NexGen Energy is advancing its Rook I project in Canada’s Athabasca Basin, positioning itself as a key player in the global uranium market with aspirations to become one of the world’s top 10 mining companies.
The Rook I project, which hosts the high-grade Arrow deposit, is one of the largest and lowest-cost uranium developments globally.
NexGen’s Asia Pacific director Stacey Golokin said the company’s vision is clear: to secure its place as a leading supplier of ethical and sovereign uranium to Western markets.
“Once in production, Rook I will supply 30 million pounds of uranium annually equivalent to 50 per cent of total Western supply and 25 per cent of total global supply,” Golokin said.
“At a $US95 per pound spot price, we’ll generate $C1.93 billion ($2.15 billion) in free cash flow, placing us among the top 10 mining companies worldwide.”
The Arrow deposit has been described as a “geological phenomenon”, containing over 260 million pounds of measured and indicated uranium resources, with grades up to 16 per cent – 160 times the global average.
Golokin said NexGen’s advantage extends beyond grade and scale.
“Our geotechnical setting in basement rock allows for a relatively simple mining method and processing circuit, contributing to low costs of just $US9.98 per pound,” she said.
NexGen is in the final stages of permitting, with strong support from local Indigenous communities.
“We’ve hit two major milestones, including federal environmental approvals, and are now awaiting notice of our commission hearing,” Golokin said. “No project has ever gone to commission hearing and been denied, so once we receive that notice, we’ll know we’re moving forward.”
With a 42-month construction timeline, NexGen expects Rook I to be a cornerstone of the Western uranium supply chain.
“As countries move to secure their energy supply and decarbonise, the demand for uranium is only growing,” Golokin said. “NexGen is ready to meet that demand and cement its place as a leading force in global mining.”
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