On November 19, 2025, NexGen Energy Ltd. presented the final Canadian Nuclear Safety Commission hearing for its Rook I uranium project in Saskatchewan. The hearing, held at 9:00 a.m. Eastern Time, is the last federal regulatory step before a formal approval decision and follows provincial approval in November 2023 and the CNSC’s acceptance of the final Environmental Impact Statement in January 2025.
The Rook I project is slated to produce 30 million pounds of high‑grade uranium per year, making it the largest development‑stage uranium mine in Canada. NexGen’s updated financial model now projects a payback period of 12 months, down from the 13‑month figure previously cited, reflecting tighter cost controls and a higher expected uranium price. Capital costs have risen 70% to $2.2 billion, while operating costs are expected to nearly double, largely due to inflation and advanced engineering requirements.
NexGen reported a net loss of C$129.22 million for the third quarter of 2025, compared with a net income of C$10.25 million in the same quarter a year earlier. The loss reflects the company’s continued investment in development and the higher capital and operating costs noted above. The company’s cash balance remains strong at approximately C$1.2 billion, providing a buffer for the next phase of construction and production ramp‑up.
CEO Leigh Curyer said the revised cost estimates “reflect the company’s focus on ensuring that every aspect of the project aligns for the development of a truly world‑class resources project.” He added that the updated capital and operating costs “present an all‑encompassing spend to bring the Rook I project into production based on robust, proven mining and construction methodologies, with a payback period of 12 months.”
NexGen emphasizes its commitment to ESG standards, including an underground tailings management facility designed to minimize environmental impact and reduce closure costs. The project also benefits from strong support from Indigenous communities, with impact benefit agreements covering the entire life and closure of operations.
Analysts have revised their production start dates for the Rook I project in light of the hearing’s timing. The delay has pushed the expected start of construction and production to later in the decade, but the company’s low‑cost profile and strong demand for nuclear fuel remain key tailwinds. Headwinds include the need for final federal approval, potential labor shortages, and the broader uncertainty in uranium market dynamics.
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