4pt">Fair value of retained interest in IsoEnergy on December 5, 2023</TD><TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">239,735</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Share of net income from associate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">920</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Share of other comprehensive loss from associate</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(539</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-left: 5.4pt">Balance, December 31, 2023</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">240,116</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Loss on dilution of ownership interest in associate</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(101</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Share of net loss from associate</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(2,158</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Share of other comprehensive income from associate</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,579</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt; padding-left: 5.4pt">Balance, September 30, 2024</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">239,436</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt; padding-left: 5.4pt">Fair value of investment in associate as at September 30, 2024</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">203,394</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 8pt 0 8pt 0">The fair value of the investment in associate as at
September 30, 2024 is measured using the closing market price of IsoEnergy on September 30, 2024.</P>


<!-- Field: Page; Sequence: 9; Value: 12 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; text-align: right"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; width: 100%">NexGen Energy Ltd.</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0">Notes to the Condensed Interim Consolidated Financial Statements</P><P STYLE="margin-top: 0; margin-bottom: 0">For the three and nine months ended September 30, 2024 and 2023</P><P STYLE="border-bottom: Black 1pt solid; margin-top: 0; margin-bottom: 0">(expressed in thousands of Canadian dollars, except as otherwise stated) - Unaudited</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0; text-align: justify">Summarized financial information for
IsoEnergy is as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt; border-bottom: Black 1pt solid; border-top: Black 1.5pt solid; text-align: justify">&nbsp;</TD><TD STYLE="padding-right: 5pt; border-bottom: Black 1pt solid; border-top: Black 1.5pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right"><P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.75pt 0 0; text-align: right"><B>Nine
months ended</B></P>
                                                                                                             <P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.75pt 0 0; text-align: right"><B>September 30, 2024</B></P></TD><TD STYLE="padding-right: 5pt; border-bottom: Black 1pt solid; border-top: Black 1.5pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right"><P STYLE="margin-top: 0; margin-bottom: 0">Year ended</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">December 31, 2023</P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 56%; text-align: justify; padding-left: 5.4pt">Cash</TD><TD STYLE="width: 8%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-weight: bold; text-align: right">35,755</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">37,033</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-left: 5.4pt">Other current assets</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,916</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,192</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-left: 5.4pt">Marketable securities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">32,474</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,036</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Non-current assets</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">309,692</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">291,937</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Total assets</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">379,837</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">347,198</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-left: 5.4pt">Current liabilities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">42,222</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,065</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Non-current liabilities</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">6,150</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,113</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Total liabilities</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">48,372</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">44,178</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: justify; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-left: 5.4pt">Net loss</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(6,630</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(18,689</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Other comprehensive income (loss)</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">4,653</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,618</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Total comprehensive income (loss)</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(1,977</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(21,307</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 12pt/105% Arial, Helvetica, Sans-Serif; letter-spacing: 0.5pt; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">8.</TD><TD STYLE="text-align: justify; padding-right: 6.95pt">STRATEGIC INVENTORY</TD></TR></TABLE>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 0; text-align: justify">On May 28, 2024, the Company closed
an agreement to purchase 2,702,410 pounds of natural uranium concentrate (&ldquo;U<SUB>3</SUB>O<SUB>8</SUB>&rdquo;) for an aggregate purchase
price of $341,150 (US$250 million), which was satisfied through the issuance of US$250 million aggregate principal amount of five year,
9.0% per annum unsecured convertible debentures (the &ldquo;2024 Debentures&rdquo;) (Note 9). The strategic inventory is valued at cost
of $341,150 as at September 30, 2024 as net realizable value exceeds this amount.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 12pt/105% Arial, Helvetica, Sans-Serif; letter-spacing: 0.5pt; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">9.</TD><TD STYLE="padding-right: 7.1pt">CONVERTIBLE DEBENTURES</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; border-top: Black 1.5pt solid; padding-right: 5pt; font-size: 12pt; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-right: 5pt; border-top: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1.5pt solid; padding-right: 5pt; border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap"><P STYLE="margin-top: 0; margin-bottom: 0">2024</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Debentures</P></TD><TD STYLE="border-bottom: Black 1pt solid; padding-right: 5pt; border-top: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1.5pt solid; padding-right: 5pt; border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap"><P STYLE="margin-top: 0; margin-bottom: 0">2023</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Debentures</P></TD><TD STYLE="border-bottom: Black 1pt solid; padding-right: 5pt; border-top: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1.5pt solid; padding-right: 5pt; border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap"><P STYLE="margin-top: 0; margin-bottom: 0">2020</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Debentures</P></TD><TD STYLE="border-bottom: Black 1pt solid; padding-right: 5pt; border-top: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1.5pt solid; padding-right: 5pt; border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap"><P STYLE="margin-top: 0; margin-bottom: 0">2020</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">IsoEnergy</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Debentures</P></TD><TD STYLE="border-bottom: Black 1pt solid; padding-right: 5pt; border-top: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1.5pt solid; padding-right: 5pt; border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap"><P STYLE="margin-top: 0; margin-bottom: 0">2022</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">IsoEnergy</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Debentures</P></TD><TD STYLE="border-bottom: Black 1pt solid; padding-right: 5pt; border-top: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1.5pt solid; padding-right: 5pt; border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap">Total</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 40%; font-weight: bold; padding-left: 5.4pt">Fair value at December 31, 2022</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 6%; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 6%; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 6%; font-weight: bold; text-align: right">52,615</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 6%; font-weight: bold; text-align: right">22,269</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 6%; font-weight: bold; text-align: right">5,137</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 6%; font-weight: bold; text-align: right">80,021</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; padding-left: 5.4pt">Fair value on issuance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">143,702</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">143,702</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 5.4pt">Fair value adjustment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,776</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,158</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,938</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,305</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,177</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 5.4pt">Settlement with shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(72,773</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(72,773</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Disposals due to deconsolidation of IsoEnergy</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(36,207</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(6,442</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(42,649</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-weight: bold; padding-left: 5.4pt">Fair value at December 31, 2023</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">158,478</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">158,478</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; padding-left: 5.4pt">Fair value on issuance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">330,916</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">330,916</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-bottom: 1pt; padding-left: 5.4pt">Fair value adjustment</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(48,602</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(10,868</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(59,470</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt; padding-left: 5.4pt">Fair Value at September 30, 2024</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">282,314</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">147,610</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">429,924</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 12pt 0 12pt 0; text-align: justify">The fair value adjustment is
attributable to mark-to-market gains of $34,761 and $59,470 for the three and nine months ended September 30, 2024, respectively (three
and nine months ended September 30, 2023 - loss of $39,292 and $38,256, respectively). The gain for the three and nine months ended September
30, 2024 was bifurcated with the amount of the change in fair value of the convertible debentures attributable to changes in the credit
risk of the liability recognized in other comprehensive income (loss) of gains of $1,894 and $13,171 for the three and nine months ended
September 30, 2024, respectively (three and nine months ended September 30, 2023 - gain of $327 and $239, respectively) and the remaining
amount recognized in the consolidated statement of income (loss) for the three and nine months ended September 30, 2024 with gains of
$32,867 and $46,299 respectively (three and nine months ended September 30, 2023 - loss of $39,619 and $38,495, respectively).</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; width: 100%">NexGen Energy Ltd.</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0">Notes to the Condensed Interim Consolidated Financial Statements</P><P STYLE="margin-top: 0; margin-bottom: 0">For the three and nine months ended September 30, 2024 and 2023</P><P STYLE="border-bottom: Black 1pt solid; margin-top: 0; margin-bottom: 0">(expressed in thousands of Canadian dollars, except as otherwise stated) - Unaudited</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: justify"></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">As at September 30, 2024, $14,732
of accrued interest relating to the 2023 Debentures and 2024 Debentures is included in account payable and accrued liabilities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0"><B>2020 Debentures</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0; text-align: justify">On September 28, 2023, the holders of
the 2020 Debentures elected to convert their US$15 million principal amount of 7.5% unsecured convertible debentures, due to mature on
May 27, 2025, into common shares of the Company. The Company issued 8,663,461 common shares relating to the conversion of the principal
and 19,522 common shares relating to the accrued and unpaid interest up to the date of conversion for the 2020 Debentures. The amounts
recorded in other comprehensive income as a result of changes in credit risk of the 2020 Debentures from inception through to conversion
totaling losses of $361 were reclassified to accumulated deficit. The fair value of the 2020 Debentures at conversion was based on the
number of shares issued at the closing share price on the conversion date of $8.40. The fair value of the shares issued for interest was
based on the closing share price on the date of issuance and recorded as interest expense in the consolidated statement of net loss and
comprehensive loss.</P>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 0"><B>2023 Debentures</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0; text-align: justify">On September 22, 2023, the Company entered
into a US$110 million private placement of unsecured convertible debentures (the &ldquo;2023 Debentures&rdquo;). The Company received
gross proceeds of $148,145 (US$110 million), and paid a 3% establishment fee of $4,443 (US$3,300) to the debenture holders through the
issuance of 634,615 common shares. The fair value of the 2023 Debentures on issuance date was determined to be $143,702 (US$106,700).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0; text-align: justify">The 2023 Debentures bear interest at a
rate of 9% per annum, payable semi-annually in US dollars on June 10 and December 10 in each year. Two thirds of the interest (equal to
6% per annum) is payable in cash and one third of the interest (equal to 3% per annum) is payable, subject to any required regulatory
approval, in common shares of the Company, using the volume-weighted average trading price (&ldquo;VWAP&rdquo;) of the common shares on
the NYSE for the 20 consecutive trading days ending three trading days preceding the date on which such interest payment is due. The 2023
Debentures are convertible at any time into common shares of the Company at the option of the debenture holders under certain conditions,
at a conversion price of US$6.76 into a maximum of 16,272,189 common shares of the Company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0; text-align: justify">The 2023 Debentures were valued using
a convertible bond pricing model based on a system of two coupled Black-Scholes equations where the debt and equity components are separately
valued based on different default risks and assumptions. The inputs used in the pricing model as at September 30, 2024 and December 31,
2023 are as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 56%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 22%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>September 30, 2024</B></FONT></TD>
    <TD STYLE="width: 22%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>December 31, 2023</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Volatility </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">43.00%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expected life </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.0 years</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.7 years</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Risk free interest rate</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.25%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.84%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expected dividend yield</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Credit spread</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22.53%</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16.60%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Underlying share price of the Company</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">US$6.53</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">US$7.00</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Conversion exercise price</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">US$6.76</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">US$6.76</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 6pt 0"><B>2024 Debentures</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0; text-align: justify">On May 28, 2024, the Company closed an
agreement to purchase 2,702,410 pounds of U<SUB>3</SUB>O<SUB>8</SUB> (Note 8) for an aggregate purchase price of US$250 million, which
was satisfied through the issuance of US$250 million of unsecured convertible debentures. The Company paid a 3% establishment fee of $10,235
(US$7,500) to the debenture holders through the issuance of 909,090 common shares. The fair value of the 2024 Debentures on issuance date
was determined to be $330,916 (US$242,500).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0; text-align: justify">The 2024 Debentures bear interest at a
rate of 9% per annum, payable semi-annually in US dollars on June 10 and December 10 in each year. Two thirds of the interest (equal to
6% per annum) is payable in cash and one third of the interest (equal to 3% per annum) is payable, subject to any required regulatory
approval, in common shares of the Company, using the VWAP of the common shares on the NYSE for the 20 consecutive trading days ending
three trading days preceding the date on which such interest payment is due. The 2024 Debentures are convertible at any time into common
shares of the Company at the option of the debenture holders under certain conditions, at a conversion price of US$10.73 into a maximum
of 23,299,161 common shares of the Company.</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; width: 100%">NexGen Energy Ltd.</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0">Notes to the Condensed Interim Consolidated Financial Statements</P><P STYLE="margin-top: 0; margin-bottom: 0">For the three and nine months ended September 30, 2024 and 2023</P><P STYLE="border-bottom: Black 1pt solid; margin-top: 0; margin-bottom: 0">(expressed in thousands of Canadian dollars, except as otherwise stated) - Unaudited</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0; text-align: justify">The 2024 Debentures were valued using
a convertible bond pricing model based on a system of two coupled Black-Scholes equations where the debt and equity components are separately
valued based on different default risks and assumptions. The inputs used in the pricing model as at September 30, 2024 and May 28, 2024
are as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 56%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 22%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>September 30, 2024</B></FONT></TD>
    <TD STYLE="width: 22%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>May 28, 2024</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Volatility </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">44.00%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expected life </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.7 years</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.0 years</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Risk free interest rate</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.24%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.29%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expected dividend yield</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Credit spread</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22.53%</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22.12%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Underlying share price of the Company</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">US$6.53</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">US$7.94</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Conversion exercise price</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">US$10.73</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">US$10.73</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 12pt/105% Arial, Helvetica, Sans-Serif; letter-spacing: 0.5pt; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">10.</TD><TD STYLE="padding-right: 6.95pt">LEASES</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><B>(a)</B></TD><TD STYLE="text-align: justify"><B>Lease receivable</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0; text-align: justify">On April 5, 2023, NexGen completed a purchase
agreement whereby the Company acquired $4,100 of equipment and immediately thereafter leased the equipment to a third party. The lease
payments commence the first day of the month following the six-month anniversary of the date the equipment was delivered.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0">The undiscounted value of the remaining lease payments as at
September 30, 2024 is as follows:<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Less than </B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>1 year</B></P></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>1 to 3</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>years</B></P></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>4 to 5</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>years</B></P></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Over 5</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>years</B></P></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Total</B></P></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Lease receivable</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;512</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&#9;1,025</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&#9;512</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&#9;1,581</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$&#9;3,630</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1.5pt solid; padding-right: 5pt; border-bottom: Black 1pt solid; font-size: 12pt">&nbsp;</TD><TD STYLE="border-top: Black 1.5pt solid; padding-right: 5pt; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1.5pt solid; padding-right: 5pt; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">September 30, 2024</TD><TD STYLE="border-top: Black 1.5pt solid; padding-right: 5pt; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1.5pt solid; padding-right: 5pt; border-bottom: Black 1pt solid; text-align: right">December 31, 2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 46%; text-align: left; padding-left: 5.4pt">Current portion</TD><TD STYLE="width: 7%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 5%; font-weight: bold; text-align: left"></TD><TD STYLE="width: 19%; font-weight: bold; text-align: right">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: left"></TD><TD STYLE="width: 12%; text-align: right">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Non-current portion</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,118</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,502</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-left: 5.4pt">Balance, end of period</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,630</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,014</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><B>(b)</B></TD><TD STYLE="text-align: justify"><B>Right-of-use assets</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; font-size: 12pt">&nbsp;</TD><TD STYLE="padding-right: 5pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">September 30, 2024</TD><TD STYLE="padding-right: 5pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right">December 31, 2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 44%; padding-left: 5.4pt">Right-of-use assets, beginning of period</TD><TD STYLE="width: 10%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 4%; font-weight: bold; text-align: left"></TD><TD STYLE="width: 19%; font-weight: bold; text-align: right">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,474</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left"></TD><TD STYLE="width: 14%; text-align: right">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,933</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt">Additions</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">246</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-left: 5.4pt">Depreciation</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(587</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(705</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; padding-left: 5.4pt">Balance, end of period</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,474</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.25in; text-align: justify">The right-of-use assets are related
to corporate office and warehouse leases, and are included in the Other category in Note 6.</P>


<!-- Field: Page; Sequence: 12; Value: 12 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; text-align: right"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; width: 100%">NexGen Energy Ltd.</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0">Notes to the Condensed Interim Consolidated Financial Statements</P><P STYLE="margin-top: 0; margin-bottom: 0">For the three and nine months ended September 30, 2024 and 2023</P><P STYLE="border-bottom: Black 1pt solid; margin-top: 0; margin-bottom: 0">(expressed in thousands of Canadian dollars, except as otherwise stated) - Unaudited</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/105% Arial, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><B>(c)</B></TD><TD STYLE="text-align: justify"><B>Lease liabilities </B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; border-top: Black 1.5pt solid; font-size: 12pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; border-top: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">September 30, 2024</TD><TD STYLE="border-bottom: Black 1pt solid; border-top: Black 1.5pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right">December 31, 2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 56%; padding-left: 5.4pt">Lease liabilities, beginning of period</TD><TD STYLE="width: 8%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-weight: bold; text-align: right">1,942</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">2,463</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt">Additions</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">254</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Interest expense on lease liabilities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">89</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">153</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Payment of lease liabilities</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(775</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(928</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; padding-left: 5.4pt">Balance, end of period</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">1,256</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,942</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Current portion</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">990</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">926</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Non-current portion</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">266</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,016</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; padding-left: 5.4pt">Balance, end of period</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">1,256</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,942</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 12pt 0; text-align: justify">The undiscounted value of the
lease liabilities as at September 30, 2024 is $1,845 (December 31, 2023 - $2,952).</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><B>(d)</B></TD><TD STYLE="text-align: justify"><B>Amounts recognized in consolidated statements of net income (loss) </B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt; border-top: Black 1.5pt solid; font-size: 12pt">&nbsp;</TD><TD STYLE="padding-right: 5pt; border-top: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="padding-right: 5pt; border-top: Black 1.5pt solid; text-align: right"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Three months ended </B></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>September 30,</B></P></TD><TD STYLE="padding-right: 5pt; border-top: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="padding-right: 5pt; border-top: Black 1.5pt solid; text-align: right"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Nine months ended </B></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>September 30,</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt; border-bottom: Black 1pt solid; font-size: 12pt">&nbsp;</TD><TD STYLE="padding-right: 5pt; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5pt; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2024</TD><TD STYLE="padding-right: 5pt; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5pt; border-bottom: Black 1pt solid; text-align: right">2023</TD><TD STYLE="padding-right: 5pt; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5pt; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2024</TD><TD STYLE="padding-right: 5pt; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5pt; border-bottom: Black 1pt solid; text-align: right">2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 40%; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Expense relating to variable lease payments</TD><TD STYLE="border-bottom: Black 1pt solid; width: 3%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; width: 10%; font-weight: bold; text-align: right">113</TD><TD STYLE="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 3%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">105</TD><TD STYLE="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 3%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; width: 10%; font-weight: bold; text-align: right">339</TD><TD STYLE="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 3%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">313</TD><TD STYLE="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 12pt/105% Arial, Helvetica, Sans-Serif; letter-spacing: 0.5pt; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">11.</TD><TD STYLE="padding-right: 6.95pt">SHARE CAPITAL</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="letter-spacing: 0.05pt"><B>(a)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>Authorized capital</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0"><B>Share issuances for the
nine months ended September 30, 2024:</B></P>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0; text-align: justify">During the nine months ended September
30, 2024, the Company issued 13,000,800 shares under the December Sales Agreement (as defined below) at an average price of $10.38 per
share for gross proceeds of $134,948 and recognized $4,993 of share issuance costs, consisting of commission fees of $1,349 and other
transaction costs of $3,644.</P>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0; text-align: justify">On May 14, 2024, the company closed
an offering of 20,161,290 common shares, settled in the form of CHESS Depository Interests (&ldquo;CDIs&rdquo;) listed on the ASX for
gross proceeds of $226,000 and recognized share issuance costs of $10,336, consisting of commission fees of $9,084 and other transaction
costs of $1,252. Concurrent with and to facilitate the offering, NexGen and the Agents (as defined below) agreed to amend the December
Sales Agreement by reducing the aggregate value of common shares that may be offered and sold under the ATM Program (as defined below)
from up to $500 million to up to approximately $275.9 million.</P>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0; text-align: justify">During the nine months ended September
30, 2024, the Company issued 5,368,673 shares on the exercise of stock options for gross proceeds of $13,596 (Note 11(b)). As a result
of the exercises, $7,386 was reclassified from reserves to share capital.</P>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0; text-align: justify">On May 28, 2024, the Company issued
909,090 shares relating to the establishment fee for the 2024 Debentures (Note 9).</P>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0; text-align: justify">On June 10, 2024, the Company issued
215,219 shares relating to the interest payment on the 2023 Debentures at a fair value of $2,088 (Note 9).</P>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; width: 100%">NexGen Energy Ltd.</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0">Notes to the Condensed Interim Consolidated Financial Statements</P><P STYLE="margin-top: 0; margin-bottom: 0">For the three and nine months ended September 30, 2024 and 2023</P><P STYLE="border-bottom: Black 1pt solid; margin-top: 0; margin-bottom: 0">(expressed in thousands of Canadian dollars, except as otherwise stated) - Unaudited</P></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0; text-align: justify"><B>Share issuances for the year
ended December 31, 2023: </B></P>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0; text-align: justify">On January 6, 2023, NexGen established
an at-the-market equity program (the &ldquo;ATM Program&rdquo;) pursuant to the terms of an equity distribution agreement dated January
6, 2023 (the &ldquo;January Sales Agreement&rdquo;) with Virtu ITG Canada Corp., as Canadian agent, and Virtu Americas, LLC, as U.S. agent
(together, the &ldquo;Agents&rdquo;), which allowed it to issue up to $250 million of common shares.</P>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 0 0 9pt 0; text-align: justify">On December 11, 2023, NexGen updated
its ATM Program in accordance with the terms of an equity distribution agreement dated December 11, 2023 (the &ldquo;December Sales Agreement&rdquo;)
with the Agents, which allowed it to issue up to $500 million of common shares. Concurrent with entering into the December Sales Agreement,
the January Sales Agreement was terminated.</P>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 0 0 9pt 0; text-align: justify">From the commencement of the January
Sales Agreement up to its termination, the Company issued 24,724,125 shares under the ATM Program at an average price of $7.36 per share
for gross proceeds of $182,066 and recognized $6,890 of share issuance costs, consisting of commission fees of $3,704 and other transaction
costs of $3,186. The share issuance costs have been presented net within share capital. The Company did not issue shares under the December
Sales Agreement during the year ended December 31, 2023.</P>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 0 0 9pt 0; text-align: justify">During the year ended December 31,
2023, the Company issued 8,608,816 shares on the exercise of stock options for gross proceeds of $26,349 (Note 11(b)). As a result of
the exercises, $16,288 was reclassified from reserves to share capital.</P>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 0 0 9pt 0; text-align: justify">On June 9, 2023, the Company issued
46,038 shares relating to the interest payment on the 2020 Debentures at a fair value of $270 (Note 9).</P>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 0 0 9pt 0; text-align: justify">On September 22, 2023, the Company
issued 634,615 shares relating to payment of the establishment fee for the 2023 Debentures at a fair value of $4,443 (Note 9).</P>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 0 0 9pt 0; text-align: justify">On September 28, 2023, the Company
issued 8,663,461 common shares relating to the conversion of the principal of the 2020 Debentures at a fair value of $72,773. In addition,
19,522 common shares were issued relating to the accrued and unpaid interest up to the date of conversion for the 2020 Debentures at a
fair value of $164 (Note 9).</P>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 0 0 9pt 0; text-align: justify">On December 11, 2023, the Company
issued 113,803 shares relating to the interest payment on the 2023 Debentures at a fair value of $1,064 (Note 9).</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="letter-spacing: 0.05pt"><B>(b)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>Share options</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0; text-align: justify">Pursuant to the Company&rsquo;s stock
option plan, directors may, from time to time, authorize the issuance of options to directors, officers, employees and consultants of
the Company, enabling them to acquire up to 20% of the issued and outstanding common shares of the Company.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0">The options can be granted for a maximum term of 10 years
and are subject to vesting provisions as determined by the Board of Directors of the Company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0">A summary of the changes in the share options is presented
below:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; white-space: nowrap; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; font-weight: bold; text-align: right">Options outstanding</TD><TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; font-weight: bold; text-align: right"><P STYLE="margin-top: 0; margin-bottom: 0">Weighted average</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">exercise price (C$)</P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 33%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">At December 31, 2022</FONT></TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 31%; text-align: right">49,638,890</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: left">$</TD><TD STYLE="width: 18%; text-align: right">4.07</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;Granted </FONT></TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,849,062</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.15</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;Exercised </FONT></TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,608,816</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.06</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;Forfeited</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(313,334</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5.51</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">At December 31, 2023</FONT></TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,565,802</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5.08</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;Granted</FONT></TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,825,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.51</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;Exercised </FONT></TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,368,673</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.53</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;Forfeited</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(145,001</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7.06</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>At September 30, 2024 - Outstanding</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">47,877,128</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">5.46</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>At September 30, 2024 - Exercisable</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">39,360,352</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">4.96</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 12pt 0 12pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; width: 100%">NexGen Energy Ltd.</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0">Notes to the Condensed Interim Consolidated Financial Statements</P><P STYLE="margin-top: 0; margin-bottom: 0">For the three and nine months ended September 30, 2024 and 2023</P><P STYLE="border-bottom: Black 1pt solid; margin-top: 0; margin-bottom: 0">(expressed in thousands of Canadian dollars, except as otherwise stated) - Unaudited</P></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify">The following weighted average
assumptions were used for Black-Scholes valuation of the share options granted:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: Black 1.5pt solid; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>For the three months ended</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>September 30,</B></P></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>For the nine months ended </B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>September 30,</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 1.65pt; text-align: justify; text-indent: 0.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2024</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2023</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expected stock price volatility</FONT></TD>
    <TD STYLE="padding-left: 21.3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">61.77%</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">61.57%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">61.77%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">61.64%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expected life of options</FONT></TD>
    <TD STYLE="background-color: white; padding-left: 9.75pt; text-align: right; text-indent: -9.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5 years</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5 years</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5 years</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5 years</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Risk free interest rate</FONT></TD>
    <TD STYLE="padding-left: 21.3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.95%</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.00%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.95%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.91%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expected forfeitures</FONT></TD>
    <TD STYLE="padding-left: 21.3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0%</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expected dividend yield</FONT></TD>
    <TD STYLE="padding-left: 21.3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0%</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Weighted average fair value per option granted in period</FONT></TD>
    <TD STYLE="padding-left: 21.3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$4.10</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$3.90</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$4.10</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$3.85</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Weighted average exercise price</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 21.3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$7.51</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$6.99</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$7.51</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$6.91</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 48%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 12pt 0; text-align: justify">Share-based payments for options
vested for the three and nine months ended September 30, 2024 amounted to $9,337 and $23,235, respectively (three and nine months ended
September 30, 2023 - $12,925 and $27,391, respectively) of which $8,236 and $20,320, respectively (three and nine months ended September
30, 2023 - $10,901 and $23,074, respectively) was expensed to the statement of net income (loss) and comprehensive income (loss) and $1,101
and $2,915, respectively (three and nine months ended September 30, 2023 - $2,024 and $4,317, respectively) was capitalized to exploration
and evaluation assets (Notes 5 and 12).</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 12pt/105% Arial, Helvetica, Sans-Serif; letter-spacing: 0.5pt; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">12.</TD><TD STYLE="padding-right: 6.95pt">SUPPLEMENTAL CASH FLOW INFORMATION</TD></TR></TABLE>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0; text-align: justify">The Company did not have any cash
equivalents as at September 30, 2024 and December 31, 2023.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt">a)</TD><TD STYLE="text-align: justify">Schedule of non-cash investing and financing activities:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt; border-top: Black 1.5pt solid; font-size: 12pt">&nbsp;</TD><TD STYLE="padding-right: 5pt; border-top: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="padding-right: 5pt; border-top: Black 1.5pt solid; font-weight: bold; text-align: right">Three months ended September 30,</TD><TD STYLE="padding-right: 5pt; border-top: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="padding-right: 5pt; border-top: Black 1.5pt solid; text-align: right"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Nine months ended </B></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>September 30,</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt; border-bottom: Black 1pt solid; font-size: 12pt">&nbsp;</TD><TD STYLE="padding-right: 5pt; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5pt; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2024</TD><TD STYLE="padding-right: 5pt; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5pt; border-bottom: Black 1pt solid; text-align: right">2023</TD><TD STYLE="padding-right: 5pt; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5pt; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2024</TD><TD STYLE="padding-right: 5pt; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5pt; border-bottom: Black 1pt solid; text-align: right">2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; text-align: left; padding-left: 5.4pt">Capitalized share-based payments</TD><TD STYLE="width: 3%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">1,101</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">2,024</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">2,915</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">4,317</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Exploration and evaluation asset expenditures included in accounts payable and accrued liabilities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,489</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,091</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(4,139</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11,555</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Interest expense included in accounts payable and accrued liabilities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">11,158</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">221</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">13,959</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">299</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Issuance of convertible debentures</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">330,916</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Purchase of U<SUB>3</SUB>O<SUB>8</SUB> strategic inventory</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(341,150</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; padding-bottom: 1pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 12pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-variant: small-caps; letter-spacing: 0.5pt"><B>&nbsp;</B></FONT></P>


