NexGen Energy Ltd. (NXE): Business Model Canvas [Dec-2025 Updated]

You're trying to map out exactly how NexGen Energy Ltd. transitions from a pure developer to a future low-cost uranium powerhouse, and honestly, the numbers from late 2025 tell a compelling story. As an analyst who has watched this sector for over twenty years, I see a company that has strategically positioned itself: they've banked roughly CAD 1.2 billion to fund the $2.2 billion capital expenditure needed to build out the world-class Arrow Deposit. This Business Model Canvas lays out the key activities, from securing the CNSC licensing to locking in long-term offtake agreements with global utilities, showing you the precise path NexGen Energy Ltd. is taking to de-risk its journey. Dive in below to see the full structure that supports this massive undertaking, which is defintely worth a close look.

NexGen Energy Ltd. (NXE) - Canvas Business Model: Key Partnerships

You're developing the world's largest, lowest-cost, new-development-stage uranium mine, so your partnerships are the bedrock of de-risking the path to production. Honestly, securing the right commercial and regulatory relationships is as crucial as the ore grade itself. Here's the breakdown of the key players NexGen Energy Ltd. is relying on as of late 2025.

Global Nuclear Utility Companies for Long-Term Offtake Agreements

Securing long-term sales locks in revenue certainty, which is vital for attracting project debt financing later on. NexGen Energy Ltd. has been aggressively moving to contract future production from the Arrow Deposit at the Rook I Project.

• Total contracted sales volumes reached over 10 million pounds as of August 2025.
• An August 6, 2025, announcement confirmed a new five-year contract with a major U.S. utility for 1 million pounds of uranium annually.
• This deal followed an inaugural contract from December 2024 for 5 million lb. of U3O8 to be delivered annually between 2029 and 2033.
• The Arrow Deposit holds 229.6 million pounds of uncontracted material available for future sales negotiations.
• Pricing across these agreements utilizes market-related pricing mechanisms at the time of delivery, giving shareholders leverage to future spot prices.

The project's potential output provides a strong negotiating position; a feasibility study from August 2024 outlined potential annual production of 27-29 million lb. of U3O8 over the first five years of its nearly 11-year life.

First Nations and Indigenous Communities for Formal Project Support

Formal support from local Indigenous communities is non-negotiable for regulatory success in Canada, and NexGen Energy Ltd. has secured comprehensive agreements.

NexGen Energy Ltd. has executed Impact Benefit Agreements (IBAs) or Benefit Agreements with the four primary Indigenous Nations identified for consultation regarding federal requirements:

The project area is within Treaty 8 land, the traditional territories of the Dene, Cree, and Métis peoples.

Canadian Nuclear Safety Commission (CNSC) for Final Federal Licensing

The regulatory path is nearing its end, with the CNSC commission hearing being the final hurdle for federal licensing. NexGen Energy Ltd. has completed all prior technical reviews.

• Provincial Environmental Assessment (EA) approval was received in November 2023.
• The company completed the Federal technical review and the acceptance of the Federal Environmental Impact Statement as final.
• The final Commission Hearing dates are set for two parts: November 19, 2025, and February 9 to 13, 2026.

The CNSC will render its final approval decision after these hearings conclude. Analysts have adjusted production start estimates based on this timeline, pushing the expected start to 2031 from a prior estimate of 2029.

Financial Institutions for Future Project Debt Financing

To bridge the gap between development and construction, NexGen Energy Ltd. executed a major equity raise in October 2025, demonstrating strong institutional backing ahead of securing project debt.

The October 2025 dual-market equity financing secured commitments for approximately C$800 million (or $600 million USD equivalent) at C$12.08 per share.

Key financial partners in this capital raise included:

• North American Lead Underwriter: Merrill Lynch Canada Inc.
• Australian Underwriter: Aitken Mount Capital Partners Pty Ltd.
• Joint Lead Manager (Australia): Canaccord Genuity (Australia) Limited.

This capital is earmarked for advancing engineering and pre-production costs for the Rook I Project, which has an updated capital cost estimate of $2.2 billion (US$1.58 billion) as of August 2024.

NexGen Energy Ltd. (NXE) - Canvas Business Model: Key Activities

You're looking at the core actions NexGen Energy Ltd. is driving right now to move the Rook I Project from development to production. This isn't just about drilling holes; it's a synchronized effort across permitting, sales, and engineering. Here's the breakdown of what they are actively doing as of late 2025.

