Queen's Road Capital Notes NexGen's Announcement

Executive Summary

• NexGen Energy received final licence from the Canadian Nuclear Safety Commission to prepare site and construct its Rook I uranium project – the last permit needed before construction can start.
• Queen’s Road Capital (QRC) holds a US$70 million convertible debenture (convertible at US$6.76 per share) and approximately 10.5 million NexGen shares valued at over US$130 million, representing about 3.15% of NexGen on a fully‑diluted basis.
• QRC’s Chairman & CEO Warren Gilman congratulated NexGen on the milestone and reaffirmed QRC’s support as construction begins on a project that could supply >50% of the Western World’s uranium demand.

Key Details

• Regulatory Milestone: Canadian Nuclear Safety Commission approved NexGen’s environmental assessment and issued a licence to prepare site and construct the 100%-owned Rook I project. This is the final permit required before construction can commence.
• QRC Investment Profile:
• Initial investment of US$30 million made in May 2020.
• Current holdings: US$70 million convertible debenture (conversion price US$6.76 per share; current NexGen share price US$12.40).
• Approximately 10.5 million NexGen common shares, valued at >US$130 million.
• Ownership stake of ~3.15% on a fully diluted basis, making QRC one of NexGen’s largest shareholders.
• Strategic Significance: The Rook I project is projected to have production capacity exceeding 50% of the Western World’s uranium supply, positioning it as a world‑class asset.
• Management Comment: Warren Gilman stated, “We congratulate Leigh Curyer and the NexGen team in achieving this final and most important milestone… QRC remains a strong, supportive partner to NexGen as it begins construction of one of the world's great mining assets.”

Notable Quotes

“We congratulate Leigh Curyer and the NexGen team in achieving this final and most important milestone. QRC remains a strong, supportive partner to NexGen as it begins construction of one of the world's great mining assets which has production capacity greater than 50% of the Western World's uranium supply.” – Warren Gilman, Chairman & CEO, Queen’s Road Capital Investment Ltd.