<!-- Field: Page; Sequence: 15; Value: 12 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; width: 100%">NexGen Energy Ltd.</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0">Notes to the Condensed Interim Consolidated Financial Statements</P><P STYLE="margin-top: 0; margin-bottom: 0">For the three and nine months ended September 30, 2024 and 2023</P><P STYLE="border-bottom: Black 1pt solid; margin-top: 0; margin-bottom: 0">(expressed in thousands of Canadian dollars, except as otherwise stated) - Unaudited</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/107% Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-variant: small-caps; letter-spacing: 0.5pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: small-caps bold 12pt/105% Arial, Helvetica, Sans-Serif; letter-spacing: 0.5pt; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">13.</TD><TD STYLE="padding-right: 6.95pt">RELATED PARTY TRANSACTIONS</TD></TR></TABLE>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 12pt 0; text-align: justify">The remuneration of key management
which includes directors and management personnel responsible for planning, directing, and controlling the activities of the Company during
the period was as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt; border-top: Black 1.5pt solid; font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="padding-right: 5pt; border-top: Black 1.5pt solid; text-align: right"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right; text-indent: -24pt"><B>For the three months ended </B></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right; text-indent: -24pt"><B>September 30,</B></P></TD><TD STYLE="padding-right: 5pt; border-top: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="padding-right: 5pt; border-top: Black 1.5pt solid; text-align: right"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right; text-indent: -24pt"><B>For the nine months ended </B></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right; text-indent: -24pt"><B>September 30, </B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5pt; font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 5pt; font-weight: bold; text-align: right">2024</TD><TD STYLE="border-bottom: Black 1pt solid; padding-right: 5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right">2023</TD><TD STYLE="border-bottom: Black 1pt solid; padding-right: 5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 5pt; font-weight: bold; text-align: right">2024</TD><TD STYLE="border-bottom: Black 1pt solid; padding-right: 5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right">2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 26%; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Short-term compensation<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="width: 2%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">829</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 16%; text-align: right">1,030</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 15%; font-weight: bold; text-align: right">2,477</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 15%; text-align: right">3,741</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Share-based payments<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">6,771</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,327</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">16,880</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,003</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Consulting fees<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">32</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">32</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">97</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">97</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; padding-bottom: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">7,632</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">11,389</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">19,454</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">25,841</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0; text-align: justify"><FONT STYLE="font-size: 8pt"><SUP>(1)
</SUP></FONT><FONT STYLE="font-size: 9pt">Short-term compensation to key management personnel for the three and nine months ended September
30, 2024 amounted to $829 and $2,477,(2023 - $1,030 and $3,741) of which $829 and $2,477 (2023 - $959 and $3,551) was expensed and included
in salaries, benefits, and directors&rsquo; fees on the statement of net income (loss) and comprehensive income (loss). The remaining
$nil and $nil (2023 - $71 and $190) was capitalized to exploration and evaluation assets.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0; text-align: justify"><FONT STYLE="font-size: 8pt"><SUP>(2)
</SUP></FONT><FONT STYLE="font-size: 9pt">Share-based payments to key management personnel for the three and nine months ended September
30, 2024 amounted to $6,771 and $16,880 (2023 - $10,327 and $22,003) of which $6,771 and $16,880 (2023 - $10,193 and $21,544) was expensed
and $nil and $nil (2023 - $134 and $459) was capitalized to exploration and evaluation assets.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0; text-align: justify"><FONT STYLE="font-size: 8pt"><SUP>(3)
</SUP></FONT><FONT STYLE="font-size: 9pt">The Company used consulting services from a company associated with one of its directors in
relation to advice on corporate matters for the three and nine months ended September 30, 2024 amounting to $32 and $97 (2023 - $32 and
$97) </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0; text-align: justify">The Company received rental income for
shared office space from an associate for the three and nine months ended September 30, 2024 of $8 and $25 (2023 - $nil and $nil).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0; text-align: justify">As at September 30, 2024, there was $54
(December 31, 2023 - $43) included in accounts payable and accrued liabilities owing to its directors and officers for compensation.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 12pt/105% Arial, Helvetica, Sans-Serif; letter-spacing: 0.5pt; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">14.</TD><TD STYLE="padding-right: 6.95pt">FINANCIAL INSTRUMENTS AND RISK MANAGEMENT</TD></TR></TABLE>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 0 0 9pt 0; text-align: justify">The Company&rsquo;s financial instruments
consist of cash, amounts receivable, lease receivable, accounts payable and accrued liabilities, and convertible debentures.</P>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 0 0 9pt 0; text-align: justify">Financial instruments measured at
fair value are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used
to estimate the fair values.</P>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0; text-align: justify">The three levels of the fair value
hierarchy are:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt">&bull;</TD><TD STYLE="text-align: justify">Level 1 - unadjusted quoted prices in active markets for identical assets or liabilities</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt">&bull;</TD><TD STYLE="text-align: justify">Level 2 - inputs other than quoted prices that are observable for the asset or liability either directly
or indirectly; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt">&bull;</TD><TD STYLE="text-align: justify">Level 3 - inputs that are not based on observable market data.</TD></TR></TABLE>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 0 0 9pt 0; text-align: justify">The Company&rsquo;s cash, amounts
receivable, accounts payable and accrued liabilities, and lease receivable are classified as Level 1 as the fair values of the Company&rsquo;s
cash, amounts receivable, and accounts payable and accrued liabilities approximate their carrying values due to their short-term nature
and the lease receivable&rsquo;s fair value is equal to its carrying value.</P>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0; text-align: justify">The convertible debentures are re-measured
at fair value at each reporting date with any change in fair value recognized in the consolidated statement of net loss with the exception
that under IFRS 9, the change in fair value that is attributable to change in credit risk is presented in other comprehensive loss (Note
9). The convertible debentures are classified as Level 2.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; width: 100%">NexGen Energy Ltd.</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0">Notes to the Condensed Interim Consolidated Financial Statements</P><P STYLE="margin-top: 0; margin-bottom: 0">For the three and nine months ended September 30, 2024 and 2023</P><P STYLE="border-bottom: Black 1pt solid; margin-top: 0; margin-bottom: 0">(expressed in thousands of Canadian dollars, except as otherwise stated) - Unaudited</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><B>Financial Risk</B></P>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 0 0 9pt 0; text-align: justify">The Company is exposed to varying
degrees of a variety of financial instrument-related risks. The Board approves and monitors the risk management processes, controlling
and reporting structures. The type of risk exposure and the way in which such exposure is managed is provided as follows:</P>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 0 0 9pt 0; text-align: justify"><I><U>Credit Risk </U></I></P>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0; text-align: justify">Credit risk is the risk that one
party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. Financial instruments
potentially subject to credit risk are cash, amounts receivable, and lease receivable. The Company holds cash with large Canadian banks.
The Company&rsquo;s amounts receivable consists of input tax credits receivable from the Government of Canada and interest accrued on
cash. The lease receivable is secured by the leased equipment. Accordingly, the Company does not believe it is subject to significant
credit risk.</P>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0; text-align: justify">The Company&rsquo;s maximum exposure
to credit risk is as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt; border-bottom: Black 1pt solid; border-top: Black 1.5pt solid; font-size: 12pt">&nbsp;</TD><TD STYLE="padding-right: 5pt; border-bottom: Black 1pt solid; border-top: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">September 30, 2024</TD><TD STYLE="padding-right: 5pt; border-bottom: Black 1pt solid; border-top: Black 1.5pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right">December 31, 2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 56%; text-align: justify; padding-left: 5.4pt">Cash</TD><TD STYLE="width: 8%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-weight: bold; text-align: right">537,766</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">290,743</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-left: 5.4pt">Accounts receivable</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,238</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,940</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Lease receivable</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,630</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,014</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">542,634</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">296,697</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 12pt 0 6pt 0; text-align: justify"><I><U>Liquidity Risk </U></I></P>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0; text-align: justify">Liquidity risk is the risk that an
entity will encounter difficulty in raising funds to meet commitments associated with financial instruments. Liquidity requirements are
managed based on expected cash flows to ensure that there is sufficient capital to meet short-term obligations. The Company&rsquo;s approach
to managing liquidity risk is to ensure that it will have sufficient liquidity to meet liabilities when due. As at September 30, 2024,
NexGen had cash of $537,766 to settle current liabilities of $468,574 including the convertible debentures.</P>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 12pt 0 8pt 0; text-align: justify">The Company&rsquo;s significant
undiscounted commitments at September 30, 2024 are as follows (the convertible debentures are classified as a current liability due to
the adoption of amendments to IAS 1 (Note 3(d)), however there is no obligation to cash settle these in the next twelve months):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt; border-bottom: Black 1pt solid; border-top: Black 1.5pt solid; font-size: 12pt">&nbsp;</TD><TD STYLE="padding-right: 5pt; border-bottom: Black 1pt solid; border-top: Black 1.5pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Less than </B></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>1 year</B></P></TD><TD STYLE="padding-right: 5pt; border-bottom: Black 1pt solid; border-top: Black 1.5pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>1 to 3</B></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>years</B></P></TD><TD STYLE="padding-right: 5pt; border-bottom: Black 1pt solid; border-top: Black 1.5pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>4 to 5</B></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>years</B></P></TD><TD STYLE="padding-right: 5pt; border-bottom: Black 1pt solid; border-top: Black 1.5pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Over 5</B></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>years</B></P></TD><TD STYLE="padding-right: 5pt; border-bottom: Black 1pt solid; border-top: Black 1.5pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>&nbsp;</B></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Total</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; text-align: left; padding-left: 5.4pt">Trade and other payables</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">37,660</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 9%; font-weight: bold; text-align: right">37,660</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Convertible debentures (Note 9)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">429,924</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">429,924</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Lease liabilities (Note 10(c))</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,476</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">369</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,845</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; padding-bottom: 1pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">469,060</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">369</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">469,429</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 12pt 0 8pt 0">As at December 31, 2023 - Restated (Note 3(d)):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt; border-bottom: Black 1pt solid; border-top: Black 1.5pt solid; font-size: 12pt">&nbsp;</TD><TD STYLE="padding-right: 5pt; border-bottom: Black 1pt solid; border-top: Black 1.5pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Less than </B></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>1 year</B></P></TD><TD STYLE="padding-right: 5pt; border-bottom: Black 1pt solid; border-top: Black 1.5pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>1 to 3</B></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>years</B></P></TD><TD STYLE="padding-right: 5pt; border-bottom: Black 1pt solid; border-top: Black 1.5pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>4 to 5</B></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>years</B></P></TD><TD STYLE="padding-right: 5pt; border-bottom: Black 1pt solid; border-top: Black 1.5pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Over 5</B></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>years</B></P></TD><TD STYLE="padding-right: 5pt; border-bottom: Black 1pt solid; border-top: Black 1.5pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>&nbsp;</B></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Total</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; text-align: left; padding-left: 5.4pt">Trade and other payables</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">26,986</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 9%; font-weight: bold; text-align: right">26,986</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Convertible debentures (Note 9)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">158,478</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">158,478</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Lease liabilities (Note 10(c))</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,476</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,476</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,952</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; padding-bottom: 1pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">186,940</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">1,476</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">188,416</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 12pt 0 8pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 17; Value: 12 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; text-align: right"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; width: 100%">NexGen Energy Ltd.</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0">Notes to the Condensed Interim Consolidated Financial Statements</P><P STYLE="margin-top: 0; margin-bottom: 0">For the three and nine months ended September 30, 2024 and 2023</P><P STYLE="border-bottom: Black 1pt solid; margin-top: 0; margin-bottom: 0">(expressed in thousands of Canadian dollars, except as otherwise stated) - Unaudited</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">As at January 1, 2023 - Restated (Note 3(d)):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5pt; border-top: Black 1.5pt solid; font-size: 12pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-right: 5pt; border-top: Black 1.5pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1.5pt solid; padding-right: 5pt; border-bottom: Black 1pt solid; text-align: right"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Less
than</B></P>
                                                                                                                                 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>1 year</B></P></TD><TD STYLE="border-bottom: Black 1pt solid; padding-right: 5pt; border-top: Black 1.5pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1.5pt solid; padding-right: 5pt; border-bottom: Black 1pt solid; text-align: right"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>1 to 3</B></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>years</B></P></TD><TD STYLE="border-bottom: Black 1pt solid; padding-right: 5pt; border-top: Black 1.5pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1.5pt solid; padding-right: 5pt; border-bottom: Black 1pt solid; text-align: right"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>4 to 5</B></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>years</B></P></TD><TD STYLE="border-bottom: Black 1pt solid; padding-right: 5pt; border-top: Black 1.5pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1.5pt solid; padding-right: 5pt; border-bottom: Black 1pt solid; text-align: right"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Over 5</B></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>years</B></P></TD><TD STYLE="border-bottom: Black 1pt solid; padding-right: 5pt; border-top: Black 1.5pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1.5pt solid; padding-right: 5pt; border-bottom: Black 1pt solid; text-align: right"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>&nbsp;</B></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Total</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; text-align: left; padding-left: 5.4pt">Trade and other payables</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">13,723</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 9%; font-weight: bold; text-align: right">13,723</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Convertible debentures (Note 9)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">80,021</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">80,021</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Lease liabilities (Note 10(c))</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,346</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,574</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,920</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 12pt; padding-bottom: 1pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">95,090</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2,574</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">97,664</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 12pt 0 8pt 0; text-align: justify"><I><U>Foreign Currency Risk </U></I></P>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0; text-align: justify">The functional currency of the Company
and its subsidiaries is the Canadian dollar. The Company is affected by currency transaction risk and currency translation risk. Consequently,
fluctuations of the Canadian dollar in relation to other currencies impact the fair value of financial assets, liabilities and operating
results. Financial assets and liabilities subject to currency translation risk primarily includes US dollar denominated cash, US dollar
accounts payable and the convertible debentures. The Company maintains Canadian and US dollar bank accounts in Canada.</P>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0; text-align: justify">The Company is exposed to foreign
exchange risk on its US dollar denominated convertible debentures. At maturity, the aggregate US$360 million principal amount of the convertible
debentures is due in full, and prior to maturity, at a premium upon the occurrence of certain events. The Company holds sufficient US
dollars to make all cash interest payments due under the convertible debentures for the next twenty-four months. Accordingly, the Company
is subject to risks associated with fluctuations in the Canadian/US dollar exchange rate that may make the convertible debentures more
costly to repay.</P>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0; text-align: justify">As at September 30, 2024, the Company&rsquo;s
US dollar net financial liabilities were US$274,149. Thus a 10% change in the Canadian dollar versus the US dollar exchange rates would
give rise to a $37,079 change in net income (loss) and comprehensive income (loss).</P>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0; text-align: justify">While the Company&rsquo;s strategic
inventory is not a financial instrument, the prices of uranium are quoted in US dollars and routinely traded in US dollars, and fluctuations
in the Canadian dollar relative to the U.S. dollar can significantly impact the valuation of the Company&rsquo;s physical uranium in Canadian
dollars.</P>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0; text-align: justify">The Company has not entered into
any agreements or purchased any instruments to hedge possible currency risks at this time.</P>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 12pt 0 9pt 0; text-align: justify"><I><U>Equity and Commodity Price
Risk </U></I></P>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0; text-align: justify">The Company is exposed to price
risk with respect to commodity and equity prices. Equity price risk is defined as the potential adverse impact on the Company&rsquo;s
earnings due to movements in individual equity prices or general movements in the level of the stock market. Accordingly, significant
movements in share price may affect the valuation of the 2023 Debentures and 2024 Debentures which may adversely impact its earnings.</P>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0; text-align: justify">Commodity price risk is defined
as the potential adverse impact on earnings and economic value due to commodity price movements and volatility. Future declines in commodity
prices may impact the valuation of long-lived assets. The Company closely monitors commodity prices of uranium, individual equity movements,
and the stock market to determine the appropriate course of action, if any, to be taken by the Company.</P>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 12pt 0 9pt 0; text-align: justify"><I><U>Interest Rate Risk</U></I></P>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0; text-align: justify">Interest rate risk is the risk that
the future cash flows of a financial instrument will fluctuate due to changes in market interest rates. The Company holds its cash in
bank accounts that earn variable interest rates. Due to the short-term nature of these financial instruments, fluctuations in market rates
do not have a significant impact on the estimated fair value of the Company&rsquo;s cash balances as of September 30, 2024. The Company
manages interest rate risk by maintaining an investment policy for short-term investments. This policy focuses primarily on preservation
of capital and liquidity. The Company monitors the investments it makes and is satisfied with the credit rating of its banks. The convertible
debentures in an aggregate principal amount of US$360 million, carry fixed interest rates of 9.0% per annum and are not subject to interest
rate fluctuations.</P>


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<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: small-caps bold 12pt/105% Arial, Helvetica, Sans-Serif; letter-spacing: 0.5pt; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">15.</TD><TD STYLE="padding-right: 6.95pt">EARNINGS (LOSS) PER SHARE</TD></TR></TABLE>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 12pt 0; text-align: justify">Basic net earnings (loss) per share
provides a measure of the interests of each ordinary common share in the Company&rsquo;s performance over the period. Diluted net earnings
(loss) per share adjusts basic net income (loss) per share for the effect of all dilutive potential common shares.</P>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 12pt 0; text-align: justify">Weighted average shares outstanding
used to calculate basic and diluted earnings per common share are as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1.5pt solid; white-space: nowrap; padding-right: 5pt; font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; padding-right: 5pt; border-top: Black 1.5pt solid; font-weight: bold; text-align: right"><P STYLE="margin-top: 0; margin-bottom: 0">For the three months ended</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">September 30,</P></TD><TD STYLE="white-space: nowrap; padding-right: 5pt; border-top: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; padding-right: 5pt; border-top: Black 1.5pt solid; text-align: right"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>For
the nine months ended</B></P>
                                                                                                                      <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>September 30,</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5pt; font-size: 12pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 5pt; font-weight: bold; text-align: right">2024</TD><TD STYLE="border-bottom: Black 1pt solid; padding-right: 5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right">2023</TD><TD STYLE="border-bottom: Black 1pt solid; padding-right: 5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 5pt; font-weight: bold; text-align: right">2024</TD><TD STYLE="border-bottom: Black 1pt solid; padding-right: 5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 5pt; text-align: right">2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 12pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-weight: bold; text-align: justify">Diluted loss per share</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 43%; padding-left: 8.85pt">Weighted average number of common shares</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">564,693,987</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">491,274,394</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">550,962,116</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">489,872,514</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; padding-left: 8.85pt">Effect of dilutive options</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">17,634,590</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left; padding-bottom: 1pt; padding-left: 8.85pt">Effect of conversion of 2023 and 2024 Debentures</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">39,571,350</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 8.85pt">Weighted average number of common shares (diluted)</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">621,899,927</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">491,274,394</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">550,962,116</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">489,872,514</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 12pt; text-align: justify; padding-bottom: 1pt; padding-left: 8.85pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 12pt 0 6pt 0; text-align: justify">For the three and nine months ended
September 30, 2024, 30.2 million and 47.9 million (September 30, 2023 - 49.0 million and 49.0 million) anti-dilutive options were excluded
from the diluted weighted average number of common shares calculation.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 12pt/105% Arial, Helvetica, Sans-Serif; letter-spacing: 0.5pt; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">16.</TD><TD STYLE="padding-right: 6.95pt">SUBSEQUENT EVENTS</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0; text-align: justify">On October 2, 2024, IsoEnergy announced
that it entered into a definitive agreement with Anfield Energy Inc. (&ldquo;Anfield&rdquo;), for IsoEnergy to acquire all of the issued
and outstanding common shares of Anfield. Under the terms of the transaction, Anfield shareholders will receive 0.031 of a common share
of IsoEnergy for each issued and outstanding common share of Anfield held. The transaction is expected to close in December 2024 and will
dilute NexGen&rsquo;s ownership in IsoEnergy to approximately 28%.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0">On October 15, 2024, the Company granted 250,000 stock options.</P>