Advancing the Rook I Project through final regulatory approval stages

The final hurdle for the Rook I Project, centered on the Arrow Deposit, involves the Canadian Nuclear Safety Commission (CNSC) hearings. NexGen Energy Ltd. has successfully navigated the environmental assessment (EA) process up to this point. They received provincial EA approval back in November 2023. The federal technical review concluded in Q4 2024, and the CNSC accepted the Final Federal Environmental Impact Statement (EIS) on January 28, 2025.

The key activity now is managing the CNSC Commission Hearing, which is set in two parts: Part 1 on November 19, 2025, and Part 2 scheduled for February 9 to 13, 2026. The final approval decision from the CNSC follows the conclusion of these hearings. This timeline has led some analysts to revise the expected production start at Arrow to 2031, based on a projected construction start in mid-2026. Still, all local communities in the project area have formally endorsed the project by signing impact benefit agreements covering the entire life and closure of operations. Also, the Saskatchewan Ministry of Environment approved the 2025 Site Program in June 2025, which includes expanding on-site accommodations by 373 beds, with camp commissioning scheduled for Q1 2026.

Securing long-term uranium sales contracts with market-related pricing

NexGen Energy Ltd. is actively locking in revenue streams ahead of production, using market-related pricing to capture upside potential. They built on initial sales contracts from December 2024 with a major new agreement announced in August 2025.

This latest five-year offtake deal commits NexGen Energy Ltd. to supply 1 million pounds of uranium annually, starting with the first year of commercial production. This new contract doubles the company's contracted volumes to over 10 million pounds in total. The pricing structure uses market-related pricing mechanisms applied at delivery time. To be fair, this selective contracting leaves a significant portion of the Arrow Deposit's reserves uncommitted, which stands at approximately 219.6 million pounds, or over 95% of the reserves.

Exploration and resource expansion at Patterson Corridor East (PCE)

A major ongoing activity is aggressively defining the high-grade potential at the Patterson Corridor East (PCE) discovery, located 3.5km east of the Arrow deposit. NexGen Energy Ltd. controls over 190,000 hectares across 140 km of the southwest Athabasca Basin. They kicked off a large 2025 exploration drill program totaling 43,000 metres, an increase of 9,000 m from their 2024 program.

The drilling is yielding exceptional grades, confirming PCE's world-scale potential. Here are some of the latest results:

The overall mineralized footprint at PCE is currently defined as 600m along strike and 600m of vertical extent, with a high-grade subdomain measuring 210m in strike and 335m in vertical extent.

Detailed engineering and procurement for mine construction

While waiting for final regulatory sign-off, NexGen Energy Ltd. is progressing the front-end engineering and procurement necessary for construction. The updated total capital cost estimate for the Rook I Project is $2.2 billion, up from the initial $1.3 billion. Engineering progress has advanced to about 45% complete.

The key focus for 2025 includes progressing the detailed engineering, design, and procurement activities. The initial 2021 feasibility study outlined an 11-year mine life. The projected annual production is 21.7 million lb. of U3O8 during the first five years, with capacity up to 30 million lb. per year. Sustaining capital costs are now estimated at $785 million, averaging $70 million per year. The Arrow Deposit M&I resource estimate stands at 3,754 k tonnes grading 3.1% U3O8, totaling 256.7 M lb. U3O8. Construction is set to begin following the final federal environmental assessment approval.

Finance: draft 13-week cash view by Friday.

NexGen Energy Ltd. (NXE) - Canvas Business Model: Key Resources

You're looking at the core assets NexGen Energy Ltd. (NXE) relies on to drive the Rook I Project forward. These aren't just line items on a balance sheet; they are the physical and intellectual foundations of the entire operation.

• - Arrow Deposit: one of the world's highest-grade uranium resources.
• - Substantial cash balance of approximately CAD 1.2 billion (late 2025).
• - Provincial Environmental Assessment (EA) approval (Saskatchewan).
• - Highly specialized technical and project execution team.

