NexGen Energy Targets 2030 First Ore as Rook I Eyes $1.3B Annual Cash Flow

NexGen Energy (NXE) is in talks with BHP Group (BHP) for a potential equity stake and financing for its Rook I uranium project. NexGen aims to raise $1 billion over nine months. BHP reported strong financials, with $33 billion in EBITDA and $9.8 billion in free cash flow. NexGen has no revenue but holds $970.25 million in cash. Investors should watch for a formal partnership between the two.

NexGen Energy shares rose about 7% after Reuters reported the company is in ongoing discussions with BHP about its Rook I uranium project in Saskatchewan. CEO Leigh Curyer said BHP acquired adjacent acreage and technical dialogue continues. Construction started this week, with operations expected around 2030. NexGen plans to raise C$1 billion in nine months; BHP shares rose about 1.4%.

NexGen Energy shares rose 7.8% to $11.20 after the company said it is in active talks with BHP about a potential equity stake in its Rook I uranium project in Saskatchewan. NexGen began construction Aug. 13 and is raising about $1 billion over nine months. Market moves were minor otherwise.

NexGen Energy Ltd. says construction has begun on its Rook I underground uranium project in Saskatchewan’s Athabasca Basin. The company expects four years of construction and production starting in late 2030, targeting up to 30 million pounds of uranium annually. NexGen estimates $32.5 billion in economic impact for Saskatchewan. The project will be licensed by Canada’s nuclear regulator.

NexGen Energy says it has begun construction of its C$2.2 billion Rook I uranium project in Saskatchewan. The underground mine and mill are expected to take about four years, targeting about 30 million lb of uranium annually. The Canadian Nuclear Safety Commission approved the environmental assessment and granted a construction licence. A 2021 feasibility study projected C$3.5 billion NPV8% and 233.6 million lb yellowcake over 11 years.

NexGen Energy Ltd. began construction on its first uranium mine, the Rook I project, in northern Saskatchewan. The $2.2 billion mine is expected to ramp up over four years to 30 million pounds of uranium annually. NexGen completed a 3,000-foot airstrip and camp, plans to expand the airstrip, and expects a mine shaft in 2027. Construction approval came from Canada’s CNSC on March 5.