<P STYLE="font: 10pt/Normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0; text-align: justify">&nbsp;</P>
<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

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<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>ex992.htm
<DESCRIPTION>MANAGEMENTS DISCUSSION AND ANALYSIS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024
<TEXT>
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<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>EXHIBIT 99.2</B></FONT></P>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 11pt/105% Arial Nova Cond,sans-serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/105% Arial Nova Cond,sans-serif; margin-top: 0; margin-bottom: 6pt; text-align: center">&nbsp;<IMG SRC="logo.jpg" ALT=""></P>

<P STYLE="font: 11pt/105% Arial Nova Cond,sans-serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/105% Arial Nova Cond,sans-serif; margin: 0 0 6pt 108pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/105% Arial Nova Cond,sans-serif; margin: 0 0 6pt 108pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/105% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 108pt; text-align: left; text-indent: 379.15pt">&nbsp;</P>

<P STYLE="font: 12pt/105% Arial Nova Cond,sans-serif; margin: 0 0 6pt; text-align: center"><FONT STYLE="letter-spacing: 0.05pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt/105% Arial Nova Cond,sans-serif; margin: 0 0 6pt 108pt; text-align: left"><FONT STYLE="letter-spacing: 0.05pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt/105% Arial Nova Cond,sans-serif; margin: 0 0 6pt; text-align: center"><FONT STYLE="letter-spacing: 0.05pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt/105% Arial Nova Cond,sans-serif; margin: 0 0 6pt; text-align: center"><FONT STYLE="letter-spacing: 0.05pt"><B>Management&rsquo;s
Discussion and Analysis</B></FONT></P>

<P STYLE="font: 11pt/105% Arial Nova Cond,sans-serif; margin: 0 0 6pt; text-align: center">For the three and nine months ended September
30, 2024</P>

<P STYLE="font: 11pt/105% Arial Nova Cond,sans-serif; margin: 0 0 6pt; text-align: center">(expressed in thousands of Canadian dollars,
except as noted)</P>

<P STYLE="font: 11pt/105% Arial Nova Cond,sans-serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt/105% Arial Nova Cond,sans-serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt/105% Arial Nova Cond,sans-serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>


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<P STYLE="font: small-caps 14pt/107% Arial Nova Cond,sans-serif; margin: 12pt 0 0; text-transform: uppercase; letter-spacing: 0.5pt"><B>Contents</B></P>

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  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cautionary
    Note Regarding Forward-Looking Information And Statements</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Business
    Overview</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Q3
    2024 and Year to Date 2024 Highlights</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Rook
    I Project Overview</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operations
    Outlook</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Health,
    Safety, and Environment</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial
    Results</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 8.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial
    Position Summary</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 8.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Liquidity
    and Capital Resources</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 8.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capital
    Management</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 8.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Contractual
    Obligations and Commitments</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 8.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Summary
    of Quarterly Results</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 8.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Related
    Party Transactions</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 8.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Outstanding
    Share Data</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 8.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Outstanding
    Convertible Debentures</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Off-Balance
    Sheet Arrangements</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Segment
    Information</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accounting
    Policy Overview</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 8.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Critical
    Accounting Policies and Judgements</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 8.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Key
    Sources of Estimation Uncertainty</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 8.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Changes
    in Accounting Policies including Initial Adoption</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial
    Instruments and Risk Management</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 8.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Risk
    Factors</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 8.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial
    Risks</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 8.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other
    Risk Factors</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Disclosure
    Controls and Internal Control Over Financial Reporting</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 8.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Disclosure
    Controls and Procedures</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 8.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Changes
    in Internal Controls</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 8.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Limitations
    of Controls and Procedures</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Technical
    Disclosure</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">28</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Approval</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">28</FONT></TD></TR>
  </TABLE>
<P STYLE="font: small-caps 14pt/107% Arial Nova Cond,sans-serif; margin: 12pt 0 0; text-transform: uppercase; letter-spacing: 0.5pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 5pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 1.05pt"><B>NexGen Energy Ltd.<FONT STYLE="color: #BF8F00">&#9;</FONT></B></FONT></P><P STYLE="font: 10.5pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">Management&rsquo;s Discussion and Analysis for the three and nine months ended September 30, 2024</P><P STYLE="font: 10.5pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">(expressed in thousands of Canadian dollars, except as noted)</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Arial Nova Cond,sans-serif; margin: 0 0 8pt; text-align: left">&nbsp;</P>

<P STYLE="font: 11pt/105% Arial Nova Cond,sans-serif; margin: 0 0 9pt; text-align: justify">This Management&rsquo;s Discussion and Analysis
(&ldquo;MD&amp;A&rdquo;) was prepared as of November 7, 2024 and provides an analysis of the financial and operating results of NexGen
Energy Ltd. (&ldquo;NexGen&rdquo; or the &ldquo;Company&rdquo;) for the three and nine months ended September 30, 2024. Additional information
regarding NexGen, including its Annual Information Form for the year ended December 31, 2023, as well as other information filed with
the Canadian, US and Australian securities regulatory authorities, is available under the Company&rsquo;s profile on SEDAR+ at www.sedarplus.ca,
on the Electronic Data Gathering, Analysis, and Retrieval (&ldquo;EDGAR&rdquo;) at www.sec.gov, and on the website of the Australian Securities
Exchange (&ldquo;ASX&rdquo;) at www.asx.com.au. All monetary amounts are in thousands of Canadian dollars unless otherwise specified.</P>

<P STYLE="font: 11pt/105% Arial Nova Cond,sans-serif; margin: 0 0 9pt; text-align: justify">The following discussion and analysis of the
financial condition and results of operations of NexGen should be read in conjunction with the Company&rsquo;s unaudited consolidated
financial statements for the three and nine months ended September 30, 2024 and September 30, 2023 (the &ldquo;Interim Statements&rdquo;),
as well as the audited consolidated financial statements for the year ended December 31, 2023 and December 31, 2022 (the &ldquo;Annual
Financial Statements&rdquo;) and the related notes, which have been prepared in accordance with International Financial Reporting Standards
(&ldquo;IFRS&rdquo;).</P>

<P STYLE="font: 11pt/105% Arial Nova Cond,sans-serif; margin: 0 0 9pt; text-align: justify">On December 5, 2023, NexGen deconsolidated
IsoEnergy Ltd. (&ldquo;IsoEnergy&rdquo;) due to the completion of a merger between IsoEnergy and Consolidated Uranium Inc., that pursuant
to IFRS resulted in the loss of control of IsoEnergy. In accordance with IFRS, IsoEnergy&rsquo;s financial results were consolidated
with those of NexGen up to December 4, 2023, including in this MD&amp;A. The Company&rsquo;s investment in IsoEnergy has been accounted
for using the equity method of accounting from December 5, 2023. As at November 7, 2024, NexGen owns approximately 32.8% of isoEnergy&rsquo;s
outstanding common shares. IsoEnergy is listed on the Toronto Stock Exchange under the ticker symbol &ldquo;ISO&rdquo; and has its own
management, directors, internal control processes and financial budgets and finances its own operations. Further information regarding
IsoEnergy is available under its own profile on SEDAR+ at <FONT STYLE="color: Blue"><U>www.sedarplus.ca</U></FONT>.</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">Management is responsible for the Interim Statements
and this MD&amp;A. The Audit Committee of the Company&rsquo;s Board of Directors (the &ldquo;Board&rdquo;) reviews and recommends for
approval to the Board, who then review and approve, the Interim Statements and this MD&amp;A. This MD&amp;A contains forward-looking information.
Please see the section, &ldquo;Cautionary Note Regarding Forward-Looking Information and Statements&rdquo; for a discussion of the risks,
uncertainties and assumptions used to develop the Company&rsquo;s forward-looking information.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 1.05pt"><B>NexGen Energy Ltd.<FONT STYLE="color: #BF8F00">&#9;</FONT></B></FONT></P><P STYLE="font: 10.5pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">Management&rsquo;s Discussion and Analysis for the three and nine months ended September 30, 2024</P><P STYLE="font: 10.5pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">(expressed in thousands of Canadian dollars, except as noted)</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9.5pt/107% Arial Nova Cond,sans-serif; margin: 0 0 8pt; text-align: left">&nbsp;</P>

<P STYLE="font: small-caps bold 13pt/105% Arial Nova Cond,sans-serif; margin: 0 0 4pt; letter-spacing: 0.5pt; text-indent: 0cm">Cautionary
Note Regarding Forward-Looking Information And Statements</P>

<P STYLE="font: 10pt Arial Nova Cond,sans-serif; margin: 0 0 4pt; text-align: justify"><I>This MD&amp;A contains &ldquo;forward-looking
statements&rdquo; within the meaning of the United States Private Securities Litigation Reform Act of 1995 and &ldquo;forward-looking
information&rdquo; within the meaning of applicable Canadian securities legislation. Forward-looking information and statements include,
but are not limited to, statements with respect to planned exploration and development activities and 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, or other statements that are not statements of facts. </I></P>

<P STYLE="font: 10pt Arial Nova Cond,sans-serif; margin: 0 0 4pt; text-align: justify"><I>Generally, forward-looking information and statements
can be identified by the use of forward-looking terminology such as &ldquo;plans&rdquo;, &ldquo;expects&rdquo;, &ldquo;is expected&rdquo;,
&ldquo;budget&rdquo;, &ldquo;scheduled&rdquo;, &ldquo;estimates&rdquo;, &ldquo;forecasts&rdquo;, &ldquo;intends&rdquo;, &ldquo;anticipates&rdquo;,
or &ldquo;believes&rdquo; or the negative connotation thereof or variations of such words and phrases or state that certain actions, events
or results &ldquo;may&rdquo;, &ldquo;could&rdquo;, &ldquo;would&rdquo;, &ldquo;might&rdquo; or &ldquo;will be taken&rdquo;, &ldquo;occur&rdquo;
or &ldquo;be achieved&rdquo; or the negative connotation thereof.</I></P>

<P STYLE="font: 10pt/105% Arial Nova Cond,sans-serif; margin: 0 0 4pt; text-align: justify"><I>Forward-looking information and statements
are based on NexGen&rsquo;s current expectations, beliefs, assumptions, estimates and forecasts about its business and the industry and
markets in which it operates, which could prove to be significantly incorrect. 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 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&rsquo;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&rsquo;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; and other estimates, assumptions and forecasts disclosed
under the headings &ldquo;Rook I FS Technical Report&rdquo;, &ldquo;Update to Economic Assumptions&rdquo; or &ldquo;Sensitivity of NPV
and IRR to Uranium Prices&rdquo;. Although the assumptions made by the Company in providing forward-looking information or making forward-looking
statements were considered reasonable by management at the time they were made, there can be no assurance that such assumptions will prove
to be accurate.</I></P>

<P STYLE="font: 10pt Arial Nova Cond,sans-serif; margin: 0 0 4pt; text-align: justify"><I>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, negative operating cash flow and dependence on third-party financing, uncertainty
of additional financing, the risk that pending assay results will not confirm previously announced preliminary results, the imprecision
of mineral reserve and resource estimates, the price and appeal of alternate sources of energy, sustained low uranium prices, aboriginal
title and consultation issues, exploration and development risks, climate change, uninsurable risks, reliance upon key management and
other personnel, 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 in laws, regulations and policy, competition for resources, political
and regulatory risks, general inflationary pressures, industry and economic factors that may affect the business, and other factors discussed
or referred to in the Company&rsquo;s most recent Annual Information Form under &ldquo;Risk Factors&rdquo; and also in this MD&amp;A under
&ldquo;Other Risks Factors&rdquo;.</I></P>

<P STYLE="font: 10pt Arial Nova Cond,sans-serif; margin: 0 0 6pt; text-align: justify"><I>Although the Company has attempted to identify
important factors that could cause actual results to differ materially from those contained in the forward-looking information or statement
or implied by forward-looking information or statements, there may be other factors that cause results not to be as anticipated, estimated
or intended.</I></P>

<P STYLE="font: 10pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify"><I>There can be no assurance that forward-looking information
and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated
or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The forward-looking statements
and information contained in this MD&amp;A are made as of the date of this MD&amp;A and, accordingly, are subject to change after such
date. The Company undertakes no obligation to update or reissue forward-looking information or statements as a result of new information
or events except as required by applicable securities laws.</I></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 1.05pt"><B>NexGen Energy Ltd.<FONT STYLE="color: #BF8F00">&#9;</FONT></B></FONT></P><P STYLE="font: 10.5pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">Management&rsquo;s Discussion and Analysis for the three and nine months ended September 30, 2024</P><P STYLE="font: 10.5pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">(expressed in thousands of Canadian dollars, except as noted)</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Arial Nova Cond,sans-serif; margin: 0 0 8pt; text-align: left"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: small-caps bold 13pt/105% Arial Nova Cond,sans-serif; margin: 12pt 0 6pt; letter-spacing: 0.5pt; text-indent: 0cm">Business
Overview</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">NexGen is a British Columbia&nbsp;corporation with a
focus on developing into production the 100% owned Rook I Project (the &ldquo;Rook I Project&rdquo; or the &ldquo;Project&rdquo;) 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 exploration uranium properties in the southwestern Athabasca Basin of Saskatchewan, Canada.</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 12pt 0 10pt; text-align: justify">The Rook I Project is the location of the Company&rsquo;s
Arrow Deposit discovery in February 2014. The Arrow Deposit has Measured and Indicated Mineral Resources totalling 3.75 million tonnes
(&ldquo;Mt&rdquo;) grading 3.10% U<SUB>3</SUB>O<SUB>8</SUB> containing 257 million (&ldquo;M&rdquo;) lbs U<SUB>3</SUB>O<SUB>8</SUB>. The
Probable Mineral Reserves were estimated at 240 M lbs U<SUB>3</SUB>O<SUB>8</SUB> contained in 4.6Mt grading 2.37% U<SUB>3</SUB>O<SUB>8</SUB>.
See &ldquo;<I>Rook I FS Technical Report</I>&rdquo; below.</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 12pt 0 10pt; text-align: justify">The Company has also intersected numerous other
mineralized zones on trend from Arrow along the Patterson Corridor on Rook I which are subject to further exploration before economic
potential can be assessed. The Rook I Project consists of thirty-two (32) contiguous mineral claims totaling 35,065 hectares.</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 12pt 0 10pt; text-align: justify">The Company&rsquo;s common shares (the &ldquo;Shares&rdquo;)
trade on the Toronto Stock Exchange (the &ldquo;TSX&rdquo;) and the New York Stock Exchange (the &ldquo;NYSE&rdquo;) under the symbol
&ldquo;NXE&rdquo;, and on the ASX in the form of Chess Depository Instruments (&ldquo;CDIs&rdquo;) under the symbol &ldquo;NXG&rdquo;.</P>


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<P STYLE="font: 11pt/107% Arial Nova Cond,sans-serif; margin: 0 0 8pt; text-align: left">&nbsp;</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 12pt 0 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font: small-caps bold 13pt/105% Arial Nova Cond,sans-serif; margin: 12pt 0 6pt; letter-spacing: 0.5pt; text-indent: 0cm">Q3
2024 and Year to Date 2024 Highlights</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 12pt 0 0; text-align: justify"><B>Corporate</B></P>

<P STYLE="font: italic 11pt Arial Nova Cond,sans-serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-style: normal">For the
nine months ended September 30, 2024, the Company issued 13,000,800 Shares under the ATM Program (as defined below) for gross proceeds
of $135.0 million and recorded commissions of $1.4 million and other transaction costs of $3.6 million for aggregate net proceeds of $130.0
million.</FONT></P>

<P STYLE="font: italic 11pt Arial Nova Cond,sans-serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-style: normal">The Company
entered into a placement agreement dated April 30, 2024 (as amended, the &ldquo;Placement Agreement&rdquo;) with a lead manager and bookrunner
to arrange and manage an offering of 20,161,290 Shares at a price of $11.11 for aggregate gross proceeds of approximately $224 million
(the &ldquo;ASX Offering&rdquo;) settled through newly listed CDIs on the ASX. The ASX Offering closed on May 14, 2024. </FONT></P>

<P STYLE="font: italic 11pt Arial Nova Cond,sans-serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-style: normal">Concurrent
with and to facilitate the ASX Offering, the Company also agreed with the Agents (as defined below) to amend the December Sales Agreement
(as defined below) to reduce the aggregate value of the Shares that may be offered and sold under the ATM Program from up to $500 million
to up to approximately $276 million (the &ldquo;Amended Sales Agreement&rdquo;).</FONT></P>

<P STYLE="font: italic 11pt Arial Nova Cond,sans-serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-style: normal">On May
7, 2024, the Company entered into a binding term sheet with MMCap International Inc. SPC (&ldquo;MMCap&rdquo;) for the Company to issue
US$250 million aggregate principal amount of 9.0% unsecured convertible debentures (the &ldquo;2024 Debentures&rdquo;), as consideration
for the purchase (the &ldquo;Acquisition&rdquo;) of approximately 2.7M lbs of natural uranium concentrate (U<SUB>3</SUB>O<SUB>8</SUB>).
The Acquisition closed on May 28, 2024.</FONT></P>

<P STYLE="font: italic 11pt Arial Nova Cond,sans-serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-style: normal">In connection
with the Acquisition, the holders of the 2024 Debentures entered into an investor rights agreement with the Company containing voting
alignment, standstill, and transfer restriction covenants that will apply (subject to certain exceptions) unless and until there is a
change of control of the Company. </FONT></P>

<P STYLE="font: italic 11pt Arial Nova Cond,sans-serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-style: normal">On May
22, 2024, the Company announced the publication of its 2023 Sustainability Report highlighting the specific programs, initiatives, and
organizational frameworks that NexGen has created or expanded upon to demonstrate the continued seamless integration of sustainability
throughout the Company.</FONT></P>

<P STYLE="font: italic 11pt Arial Nova Cond,sans-serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-style: normal">On June
17, 2024, Ms. Susannah Pierce was elected to the Board. Ms. Pierce is currently in the role of President and Country Chair of Shell Canada
and is responsible for driving integration and coordination of business activity and corporate policy across Shell&rsquo;s business in
Canada.</FONT></P>

<P STYLE="font: italic 11pt Arial Nova Cond,sans-serif; margin: 6pt 0 0; text-align: justify"><FONT STYLE="font-style: normal"><B>Operational
</B></FONT></P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 6pt 0 9pt; text-align: justify">On February 12, 2024, NexGen received the results
of the Canadian Nuclear Safety Commission (the &ldquo;CNSC&rdquo;) technical review of NexGen&rsquo;s responses to Federal technical comments
received on the Draft Environmental Impact Statement (the Federal &ldquo;EIS&rdquo;) through the Federal Environmental Assessment (the
Federal &ldquo;EA&rdquo;) review process. On May 21, 2024, the Company submitted responses to the remaining comments from the CNSC February
12, 2024 correspondence, along with a revised Federal EIS. The CNSC concluded their completeness check of NexGen&rsquo;s May 21, 2024
submission on June 21, 2024 and is conducting their technical review.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Arial Nova Cond,sans-serif; margin: 0 0 8pt; text-align: left">&nbsp;</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 12pt 0 0; text-align: justify">On March 11, 2024, the Company announced the discovery
of new intense uranium mineralization on its 100% owned<SUP>1</SUP> SW2 Property, 3.5 kilometers east of the Arrow Deposit. The new
mineralized occurrence in RK-24-183 is located on a previously untested conductor segment of Patterson Corridor East (&ldquo;PCE&rdquo;).
Localized uranium mineralization was intersected for 19.8 meters between 347.7 and 367.5 meters, with counts per second (cps) ranging
from &lt;500 to &gt;61,000, as measured with a handheld RS-125 scintillometer.</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 12pt 0 0; text-align: justify">On May 29, 2024, the Company announced an additional
discovery of mineralization in RK-24-193 at PCE over 67.5 meters between 383.5 and 451 meters. Additionally, assay results from RK-24-183
reflected two narrow, mineralized veins with best intervals of 10% U<SUB>3</SUB>O<SUB>8</SUB> over 0.5 meters at 348.0 meters and 6.23%
U<SUB>3</SUB>O<SUB>8</SUB> over 0.5 meters at 356.5 meters, respectively.</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 12pt 0 0; text-align: justify">On August 1, 2024, the Company announced an update
to certain cost estimates (the &ldquo;Updated Cost Estimate&rdquo;) included in the Rook I FS Technical Report (as defined below) to reflect
the advancement of Project engineering from 18% complete at the time of the technical report, to approximately 45% complete, within an
accuracy range of +/- 10%.</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 12pt 0 0; text-align: justify">The Updated Cost Estimate for pre-production capital
costs (&ldquo;CAPEX&rdquo;) is $2.2 billion (US$1.58 billion), with an average annual operating cost (&ldquo;OPEX&rdquo;) over Life of
Mine of $13.86/lb (US$9.98/lb) U<SUB>3</SUB>O<SUB>8</SUB>, reflecting inflationary adjustments, the significant advancement of engineering
and procurement, optimized constructability, and enhanced environmental performance (using an exchange rate of CAD $1.00 = US $0.72).
Updated sustaining capital costs are estimated at $785 million (average of ~$70 million per year over Life of Mine), inclusive of closure
costs of approximately $70 million. See &ldquo;Rook I Project Overview - Rook I FS Technical Report - Updated Cost Estimate&rdquo; below).</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 12pt 0 0; text-align: justify">On August 8, 2024, NexGen announced the material
expansion of the mineralized zone at PCE to include a total of eight drill holes intersecting mineralization, four of which intersected
off-scale (&gt;61,000 cps) high-grade uranium mineralization. These included RK-24-183, 24-197, 24-202, and 24-207.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: justify">Results included the best intercept in RK-24-207,
based on radiometric readings, which confirmed continuity of mineralization, massive replacement uranium, and significant high grade at
PCE. The high-intensity style mineralization is indicative of exceptional formation conditions similar to those found in the significant
orebodies within the Athabasca Basin. The mineralized signature is expressed as analogous to other orebodies within the Athabasca Basin,
with localized veins (up to off-scale &gt;61,000 cps) within elevated radioactivity that extends over more than 100 meters.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: justify">Assays from the eight mineralized intersections
are expected in Q4 2024.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: justify"></P>

<P STYLE="margin: 0; font: 11pt Arial, Helvetica, Sans-Serif">NexGen further advanced critical path procurement activities for the Rook
I Project as well as front-end engineering and design (&ldquo;FEED&rdquo;) and critical path detailed engineering.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">&nbsp;</P>












<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 8pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify"><SUP>1</SUP> Note: Certain claims comprising the SW2
Property are subject to a 2% NSR royalty in favour of Advance Royalty Corporation (which can be reduced to 1% upon payment of $1.0 million)
and a 10% production carried interest in favour of Terra Ventures, Inc. (which converts to a working interest if commercial production
on the SW2 Property occurs, with the Company having the right to recoup from 75% of Terra Ventures&rsquo; proportionate share of production
10% of all costs incurred since June 30, 2005 for exploration and development, and in preparing the property for commercial production).</P>