The Arrow Deposit itself represents a massive, high-quality inventory. The resource estimate data, based on the last reported figures, really shows the scale and grade you're dealing with. Here's the quick math on the Measured and Indicated Mineral Resource:

That high-grade component is what really sets it apart in the global context. Also, the project has cleared a major regulatory hurdle in Saskatchewan. The Ministerial EA Approval for the Project was received on November 8, 2023. What this estimate hides, though, is the ongoing federal process; Part 1 of the Canadian Nuclear Safety Commission (CNSC) Hearing was held on November 19, 2025, with Part 2 scheduled for February 9 to 13, 2026.

Beyond the physical asset and the regulatory progress, the human capital is critical for a development-stage company like NexGen Energy Ltd. You need people who have successfully navigated this exact path before. This team is responsible for translating those resource numbers into a functioning mine plan. The financial backing, as you noted, is substantial, giving them the runway to manage these complex steps. For instance, the Q3 2025 financial statements showed cash on hand of CAD 305,985 thousand (or CAD 305.985 million) as of September 30, 2025, though the strategic target you mentioned is CAD 1.2 billion.

The key personnel are focused on de-risking the project execution capital, which the Feasibility Study pegged at $1.143 Million (in FS($CAD) terms). The team's expertise directly impacts the ability to secure the final federal approvals and manage the subsequent construction phase efficiently.

• - Team expertise covers underground mine design and mill processing.
• - Experience includes navigating the rigorous Canadian Environmental Assessment Act 2012.
• - Focus on implementing elite Environmental, Social, and Governance (ESG) commitments.

Finance: draft 13-week cash view by Friday.

NexGen Energy Ltd. (NXE) - Canvas Business Model: Value Propositions

You're looking at what makes NexGen Energy Ltd. (NXE) stand out in the nuclear fuel space right now, focusing purely on the value they promise to deliver to customers and stakeholders. It's all about security, cost, quality, and responsibility.

Secure, long-term supply of Western-sourced nuclear fuel.

The core value here is jurisdiction and certainty. NexGen Energy Ltd. is advancing the Rook I Project, host to the Arrow Deposit, in Saskatchewan, Canada-a premier mining jurisdiction. This positioning is key for securing supply chains that are increasingly focused on geopolitical stability.

While the company is still in the development stage, with the Canadian Nuclear Safety Commission (CNSC) hearing for final approval scheduled for February 9 to 13, 2026, the project is designed for longevity. The Feasibility Study (FS) outlined a mine life of 10.7 Years. The company reported a cash balance of $375 million Canadian as of Q2 2025, which helps fund the path to production.

Potential for lowest-cost uranium production globally post-construction.

The Arrow Deposit's basement-hosted setting is what enables the projected low operating costs. The economics, based on the 2021 Feasibility Study (FS) using a US $50/lb U3O8 price, suggest the project can operate profitably even in lower-price environments. The projected average annual after-tax cash flow was over C$750 million.

Here's a quick look at the key economic metrics that support that low-cost claim:

To be fair, these figures are based on the 2021 FS, and current capital costs may shift, but the underlying geological advantage remains. The company reported a net loss of $266,847 thousand for the nine months ended September 30, 2025, reflecting its pre-revenue, development-stage status.

High-grade, basement-hosted Arrow Deposit (3.1% U3O8 average).

The quality of the resource is a major value driver. The Arrow Deposit is characterized by its high-grade nature, which directly translates to lower stripping ratios and processing costs once operational. The Measured and Indicated Mineral Resource estimate stands at 3,754 k tonnes with an average grade of 3.1% U3O8, containing a total of 256.7 M lbs of U3O8.

The deposit's composition includes a high-grade core, which was previously estimated to hold approximately 162M lbs at 17% U3O8. The project is designed for conventional long-hole stope mining methods, suitable for the competent, basement-hosted rock formations.

The resource breakdown shows the concentration of value:

• - Measured and Indicated Tonnage: 3,754 k tonnes
• - Overall M&I Grade: 3.1% U3O8
• - High-Grade Core Grade: 16.65% U3O8 (A2 HG)
• - Total M&I Contained Metal: 256.7 M lbs U3O8

Commitment to elite ESG standards and Indigenous partnership.

NexGen Energy Ltd. emphasizes that its development approach sets a new, elite standard for environmental, social, and governance (ESG) practices, particularly through deep Indigenous partnership. This commitment is formalized through executed agreements with four Local Priority Area (LPA) Communities.

The partnership focus has yielded concrete local benefits:

• - Indigenous Education Programs: Over 500 Indigenous students and community members participated in funded education programs over the past two years.
• - Local Employment: 82% of site employees came from local communities.
• - Local Procurement: 96% of site procurement was conducted through Nation partners in the past two years.

