NexGen Energy advances with uranium contracts and federal approval progress
The company secures its first uranium supply contracts with US utilities and advances federal regulatory approvals for its Rook I Project in Saskatchewan.
NexGen Energy Ltd. has announced two significant developments for its Rook I uranium project in Saskatchewan. The company secured its first uranium sales agreements with major US nuclear utility companies and advanced through a critical stage of the federal regulatory approval process.
Uranium contracts secured with U.S. utilities
NexGen has signed agreements to supply 5 million pounds of uranium to multiple US utilities. These contracts include market-related pricing mechanisms at the time of delivery, aligning with the company’s approach to optimize returns based on future uranium prices.
Leigh Curyer, NexGen’s CEO, described the agreements as a turning point for the company. “These offtake awards with premier US utilities represent a pivotal moment for NexGen. They underscore the premier quality and scalability of the Rook I Project, whilst offering diversification of supply from existing centralized sources,” Curyer said with the contract announcement on Dec. 4.
The contracts come as global demand for nuclear energy increases, driven by the expansion of data centres and energy infrastructure. NexGen is continuing discussions with other utilities in Europe and Asia to secure additional agreements.
Progress in federal environmental assessment
The Canadian Nuclear Safety Commission (CNSC) has confirmed that NexGen has addressed all information requests as part of the Federal Environmental Assessment technical review for the Rook I Project. This marks the completion of the CNSC’s technical review stage, moving the project closer to a final approval decision.
The CNSC is now preparing to schedule a Commission Hearing, the final step in the federal approval process. The Rook I Project had previously received provincial environmental approval in November 2023.
“This exciting outcome is a testament to the exceptional efforts of our entire NexGen team,” Curyer said on Nov. 19. He noted the collaboration with Indigenous partners, including the Clearwater River Dene Nation and Métis Nation – Saskatchewan, as essential to the project’s progress.
Construction readiness and future steps
With regulatory processes advancing, NexGen has stated that it is prepared to begin major site work pending federal approval. The company reports having more than $800 million in cash and liquid assets to support project construction.
Rook I, the proposed uranium mine in Saskatchewan, aims to establish itself as one of the largest and most environmentally sustainable uranium operations globally. NexGen’s ongoing developments highlight Canada’s potential to strengthen its position as a leading global supplier of nuclear fuel.
The Company is based in Vancouver, B.C. with its primary operations office in Saskatoon, Sask.
NexGen is listed on the Toronto Stock Exchange and the New York Stock Exchange under the ticker symbol “NXE” and on the Australian Securities Exchange under the ticker symbol “NXG.”