<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 12pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 12pt 0 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 1.05pt"><B>NexGen Energy Ltd.<FONT STYLE="color: #BF8F00">&#9;</FONT></B></FONT></P><P STYLE="font: 10.5pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">Management&rsquo;s Discussion and Analysis for the three and nine months ended September 30, 2024</P><P STYLE="font: 10.5pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">(expressed in thousands of Canadian dollars, except as noted)</P></TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/107% Arial Nova Cond,sans-serif; margin: 0 0 8pt; text-align: left">&nbsp;</P>

<P STYLE="font: small-caps bold 13pt/105% Arial Nova Cond,sans-serif; margin: 12pt 0 6pt; letter-spacing: 0.5pt; text-indent: 0cm">Rook
I Project Overview</P>

<P STYLE="font: 10pt/8pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify; text-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify"><B>Permitting, Regulatory, and Engagement</B></P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 9pt 0; text-align: justify">On November 9, 2023, NexGen announced receipt of
Ministerial Environmental Assessment approval under <I>The Environmental Assessment Act </I>of Saskatchewan to proceed with the development
of the Project.</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0 0 9pt; text-align: justify">In parallel to the ongoing Provincial approvals
process, NexGen has continued to advance Federal approvals required for the Project, which include securing both Federal EA and licence
approvals from the CNSC. NexGen has implemented an integrated approach to the Federal EA and licensing processes for the Project whereby
information to support the licence application has been submitted to the CNSC in a staged manner since 2019 to ensure alignment between
the EA and licencing documentation. On September 1, 2023, the CNSC provided formal notification confirming the sufficiency of NexGen&rsquo;s
initial licence application to prepare site and construct the Project. CNSC confirmation followed a 60-day sufficiency review conducted
by CNSC staff, which confirmed completeness and compliance with all applicable CNSC requirements.</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0 0 9pt; text-align: justify">During 2023, NexGen submitted responses to the
Federal technical review comments received on the Draft Federal EIS through the Federal EA review process completed in Q4 2022. On November
14, 2023, the CNSC deemed NexGen&rsquo;s submission complete and confirmed commencement of the review of NexGen&rsquo;s responses to the
technical review comments by the Federal-Indigenous Review Team. Results of the Federal-Indigenous Review Team review were provided to
NexGen on February 12, 2024 and the Company submitted responses to the remaining comments on May 21, 2024 along with a revised Federal
EIS. The CNSC concluded their completeness check of NexGen&rsquo;s May 21, 2024 submission on June 21, 2024 and confirmed commencement
of technical review by the Federal-Indigenous Review Team.</P>

<P STYLE="font: 11pt/110% Arial Nova Cond,sans-serif; margin: 0 0 6pt; text-align: justify">The Company is continuing its longstanding
engagement with the communities within proximity of the Rook I Project, as per the study agreements entered into with the four rights-bearing
(i.e., primary) Indigenous Groups in Q4 2019 (the &ldquo;Study Agreements&rdquo;).</P>

<P STYLE="font: 11pt/107% Arial Nova Cond,sans-serif; margin: 0 0 8pt; text-align: left">The Study Agreements formalized the engagement
approaches that would support each primary Indigenous Group&rsquo;s participation in the EA process, particularly to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">develop a Joint Working Group (&ldquo;JWG&rdquo;)
structure for each Indigenous Group to support the inclusion of Indigenous Knowledge into the EA process and to facilitate regular, ongoing
engagement;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">assist in the identification of valued components
for the EA;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">explore special interest topics for each Indigenous
Group;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">support Indigenous Knowledge and Traditional Land
Use (&ldquo;IKTLU&rdquo;) Studies in various forms particular to each Indigenous Group; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">establish a Community Coordinator position in each
Indigenous Group to act as the primary contact between NexGen and the Indigenous Group.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/110% Arial Nova Cond,sans-serif; margin: 0 0 9pt; text-align: justify"><BR>
In addition, each Study Agreement committed
NexGen to providing capacity funding for the JWG engagement, retention of technical support by the Indigenous Group, and completion of
the self-directed&nbsp;IKTLU Studies. Each of the Clearwater River Dene Nation (&ldquo;CRDN&rdquo;), M&eacute;tis Nation - Saskatchewan
Northern Region 2 (&ldquo;MN-S NR2&rdquo;) and M&eacute;tis Nation - Saskatchewan (&ldquo;MN-S&rdquo;), Birch Narrows Dene Nation (&ldquo;BNDN&rdquo;),
and Buffalo River Dene Nation (&ldquo;BRDN&rdquo;) completed IKTLU Studies in support of the EA for the Project.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 1.05pt"><B>NexGen Energy Ltd.<FONT STYLE="color: #BF8F00">&#9;</FONT></B></FONT></P><P STYLE="font: 10.5pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">Management&rsquo;s Discussion and Analysis for the three and nine months ended September 30, 2024</P><P STYLE="font: 10.5pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">(expressed in thousands of Canadian dollars, except as noted)</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Arial Nova Cond,sans-serif; margin: 0 0 8pt; text-align: left">&nbsp;</P>

<P STYLE="font: 11pt/110% Arial Nova Cond,sans-serif; margin: 0 0 9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0 0 9pt; text-align: justify">Further, the Study Agreements confirmed that the
parties would negotiate impact benefit agreements or mutual benefit agreements (each, a &ldquo;Benefit Agreement&rdquo;) in good faith.
During 2021, the Company signed Benefit Agreements with each of the BNDN and the BRDN. In Q2 2022, the Company signed a Benefit Agreement
with the CRDN. During Q2 2023, the Company signed a Benefit Agreement with the MN-S NR2 and MN-S. All Indigenous communities in the Local
Priority Area have formally supported the development of the Rook I Project by NexGen.</P>

<P STYLE="font: 11pt/107% Arial Nova Cond,sans-serif; margin: 0 0 8pt; text-align: left">The Benefit Agreements cover all phases of the
Rook I Project, and have been developed to define the environmental, cultural, economic, training, employment, business opportunities,
and other benefits to be provided to the Indigenous Groups by NexGen and to confirm the consent and support of those Indigenous Groups
for the Project. These four Indigenous Groups (i.e., the CRDN, MN-S, BNDN, and BRDN) collectively represent the First Nation and M&eacute;tis
communities for which the Saskatchewan Ministry of Environment assigned procedural aspects of the Duty to Consult for the Project to NexGen,
and which have been identified by NexGen as the primary Indigenous Nations for consultation in consideration of the Federal requirements
of the CNSC.</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">NexGen has developed Environmental Committees with each
of the Indigenous Groups with signed Benefit Agreements. JWG activities with the CRDN, MN-S NR2 and MN-S, BNDN, and BRDN are now being
implemented through the respective Environmental Committees.</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 9pt 0; text-align: justify"><B>Rook I FS Technical Report</B></P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">In Q1 2021, NexGen filed an independent feasibility study
(the &ldquo;FS&rdquo; or &ldquo;Rook I FS Technical Report&rdquo;) in accordance with the National Instrument 43-101 - <I>Standards of
Disclosure for Mineral Projects</I> (&ldquo;NI 43-101&rdquo;) entitled &ldquo;Arrow Deposit, Rook I Project, Saskatchewan, Nl 43-101 Technical
Report on Feasibility Study dated March 10, 2021&rdquo;, which supports the EA processes and licence application activities. The FS also
validated the previous stage engineering and produced an operating and initial capital cost estimate meeting the requirements for a Class
3 estimate as defined by the Association for the Advancement of Cost Engineering (&ldquo;AACE&rdquo;) International. The FS is based on
an initial 10.7-year mine life; however the Company is seeking permitting and licensing approvals for a 24-year mine operating life.</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 9pt 0 0; text-align: justify">The Rook I FS Technical Report includes Mineral
Reserve and Mineral Resource estimates for the Arrow Deposit. The information contained in this MD&amp;A regarding the Rook I Project
has been derived from the Rook I FS Technical Report, is subject to certain assumptions, qualifications, and procedures described in the
Rook I FS Technical Report, and, except as noted as part of the Updated Cost Estimate above or disclosed under the headings &ldquo;Update
to Economic Assumptions in Rook I FS Technical Report&rdquo; and &ldquo;Sensitivity of NPV and IRR to Uranium Prices&rdquo; below, is
qualified in its entirety by the full text of the Rook I FS Technical Report.</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 9pt 0; text-align: justify"><B>Updated Cost Estimate</B></P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">The CAPEX in the FS was estimated at $1.3 billion, with
an average OPEX over the Life of Mine of $7.58/lb U<SUB>3</SUB>O<SUB>8</SUB>. The CAPEX in the Updated Cost Estimate reflects approximately
$310 million in direct and attributable inflationary increases since 2020 and approximately $590 million in enhancements identified through
advanced engineering and procurement since March 2021. The increase in OPEX reflects $2.65/lb U<SUB>3</SUB>O<SUB>8</SUB> in inflationary
adjustments and an additional $3.63/lb U<SUB>3</SUB>O<SUB>8</SUB> from enhancements identified through advanced engineering and procurement.</P>


<!-- Field: Page; Sequence: 9; Value: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 1.05pt"><B>NexGen Energy Ltd.<FONT STYLE="color: #BF8F00">&#9;</FONT></B></FONT></P><P STYLE="font: 10.5pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">Management&rsquo;s Discussion and Analysis for the three and nine months ended September 30, 2024</P><P STYLE="font: 10.5pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">(expressed in thousands of Canadian dollars, except as noted)</P></TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/107% Arial Nova Cond,sans-serif; margin: 0 0 8pt; text-align: left">&nbsp;</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">The mine life and production profile, including the capability
of up to 30 million pounds U<SUB>3</SUB>O<SUB>8</SUB> annually, the estimates of Mineral Resources and Mineral Reserves, and the P50 contingency
used for CAPEX all remain consistent with the FS.</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 9pt 0; text-align: justify"><B>Sensitivity of NPV and IRR to Uranium Prices</B></P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0 0 6pt; text-align: justify">The sensitivity of the economic model in the FS
to the price of uranium is shown below:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="background-color: White; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 11pt"><B>Feasibility Study (2020 Dollars)</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 11pt"><B>Updated Cost Estimate (2023 Dollars)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 10%; border-left: Black 1.5pt solid; border-bottom: Black 1pt solid; border-right: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 11pt">Uranium Price (US$/lb)</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0; text-align: center">Average Annual Free Cash Flow (Y1-5)</P>
    <P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0; text-align: center">(C$ billion)</P></TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0; text-align: center">Payback Period</P>
    <P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0; text-align: center">(Years)</P></TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0; text-align: center">Internal Rate of Return (&ldquo;IRR&rdquo;)</P>
    <P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0; text-align: center">(%)</P></TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; border-right: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 11pt">Net Present Value (&ldquo;NPV&rdquo;) (C$ billion)</FONT></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0; text-align: center">Average Annual Free Cash Flow</P>
    <P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0; text-align: center">(Y1-5)</P>
    <P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0; text-align: center">(C$ billion)</P></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 11pt">Payback <BR>
Period (Years)</FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0; text-align: center">Internal Rate of Return (&ldquo;IRR&rdquo;)</P>
    <P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0; text-align: center">(%)</P></TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; border-right: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0; text-align: center">Net Present Value (&ldquo;NPV&rdquo;)</P>
    <P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0; text-align: center">(C$ billion)</P></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 11pt">$150</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 11pt">3.19</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 11pt">0.4</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 11pt">101.8</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 11pt">12.80</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 11pt">3.13</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 11pt">0.7</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 11pt">61</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 11pt">11.52</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 11pt">$100</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 11pt">2.11</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 11pt">0.6</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 11pt">81.6</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 11pt">8.13</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 11pt">2.04</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 11pt">1.0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 11pt">46.9</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 11pt">6.79</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 11pt">$95</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 11pt">2.01</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 11pt">0.6</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 11pt">79.2</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 11pt">7.67</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 11pt">1.93</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 11pt">1.0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 11pt">45.2</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 11pt">6.32</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 11pt">$80</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 11pt">1.68</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 11pt">0.7</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 11pt">71.5</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 11pt">6.27</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 11pt">1.61</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 11pt">1.2</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 11pt">39.6</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 11pt">4.89</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 11pt">$50</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 11pt">1.04</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 11pt">0.9</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 11pt">52.4</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 11pt">3.47</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 11pt">0.97</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 11pt">2.0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 11pt">25.2</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 11pt">2.10</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial Nova Cond,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><SUP>(1)</SUP></TD><TD STYLE="text-align: justify">The FS Base Case uses a discount rate of 8%. Free Cash Flow represents the after-tax net cash flow from
the Project, determined in accordance with the FS.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial Nova Cond,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><SUP>(2)</SUP></TD><TD STYLE="text-align: justify">The Updated Cost Estimate reflects an internal Company assessment of currently expected CAPEX and OPEX,
as well as other Project costs, including estimated sustaining capital, royalties, and taxes.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial Nova Cond,sans-serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><SUP>(3)</SUP></TD><TD STYLE="text-align: justify">As noted in the FS, NPV, and IRR are most sensitive to metal prices, grade, metal recovery, and exchange
rates. To demonstrate the sensitivities of NPV and IRR to uranium prices, alternatives to the uranium price assumption of US$50/lb U<SUB>3</SUB>O<SUB>8</SUB>
used in the FS Base Case are shown for illustrative purposes. Readers are cautioned that such information may not be appropriate for other
purposes, including an assessment of expected Project economics. Such illustrative prices were chosen to approximate long-term and various
spot price assumptions but are not forecasts of expected uranium prices or prices at which uranium produced from the Project can be sold.</TD></TR></TABLE>

<P STYLE="font: small-caps bold 13pt/105% Arial Nova Cond,sans-serif; margin: 12pt 0 6pt; letter-spacing: 0.5pt; text-indent: 0cm">Operations
Outlook</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0 0 6pt; text-align: justify">The Company intends to continue to develop the
Rook I Project by advancing the engineering and field investigation work required to increase the certainty of costs and Project timelines
in preparation for regulatory approvals, and to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">transition various aspects of the Project from FEED
to detailed engineering; and </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">conduct site confirmation and process plant optimization
studies to support engineering programs.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/107% Arial Nova Cond,sans-serif; margin: 0 0 0 18pt; text-align: justify; text-indent: 0cm">&nbsp;</P>

<P STYLE="font: 11pt/107% Arial Nova Cond,sans-serif; margin: 0 0 8pt; text-align: justify; text-indent: 0cm">Specifically, throughout
2024, the Company will continue to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">advance the project financing and offtake negotiations
in advance of final Federal EA approval;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">advance the final Federal EA and licensing activities
required to obtain a Uranium Mine and Mill Licence from the CNSC following the establishment of a Federal Commission Hearing Date; and
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">engage with Provincial and Federal regulators and
communities.</FONT></TD></TR></TABLE>

<P STYLE="font: small-caps bold 13pt/105% Arial Nova Cond,sans-serif; margin: 12pt 0 6pt; letter-spacing: 0.5pt; text-indent: 0cm">Health,
Safety, and Environment</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0 0 9pt; text-align: justify">NexGen places the health and safety of its people
as the highest priority in the form of a zero-harm culture and is committed to sustainable development in a safe and responsible manner.
NexGen recognizes that the long-term sustainability of its business is dependent upon elite stewardship in the protection of its people,
the environment, and the careful management of the exploration, development, and extraction of mineral resources.</P>


<!-- Field: Page; Sequence: 10; Value: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 1.05pt"><B>NexGen Energy Ltd.<FONT STYLE="color: #BF8F00">&#9;</FONT></B></FONT></P><P STYLE="font: 10.5pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">Management&rsquo;s Discussion and Analysis for the three and nine months ended September 30, 2024</P><P STYLE="font: 10.5pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">(expressed in thousands of Canadian dollars, except as noted)</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Arial Nova Cond,sans-serif; margin: 0 0 8pt; text-align: left">&nbsp;</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0 0 9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">Management is focused on optimizing its strong culture
of safety, which includes equipping people with the tools, training, and mindset to result in constant safety awareness. NexGen operates
a zero-harm workplace, while also recognizing the need for emergency preparedness. The Company has a site-specific emergency response
plan and conducts periodic exercises followed by critical analysis that evaluates the response and recommends improvements. This plan
is reviewed at least annually. NexGen takes a proactive and long-term approach to risk management that supports investment in the practices
needed to be successful and meet commitments.</P>

<P STYLE="font: small-caps bold 13pt/105% Arial Nova Cond,sans-serif; margin: 12pt 0 6pt; letter-spacing: 0.5pt; text-indent: 0cm">Financial
Results</P>

<P STYLE="font: 11pt/105% Arial Nova Cond,sans-serif; margin: 0 0 6pt; text-align: justify"><B>Financial results for the three and nine
months ended September 30, 2024 and 2023 (Unaudited)</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="background-color: White; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Arial Nova Cond,sans-serif; margin: 0 10pt 0 0; text-align: right"><B>Three months ended </B></P>
    <P STYLE="font: 10pt Arial Nova Cond,sans-serif; margin: 0 10pt 0 0; text-align: right"><B>September 30, 2024</B></P></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Arial Nova Cond,sans-serif; margin: 0 6.45pt 0 0; text-align: right">Three months ended</P>
    <P STYLE="font: 10pt Arial Nova Cond,sans-serif; margin: 0 6.45pt 0 0; text-align: right">September 30, 2023</P></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Arial Nova Cond,sans-serif; margin: 0 9.35pt 0 21.9pt; text-align: right; text-indent: -7.05pt"><B>Nine months ended
    </B></P>
    <P STYLE="font: 10pt Arial Nova Cond,sans-serif; margin: 0 9.35pt 0 0.65pt; text-align: right"><B>September 30, 2024</B></P></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Arial Nova Cond,sans-serif; margin: 0 5.8pt 0 11.9pt; text-align: right">Nine months ended</P>
    <P STYLE="font: 10pt Arial Nova Cond,sans-serif; margin: 0 5.8pt 0 4.8pt; text-align: right">September 30, 2023</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 47%; text-align: left"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Salaries, benefits, and directors&rsquo; fees</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-right: 1.6pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>&nbsp;2,363 </B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">$</FONT></TD>
    <TD STYLE="width: 12%; padding-right: 5.8pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">2,185</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 13%; padding-right: 9.35pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>&nbsp;7,732</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-right: -0.05pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">$</FONT></TD>
    <TD STYLE="width: 12%; padding-right: 5.8pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">7,204</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Office, administrative, and travel</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>&nbsp;4,540 </B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.8pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">4,406</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 9.35pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>14,305 </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: -0.05pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.8pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">10,012</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Professional fees and insurance</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>&nbsp;2,993 </B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.8pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">6,661</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 9.35pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>&nbsp;9,805 </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: -0.05pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.8pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">12,631</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Depreciation</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>&nbsp;580 </B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.8pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">483</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 9.35pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>&nbsp;1,660 </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: -0.05pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.8pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">1,308</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Share-based payments</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>&nbsp;8,236 </B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.8pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">10,901</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 9.35pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>&nbsp;20,320 </B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: -0.05pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.8pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">23,074</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.6pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>(18,712) </B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">$</FONT></TD>
    <TD STYLE="padding-right: 5.8pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">(24,636)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 9.35pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>(53,822) </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: -0.05pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">$</FONT></TD>
    <TD STYLE="padding-right: 5.8pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">(54,229)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Finance income</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>&nbsp;6,277 </B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.8pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">1,103</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 9.35pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>&nbsp;15,705 </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: -0.05pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.8pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">3,706</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Mark-to-market gain (loss) on convertible debentures</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>&nbsp;32,867 </B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.8pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">(39,619)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 9.35pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>&nbsp;46,299</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: -0.05pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.8pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">(38,495)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Interest expense on convertible debentures</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>(11,295) </B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.8pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">(991)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 9.35pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>(20,726) </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: -0.05pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.8pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">(2,369)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Interest on lease liabilities</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>(25) </B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.8pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">(37)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 9.35pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>(89) </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: -0.05pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.8pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">(121)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Share of net income (loss) from associate</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>1,359</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.8pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">-</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 9.35pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>(2,158)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: -0.05pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.8pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Gain (loss) on dilution of ownership interest in associate</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>(256)</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.8pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">-</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 9.35pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>(101)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: -0.05pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.8pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Loss on disposal of assets</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.8pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">(12)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 9.35pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: -0.05pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.8pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">(12)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Foreign exchange gain (loss)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>(474) </B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.8pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">680</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 9.35pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>323</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: -0.05pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.8pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">145</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Other expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>- </B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.8pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">-</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 9.35pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>(159) </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: -0.05pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.8pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>Income (loss) before taxes </B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; padding-right: 1.6pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>9,741</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">$</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.8pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">(63,512)</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; padding-right: 9.35pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>(14,728) </B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; padding-right: -0.05pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">$</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.8pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">(91,375)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Deferred income tax recovery</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>&nbsp;511 </B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6.45pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">316</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 9.35pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>&nbsp;3,556 </B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: -0.05pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.8pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">1,574</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>Net income (loss)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.6pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>&nbsp;10,252 </B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">$</FONT></TD>
    <TD STYLE="padding-right: 6.45pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">(63,196)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 9.35pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>(11,172) </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: -0.05pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">$</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.8pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">(89,801)</FONT></TD></TR>
  <TR>
    <TD>
    <P STYLE="font: 10pt Arial Nova Cond,sans-serif; margin: 0; text-align: left">Basic earnings (loss) per share attributable to</P>
    <P STYLE="font: 10pt Arial Nova Cond,sans-serif; margin: 0; text-align: left">NexGen shareholders</P></TD>
    <TD STYLE="padding-right: 1.6pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>0.02</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">$</FONT></TD>
    <TD STYLE="padding-right: 6.45pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">(0.11)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 9.35pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>(0.02)</B></FONT></TD>
    <TD STYLE="padding-right: -0.05pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">$</FONT></TD>
    <TD STYLE="padding-right: 5.8pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">(0.16)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Diluted loss per share attributable to NexGen shareholders</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.6pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>(0.02)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6.45pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">(0.11)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 9.35pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>(0.02)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: -0.05pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.8pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">(0.16)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/105% Arial Nova Cond,sans-serif; margin: 12pt 0 6pt; text-align: justify"><B><BR></B></P>

<P STYLE="font: 11pt/105% Arial Nova Cond,sans-serif; margin: 12pt 0 6pt; text-align: justify"><B>Three months ended September 30, 2024
versus three months ended September 30, 2023</B></P>

<P STYLE="font: 11pt/105% Arial Nova Cond,sans-serif; margin: 0 0 4pt; text-align: justify">During the three months ended September 30,
2024 (the &ldquo;Current Quarter&rdquo;), NexGen recorded net income of $10.3 million or $0.02 basic earnings per share attributable to
NexGen shareholders compared to the three months ended September 30, 2023 (the &ldquo;Comparative Quarter&rdquo;) with a net loss of $63.2
million or $0.11 loss per share attributable to NexGen shareholders, representing an increase in net income of $73.5 million quarter over
quarter. The result was primarily due to the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>Non-cash</B> mark-to-market gains and losses
result from the fair value re-measurement of convertible debentures at each reporting date, with any changes in the fair value being recognized
in the net income (loss) and comprehensive income (loss) for the period. The mark-to-market gain (loss) on convertible debentures increased
by $72.5 million from a mark-to-market loss of $39.6 million in the Comparative Quarter to a mark-to-market gain of $32.9 million in the
Current Quarter. The increase is due to an increase in the principal amount of outstanding convertible debentures from US$120 million
in the Comparative Quarter to US$360 million in the Current Quarter, a decrease in the Company&rsquo;s share price during the Current
Quarter compared to an increase in the Company&rsquo;s share price in the Comparative Quarter, and the mark-to-market loss realized on
share conversion of US$15 million convertible debentures issued in 2020 in the Comparative Quarter.</FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 11; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 1.05pt"><B>NexGen Energy Ltd.<FONT STYLE="color: #BF8F00">&#9;</FONT></B></FONT></P><P STYLE="font: 10.5pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">Management&rsquo;s Discussion and Analysis for the three and nine months ended September 30, 2024</P><P STYLE="font: 10.5pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">(expressed in thousands of Canadian dollars, except as noted)</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Arial Nova Cond,sans-serif; margin: 0 0 8pt; text-align: left">&nbsp;</P>