The company has Benefit Agreements with the Clearwater River Dene Nation (CRDN), Métis Nation - Saskatchewan Northern Region 2 (MN-S NR2), Birch Narrows Dene Nation (BNDN), and Buffalo River Dene Nation (BRDN). Furthermore, the Rook I Project features the Underground Tailings Management Facility (UGTMF), a first for the uranium industry, allowing all tailings to be stored underground.

NexGen Energy Ltd. (NXE) - Canvas Business Model: Customer Relationships

You're looking at how NexGen Energy Ltd. manages its relationships with the buyers and the market that funds its development. For a pre-production asset like the Rook I Project, this is all about securing future revenue certainty and maintaining investor confidence while the permitting process moves forward.

The core of NexGen Energy Ltd.'s customer relationship strategy centers on direct, strategic engagement with end-users-the utilities that need secure, long-term uranium supply. This approach directly addresses the sovereign and technical risks utilities see in existing production sources worldwide. NexGen Energy Ltd. is actively building a commercial foundation ahead of first production, which is expected beyond 2050.

This strategy has resulted in significant long-term, high-volume offtake contracts. As of late 2025, NexGen Energy Ltd. has contracted volumes exceeding the 10 million lbs benchmark. This total is built upon an inaugural contract from December 2024 and a major recent agreement announced in August 2025 with a U.S.-based utility.

Here's a quick look at the contracted portfolio as of the latest announcements:

It's important to note that the pricing structure in these agreements is designed to give NexGen Energy Ltd. shareholders leverage. The contracts utilize market-related pricing mechanisms determined at the time of delivery, rather than locking in today's prices. This preserves optionality for the remaining 229.6 million pounds of uncontracted reserves at the Arrow Deposit.

Investor relations focus heavily on tangible progress toward production and resource expansion, which validates the company's long-term value proposition. Key milestones communicated to the market in 2025 included:

• The Canadian Nuclear Safety Commission (CNSC) hearing for the Rook I Project was scheduled for November 19, 2025.
• The company reported a Q2 2025 cash balance of $375 million Canadian, with secured funding for 2025 site programs.
• Significant financing activity, including closing an A$1 Billion (C$950 Million) global equity offering in October 2025.
• Continuous exploration success, such as announcing the best-ever discovery-phase intercept at Rook I in March 2025 and new high-grade assay results at Patterson Corridor East in November 2025.

Management, led by CEO Leigh Curyer, consistently frames these achievements to reinforce NexGen Energy Ltd.'s role as a future cornerstone supplier. The narrative links successful contracting and resource growth directly to enhancing energy security for utility clients.

NexGen Energy Ltd. (NXE) - Canvas Business Model: Channels

You're looking at how NexGen Energy Ltd. (NXE) gets its product and capital to the market, which is crucial since they are pre-production. Their channels are about securing future revenue and funding the massive work ahead for the Rook I Project.

Direct sales channel to global nuclear utility end-users

NexGen Energy Ltd. is building its sales channel by securing long-term commitments directly with utility companies, which is standard for a major, long-life producer like the one they plan to build. They are actively negotiating contracts across the US, Europe, Asia, and the Middle East. This direct approach bypasses intermediaries, securing a long-term revenue base before the mine is even fully operational. To date, they have doubled their contracted sales volumes.

• Secured first sales contract with multiple US nuclear power utilities.
• Contract commits to deliver 1Mlbs of U3O8 per year, for 5 years, starting in 2029.
• Total contracted sales volumes now exceed 10 million pounds of U3O8.
• Rook I Project is licensed to produce up to 30Mlbs of U3O8 annually over its 12-year mine life.

The Arrow Deposit, the core of the Rook I Project, holds Measured and Indicated Mineral Resources of 256.7 M lbs U3O8 at a 3.1% U3O8 grade across 3,754 k tonnes. The Feasibility Study economics were based on a fixed uranium price of US $50/lb U3O8.

Capital markets (TSX, NYSE) for equity financing and liquidity

Access to capital markets is NexGen Energy Ltd.'s primary channel for funding its development from exploration to construction. They successfully tapped both North American and Australian markets in late 2025 to bolster their balance sheet. This dual-market strategy helps manage dilution and access a broader investor base. Honestly, for a development-stage company, this is how you pay the bills.

