NexGen Energy nears Rook I approval following final federal technical review

NexGen is now eligible to schedule a federal commission hearing, the final step before securing federal project approval. If granted, the company will receive the federal environmental assessment, the last major permit required to advance the development of Rook I.

This milestone follows provincial approval received in November 2023 and confirmation from the Canadian Nuclear Safety Commission (CNSC) in September 2023 that the federal license application met all necessary criteria. NexGen initiated the permitting process for Rook I in 2019.

“With over $800 million in cash and liquid assets, we are ready, pending a positive Commission decision, to immediately commence major site works,” said NexGen CEO Leigh Curyer.

The Rook I project is considered to be the largest development-stage uranium deposit in Canada.

A 2021 feasibility study for Rook I outlined an initial 11-year mine capable of producing 29 million lb. of uranium oxide (U₃O₈) per annum during the first five years, with capex of C$1.3 billion, making it the largest and lowest cost uranium mine in the world.

Shares of NexGen Energy surged 6.3% by 12:10 p.m. EDT. The miner has a market capitalization of C$6.67 billion ($4.77 billion).