<P STYLE="font: 11pt/107% Arial Nova Cond,sans-serif; margin: 0 0 6pt 21.3pt; text-align: justify; text-indent: 0cm">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Interest expense on convertible debentures increased
by $10.3 million from $1.0 million in the Comparative Quarter to $11.3 million in the Current Quarter. The increase is primarily due to
increases in the principal amount of outstanding convertible debentures, from US$120 million as at September 30, 2023 to US$360 million
as at September 30, 2024.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Salaries, benefits, and directors&rsquo; fees in
the Current Quarter of $2.4 million are in line with the Comparative Quarter of $2.2 million. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Office, administrative, and travel costs of $4.5
million in the Current Quarter are in line with the Comparative Quarter of $4.4.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Professional fees and insurance decreased by $3.7
million from $6.7 million in the Comparative Quarter to $3.0 million in the Current Quarter primarily due to professional fees incurred
as a result of the issuance of the 2023 Debentures (as defined below) and conversion of US$15 million convertible debentures issued in
2020 in the Comparative Quarter.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>Non-cash</B> share-based payments decreased by
$2.7 million from $10.9 million during the Comparative Quarter to $8.2 million in the Current Quarter. The decrease is primarily due the
timing of stock option vesting and granting during the Current Quarter compared to the Comparative Quarter and the deconsolidation of
IsoEnergy.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">The <B>non-cash</B> share of net income (loss) from
associate of $1.4 million is due to the recognition of the Company&rsquo;s share of IsoEnergy&rsquo;s income for the Current Quarter as
a result of the deconsolidation of IsoEnergy completed in the fourth quarter of 2023, and the subsequent equity method of accounting for
the Company&rsquo;s investment in IsoEnergy.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>Non-cash</B> deferred income tax recovery increased
by $0.2 million from $0.3 million in the Comparative Quarter to $0.5 million in the Current Quarter due to the tax impact of changes in
the fair value of the Debentures attributable to changes in credit risk. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Finance income increased by $5.2 million due to
an increase in the average cash balance during the Current Quarter resulting in increased cash balance of $537.8 million as at September
30, 2024 compared to $370.4 million as at September 30, 2023.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Arial Nova Cond,sans-serif; margin: 12pt 0 6pt; text-align: justify"><B>Nine months ended September 30, 2024
versus nine months ended September 30, 2023</B></P>

<P STYLE="font: 11pt/107% Arial Nova Cond,sans-serif; margin: 0 0 8pt; text-align: justify">During the nine months ended September 30,
2024 (the &ldquo;Current Period&rdquo;), NexGen recorded a net loss of $11.2 million or $0.02 basic loss per share attributable to NexGen
shareholders compared to the nine months ended September 30, 2023 (the &ldquo;Comparative Period&rdquo;) with a net loss of $89.8 million
or $0.16 basic loss per share attributable to NexGen shareholders, representing a decrease in net loss of $78.6 million period over period.
The decrease in net loss was primarily due to the following:</P>


<!-- Field: Page; Sequence: 12; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 1.05pt"><B>NexGen Energy Ltd.<FONT STYLE="color: #BF8F00">&#9;</FONT></B></FONT></P><P STYLE="font: 10.5pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">Management&rsquo;s Discussion and Analysis for the three and nine months ended September 30, 2024</P><P STYLE="font: 10.5pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">(expressed in thousands of Canadian dollars, except as noted)</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Arial Nova Cond,sans-serif; margin: 0 0 8pt; text-align: left">&nbsp;</P>

<P STYLE="font: 11pt/107% Arial Nova Cond,sans-serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>Non-cash</B> mark-to-market gains and losses
result from the fair value re-measurement of convertible debentures at each reporting date, with any changes in the fair value being recognized
in the net income (loss) and comprehensive income (loss) for the period. The mark-to-market gain (loss) on convertible debentures increased
by $84.8 million from a loss of $38.5 million in the Comparative Period to a gain of $46.3 million in the Current Period. The increase
is due to an increase in the principal amount of the outstanding convertible debentures from US$120 million in the Comparative Period
to US$360 million in the Current Period, a decrease in the Company&rsquo;s share price during the Current Period and a larger decrease
in the Company&rsquo;s share price between the 2024 Debentures issuance date and the closing share price at the end of the Current Period
compared to an increase in the Company&rsquo;s share price in the Comparative Period, and the mark-to-market loss realized on share conversion
of the US$15 million convertible debentures issued in 2020 in the Comparative Period.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">The interest expense on convertible debentures increased
by $18.3 million from $2.4 million in the Comparative Period to $20.7 million in the Current Period. The increase is primarily due to
an increase in the principal amount of outstanding convertible debentures, from US$120 million as at September 30, 2023 to US$360 million
as at September 30, 2024.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Salaries, benefits, and directors&rsquo; fees increased
by $0.5 million from $7.2 million in the Comparative Period to $7.7 million in the Current Period primarily due to an increase in the
number of employees in line with increased operations, including the appointment of key personnel to the Company&rsquo;s management team, offset by the impact of the deconsolidation
of IsoEnergy. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Office, administrative, and travel costs increased
by $4.3 million from $10.0 million in the Comparative Period to $14.3 million in the Current Period. The increase is primarily related
to additional travel, community partnerships, and an overall increase in costs consistent with the expansion of operations. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Professional fees and insurance decreased by $2.8
million from $12.6 million in the Comparative Period to $9.8 million in the Current Period primarily due to professional fees incurred
as a result of the issuance of the 2023 Debentures and conversion of the US$15 million convertible debentures issued in 2020 in the Comparative
Period and the impact of the deconsolidation of IsoEnergy. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>Non-cash</B> share-based payments decreased from
$23.1 million in the Comparative Period to $20.3 million in the Current Period. The decrease is primarily due the timing of stock option
vesting and granting during the Current Period compared to the Comparative Period and the deconsolidation of IsoEnergy.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">The <B>non-cash</B> share of net loss from associate
of $2.2 million is due to the recognition of the Company&rsquo;s share of IsoEnergy&rsquo;s loss for the Current Period as a result of
the deconsolidation of IsoEnergy completed in the fourth quarter of 2023, and the subsequent equity method of accounting for the Company&rsquo;s
investment in IsoEnergy .</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>Non-cash</B> deferred income tax recovery increased
by $2.0 million from $1.6 million in the Comparative Period to $3.6 million in the Current Period due to the tax impact of changes in
the fair value of the Debentures attributable to changes in credit risk. </FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 13; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 1.05pt"><B>NexGen Energy Ltd.<FONT STYLE="color: #BF8F00">&#9;</FONT></B></FONT></P><P STYLE="font: 10.5pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">Management&rsquo;s Discussion and Analysis for the three and nine months ended September 30, 2024</P><P STYLE="font: 10.5pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">(expressed in thousands of Canadian dollars, except as noted)</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Arial Nova Cond,sans-serif; margin: 0 0 8pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Finance income increased by $12.0 million due to
an increase in the average cash balance during the Current Period resulting in increased cash balance of $537.8 million as at September
30, 2024 compared to $370.4 million as at September 30, 2023, together with higher interest rates.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 12pt/105% Arial Nova Cond,sans-serif; margin: 12pt 0 6pt; letter-spacing: 0.05pt">Financial Position Summary</P>

<P STYLE="font: 11pt/105% Arial Nova Cond,sans-serif; margin: 0; text-align: justify"><B>Statement of financial position summary as at
September 30, 2024, December 31, 2023 and January 1, 2023 (Unaudited)</B></P>

<P STYLE="font: 5pt/105% Arial Nova Cond,sans-serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="background-color: White; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 7.25pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>September 30, <BR>
2024</B></FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 14.1pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>December 31, <BR>
2023</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 7.05pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>January 1, <BR>
2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.5pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><I>Restated<SUP>(1)</SUP></I></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 7.2pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><I>Restated<SUP>(1)</SUP></I></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>Current assets</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-indent: 30.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: 30.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Cash </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 7.25pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>537,766</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 4.5pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt">290,743</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt">$</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 7.2pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt">134,447</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Marketable securities</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 7.25pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 4.5pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 7.2pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt">5,775</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Amounts receivable</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 7.25pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>1,238</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 4.5pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt">1,940</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 7.2pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt">1,801</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Prepaid expenses and other assets</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 7.25pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>5,197</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 4.5pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt">13,770</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 7.2pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt">2,165</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Lease receivable</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 7.25pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>512</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 4.5pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt">512</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 7.2pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 7.25pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>544,713</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 4.5pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>306,965</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 7.2pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>144,188</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>Non-current assets</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 7.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 7.2pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Exploration and evaluation assets</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 7.25pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>549,296</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 4.5pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt">451,356</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 7.2pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt">405,248</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Property and equipment</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 7.25pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>5,859</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 4.5pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt">5,404</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 7.2pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt">5,048</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Investment in associate</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 7.25pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>239,436</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 4.5pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt">240,116</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 7.2pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Deposits</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 7.25pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>82</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 4.5pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt">82</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 7.2pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt">76</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Strategic inventory</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 7.25pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>341,150</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 4.5pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 7.2pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Lease receivable</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 7.25pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>3,118</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 4.5pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt">3,502</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 7.2pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>Total assets</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 7.25pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>1,683,654</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 4.5pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>1,007,425</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 7.2pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>554,560</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 7.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 7.2pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 7.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 4.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 7.2pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Accounts payable and accrued liabilities </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 7.25pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>37,660</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 4.5pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt">26,986</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt">$</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 7.2pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt">13,723</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Lease liabilities </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 7.25pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>990</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 4.5pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt">926</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 7.2pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt">775</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Flow-through share premium liability</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 7.25pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 4.5pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 7.2pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt">2,069</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Convertible debentures</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 7.25pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>429,924</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 4.5pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt">158,478</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 7.2pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt">80,021</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; padding-right: 7.25pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>468,574</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; padding-right: 4.5pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>186,390</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-top: Black 1pt solid; padding-right: 7.2pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>96,588</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 7.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 7.2pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Long-term lease liabilities </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 7.25pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>266</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 4.5pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt">1,016</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 7.2pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt">1,688</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Deferred income tax liabilities</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 7.25pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 4.5pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 7.2pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt">867</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 7.25pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>468,840</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4.5pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>187,406</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 7.2pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>99,143</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 7.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 4.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 7.2pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>Total equity</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 7.25pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>1,214,814</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4.5pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>820,019</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 7.2pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>455,417</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>Total liabilities and equity</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 7.25pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>1,683,654</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 4.5pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>1,007,425</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 7.2pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 9pt"><B>554,560</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 42%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial Nova Cond,sans-serif; margin: 0 0 9pt; text-align: justify"><SUP>(1) </SUP><FONT STYLE="font-size: 9pt">Restated
- refer to Note 3(d) of the Interim Statements.</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 1.05pt"><B>NexGen Energy Ltd.<FONT STYLE="color: #BF8F00">&#9;</FONT></B></FONT></P><P STYLE="font: 10.5pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">Management&rsquo;s Discussion and Analysis for the three and nine months ended September 30, 2024</P><P STYLE="font: 10.5pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">(expressed in thousands of Canadian dollars, except as noted)</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/107% Arial Nova Cond,sans-serif; margin: 0 0 8pt; text-align: left"><FONT STYLE="letter-spacing: 0.05pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 12pt/105% Arial Nova Cond,sans-serif; margin: 0 0 6pt; letter-spacing: 0.05pt">Liquidity and Capital Resources</P>

<P STYLE="font: 11pt/14pt Arial Nova Cond,sans-serif; margin: 6pt 0 0; text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>Debentures</B></FONT></P>

<P STYLE="font: 11pt/14pt Arial Nova Cond,sans-serif; margin: 6pt 0 0; text-align: justify">On September 22, 2023, NexGen announced the
closing of a private placement (the &ldquo;2023 Private Placement&rdquo;) of US$110 million in aggregate principal amount of 9.0% unsecured
convertible debentures (the &ldquo;2023 Debentures&rdquo;) with Queen&rsquo;s Road Capital Investment Ltd. (&ldquo;QRC&rdquo;) and Washington
H Soul Pattinson and Company Limited (&ldquo;WHSP&rdquo;). The Company holds sufficient US dollars to make all cash interest payments
due under the 2023 Debentures for the next twenty four months.</P>

<P STYLE="font: 11pt/14pt Arial Nova Cond,sans-serif; margin: 6pt 0 0; text-align: justify">On May 28, 2024, NexGen issued US$250 million
in aggregate principal amount of 2024 Debentures as consideration for the Acquisition. The Company holds sufficient US dollars to make
all cash interest payments due under the 2024 Debentures for the next twenty four months.</P>

<P STYLE="font: 11pt/14pt Arial Nova Cond,sans-serif; margin: 6pt 0 0; text-align: justify">Effective retrospectively for 2024 reporting
periods, the balance of principal outstanding for the 2023 Debentures is classified as a current liability in accordance with the amendments
to IAS 1, effective January 1, 2024.</P>

<P STYLE="font: 11pt/14pt Arial Nova Cond,sans-serif; margin: 6pt 0 0; text-align: justify"><B>ATM Program</B></P>

<P STYLE="font: 11pt/14pt Arial Nova Cond,sans-serif; margin: 6pt 0 0; text-align: justify">On January 6, 2023, NexGen established an
at-the-market equity program (the &ldquo;ATM Program&rdquo;) pursuant to the terms of an equity distribution agreement dated January 6,
2023 (the &ldquo;January Sales Agreement&rdquo;) among the Company, Virtu Canada Corp. (formerly ITG Canada Corp.), as Canadian agent,
and Virtu Americas, LLC, as U.S. agent (together, the &ldquo;Agents&rdquo;), which allowed it to issue up to $250 million of Shares to
the public, from time to time, at its discretion, on the TSX and/or the NYSE, and/or any other marketplace for the Shares in Canada or
the United States or as otherwise agreed between the Agents and NexGen. The ATM Program is designed to provide NexGen with additional
financing flexibility which may be used in conjunction with other funding sources.</P>

<P STYLE="font: 11pt/14pt Arial Nova Cond,sans-serif; margin: 6pt 0 0; text-align: justify">On December 11, 2023, NexGen announced that
it updated its ATM Program in accordance with the terms and conditions of an equity distribution agreement dated December 11, 2023 (the
&ldquo;December Sales Agreement&rdquo;) among NexGen and the Agents, which allowed it to issue up to $500 million of Shares to the public,
from time to time, at its discretion, on the TSX and/or the NYSE, and/or any other marketplace for the Shares in Canada or the United
States or as otherwise agreed between the Agents and NexGen. The December Sales Agreement will be effective until the earlier of the sale
of all of the Shares issuable pursuant to the ATM Program and December 11, 2025, unless terminated prior to such date. Concurrent with
entering into the December Sales Agreement, the January Sales Agreement was terminated.</P>

<P STYLE="font: 11pt/105% Arial Nova Cond,sans-serif; margin: 6pt 0; text-align: justify">Since the December Sales Agreement, 13,000,800
Shares have been issued at a weighted average price of $10.38 per Share.</P>

<P STYLE="font: 11pt/14pt Arial Nova Cond,sans-serif; margin: 6pt 0 0; text-align: justify"><FONT STYLE="letter-spacing: 0.05pt">Concurrent
with and to facilitate the ASX Offering, the Company amended the December Sales Agreement to reduce the aggregate value of Shares that
may be issued under the ATM Program from up to $500 million to up to approximately $276 million. As a result of such amendment, and taking
into account the 13,000,800 Shares sold to up to the date of such amendment, the maximum amount currently available under the ATM Program
is approximately $141 million.</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 1.05pt"><B>NexGen Energy Ltd.<FONT STYLE="color: #BF8F00">&#9;</FONT></B></FONT></P><P STYLE="font: 10.5pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">Management&rsquo;s Discussion and Analysis for the three and nine months ended September 30, 2024</P><P STYLE="font: 10.5pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">(expressed in thousands of Canadian dollars, except as noted)</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Arial Nova Cond,sans-serif; margin: 0 0 8pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/105% Arial Nova Cond,sans-serif; margin: 12pt 0 0; text-align: justify"><B>2024 Australian Equity Financing</B></P>

<P STYLE="font: 11pt/14pt Arial Nova Cond,sans-serif; margin: 6pt 0 0; text-align: justify"><FONT STYLE="letter-spacing: 0.05pt">On May
14, 2024, the Company closed the ASX Offering pursuant to the Placement Agreement with a lead manager and bookrunner in Australia resulting
in the issuance of 20,161,290 Shares at a price of $11.11 per Share for aggregate gross proceeds of approximately $224 million with settlement
occurring through newly listed CDIs on the ASX.</FONT></P>

<P STYLE="font: 11pt/105% Arial Nova Cond,sans-serif; margin: 12pt 0 0; text-align: justify"><B>Working Capital and Change in Cash Position</B></P>

<P STYLE="font: 11pt/105% Arial Nova Cond,sans-serif; margin: 6pt 0; text-align: justify">NexGen had a working capital surplus of $76.1
million, including the 2023 and 2024 Debentures (together, the &ldquo;Debentures&rdquo;), as at September 30, 2024 (December 31, 2023
- $120.6 million, January 1, 2023 - $47.6 million, restated - refer to Note 3(d) of the Interim Statements) and $537.8 million of cash
on hand as at September 30, 2024 (December 31, 2023 - $290.7 million, January 1, 2023 - $134.4 million, restated - refer to Note 3(d)
of the Interim Statements). The Company currently has sufficient cash to fund its current operating and administration costs for at least
15 months. In addition, the Company held 2.7 M lbs of U<SUB>3</SUB>O<SUB>8</SUB> at a cost of $341.2 million as at September 30, 2024
(December 31, 2023 - nil). Excluding the Debentures from working capital, and including the strategic inventory of 2.7 M lbs of U<SUB>3</SUB>O<SUB>8</SUB>,
the Company had an adjusted working capital surplus of $847.2 million. Adjusted working capital is a financial measure used by management
to monitor the Company&rsquo;s liquidity and ability to fund its operations. Management believes that providing such information to securities
analysts, investors, and other interested parties who frequently use non-IFRS measures such as working capital and adjusted working capital
in the evaluation of issuers will allow them to better compare NexGen&rsquo;s liquidity and capital resources against others in its industry
on a period-by-period basis.</P>

<P STYLE="font: 11pt/105% Arial Nova Cond,sans-serif; margin: 0 0 6pt; text-align: justify">The decrease in working capital of $44.5 million
from December 31, 2023 to September 30, 2024 was primarily attributable to the issuance of the 2024 Debentures and expenditures incurred
to advance the Rook I Project together with the funding of operational and administration costs, offset by proceeds raised from the ATM
Program, ASX Offering, and stock option exercises.</P>

<P STYLE="font: 11pt/105% Arial Nova Cond,sans-serif; margin: 0 0 6pt; text-align: justify">The net change in cash position at September
30, 2024 from June 30, 2024 was a decrease of $34.6 million, attributable to the following components of the statement of cash flows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Operating activities had an outflow of $2.8 million
in the Current Quarter, due primarily to the payment of general and administrative expenses such as office and administrative costs, professional
fees, and salaries offset by finance income (Comparative Quarter - outflow of $7.3 million). </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Investing activities used $32.0 million in the Current
Quarter, associated primarily with the development of the Rook I Project (Comparative Quarter - outflow of $28.3 million). </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Financing activities had an inflow of $1.1 million
in the Current Quarter (Comparative Quarter - inflow of $305.3 million) primarily due to the stock option exercises of $1.9 million. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0 0 6pt; text-align: justify">The net change in cash position at September 30,
2024 from December 31, 2023 was an increase of $247.0 million, attributable to the following components of the statement of cash flows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Operating activities used $14.6 million in the Current
Period, associated primarily with general and administrative expenses such as office and administrative costs, professional fees, and
salaries offset by finance income (Comparative Period - outflow of $30.0 million). </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Investing activities used $92.7 million in the Current
Period, associated primarily with the development of the Rook I Project (Comparative Period - outflow of $76.0 million).<BR STYLE="clear: both">
</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Page; Sequence: 16; Value: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 1.05pt"><B>NexGen Energy Ltd.<FONT STYLE="color: #BF8F00">&#9;</FONT></B></FONT></P><P STYLE="font: 10.5pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">Management&rsquo;s Discussion and Analysis for the three and nine months ended September 30, 2024</P><P STYLE="font: 10.5pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">(expressed in thousands of Canadian dollars, except as noted)</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Financing activities had an inflow of $354.3 million
in the Current Period (Comparative Period - inflow of $342.1 million) primarily due to net proceeds from the ATM program of $130.2 million,
net proceeds from the ASX Offering of $215.8 million, and proceeds from option exercises of $13.6 million, offset by interest paid on
the Debentures of $4.5 million.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 12pt/105% Arial Nova Cond,sans-serif; margin: 10pt 0; letter-spacing: 0.05pt">Capital Management</P>

<P STYLE="font: 11pt/105% Arial Nova Cond,sans-serif; margin: 6pt 0; text-align: justify">The Company manages its capital structure, and
adjusts it, based on the funds available to the Company, to support the acquisition, exploration and evaluation of assets. To effectively
manage the entity&rsquo;s capital requirements, the Company has in place a planning, budgeting and forecasting process to help determine
the funds required to ensure the Company has the appropriate liquidity to meet its operating and growth objectives. In the management
of capital, the Company considers all components of equity and debt, net of cash, and is dependent on third-party financing, whether through
debt, equity, or other means.</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 6pt 0; text-align: justify">The properties in which the Company currently has
an interest are in the exploration and development stage. As such, the Company has historically relied on the equity markets and convertible
debentures to fund its activities and will continue to require significant additional financing to fund its operations, including continuing
with currently contemplated exploration and development activities. The Company will continue to assess new properties and seek to acquire
an interest in additional properties if it determines that there is sufficient geologic or economic potential and if it has adequate financial
resources to do so.</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 6pt 0 0; text-align: justify">The Company is not subject to externally imposed
capital requirements. There were no changes in the Company&rsquo;s approach to capital management during the period ended September 30,
2024.</P>

<P STYLE="font: bold 12pt/105% Arial Nova Cond,sans-serif; margin: 12pt 0 6pt; letter-spacing: 0.05pt">Contractual Obligations and Commitments</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0 0 9pt; text-align: justify">The Company&rsquo;s significant undiscounted commitments
at September 30, 2024 are as follows (the convertible debentures are classified as a current liability due to the adoption of amendments
to IAS 1, however there is no obligation to cash settle these in the next twelve months).</P>