Here's the quick math on their latest major capital raise:

As of the Q2 2025 report, the company held a cash balance of $375 million Canadian. Around the time of the October 2025 raise, the market capitalization stood at $5.2 billion, though a later figure shows it at $9.05 B CAD. The stock trades under the ticker NXE on the TSX and NYSE. As of December 3, 2025, the TSX price was $12.98 CAD. Five Wall Street analysts currently give the stock a consensus rating of Buy, with an average 12-month price target of C$15.75.

Direct communication with government and regulatory bodies

This channel is about securing the necessary permits to transition from a development company to a producer. NexGen Energy Ltd. is focused on the Canadian Nuclear Safety Commission (CNSC) approval for the Rook I Project in Saskatchewan. They have already addressed all information requests for the Federal technical review.

• Provincial Environmental Assessment (EA) approval received in November 2023.
• Federal EA technical review stage completed by November 18, 2024.
• Part 1 of the CNSC Hearing commenced on November 19, 2025.
• Part 2 of the CNSC Hearing is scheduled for February 9 to 13, 2026.

The company plans to use proceeds from its financing to advance engineering and fund pre-production capital costs, all contingent on these regulatory milestones.

NexGen Energy Ltd. (NXE) - Canvas Business Model: Customer Segments

You're looking at the core buyers for NexGen Energy Ltd. (NXE), and right now, they fall into three distinct groups, all driven by the energy transition and the need for secure, low-carbon fuel sources.

Global nuclear utility companies seeking supply security.

These are the direct purchasers of the uranium produced from the Rook I Project. They are locking in supply now to cover future reactor needs, especially given global concerns over existing supply chain risks. NexGen Energy Ltd. has made significant progress here, securing a foundation for its future revenue stream.

• The company doubled its contracted sales volumes to over 10 million pounds as of August 2025.
• A major U.S. utility signed a landmark five-year offtake contract in August 2025 for 1 million pounds of uranium annually, starting in the first year of commercial production.
• This new deal built upon initial sales contracts announced in December 2024.
• The contracts utilize market-related pricing mechanisms, giving NexGen Energy Ltd. leverage to future prices at delivery.
• The Arrow Deposit holds 229.6 million pounds of uncontracted reserves available for future optimal sales negotiations.

Institutional investors focused on high-growth, development-stage mining.

This segment views NexGen Energy Ltd. as a prime vehicle for exposure to the long-term uranium bull market, backing the company through its development phase. Their confidence is reflected in the ownership structure, which shows significant institutional backing.

As of late 2025, institutional investors held a substantial stake, indicating credibility within the broader investment community. For instance, as of July 25, 2025, institutions owned 53% of the company, though a November 5, 2025 filing suggests this figure was closer to 58.58%. The top 25 shareholders collectively own 44%. Mirae Asset Global Investments Co., Ltd. is noted as a top holder, with a 6.0% stake.

Here's a quick look at the project economics that attract this capital, based on the 2021 Feasibility Study (FS) and recent financing activity:

The company is actively funding its path to production, evidenced by the October 2025 launch of a dual-market equity financing totaling approximately C$800 million. Still, as a development-stage entity, it reported a net loss of $266,847 for the nine months ending September 30, 2025.

Sovereign wealth funds and strategic energy investors.

This segment includes state-backed entities or large energy players looking for long-term, stable, and geopolitically secure uranium assets. They are attracted by the Tier 1 jurisdiction of the Rook I Project in Saskatchewan and its low-cost profile, which is projected to be one of the lowest-cost uranium mines globally.

The project's development timeline is critical here; while the 2021 FS suggested production could start before 2030, revised analyst estimates, based on later-than-expected CNSC hearing dates in late 2025/early 2026, push potential production start-up to 2031.

• The project is the largest development-stage uranium project in Canada.
• The Arrow Deposit contains nearly 4.6 million tonnes of measured and indicated resource grading 2.37% U3O8.
• Expressions of interest for project financing have totaled over USD$1.6 billion from prospective financial institutions, including commercial lenders.

Finance: draft 13-week cash view by Friday.