<P STYLE="font: 11pt/105% Arial Nova Cond,sans-serif; margin: 0; text-align: justify"><B>Significant Undiscounted Obligations and Commitments
as at September 30, 2024</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="background-color: White; border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 2pt solid; font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-top: Black 2pt solid; font: 10pt Arial Nova Cond,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 2pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial Nova Cond,sans-serif; margin: 0; text-align: right"><B>Less than </B></P> <P STYLE="font: 10pt Arial Nova Cond,sans-serif; margin: 0; text-align: right"><B>1 year</B></P></TD><TD STYLE="border-top: Black 2pt solid; font: 10pt Arial Nova Cond,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 2pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial Nova Cond,sans-serif; margin: 0; text-align: right"><B>1 to 3 </B></P> <P STYLE="font: 10pt Arial Nova Cond,sans-serif; margin: 0; text-align: right"><B>years</B></P></TD><TD STYLE="border-top: Black 2pt solid; font: 10pt Arial Nova Cond,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 2pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial Nova Cond,sans-serif; margin: 0; text-align: right"><B>4 to 5</B></P> <P STYLE="font: 10pt Arial Nova Cond,sans-serif; margin: 0; text-align: right"><B>years</B></P></TD><TD STYLE="border-top: Black 2pt solid; font: 10pt Arial Nova Cond,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 2pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial Nova Cond,sans-serif; margin: 0; text-align: right"><B>Over 5</B></P> <P STYLE="font: 10pt Arial Nova Cond,sans-serif; margin: 0; text-align: right"><B>years</B></P></TD><TD STYLE="border-top: Black 2pt solid; font: 10pt Arial Nova Cond,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 2pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial Nova Cond,sans-serif; margin: 0; text-align: right"><B>&nbsp;</B></P><P STYLE="font: 10pt Arial Nova Cond,sans-serif; margin: 0; text-align: right"><B>Total</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; font: 10pt Arial Nova Cond,sans-serif; text-align: justify; padding-left: 5.4pt">Trade and other payables</TD><TD STYLE="width: 2%; font: 10pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Arial Nova Cond,sans-serif; text-align: left">$</TD><TD STYLE="width: 8%; font: 10pt Arial Nova Cond,sans-serif; text-align: right">37,660</TD><TD STYLE="width: 1%; font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Arial Nova Cond,sans-serif; text-align: left">$</TD><TD STYLE="width: 8%; font: 10pt Arial Nova Cond,sans-serif; text-align: right">-&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Arial Nova Cond,sans-serif; text-align: left">$</TD><TD STYLE="width: 8%; font: 10pt Arial Nova Cond,sans-serif; text-align: right">-&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Arial Nova Cond,sans-serif; text-align: left">$</TD><TD STYLE="width: 8%; font: 10pt Arial Nova Cond,sans-serif; text-align: right">-&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Arial Nova Cond,sans-serif; text-align: left"><B>$</B></TD><TD STYLE="width: 8%; font: 10pt Arial Nova Cond,sans-serif; text-align: right"><B>37,660</B></TD><TD STYLE="width: 1%; font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial Nova Cond,sans-serif; text-align: justify; padding-left: 5.4pt">Convertible debentures</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif; text-align: right">429,924</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif; text-align: right">-&nbsp;</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif; text-align: right">-&nbsp;</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif; text-align: right">-&nbsp;</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Arial Nova Cond,sans-serif; text-align: right">429,924</TD><TD STYLE="font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial Nova Cond,sans-serif; text-align: left; border-bottom: Black 1pt solid; padding-left: 5.4pt">Lease liabilities</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: right">1,476</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: right">369</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: right">-&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: right">-&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Arial Nova Cond,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: right">1,845</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font: bold 10pt Arial Nova Cond,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: right">469,060</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Arial Nova Cond,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: right">369</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Arial Nova Cond,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: right">-&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Arial Nova Cond,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: right">-&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Arial Nova Cond,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: right">469,429</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt/107% Arial Nova Cond,sans-serif; margin: 12pt 0 8pt; text-align: justify"><BR>
As at December 31, 2023 - restated (refer
to the Interim Statements Note 3(d)):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="background-color: White; border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 2pt solid; font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-top: Black 2pt solid; font: 10pt Arial Nova Cond,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 2pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial Nova Cond,sans-serif; margin: 0; text-align: right"><B>Less than </B></P> <P STYLE="font: 10pt Arial Nova Cond,sans-serif; margin: 0; text-align: right"><B>1 year</B></P></TD><TD STYLE="border-top: Black 2pt solid; font: 10pt Arial Nova Cond,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 2pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial Nova Cond,sans-serif; margin: 0; text-align: right"><B>1 to 3</B></P> <P STYLE="font: 10pt Arial Nova Cond,sans-serif; margin: 0; text-align: right"><B>years</B></P></TD><TD STYLE="border-top: Black 2pt solid; font: 10pt Arial Nova Cond,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 2pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial Nova Cond,sans-serif; margin: 0; text-align: right"><B>4 to 5</B></P> <P STYLE="font: 10pt Arial Nova Cond,sans-serif; margin: 0; text-align: right"><B>years</B></P></TD><TD STYLE="border-top: Black 2pt solid; font: 10pt Arial Nova Cond,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 2pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial Nova Cond,sans-serif; margin: 0; text-align: right"><B>Over 5</B></P> <P STYLE="font: 10pt Arial Nova Cond,sans-serif; margin: 0; text-align: right"><B>years</B></P></TD><TD STYLE="border-top: Black 2pt solid; font: 10pt Arial Nova Cond,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 2pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial Nova Cond,sans-serif; margin: 0; text-align: right"><B>&nbsp;</B></P><P STYLE="font: 10pt Arial Nova Cond,sans-serif; margin: 0; text-align: right"><B>Total</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; font: 10pt Arial Nova Cond,sans-serif; text-align: justify; padding-left: 5.4pt">Trade and other payables</TD><TD STYLE="width: 2%; font: 10pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Arial Nova Cond,sans-serif; text-align: left">$</TD><TD STYLE="width: 8%; font: 10pt Arial Nova Cond,sans-serif; text-align: right">26,986</TD><TD STYLE="width: 1%; font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Arial Nova Cond,sans-serif; text-align: left">$</TD><TD STYLE="width: 8%; font: 10pt Arial Nova Cond,sans-serif; text-align: right">-&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Arial Nova Cond,sans-serif; text-align: left">$</TD><TD STYLE="width: 8%; font: 10pt Arial Nova Cond,sans-serif; text-align: right">-&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Arial Nova Cond,sans-serif; text-align: left">$</TD><TD STYLE="width: 8%; font: 10pt Arial Nova Cond,sans-serif; text-align: right">-&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: bold 10pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">$</TD><TD STYLE="width: 8%; font: bold 10pt Arial Nova Cond,sans-serif; text-align: right">26,986</TD><TD STYLE="width: 1%; font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial Nova Cond,sans-serif; text-align: justify; padding-left: 5.4pt">Convertible debentures</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif; text-align: right">158,478</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif; text-align: right">-&nbsp;</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif; text-align: right">-&nbsp;</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif; text-align: right">-&nbsp;</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Arial Nova Cond,sans-serif; text-align: right">158,478</TD><TD STYLE="font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial Nova Cond,sans-serif; text-align: justify; border-bottom: Black 1pt solid; padding-left: 5.4pt">Lease liabilities</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: right">1,476</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: right">1,476</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: right">-&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: right">-&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Arial Nova Cond,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: right">2,952</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 2pt solid; font-size: 10pt; text-align: justify; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt solid; font: bold 10pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: right">186,940</TD><TD STYLE="border-bottom: Black 2pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt solid; font: bold 10pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: right">1,476</TD><TD STYLE="border-bottom: Black 2pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt solid; font: bold 10pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: right">-&nbsp;</TD><TD STYLE="border-bottom: Black 2pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt solid; font: bold 10pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: right">-&nbsp;</TD><TD STYLE="border-bottom: Black 2pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt solid; font: bold 10pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: right">188,416</TD><TD STYLE="border-bottom: Black 2pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt/107% Arial Nova Cond,sans-serif; margin: 12pt 0 8pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 17; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 1.05pt"><B>NexGen Energy Ltd.<FONT STYLE="color: #BF8F00">&#9;</FONT></B></FONT></P><P STYLE="font: 10.5pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">Management&rsquo;s Discussion and Analysis for the three and nine months ended September 30, 2024</P><P STYLE="font: 10.5pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">(expressed in thousands of Canadian dollars, except as noted)</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Arial Nova Cond,sans-serif; margin: 0 0 8pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial Nova Cond,sans-serif; margin: 12pt 0 8pt; text-align: justify">As at January 1, 2023 - restated (refer
to the Interim Statements Note 3(d)):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="background-color: White; border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 2pt solid; font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-top: Black 2pt solid; font: 10pt Arial Nova Cond,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 2pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial Nova Cond,sans-serif; margin: 0; text-align: right"><B>Less than </B></P> <P STYLE="font: 10pt Arial Nova Cond,sans-serif; margin: 0; text-align: right"><B>1 year</B></P></TD><TD STYLE="border-top: Black 2pt solid; font: 10pt Arial Nova Cond,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 2pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial Nova Cond,sans-serif; margin: 0; text-align: right"><B>1 to 3</B></P> <P STYLE="font: 10pt Arial Nova Cond,sans-serif; margin: 0; text-align: right"><B>years</B></P></TD><TD STYLE="border-top: Black 2pt solid; font: 10pt Arial Nova Cond,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 2pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial Nova Cond,sans-serif; margin: 0; text-align: right"><B>4 to 5</B></P> <P STYLE="font: 10pt Arial Nova Cond,sans-serif; margin: 0; text-align: right"><B>years</B></P></TD><TD STYLE="border-top: Black 2pt solid; font: 10pt Arial Nova Cond,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 2pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial Nova Cond,sans-serif; margin: 0; text-align: right"><B>Over 5</B></P> <P STYLE="font: 10pt Arial Nova Cond,sans-serif; margin: 0; text-align: right"><B>years</B></P></TD><TD STYLE="border-top: Black 2pt solid; font: 10pt Arial Nova Cond,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 2pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial Nova Cond,sans-serif; margin: 0; text-align: right"><B>&nbsp;</B></P><P STYLE="font: 10pt Arial Nova Cond,sans-serif; margin: 0; text-align: right"><B>Total</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; font: 10pt Arial Nova Cond,sans-serif; text-align: justify; padding-left: 5.4pt">Trade and other payables</TD><TD STYLE="width: 2%; font: 10pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Arial Nova Cond,sans-serif; text-align: left">$</TD><TD STYLE="width: 8%; font: 10pt Arial Nova Cond,sans-serif; text-align: right">13,723</TD><TD STYLE="width: 1%; font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Arial Nova Cond,sans-serif; text-align: left">$</TD><TD STYLE="width: 8%; font: 10pt Arial Nova Cond,sans-serif; text-align: right">-&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Arial Nova Cond,sans-serif; text-align: left">$</TD><TD STYLE="width: 8%; font: 10pt Arial Nova Cond,sans-serif; text-align: right">-&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Arial Nova Cond,sans-serif; text-align: left">$</TD><TD STYLE="width: 8%; font: 10pt Arial Nova Cond,sans-serif; text-align: right">-&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: bold 10pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">$</TD><TD STYLE="width: 8%; font: bold 10pt Arial Nova Cond,sans-serif; text-align: right">13,723</TD><TD STYLE="width: 1%; font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial Nova Cond,sans-serif; text-align: justify; padding-left: 5.4pt">Convertible debentures</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif; text-align: right">80,021</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif; text-align: right">-&nbsp;</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif; text-align: right">-&nbsp;</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif; text-align: right">-&nbsp;</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Arial Nova Cond,sans-serif; text-align: right">80,021</TD><TD STYLE="font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial Nova Cond,sans-serif; text-align: justify; border-bottom: Black 1pt solid; padding-left: 5.4pt">Lease liabilities</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: right">1,346</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: right">2,574</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: right">-&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: right">-&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Arial Nova Cond,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: right">3,920</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 2pt solid; font-size: 10pt; text-align: justify; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt solid; font: bold 10pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: right">95,090</TD><TD STYLE="border-bottom: Black 2pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt solid; font: bold 10pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: right">2,574</TD><TD STYLE="border-bottom: Black 2pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt solid; font: bold 10pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: right">-&nbsp;</TD><TD STYLE="border-bottom: Black 2pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt solid; font: bold 10pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: right">-&nbsp;</TD><TD STYLE="border-bottom: Black 2pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt solid; font: bold 10pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: right">97,664</TD><TD STYLE="border-bottom: Black 2pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: bold 12pt/105% Arial Nova Cond,sans-serif; margin: 12pt 0 3pt; letter-spacing: 0.05pt">Summary of Quarterly Results</P>

<P STYLE="font: 11pt/105% Arial Nova Cond,sans-serif; margin: 6pt 0 0; text-align: justify"><B>Summary of Quarterly Results (Unaudited)</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="background-color: White; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: Black 1.5pt solid; padding: 0.75pt 5.4pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1.5pt solid; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>For the three months ended</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD ROWSPAN="2" STYLE="width: 48%; border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>$000s except per share amounts</B></FONT></TD>
    <TD STYLE="width: 13%; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>Sept 30,</B></FONT></TD>
    <TD STYLE="width: 13%; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>Jun 30,</B></FONT></TD>
    <TD STYLE="width: 13%; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>Mar 31,</B></FONT></TD>
    <TD STYLE="width: 13%; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>Dec 31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Finance income</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">6,277</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">5,923</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">3,505</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">2,324</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Net income (loss)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">10,252</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">13,196</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">(34,620)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">159,968</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Net income (loss) for the period attributable to shareholders of NexGen </FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">10,252</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">13,196</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">(34,620)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">158,901</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Basic earnings (loss) per share</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">0.02</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">0.02</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">(0.06)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">0.30</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Diluted earnings (loss) per share</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">(0.02)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">(0.02)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">(0.06)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">0.29</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/107% Arial Nova Cond,sans-serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="background-color: White; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1.5pt solid; padding: 0.75pt 5.4pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1.5pt solid; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>For the three months ended</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD ROWSPAN="2" STYLE="width: 50%; border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>$000s except per share amounts</B></FONT></TD>
    <TD STYLE="width: 12%; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>Sept 30,</B></FONT></TD>
    <TD STYLE="width: 12%; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>Jun 30,</B></FONT></TD>
    <TD STYLE="width: 12%; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>Mar 31,</B></FONT></TD>
    <TD STYLE="width: 14%; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>Dec 31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>2023</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>2023</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>2023</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Finance income</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">1,103</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">1,247</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">1,356</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">1,149</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Net income (loss)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">(63,196)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">(17,498)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">(9,107)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">(20,155)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Net income (loss) for the period attributable to shareholders of NexGen </FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">(52,135)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">(19,292)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">(6,658)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">(22,505)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Basic earnings (loss) per share</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">(0.11)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">(0.04)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">(0.01)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">(0.05)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Diluted earnings (loss) per share</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">(0.11)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">(0.04)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">(0.01)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">(0.05)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 12pt 0 6pt; text-align: justify">NexGen does not derive any revenue from its
operations except for interest income from its cash. Its primary focus is the development of the Rook I Project, in addition to the acquisition,
exploration, evaluation and development of resource properties.</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 12pt 0 6pt; text-align: justify">The fluctuations in income (loss) are mainly
the result of the gain recognized on the deconsolidation of IsoEnergy in the fourth quarter of 2023 of $204.0 million, the loss recognized
on the conversion of the Company&rsquo;s US$15 million in aggregate principal amount of 7.5% unsecured convertible debentures into Shares
in the third quarter of 2023, mark-to-market gains or losses recognized on the fair value re-valuation of the Debentures at each quarter
driven primarily by the price of the Shares with any changes in the fair value being recognized in the income (loss) for the quarter,
and the Black Scholes valuation of the share-based compensation.</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 12pt 0 6pt; text-align: justify">Interest income recorded as finance income has
fluctuated depending on cash balances available to generate interest and the earned rate of interest.</P>


<!-- Field: Page; Sequence: 18; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 1.05pt"><B>NexGen Energy Ltd.<FONT STYLE="color: #BF8F00">&#9;</FONT></B></FONT></P><P STYLE="font: 10.5pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">Management&rsquo;s Discussion and Analysis for the three and nine months ended September 30, 2024</P><P STYLE="font: 10.5pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">(expressed in thousands of Canadian dollars, except as noted)</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Arial Nova Cond,sans-serif; margin: 0 0 8pt; text-align: left">&nbsp;</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 12pt 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 12pt 0 6pt; text-align: justify">The income (loss) per period has also fluctuated
depending on the Company&rsquo;s activity level and periodic variances in certain items. Quarterly periods are therefore not comparable
due to the nature and timing of exploration and development activities.</P>

<P STYLE="font: bold 12pt/105% Arial Nova Cond,sans-serif; margin: 12pt 0 3pt; letter-spacing: 0.05pt">Related Party Transactions</P>

<P STYLE="font: 11pt/105% Arial Nova Cond,sans-serif; margin: 0; text-align: justify"><B>Compensation of Key Management and Directors
</B></P>

<P STYLE="font: 11pt/105% Arial Nova Cond,sans-serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="background-color: White; border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 2pt solid; font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="border-top: Black 2pt solid; font: 10pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-top: Black 2pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: right"><P STYLE="font: 10pt Arial Nova Cond,sans-serif; margin: 0; text-align: right"><B>Three months ended </B></P> <P STYLE="font: 10pt Arial Nova Cond,sans-serif; margin: 0; text-align: right"><B>September 30,</B></P></TD><TD STYLE="border-top: Black 2pt solid; font: 10pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-top: Black 2pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: right"><P STYLE="font: 10pt Arial Nova Cond,sans-serif; margin: 0; text-align: right"><B>Nine months ended </B></P> <P STYLE="font: 10pt Arial Nova Cond,sans-serif; margin: 0; text-align: right"><B>September 30,</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: bold 10pt Arial Nova Cond,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 10pt Arial Nova Cond,sans-serif; text-align: right; border-bottom: Black 1pt solid">2024</TD><TD STYLE="font: bold 10pt Arial Nova Cond,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 10pt Arial Nova Cond,sans-serif; text-align: right; border-bottom: Black 1pt solid">2023</TD><TD STYLE="font: bold 10pt Arial Nova Cond,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 10pt Arial Nova Cond,sans-serif; text-align: right; border-bottom: Black 1pt solid">2024</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Arial Nova Cond,sans-serif; text-align: right; border-bottom: Black 1pt solid">2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 52%; font: 10pt Arial Nova Cond,sans-serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Short-term compensation <SUP>(1)</SUP></FONT></TD><TD STYLE="width: 2%; font: bold 10pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">$</TD><TD STYLE="width: 8%; font: bold 10pt Arial Nova Cond,sans-serif; text-align: right">829</TD><TD STYLE="width: 1%; font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Arial Nova Cond,sans-serif; text-align: left">$</TD><TD STYLE="width: 8%; font: 10pt Arial Nova Cond,sans-serif; text-align: right">1,030</TD><TD STYLE="width: 1%; font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: bold 10pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">$</TD><TD STYLE="width: 8%; font: bold 10pt Arial Nova Cond,sans-serif; text-align: right">2,477</TD><TD STYLE="width: 1%; font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Arial Nova Cond,sans-serif; text-align: left">$</TD><TD STYLE="width: 8%; font: 10pt Arial Nova Cond,sans-serif; text-align: right">3,741</TD><TD STYLE="width: 1%; font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial Nova Cond,sans-serif; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Share-based payments<SUP>(2)</SUP></FONT></TD><TD STYLE="font: bold 10pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Arial Nova Cond,sans-serif; text-align: right">6,771</TD><TD STYLE="font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif; text-align: right">10,327</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Arial Nova Cond,sans-serif; text-align: right">16,880</TD><TD STYLE="font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif; text-align: right">22,003</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial Nova Cond,sans-serif; text-align: justify; border-bottom: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Consulting fees <SUP>(3)</SUP></FONT></TD><TD STYLE="font: bold 10pt Arial Nova Cond,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: right">32</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: right">32</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Arial Nova Cond,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: right">97</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: right">97</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font: bold 10pt Arial Nova Cond,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: right">7,632</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: right">11,389</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Arial Nova Cond,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: right">19,454</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial Nova Cond,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: right">25,841</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 8pt Arial Nova Cond,sans-serif; margin: 6pt 0 0 14.2pt; text-align: justify"><SUP>(1) </SUP>Short-term compensation to
key management personnel for the three and nine months ended September 30, 2024 amounted to $829 and $2,477 (2023 - $1,030 and $3,741)
of which $829 and $2,477 (2023 - $959 and $3,551) was expensed and included in salaries, benefits, and directors&rsquo; fees on the statement
of net loss and comprehensive loss. The remaining $nil and $nil (2023 - $71 and $190) was capitalized to exploration and evaluation assets.</P>

<P STYLE="font: 8pt Arial Nova Cond,sans-serif; margin: 6pt 0 0 14.2pt; text-align: justify"><SUP>(2) </SUP>Share-based payments to key
management personnel for the three and nine months ended September 30, 2024 amounted to $6,771 and $16,880 (2023 - $10,327 and $22,003)
of which $6,771 and $16,880 (2023 - $10,193 and $21,544) was expensed and $nil and $nil (2023 - $134 and $459) was capitalized to exploration
and evaluation assets.</P>

<P STYLE="font: 8pt Arial Nova Cond,sans-serif; margin: 6pt 0 9pt 14.2pt; text-align: justify"><SUP>(3) </SUP>The Company used consulting
services from Flying W Consulting Inc., which is associated with Brad Wall, a director of the Company in relation to advice on corporate
matters for the three and nine months ended September 30, 2024 amounting to $32 and $97 (2023 - $32 and $97) pursuant to a consulting
contract providing for a monthly service fee of $11 and terminable upon three months&rsquo; notice.</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">The Company received rental income for shared office
space from IsoEnergy for the three and nine months ended September 30, 2024 of $8 and $25 (2023 - $nil and $nil).</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 6pt 0 0; text-align: justify">As at September 30, 2024, there was $54 (December
31, 2023 - $43) included in accounts payable and accrued liabilities owing to its directors and officers for compensation.</P>

<P STYLE="font: bold 12pt/105% Arial Nova Cond,sans-serif; margin: 12pt 0 3pt; letter-spacing: 0.05pt">Outstanding Share Data</P>

<P STYLE="font: 11pt/105% Arial Nova Cond,sans-serif; margin: 0 0 6pt; text-align: justify">The authorized capital of NexGen consists
of an unlimited number of Shares and an unlimited number of preferred shares. As at November 7, 2024, there were 564,995,597 Shares, 48,127,128
stock options with exercise prices ranging between $1.59 and $9.77, representing 8.5% of the total issued and outstanding common shares,
and no preferred shares issued and outstanding.</P>

<P STYLE="font: bold 12pt/105% Arial Nova Cond,sans-serif; margin: 12pt 0 3pt; letter-spacing: 0.05pt">Outstanding Convertible Debentures</P>

<P STYLE="font: 11pt/105% Arial Nova Cond,sans-serif; margin: 0 0 12pt; text-align: justify">On September 22, 2023, the Company entered
into agreements with QRC and WHSP in connection with the 2023 Private Placement, providing for the purchase of the 2023 Debentures for
aggregate gross proceeds of US$110 million. In addition, the Company entered into investor rights agreements with each of the purchasers,
which include voting alignment, standstill and transfer restriction covenants that will apply (subject to certain exceptions) unless and
until there is a change of control of the Company. The 2023 Debentures carry a 9.0% coupon, have a maturity date of September 22, 2028
and are convertible at the holder&rsquo;s option at a conversion price of US$6.76 into a maximum of 16,272,189 Shares of NexGen. The Company
will be entitled, on or after the third anniversary of the issuance of the 2023 Debentures, at any time the 20-day volume-weighted average
trading price of the Company&rsquo;s common shares on the TSX exceeds 130% of the conversion price, to redeem the 2023 Debentures at par
plus accrued and unpaid interest. As at November 7, 2024, US$110 million of the principal of the 2023 Debentures remain outstanding.</P>


<!-- Field: Page; Sequence: 19; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 1.05pt"><B>NexGen Energy Ltd.<FONT STYLE="color: #BF8F00">&#9;</FONT></B></FONT></P><P STYLE="font: 10.5pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">Management&rsquo;s Discussion and Analysis for the three and nine months ended September 30, 2024</P><P STYLE="font: 10.5pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">(expressed in thousands of Canadian dollars, except as noted)</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Arial Nova Cond,sans-serif; margin: 0 0 8pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/105% Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/105% Arial Nova Cond,sans-serif; margin: 0 0 12pt; text-align: justify">On May 28, 2024, NexGen entered into an agreement
with MMCAP in connection with the issuance of the 2024 Debentures as consideration for the purchase of approximately 2.7 M lbs of natural
uranium concentrate (U<SUB>3</SUB>O<SUB>8</SUB>). In addition, the Company entered into an investor rights agreement with MMCAP, which
includes voting alignment, standstill, transfer restriction, and anti-hedging covenants that will apply (subject to certain exceptions)
unless and until there is a change of control of the Company. The 2024 Debentures carry a 9% coupon, have a maturity date of May 28, 2029,
and are convertible at the holder&rsquo;s option at a conversion price of US$10.73 into a maximum of 23,299,161 Shares of NexGen. The
Company will be entitled, on or after the third anniversary of the issuance of the 2024 Debentures, at any time the 20-day volume-weighted
average trading price of the Company&rsquo;s common shares on the NYSE exceeds 130% of the conversion price, to redeem the 2024 Debentures
at par plus accrued and unpaid interest. As at November 7, 2024, US$250 million of the principal of the 2024 Debentures remain outstanding.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 18%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>Convertible Debenture</B></FONT></TD>
    <TD STYLE="width: 22%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>Principal</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>Conversion Price</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>Type of shares issuable upon conversion</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif"><B>Number of shares issuable upon conversion</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">2023 Debentures</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">US$110 million</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">US$6.76</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Shares</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">16,272,189</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">2024 Debentures</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">US$250 million</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">US$10.73</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Shares</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">23,299,161</FONT></TD></TR>
  </TABLE>
<P STYLE="font: small-caps bold 13pt/105% Arial Nova Cond,sans-serif; margin: 12pt 0 6pt; letter-spacing: 0.5pt; text-indent: 0cm">Off-Balance
Sheet Arrangements</P>

<P STYLE="font: 11pt/105% Arial Nova Cond,sans-serif; margin: 0 0 6pt; text-align: justify">NexGen has not entered into any material off-balance
sheet arrangements such as guarantee contracts, contingent interests in assets transferred to unconsolidated entities, derivative instrument
obligations, or with respect to any obligations under a variable interest entity arrangement.</P>

<P STYLE="font: small-caps bold 13pt/105% Arial Nova Cond,sans-serif; margin: 12pt 0 6pt; letter-spacing: 0.5pt; text-indent: 0cm">Segment
Information</P>

<P STYLE="font: 11pt/105% Arial Nova Cond,sans-serif; margin: 0 0 6pt; text-align: justify">The Company operates in one reportable segment,
being the acquisition, exploration and development of uranium properties. All of the Company&rsquo;s exploration and evaluation assets
are located in Canada.</P>

<P STYLE="font: small-caps bold 13pt/105% Arial Nova Cond,sans-serif; margin: 12pt 0 6pt; letter-spacing: 0.5pt; text-indent: 0cm">Accounting
Policy Overview</P>

<P STYLE="font: bold 12pt/105% Arial Nova Cond,sans-serif; margin: 6pt 0; letter-spacing: 0.05pt">Critical Accounting Policies and Judgements</P>

<P STYLE="font: 11pt/105% Arial Nova Cond,sans-serif; margin: 0 0 6pt; text-align: justify">The critical judgements that the Company&rsquo;s
management has made in the process of applying the Company&rsquo;s accounting policies, apart from those involving estimations, that have
the most significant effect on the amounts recognized in the Company&rsquo;s consolidated financial statements include exploration and
evaluation assets, convertible debentures, strategic inventory, assessment of control, and share-based payments. Refer to the Annual Financial
Statements for further detail of the Company&rsquo;s critical accounting estimates.</P>

<P STYLE="font: bold 12pt/105% Arial Nova Cond,sans-serif; margin: 6pt 0; letter-spacing: 0.05pt">Key Sources of Estimation Uncertainty</P>

<P STYLE="font: 11pt/105% Arial Nova Cond,sans-serif; margin: 0 0 6pt; text-align: justify">The preparation of consolidated financial
statements in conformity with IFRS requires management to make estimates and assumptions that affect the amounts reported in the consolidated
financial statements and related notes to the consolidated financial statements. Estimates and assumptions are continuously evaluated
and are based on management&rsquo;s experience and other factors, including expectations of future events that are believed to be reasonable
under the circumstances.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 1.05pt"><B>NexGen Energy Ltd.<FONT STYLE="color: #BF8F00">&#9;</FONT></B></FONT></P><P STYLE="font: 10.5pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">Management&rsquo;s Discussion and Analysis for the three and nine months ended September 30, 2024</P><P STYLE="font: 10.5pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">(expressed in thousands of Canadian dollars, except as noted)</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Arial Nova Cond,sans-serif; margin: 0 0 8pt; text-align: left">&nbsp;</P>

<P STYLE="font: 11pt/105% Arial Nova Cond,sans-serif; margin: 0; text-align: justify">The significant assumptions about the future and
other major sources of estimation uncertainty as at the end of the reporting period that have a significant risk of resulting in a material
adjustment to the carrying amounts of the Company&rsquo;s assets and liabilities include exploration and evaluation assets, strategic
inventory, convertible debentures, assessment of control, and share-based payments. Refer to the Annual Financial Statements for further
detail of the Company&rsquo;s critical accounting estimates.</P>

<P STYLE="font: bold 12pt/105% Arial Nova Cond,sans-serif; margin: 10pt 0; letter-spacing: 0.05pt">Changes in Accounting Policies including
Initial Adoption</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0 0 9pt; text-align: justify">The Company has had no significant changes in accounting
policies, except for the adoption of amendments to IAS 1 (refer to Interim Statements Note 3(d)) and the net realizable value assessment
related to strategic inventory (refer to Interim Statements Note 3(c)). Refer to the Annual Financial Statements for further details of
the Company&rsquo;s changes in accounting policies.</P>

<P STYLE="font: small-caps bold 13pt/105% Arial Nova Cond,sans-serif; margin: 10pt 0 6pt; letter-spacing: 0.5pt; text-indent: 0cm">Financial
Instruments and Risk Management</P>

<P STYLE="font: 11pt/97% Arial Nova Cond,sans-serif; margin: 0 0 9pt; text-align: justify">The Company&rsquo;s financial instruments consist
of cash, amounts receivable, lease receivable, accounts payable and accrued liabilities, and the Debentures.</P>

<P STYLE="font: 11pt/97% Arial Nova Cond,sans-serif; margin: 0 0 9pt; text-align: justify">Financial instruments measured at fair value
are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate
the fair values.</P>

<P STYLE="font: 11pt/105% Arial Nova Cond,sans-serif; margin: 0 0 9pt; text-align: justify">The three levels of the fair value hierarchy
are:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Level 1 - unadjusted quoted prices in active markets
for identical assets or liabilities</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Level 2 - inputs other than quoted prices that are
observable for the asset or liability either directly or indirectly; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif">Level 3 - inputs that are not based on observable
market data.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/97% Arial Nova Cond,sans-serif; margin: 6pt 0 9pt; text-align: justify">The Company&rsquo;s cash, amounts receivable,
accounts payable and accrued liabilities, and lease receivable are classified as Level 1 as the fair values of the Company&rsquo;s cash,
amounts receivable, and accounts payable and accrued liabilities approximate their carrying values due to their short-term nature and
the lease receivable&rsquo;s fair value is equal to its carrying value.</P>

<P STYLE="font: 11pt/97% Arial Nova Cond,sans-serif; margin: 0 0 9pt; text-align: justify">The Debentures are re-measured at fair value
at each reporting date with any change in fair value recognized in profit or loss with the exception that under IFRS 9, the change in
fair value that is attributable to change in credit risk is presented in other comprehensive income. The Debentures are classified as
Level 2.</P>

<P STYLE="font: bold 12pt/105% Arial Nova Cond,sans-serif; margin: 6pt 0; letter-spacing: 0.05pt">Risk Factors</P>

<P STYLE="font: 10pt/105% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 11pt; line-height: 105%">Readers
of this MD&amp;A should give careful consideration to the information included or incorporated by reference in this document and the Interim
Statements. For further details of risk factors, please refer to the most recent Annual Information Form, and the Annual Financial Statements
and associated management&rsquo;s discussion and analysis, each filed on SEDAR+ at </FONT>www.sedarplus.ca<FONT STYLE="font-family: Arial Nova Cond,sans-serif; font-size: 11pt; line-height: 105%">,
and the below discussions.</FONT></P>

<P STYLE="font: bold 12pt/105% Arial Nova Cond,sans-serif; margin: 6pt 0; letter-spacing: 0.05pt">Financial Risks</P>

<P STYLE="font: 11pt/96% Arial Nova Cond,sans-serif; margin: 0; text-align: justify">The Company is exposed to varying degrees of a variety
of financial instrument related risks. The Board approves and monitors the risk management processes, inclusive of counterparty limits
and controlling and reporting structures. The type of risk exposure and the way in which such exposure is managed is provided as follows:</P>


<!-- Field: Page; Sequence: 21; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 1.05pt"><B>NexGen Energy Ltd.<FONT STYLE="color: #BF8F00">&#9;</FONT></B></FONT></P><P STYLE="font: 10.5pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">Management&rsquo;s Discussion and Analysis for the three and nine months ended September 30, 2024</P><P STYLE="font: 10.5pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">(expressed in thousands of Canadian dollars, except as noted)</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Arial Nova Cond,sans-serif; margin: 0 0 8pt; text-align: left"><I>&nbsp;</I></P>

<P STYLE="font: 11pt/107% Arial Nova Cond,sans-serif; margin: 6pt 0; text-align: justify"><I><U>Credit Risk </U></I></P>

<P STYLE="font: 11pt/96% Arial Nova Cond,sans-serif; margin: 0 0 9pt; text-align: justify">Credit risk is the risk that one party to a
financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. Financial instruments potentially
subject to credit risk are cash and amounts receivable. The Company holds cash with large Canadian financial institutions. The Company&rsquo;s
amounts receivable consists of input tax credits receivable from the Government of Canada and interest accrued on cash. Accordingly, the
Company does not believe it is subject to significant credit risk.</P>

<P STYLE="font: 11pt/105% Arial Nova Cond,sans-serif; margin: 6pt 0; text-align: justify">The Company&rsquo;s maximum exposure to credit
risk is as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="background-color: White; border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 2pt solid; font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-top: Black 2pt solid; font: bold 11pt Arial Nova Cond,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 2pt solid; font: bold 11pt Arial Nova Cond,sans-serif; text-align: right; border-bottom: Black 1pt solid">September 30, 2024</TD><TD STYLE="border-top: Black 2pt solid; font: 11pt Arial Nova Cond,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 2pt solid; font: 11pt Arial Nova Cond,sans-serif; text-align: right; border-bottom: Black 1pt solid">December 31, 2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 76%; font: 11pt Arial Nova Cond,sans-serif; text-align: justify; padding-left: 5.4pt">Cash</TD><TD STYLE="width: 2%; font: bold 11pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 11pt Arial Nova Cond,sans-serif; text-align: left">$</TD><TD STYLE="width: 8%; font: bold 11pt Arial Nova Cond,sans-serif; text-align: right">537,766</TD><TD STYLE="width: 1%; font: bold 11pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 11pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 11pt Arial Nova Cond,sans-serif; text-align: left">$</TD><TD STYLE="width: 8%; font: 11pt Arial Nova Cond,sans-serif; text-align: right">290,743</TD><TD STYLE="width: 1%; font: 11pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Arial Nova Cond,sans-serif; text-align: justify; padding-left: 5.4pt">Amounts receivable</TD><TD STYLE="font: bold 11pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="font: bold 11pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 11pt Arial Nova Cond,sans-serif; text-align: right">1,238</TD><TD STYLE="font: bold 11pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Arial Nova Cond,sans-serif; text-align: right">1,940</TD><TD STYLE="font: 11pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Arial Nova Cond,sans-serif; text-align: justify; border-bottom: Black 1pt solid; padding-left: 5.4pt">Lease receivable</TD><TD STYLE="font: bold 11pt Arial Nova Cond,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 11pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 11pt Arial Nova Cond,sans-serif; text-align: right">3,630</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 11pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Arial Nova Cond,sans-serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 11pt Arial Nova Cond,sans-serif; text-align: right">4,014</TD><TD STYLE="border-bottom: Black 1pt solid; font: 11pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 2pt solid; font-size: 10pt; text-align: justify; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt solid; font: bold 11pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: bold 11pt Arial Nova Cond,sans-serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt solid; font: bold 11pt Arial Nova Cond,sans-serif; text-align: right">542,634</TD><TD STYLE="border-bottom: Black 2pt solid; font: bold 11pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt solid; font: 11pt Arial Nova Cond,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: 11pt Arial Nova Cond,sans-serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt solid; font: 11pt Arial Nova Cond,sans-serif; text-align: right">296,697</TD><TD STYLE="border-bottom: Black 2pt solid; font: 11pt Arial Nova Cond,sans-serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 11pt/107% Arial Nova Cond,sans-serif; margin: 12pt 0 8pt; text-align: justify"><I><U>Liquidity Risk </U></I></P>

<P STYLE="font: 11pt/96% Arial Nova Cond,sans-serif; margin: 0; text-align: justify">Liquidity risk is the risk that an entity will encounter
difficulty in raising funds to meet commitments associated with financial instruments. Liquidity requirements are managed based on expected
cash flows to ensure that there is sufficient capital to meet short-term obligations. The Company&rsquo;s approach to managing liquidity
risk is to ensure that it will have sufficient liquidity to meet liabilities when due. As at September 30, 2024, NexGen had cash of $537,766
to settle current liabilities of $468,574.</P>

<P STYLE="font: 11pt/107% Arial Nova Cond,sans-serif; margin: 8pt 0; text-align: left"><I><U>Foreign Currency Risk </U></I></P>

<P STYLE="font: 11pt/97% Arial Nova Cond,sans-serif; margin: 0 0 9pt; text-align: justify">The functional currency of the Company and
its subsidiaries is the Canadian dollar. The Company is affected by currency transaction risk and currency translation risk. Consequently,
fluctuations of the Canadian dollar in relation to other currencies impact the fair value of financial assets, liabilities and operating
results. Financial assets and liabilities subject to currency translation risk primarily includes US dollar denominated cash, US dollar
accounts payable and the Debentures. The Company maintains Canadian and US dollar bank accounts in Canada.</P>

<P STYLE="font: 11pt/97% Arial Nova Cond,sans-serif; margin: 0 0 9pt; text-align: justify">The Company is exposed to foreign exchange
risk on its Debentures. At maturity the aggregate of the US$110 million principal amount of the 2023 Debentures and US$250 million principal
amount of the 2024 Debentures will become due in full, and prior to maturity, at a premium upon the occurrence of certain events. The
Company holds sufficient US dollars to make all cash interest payments due under the Debentures for the next twenty-four months. Accordingly,
the Company is subject to risks associated with fluctuations in the Canadian/US dollar exchange rate that may make the Debentures more
costly to repay.</P>

<P STYLE="font: 11pt/97% Arial Nova Cond,sans-serif; margin: 0 0 9pt; text-align: justify">As at September 30, 2024, the Company&rsquo;s
US dollar net financial liabilities were US$247,149. Thus a 10% change in the Canadian dollar versus the US dollar exchange rates would
give rise to a $37,079 change in net loss and comprehensive loss.</P>

<P STYLE="font: 11pt/96% Arial Nova Cond,sans-serif; margin: 0; text-align: justify">While the Company&rsquo;s strategic inventory is
not a financial asset, the prices of uranium are quoted in US dollar and routinely traded in US dollar, fluctuations in the Canadian dollar
relative to the U.S. dollar can significantly impact the valuation of the Company&rsquo;s physical uranium from a Canadian dollar perspective.</P>

<P STYLE="font: 11pt/96% Arial Nova Cond,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/96% Arial Nova Cond,sans-serif; margin: 0; text-align: justify">The Company has not entered into any agreements or
purchased any instruments to hedge possible currency risks at this time.</P>


<!-- Field: Page; Sequence: 22; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 1.05pt"><B>NexGen Energy Ltd.<FONT STYLE="color: #BF8F00">&#9;</FONT></B></FONT></P><P STYLE="font: 10.5pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">Management&rsquo;s Discussion and Analysis for the three and nine months ended September 30, 2024</P><P STYLE="font: 10.5pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">(expressed in thousands of Canadian dollars, except as noted)</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Arial Nova Cond,sans-serif; margin: 0 0 8pt; text-align: left"><I>&nbsp;</I></P>

<P STYLE="font: 11pt/97% Arial Nova Cond,sans-serif; margin: 8pt 0; text-align: justify"><I><U>Equity and Commodity Price Risk </U></I></P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0 0 9pt; text-align: justify">The Company is exposed to price risk with respect
to commodity and equity prices. Equity price risk is defined as the potential adverse impact on the Company&rsquo;s earnings due to movements
in individual equity prices or general movements in the level of the stock market. Accordingly, significant movements in equity prices
may affect the valuation of the Debentures which may adversely impact the Company&rsquo;s earnings.</P>

<P STYLE="font: 11pt/96% Arial Nova Cond,sans-serif; margin: 0; text-align: justify">Commodity price risk is defined as the potential
adverse impact on earnings and economic value due to commodity price movements and volatility. Future declines in commodity prices may
impact the valuation of long-lived assets. The Company closely monitors commodity prices of uranium, individual equity movements, and
the stock market to determine the appropriate course of action, if any, to be taken by the Company.</P>

<P STYLE="font: 11pt/107% Arial Nova Cond,sans-serif; margin: 8pt 0; text-align: left"><I><U>Interest Rate Risk</U></I></P>

<P STYLE="font: 11pt/96% Arial Nova Cond,sans-serif; margin: 0 0 9pt; text-align: justify">Interest rate risk is the risk that the future
cash flows of a financial instrument will fluctuate due to changes in market interest rates. The Company holds its cash in bank accounts
that earn variable interest rates. Due to the short-term nature of these financial instruments, fluctuations in market rates do not have
a significant impact on the estimated fair value of the Company&rsquo;s cash balances as of September 30, 2024. The Company manages interest
rate risk by maintaining an investment policy for short-term investments. This policy focuses primarily on preservation of capital and
liquidity. The Company monitors the investments it makes and is satisfied with the credit rating of its banks. The 2023 Debentures in
an aggregate principal amount of US$110 million and the 2024 Debentures in an aggregate principal amount of US$250 million, both carry
a fixed interest rate of 9.0% per annum and are not subject to interest rate fluctuations.</P>

<P STYLE="font: bold 12pt/105% Arial Nova Cond,sans-serif; margin: 12pt 0; letter-spacing: 0.05pt">Other Risk Factors</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">The operations of the Company are speculative due to
the high-risk nature of its business which is the exploration of mining properties. For a comprehensive list of the risks and uncertainties
facing the Company, please see &ldquo;<I>Risk Factors</I>&rdquo; in the Company&rsquo;s most recent Annual Information Form and below.
<FONT STYLE="letter-spacing: -0.25pt">These are not the only risks and </FONT>uncertainties that NexGen faces. Additional risks and uncertainties
not presently known to the Company or that the Company currently considers <FONT STYLE="letter-spacing: -0.1pt">immaterial may also impair
its business operations. </FONT>These risk factors could materially affect the Company's future operating results and could cause actual
events to differ materially from those described in forward-looking statements relating to the Company.</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 12pt 0; text-align: justify"><B>Negative Operating Cash Flow and Dependence on
Third Party Financing</B></P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">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&rsquo;s properties, maintain capacity and satisfy contractual obligations.
Accordingly, the amount and timing of expenditures depends on the Company&rsquo;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&rsquo;s
properties, including the Rook I Project, or require the Company to sell one or more of its properties (or an interest therein). In particular,
there can be no assurance that the Company will have achieved profitability prior to the maturity date and may be required to finance
the repayment of all or a part of the principal amount of the Debentures. Failure to repay the Debentures in accordance with the terms
thereof would have a material adverse effect on the Company&rsquo;s financial position.</P>


<!-- Field: Page; Sequence: 23; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 1.05pt"><B>NexGen Energy Ltd.<FONT STYLE="color: #BF8F00">&#9;</FONT></B></FONT></P><P STYLE="font: 10.5pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">Management&rsquo;s Discussion and Analysis for the three and nine months ended September 30, 2024</P><P STYLE="font: 10.5pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">(expressed in thousands of Canadian dollars, except as noted)</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Arial Nova Cond,sans-serif; margin: 0 0 8pt; text-align: left">&nbsp;</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">In the long-term, the Company&rsquo;s success will depend
on continued exploration, development and mining activities on its existing properties, which will depend ultimately on the Company&rsquo;s
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. See &ldquo;<I>Other Risk Factors - General Inflationary Pressures&rdquo; </I>and &ldquo;<I>Other Risk Factors
- Industry and Economic Factors that May Affect the Business&rdquo; </I>below.</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 12pt 0; text-align: justify"><B>Capital Intensive Operations and Uncertainty
of Additional Financing</B></P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">The Company&rsquo;s operations are capital intensive
and future capital expenditures are expected to be substantial. The Company will require significant additional financing to fund its
operations, including the development of the Rook I Project and associated mine construction costs. In the absence of such additional
financing, the Company will not be able to fund its operations, which may result in delays, curtailment or abandonment of any one or all
of its uranium properties. See &ldquo;<I>Other Risk Factors - Exploration and Development Risks</I>&rdquo; below.</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 6pt 0 0; text-align: justify">Although the Company has been successful in raising
funds to date, there is no assurance that the Company will be successful in obtaining required financing in the future or that such financing
will be available on terms acceptable to the Company. The Company&rsquo;s access to third-party financing depends on several factors including
the price of uranium, the results of ongoing exploration, the Company&rsquo;s obligations under the Debentures, a claim against the Company,
a significant event disrupting the Company&rsquo;s business or uranium industry generally, or other factors may make it difficult or impossible
to obtain financing through debt, equity, or other means on favourable terms, or at all. As previously stated, failure to obtain such
additional financing could result in delay or indefinite postponement of further exploration and development of the Company&rsquo;s properties,
including the Rook I Project, or require the Company to sell one or more of its properties (or an interest therein).</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 12pt 0; text-align: justify"><B>The Price of Uranium and Alternate Sources of
Energy </B></P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 10pt 0 0; text-align: justify">The price of the Company&rsquo;s securities is
highly sensitive to fluctuations in the price of uranium. Historically, the fluctuations in these prices have been, and are expected to
continue to be, affected by numerous factors beyond the Company&rsquo;s control. Such factors include, among others: demand for nuclear
power; political and economic conditions in uranium producing and consuming countries; public and political response to a nuclear accident;
improvements in nuclear reactor efficiencies; reprocessing of used reactor fuel and the re-enrichment of depleted uranium tails; sales
of excess inventories by governments and industry participants; and production levels and production costs in key uranium producing countries.</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 10pt 0 0; text-align: justify">In addition, nuclear energy competes with other
sources of energy like oil, natural gas, coal and hydroelectricity. These sources are somewhat interchangeable with nuclear energy, particularly
over the longer term. If lower prices of oil, natural gas, coal and hydroelectricity are sustained over time, it may result in lower demand
for uranium concentrates and uranium conversion services, which, among other things, could lead to lower uranium prices. Growth of the
uranium and nuclear power industry will also depend on continuing and growing public support for nuclear technology to generate electricity.
Unique political, technological and environmental factors affect the nuclear industry, exposing it to the risk of public opinion, which
could have a negative effect on the demand for nuclear power and increase the regulation of the nuclear power industry. An accident at
a nuclear reactor anywhere in the world could affect acceptance of nuclear energy and the future prospects for nuclear generation.</P>