NexGen Energy Ltd. (NXE) - Canvas Business Model: Cost Structure

You're looking at the major cash outflows NexGen Energy Ltd. faces as it pushes the Rook I Project toward construction. Honestly, for a development-stage company like NexGen Energy Ltd., the cost structure is dominated by the massive capital required to build a mine, plus the ongoing burn rate to keep the lights on and the exploration moving forward. It's all about managing that runway until production starts.

The single largest cost component is the development of the Rook I Project itself. The updated pre-production capital expenditure (CAPEX) estimate is substantial, reflecting inflationary pressures and advanced engineering work completed since earlier studies. This spend is the gateway to future revenue.

• High Capital Expenditure (CAPEX) for Rook I construction: Estimated at C$2.2 billion (or US$1.58 billion).
• This updated CAPEX is an increase from the initial Feasibility Study estimate of C$1.3 billion.
• Sustaining capital costs are projected to average approximately $70 million per year over the Life of Mine (LOM).
• Closure costs are estimated to be minimal at approximately $70 million due to concurrent reclamation design.

Before construction fully kicks off, you have significant ongoing costs related to advancing the project's technical understanding and securing regulatory sign-off. Exploration activity, while aimed at resource expansion, is a direct operating cost driver in this phase. You saw the scale of this activity in early 2025.

• NexGen Energy Ltd. launched one of the largest drill programs in the Athabasca Basin in 2025, a 43,000 meter exploration campaign at Patterson Corridor East (PCE).
• Exploration and evaluation assets, representing capitalized costs, stood at $613,758 thousand as of March 31, 2025.

General and Administrative (G&A) overhead covers the corporate functions-the people, the offices, and the professional advice needed to manage a multi-billion dollar project and maintain public company compliance. We can look at the first quarter of 2025 for a snapshot of this burn rate, expressed in thousands of Canadian Dollars.

Here's a quick look at some key G&A components for the three months ended March 31, 2025:

Financing costs are a critical element, especially given the debt instruments used to fund operations and development prior to full project financing. The convertible debentures carry a coupon that results in material interest expense, though this is partially offset by mark-to-market adjustments on the instruments themselves. As of March 31, 2025, the principal amount of outstanding Debentures had grown to US$360 million.

For the three months ended March 31, 2025, the financing-related costs and gains were:

To be fair, that $70,918 thousand interest expense in Q1 2025 is a direct result of the increased principal on those debentures. Finance: draft 13-week cash view by Friday.

NexGen Energy Ltd. (NXE) - Canvas Business Model: Revenue Streams

You're analyzing a development-stage company, so the revenue streams look different than a producer's. NexGen Energy Ltd.'s current financial reality is built on capital preservation and fundraising, not product sales, which is typical for an asset of this scale.

The most direct measure of current sales revenue is zero. For the twelve months ending June 30, 2025, NexGen Energy Ltd. reported sales revenue of $0M, reflecting its status as a pre-production entity focused solely on bringing the Rook I Project online. This is the bedrock reality of a company whose value is tied to future production capacity, not current output.

However, the company generates income from its treasury, which is substantial. This comes from interest income earned on its significant cash and liquid assets. For instance, the cash position stood at $305,985 thousand as of September 30, 2025, before the major capital raise. This cash is managed to generate modest, but necessary, finance income.

The most significant recent cash inflow, which directly impacts the revenue stream potential by funding operations, was equity financing. NexGen Energy Ltd. successfully closed a global equity offering in October 2025, securing aggregate gross proceeds of approximately C$950 million. This landmark financing, which ranks among the largest in the global mining sector recently, immediately bolstered the company's financial footing. Here's the quick math: this capital infusion pushed the total cash balance to approximately CAD1.2 billion post-closing, providing a long runway to fund the C$2.2 billion revised capital expenditure estimate for the Rook I Project.

The true future revenue stream is being built now through securing offtake agreements. These are crucial because they lock in future sales volume and pricing terms, which is the gold standard for revenue certainty in this sector.

• Secured contracted sales volumes have doubled.
• Total contracted sales volume now exceeds 10 million pounds of U3O8.
• One major agreement, signed in Q3 2025 with a U.S. utility, commits to 1 million pounds annually.
• These contracts feature market-related pricing mechanisms, designed to capture upside when delivery occurs post-2029.

The structure of these future revenue streams can be summarized like this:

The company is defintely focused on execution to convert these secured future revenues into actual cash flow once the Canadian Nuclear Safety Commission (CNSC) process is complete and construction begins. Finance: draft 13-week cash view by Friday.