<!-- Field: Page; Sequence: 24; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 1.05pt"><B>NexGen Energy Ltd.<FONT STYLE="color: #BF8F00">&#9;</FONT></B></FONT></P><P STYLE="font: 10.5pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">Management&rsquo;s Discussion and Analysis for the three and nine months ended September 30, 2024</P><P STYLE="font: 10.5pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">(expressed in thousands of Canadian dollars, except as noted)</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Arial Nova Cond,sans-serif; margin: 0 0 8pt; text-align: left">&nbsp;</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 10pt 0 0; text-align: justify">All of the above factors could have a material
and adverse effect on the Company&rsquo;s ability to obtain the required financing in the future or to obtain such financing on terms
acceptable to the Company, resulting in material and adverse effects on its exploration and development programs, cash flow and financial
condition.</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 12pt 0; text-align: justify"><B>Exploration and Development Risks</B></P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">Exploration for mineral resources involves a high degree
of risk and few properties that are explored are ultimately developed into producing mines. The risks and uncertainties inherent in exploration
activities include but are not limited to: general economic, market and business conditions; the regulatory process and actions; failure
to obtain necessary permits and approvals; technical issues; new legislation; competitive and general economic factors and conditions;
the uncertainties resulting from potential delays or changes in plans; the occurrence of unexpected events; and management&rsquo;s capacity
to execute and implement its future plans. There is also no assurance that even if commercial quantities of ore are discovered that it
will be developed and brought into commercial production, whether as expected or at all. The commercial viability of a mineral deposit
once discovered is also dependent upon a number of factors, most of which factors are beyond the control of the Company and may result
in the Company not receiving adequate return on investment capital, including significantly higher than expected capital costs to construct
the mine and/or processing plant; significant delays, reductions or stoppages of mining development or uranium extraction activities;
difficulty in marketing and/or selling uranium concentrates; significantly higher than expected extraction costs and significantly lower
than expected uranium extraction. See &ldquo;<I>Other Risk Factors - General Inflationary Pressures&rdquo; </I>and &ldquo;<I>Other Risk
Factors - Industry and Economic Factors that May Affect the Business&rdquo; </I>below. The Company&rsquo;s ability to develop and bring
the Rook I Project into production is dependent upon the services of appropriately experienced personnel and/or third-party contractors
who can provide such expertise. There can be no assurance that the Company will have available to it the necessary expertise when and
if it brings the Rook I Project into production. See &ldquo;<I>Other Risk Factors - Reliance upon Key Management and Other Personnel&rdquo;
</I>below.</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 12pt 0; text-align: justify"><B>Uninsurable Risks </B></P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">Mining operations generally involve a high degree of
risk. Exploration, development and production operations on mineral properties involve numerous risks, including but not limited to unexpected
or unusual geological operating conditions, seismic activity, rock bursts, cave-ins, fires, floods, landslides, earthquakes and other
environmental occurrences, and political and social instability, any of which could result in damage to, or destruction of life or property,
environmental damage and possible legal liability. Although the Company believes that appropriate precautions to mitigate these risks
are being taken, operations are subject to hazards such as equipment failure or failure of structures, which may result in environmental
pollution and consequent liability. It is not always possible to obtain insurance against all such risks and the Company may decide not
to insure against certain risks because of high premiums or other reasons. Should such liabilities arise, they could reduce or eliminate
the Company's future profitability and result in increasing costs and a decline in the value of the Shares. While the Company may obtain
insurance against certain risks in such amounts as it considers adequate, the nature of these risks is such that liabilities could exceed
policy limits or be excluded from coverage. The potential costs that could be associated with any liabilities not covered by insurance
or in excess of insurance coverage may cause substantial delays and require significant capital outlays, thereby adversely affecting the
Company's business and financial condition.</P>


<!-- Field: Page; Sequence: 25; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 1.05pt"><B>NexGen Energy Ltd.<FONT STYLE="color: #BF8F00">&#9;</FONT></B></FONT></P><P STYLE="font: 10.5pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">Management&rsquo;s Discussion and Analysis for the three and nine months ended September 30, 2024</P><P STYLE="font: 10.5pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">(expressed in thousands of Canadian dollars, except as noted)</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Arial Nova Cond,sans-serif; margin: 0 0 8pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 12pt 0; text-align: justify"><B>Reliance upon Key Management and Other Personnel</B></P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">The Company relies on the specialized skills of management
in the areas of mineral exploration, geology, project development and business negotiations and management. The loss of any of these individuals
could have an adverse effect on the Company. The Company does not currently maintain key-man life insurance on any of its key employees.
In addition, as the Company&rsquo;s business activity continues to grow, it will require additional key financial, administrative and
qualified technical personnel. Although the Company believes that it will be successful in attracting, retaining and training qualified
personnel, there can be no assurance of such success. If it is not successful in attracting, retaining and training qualified personnel,
the efficiency of the Company&rsquo;s business could be affected, which could have an adverse impact on its future cash flows, earnings,
results of operation and financial condition.</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 6pt 0 0; text-align: justify">Even if appropriately skilled personnel and third-party
contractors are secured, the timely and cost-effective completion of work will depend to a large degree on the satisfactory performance
of such personnel and third-party contractors who will be responsible for different elements of the Company&rsquo;s exploration and development
work, including the site and mine plan. If any of these personnel or third-party contractors do not perform to accepted or expected standards,
the Company may be required to hire different personnel or contractors to complete tasks, which may impact schedules and add costs to
the Rook I Project, which, in some cases could be significant. A major contractor default, or the failure of the Company to properly manage
contractor performance, could have an adverse impact on the Company&rsquo;s future cash flows, earnings, results of operations and financial
condition.</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 12pt 0; text-align: justify"><B>Imprecision of Mineral Reserve and Resource Estimates</B></P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">Mineral Reserve and Resource figures are estimates, and
no assurances can be given that the estimated levels of uranium will be produced. Such estimates are expressions of judgment based on
knowledge, mining experience, analysis of drilling results and industry practices. Valid estimates made at a given time may significantly
change when new information becomes available. While the Company believes that its Mineral Resource estimate is well established and reflects
management&rsquo;s best estimates, by their nature, Mineral Resource estimates are imprecise and depend, to a certain extent, upon geological
assumptions based on limited data, and statistical inferences which may ultimately prove unreliable. Should the Company encounter mineralization
or formations different from those predicted by past sampling and drilling, resource estimates may have to be adjusted.</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 12pt 0; text-align: justify"><B>General Inflationary Pressures</B></P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">General or market specific inflationary pressures may
affect labour, development, mining and other costs, which could have a material adverse effect on the Company&rsquo;s financial condition,
results of operations and the capital expenditures required to advance the Company&rsquo;s business plans. There can be no assurance that
any governmental action taken to control inflationary or deflationary cycles will be effective or whether any governmental action may
contribute to economic uncertainty. Governmental action to address inflation or deflation may also affect currency values. Accordingly,
inflation and any governmental response thereto may have a material adverse effect on the Company&rsquo;s business, results of operations,
cash flow, financial condition and the price of the Shares.</P>


<!-- Field: Page; Sequence: 26; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 1.05pt"><B>NexGen Energy Ltd.<FONT STYLE="color: #BF8F00">&#9;</FONT></B></FONT></P><P STYLE="font: 10.5pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">Management&rsquo;s Discussion and Analysis for the three and nine months ended September 30, 2024</P><P STYLE="font: 10.5pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">(expressed in thousands of Canadian dollars, except as noted)</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Arial Nova Cond,sans-serif; margin: 0 0 8pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 12pt 0; text-align: justify"><B>Industry and Economic Factors that May Affect
the Business</B></P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0 0 10pt; text-align: justify">The business of mining for minerals involves a
high degree of risk. NexGen is an exploration and development company and is subject to risks and challenges similar to companies in a
comparable stage and industry. These risks include, but are not limited to: the challenges of securing adequate capital; exploration,
development and operational risks inherent in the mining industry; changes in government policies and regulations; the ability to obtain
the necessary permitting; and global economic and uranium price and exchange rate volatility, all of which are uncertain. The Company&rsquo;s
expected mining activities may change as a result of any one or more of these risks and uncertainties and there is no assurance that any
resources that the Company extracts materials from will result in profitable mining activities.</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0 0 10pt; text-align: justify">The underlying value of the Company&rsquo;s exploration
and evaluation assets is dependent upon the existence and economic recovery of mineral reserves and is subject to, but not limited to,
the risks and challenges identified above. Changes in future conditions could require material write-downs of the carrying value of the
Company&rsquo;s exploration and evaluation assets. Certain of NexGen&rsquo;s properties are subject to various royalty agreements.</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0 0 10pt; text-align: justify">In particular, the Company does not generate revenue.
As a result, the Company continues to be dependent on third-party financing to continue exploration and development activities on the
Company&rsquo;s properties, maintain capacity and satisfy contractual obligations including servicing the interest payments due on the
Debentures and repaying the principal amount thereof at maturity (or sooner in the event of redemption in accordance with the terms of
the Debentures). Accordingly, the Company&rsquo;s future performance will be most affected by its access to financing, whether debt, equity
or other means.</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0 0.2pt 10pt 0; text-align: justify">Access to such financing, in turn, is affected
by general economic conditions, the price of uranium, exploration risks and the other factors described in the section entitled &quot;Risk
Factors&quot; in the Company&rsquo;s most recent Annual Information Form.</P>

<P STYLE="font: 11pt/107% Arial Nova Cond,sans-serif; margin: 12pt 0; text-align: left"><B>Reliance on a Third Party for Storage of U<SUB>3</SUB>O<SUB>8</SUB>
Purchased </B></P>

<P STYLE="font: 11pt/105% Arial Nova Cond,sans-serif; margin: 0 0 6pt; text-align: justify">The U<SUB>3</SUB>O<SUB>8</SUB> purchased in
connection with the Acquisition is held by a third-party storage provider (the &ldquo;Storage Provider&rdquo;) pursuant to a storage contract
that generally only allows for a book transfer of U<SUB>3</SUB>O<SUB>8</SUB> between holders of accounts at such storage facility. Since
the U<SUB>3</SUB>O<SUB>8</SUB> held with the Storage Provider cannot physically be removed from the storage facility, except in limited
specified circumstances, this could limit the number of potential buyers in the future.</P>

<P STYLE="font: 11pt/105% Arial Nova Cond,sans-serif; margin: 0 0 6pt; text-align: justify">In addition, the terms of the storage contract
allow for the commingling of assets with ownership generally determined by book entry. Thus, if the Storage Provider were to become insolvent,
or the Storage Provider or another third party were to seek to challenge the Company&rsquo;s beneficial ownership of U<SUB>3</SUB>O<SUB>8</SUB>
held by the Storage Provider, it may be difficult not to only to access the storage facility but also to retrieve the Company&rsquo;s
U<SUB>3</SUB>O<SUB>8</SUB> from storage. Any such challenge, if successful in preventing or delaying the Company from transferring or
retrieving its U<SUB>3</SUB>O<SUB>8</SUB> from storage, could have a material adverse effect on the Company&rsquo;s business, results
of operations or financial condition.</P>

<P STYLE="font: 11pt/105% Arial Nova Cond,sans-serif; margin: 0 0 6pt; text-align: justify">The Storage Provider&rsquo;s liability to
the Company for breaches of the storage contract is limited to the cost of the affected U<SUB>3</SUB>O<SUB>8</SUB> and excludes any indirect,
special, economic, incidental and consequential losses. If the Company suffers such losses, it may have no recourse against the Storage
Provider, which could have a material adverse effect on the Company&rsquo;s business, results of operations or financial condition.</P>


<!-- Field: Page; Sequence: 27; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 1.05pt"><B>NexGen Energy Ltd.<FONT STYLE="color: #BF8F00">&#9;</FONT></B></FONT></P><P STYLE="font: 10.5pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">Management&rsquo;s Discussion and Analysis for the three and nine months ended September 30, 2024</P><P STYLE="font: 10.5pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">(expressed in thousands of Canadian dollars, except as noted)</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Arial Nova Cond,sans-serif; margin: 0 0 8pt; text-align: left">&nbsp;</P>

<P STYLE="font: 11pt/105% Arial Nova Cond,sans-serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/105% Arial Nova Cond,sans-serif; margin: 0 0 6pt; text-align: justify">The Company has the benefit of insurance arrangements
obtained by a third party on standard industry terms to cover the loss of a portion of the physical uranium. There is no guarantee that
insurance in favour of the Company will fully cover the Company in the event of loss or damage to U<SUB>3</SUB>O<SUB>8</SUB>. NexGen may
be financially and legally responsible for losses and/or damages not covered by insurance. Such responsibility could have a material adverse
effect on its business, results of operations or financial condition.</P>

<P STYLE="font: 11pt/105% Arial Nova Cond,sans-serif; margin: 0 0 6pt; text-align: justify">For further information on Risk Factors, refer
to those set forth in the Company most recent Annual Information Form, filed under the Company&rsquo;s profile on SEDAR+ at www.sedarplus.ca
on EDGAR at www.sec.gov.</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 6pt 0 12pt; text-align: justify">These are not the only risks and uncertainties
that NexGen faces. Additional risks and uncertainties not presently known to the Company or that the Company currently considers immaterial
may also impair its business operations. These risk factors could materially affect the Company&rsquo;s future operating results and could
cause actual events to differ materially from those described in forward-looking statements relating to the Company.</P>

<P STYLE="font: small-caps bold 13pt/105% Arial Nova Cond,sans-serif; margin: 12pt 0 6pt; letter-spacing: 0.5pt; text-indent: 0cm">Disclosure
Controls and Internal Control Over Financial Reporting</P>

<P STYLE="font: bold 12pt/105% Arial Nova Cond,sans-serif; margin: 12pt 0 6pt; letter-spacing: 0.05pt">Disclosure Controls and Procedures</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0 0 9pt; text-align: justify">Management maintains appropriate information systems,
procedures and controls to provide reasonable assurance that information that is publicly disclosed is complete, reliable and timely.
The Chief Executive Officer (the &ldquo;CEO&rdquo;) and Chief Financial Officer (the &ldquo;CFO&rdquo;) of the Company, along with the
assistance of management under their supervision, have designed disclosure controls and procedures to provide reasonable assurance that
material information relating to the Company is made known to the CEO and CFO, and have designed internal controls over financial reporting
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with IFRS.</P>

<P STYLE="font: bold 12pt/105% Arial Nova Cond,sans-serif; margin: 12pt 0; letter-spacing: 0.05pt">Changes in Internal Controls</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0 0 9pt; text-align: justify">During the period ended September 30, 2024, there
were no changes in the Company&rsquo;s internal control over financial reporting that materially affected or are reasonably likely to
materially affect the Company's internal control over financial reporting.</P>

<P STYLE="font: bold 12pt/105% Arial Nova Cond,sans-serif; margin: 12pt 0; letter-spacing: 0.05pt">Limitations of Controls and Procedures</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">The Company&rsquo;s management, including the CEO and
the CFO, believe that any control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance
that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource
constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control
systems, they cannot provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been prevented
or detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can
occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion
of two or more people, or by unauthorized override of the control. The design of any systems of controls also is based in part upon certain
assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated
goals under all potential future conditions. Accordingly, because of the inherent limitations in a cost-effective control system, misstatements
due to error or fraud may occur and not be detected.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 1.05pt"><B>NexGen Energy Ltd.<FONT STYLE="color: #BF8F00">&#9;</FONT></B></FONT></P><P STYLE="font: 10.5pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">Management&rsquo;s Discussion and Analysis for the three and nine months ended September 30, 2024</P><P STYLE="font: 10.5pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">(expressed in thousands of Canadian dollars, except as noted)</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Arial Nova Cond,sans-serif; margin: 0 0 8pt; text-align: left">&nbsp;</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: small-caps bold 13pt/105% Arial Nova Cond,sans-serif; margin: 12pt 0 8pt; letter-spacing: 0.5pt; text-indent: 0cm">Technical
Disclosure</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0 5.75pt 10pt 0; text-align: justify">All scientific and technical information
in this MD&amp;A is derived from the Company&rsquo;s Rook I FS Technical Report. For details of the Rook I Project, including the key
assumptions, parameters and methods used to estimate the updated Mineral Resource, please refer to the Rook I FS Technical Report filed
under the Company&rsquo;s profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0 5.75pt 10pt 0; text-align: justify">All scientific and technical information
in this MD&amp;A has been reviewed and approved by Mr. Kevin Small, P.Eng., Senior Vice President, Operations and Engineering, and Mr.
Jason Craven, P.Geo., Manager, Exploration for NexGen. Each of Mr. Small and Mr. Craven is a qualified person for the purposes of NI 43-101.
Mr. Craven has verified the sampling, analytical, and test data underlying the information or opinions contained herein by reviewing original
data certificates and monitoring all of the data collection protocols.</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0 5.75pt 10pt 0; text-align: justify">Natural gamma radiation in drill core reported
in this MD&amp;A was measured in counts per second using a Radiation Solutions Inc. RS-120 gamma-ray scintillometer. The reader is cautioned
that total count gamma readings may not be directly or uniformly related to uranium grades of the rock sample measured; they should be
used only as a preliminary indication of the presence of radioactive minerals.</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0 5.75pt 10pt 0; text-align: justify">All references in this MD&amp;A to &ldquo;Mineral
Resource&rdquo;, &ldquo;Inferred Mineral Resource&rdquo;, &ldquo;Indicated Mineral Resource&rdquo;, &ldquo;Measured Mineral Resource&rdquo;,
&ldquo;Mineral Reserve&rdquo;, &ldquo;Proven Mineral Reserve&rdquo; and &ldquo;Probable Mineral Reserve&rdquo; have the meanings ascribed
to those terms by the Canadian Institute of Mining, Metallurgy and Petroleum, as the CIM Definition Standards on Mineral Resources and
Mineral Reserves adopted by CIM Council, as amended. The requirements of NI&nbsp;43-101&nbsp;are different than Securities and Exchange
Commission disclosure requirements applicable to mineral reserves and mineral disclosure. Therefore, disclosure relating to Mineral Reserves
and Mineral Resources contained herein is not comparable to disclosure by issuers required to comply with Securities and Exchange Commission
disclosure requirements.</P>

<P STYLE="font: small-caps bold 13pt/105% Arial Nova Cond,sans-serif; margin: 12pt 0 6pt; letter-spacing: 0.5pt; text-indent: 0cm">Approval</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">The Board approved the disclosure contained in this MD&amp;A.
A copy of this MD&amp;A will be provided to anyone who requests it and can be located, along with additional information, including the
Company&rsquo;s current annual information form, on the Company&rsquo;s profile on SEDAR+ at www.sedarplus.ca, on EDGAR at www.sec.gov<U>,</U>
on the ASX at www.asx.com.au or by contacting the Company&rsquo;s Corporate Secretary, located at Suite 3150, 1021 West Hastings Street,
Vancouver, BC V6E 0C3 or at (604) 428-4112.</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">28</FONT></P>

<P STYLE="font: 11pt Arial Nova Cond,sans-serif; margin: 0; text-align: justify"></P>

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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>ex993.htm
<DESCRIPTION>FORM 52-109F2 CERTIFICATION OF INTERIM FILINGS - CHIEF EXECUTIVE OFFICER
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>EXHIBIT 99.3</B></FONT></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Form 52-109F2</P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>Certification of Interim Filings</I></P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>Full Certificate</I></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">I, Leigh Curyer, C<I>hief Executive Officer of NexGen Energy Ltd.,
</I>certify the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">1.</TD><TD><B><I>Review:</I></B> I have reviewed the interim financial report and interim MD&amp;A (together, the &ldquo;interim filings&rdquo;)
of N<B>exGen Energy Ltd.</B> (the &ldquo;issuer&rdquo;) for the interim period ended <B>September 30, 2024.</B></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">2.</TD><TD><B><I>No misrepresentations:</I></B> Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain
any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement
not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">3.</TD><TD><B><I>Fair presentation:</I></B> Based on my knowledge, having exercised reasonable diligence, the interim financial report together
with the other financial information included in the interim filings fairly present in all material respects the financial condition,
financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">4.</TD><TD><B><I>Responsibility: </I></B>The issuer&rsquo;s other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (DC&amp;P) and internal control over financial reporting (ICFR), as those terms are defined in National
Instrument 52-109 <I>Certification of Disclosure in Issuers&rsquo; Annual and Interim Filings,</I> for the issuer.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">5.</TD><TD><B><I>Design:</I></B> Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer&rsquo;s other certifying
officer(s) and I have, as at the end of the period covered by the interim filings</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD>designed DC&amp;P, or caused it to be designed under our supervision, to provide reasonable assurance that</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt">(i)</TD><TD>material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings
are being prepared; and</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 144pt; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt">(ii)</TD><TD>information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it
under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation;
and</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD>designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with the issuer&rsquo;s GAAP.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">5.1</TD><TD><B><I>Control framework</I></B><I>:</I> The control framework the issuer&rsquo;s other certifying officer(s) and I used to design
the issuer&rsquo;s ICFR is the <I>Internal control - Integrated Framework</I> issued by the Committee of Sponsoring Organizations of the
Treadway Commission (COSO).</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">5.2</TD><TD>N/A</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">5.3</TD><TD>N/A</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-indent: -72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">6.</TD><TD><B><I>Reporting changes in ICFR:</I></B> The issuer has disclosed in its interim MD&amp;A any change in the issuer&rsquo;s ICFR that
occurred during the period beginning on July 1, 2024 and ended on September 30, 2024 that has materially affected, or is reasonably likely
to materially affect, the issuer&rsquo;s ICFR.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Date: November 7, 2024</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&ldquo;Leigh Curyer&rdquo;</I></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">_______________________</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Leigh Curyer</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Chief Executive Officer</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>ex994.htm
<DESCRIPTION>FORM 52-109F2 CERTIFICATION OF INTERIM FILINGS - CHIEF FINANCIAL OFFICER
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>EXHIBIT 99.4</B></FONT></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Form 52-109F2</P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>Certification of Interim Filings</I></P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>Full Certificate</I></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">I, Benjamin Salter, <I>Chief Financial Officer of NexGen Energy Ltd.,
</I>certify the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">1.</TD><TD><B><I>Review:</I></B> I have reviewed the interim financial report and interim MD&amp;A (together, the &ldquo;interim filings&rdquo;)
of N<B>exGen Energy Ltd.</B> (the &ldquo;issuer&rdquo;) for the interim period ended <B>September 30, 2024.</B></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">2.</TD><TD><B><I>No misrepresentations:</I></B> Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain
any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement
not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">3.</TD><TD><B><I>Fair presentation:</I></B> Based on my knowledge, having exercised reasonable diligence, the interim financial report together
with the other financial information included in the interim filings fairly present in all material respects the financial condition,
financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">4.</TD><TD><B><I>Responsibility: </I></B>The issuer&rsquo;s other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (DC&amp;P) and internal control over financial reporting (ICFR), as those terms are defined in National
Instrument 52-109 <I>Certification of Disclosure in Issuers&rsquo; Annual and Interim Filings,</I> for the issuer.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">5.</TD><TD><B><I>Design:</I></B> Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer&rsquo;s other certifying
officer(s) and I have, as at the end of the period covered by the interim filings</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD>designed DC&amp;P, or caused it to be designed under our supervision, to provide reasonable assurance that</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt">(i)</TD><TD>material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings
are being prepared; and</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 144pt; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt">(ii)</TD><TD>information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it
under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation;
and</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD>designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with the issuer&rsquo;s GAAP.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">5.1</TD><TD><B><I>Control framework</I></B><I>:</I> The control framework the issuer&rsquo;s other certifying officer(s) and I used to design
the issuer&rsquo;s ICFR is the <I>Internal control - Integrated Framework</I> issued by the Committee of Sponsoring Organizations of the
Treadway Commission (COSO).</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">5.2</TD><TD>N/A</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">5.3</TD><TD>N/A</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-indent: -72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">6.</TD><TD><B><I>Reporting changes in ICFR:</I></B> The issuer has disclosed in its interim MD&amp;A any change in the issuer&rsquo;s ICFR that
occurred during the period beginning on July 1, 2024 and ended on September 30, 2024 that has materially affected, or is reasonably likely
to materially affect, the issuer&rsquo;s ICFR.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Date: November 7, 2024</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&ldquo;Benjamin Salter&rdquo;</I></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">_______________________</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Benjamin Salter</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Chief Financial Officer</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
