- The Canadian Nuclear Safety Commission ("CNSC") has notified
NexGen of successful completion of final Federal technical
review.
- This is the key requirement to scheduling a Federal Commission
Hearing date and subsequent Federal Project approval decision.
- The Federal Environmental Assessment ("EA") and License
represent the final major approval steps after having received
Provincial EA approval in November
2023.
- In production, the Rook I Project is poised to make NexGen one
of the world's largest and most environmentally conscious mining
companies.
VANCOUVER, BC, Nov. 19,
2024 /CNW/ - NexGen Energy Ltd. ("NexGen" or the
"Company") (TSX: NXE) (NYSE: NXE) (ASX: NXG) is excited
and proud to announce a major milestone in the Federal EA process
for its 100%owned Rook I Project ("the Project"). The CNSC has
provided NexGen formal confirmation that the Company has
successfully addressed all information requests received as part of
the Federal technical review. With completion of the CNSC technical
review, the next and final steps in the Federal approval process
include scheduling a Commission Hearing Date for the Project,
subject to which the CNSC will render an approval decision on the
Project.
This historic milestone marks a crucial step forward for the
Project that has been undergoing Canada's robust and rigorous regulatory
process since 2019. Completion of the Federal EA technical review
stage follows the CNSC having deemed NexGen's Federal licence
application sufficient in September
2023, and receipt of Provincial EA approval in November 2023. This development reinforces
Canada's path to re-establish
itself as the leader in global uranium supply and partner of
choice.
Leigh Curyer, Chief Executive Officer, commented: "This exciting
outcome is a testament to the exceptional efforts of our entire
NexGen team, the collaborative support of our valued Indigenous
Nation partners, and our transparent approach with the CNSC to
ensure a robust and thorough review that meets the highest
standards of environmental protection for the sustainable
development of the Rook I Project. Since inception, our honest and
innovative holistic approach to the successful development of this
generational project has set new industry standards as to what is
possible, whilst positively impacting all our valued
stakeholders.
Together with the Clearwater River Dene Nation, Métis Nation –
Saskatchewan Northern Region 2 and Métis Nation – Saskatchewan, Buffalo River Dene Nation, and
Birch Narrows Dene Nation, we are construction ready to deliver
transformative and unprecedented social, economic and environmental
benefits to local communities, the Province of Saskatchewan, Canada, and the world.
We're not just developing a mine - we're building strong
communities while shaping a sustainable and secure global energy
future. With over $800 million in
cash and liquid assets, we are ready pending a positive Commission
decision with all activities required to immediately commence major
site works in place."
NexGen is poised to propel Canada back to the forefront of global clean
energy fuel production. The Rook I Project embodies NexGen's
commitment to elite environmental performance, unprecedented
community inclusion, and responsible alignment with global net-zero
goals.
About NexGen
NexGen Energy is a Canadian company focused on delivering clean
energy fuel for the future. The Company's flagship Rook I Project
is being optimally developed into the largest, low-cost producing
uranium mine globally, incorporating the most elite standards in
environmental and social governance. The Rook I Project is
supported by a NI 43-101 compliant Feasibility Study which outlines
the elite environmental performance and industry leading economics.
NexGen is led by a team of experienced uranium and mining industry
professionals with expertise across the entire mining life cycle,
including exploration, financing, project engineering and
construction, operations, and closure. NexGen is leveraging its
proven experience to deliver a Project that leads the entire mining
industry socially, technically, and environmentally. The Project
and prospective portfolio in northern Saskatchewan will provide generational
long-term economic, environmental, and social benefits for
Saskatchewan, Canada, and the
world.
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," providing access
to global investors to participate in NexGen's mission of solving
three major global challenges in decarbonization, energy security,
and access to power. The Company is headquartered in Vancouver, British Columbia, with its primary
operations office in Saskatoon,
Saskatchewan.
Cautionary Note to U.S. Investors
This news release includes Mineral Reserves and Mineral
Resources classification terms that comply with reporting standards
in Canada and the Mineral Reserves
and the Mineral Resources estimates are made in accordance with NI
43-101. NI 43-101 is a rule developed by the Canadian Securities
Administrators that establishes standards for all public disclosure
an issuer makes of scientific and technical information concerning
mineral projects. These standards differ from the requirements of
the Securities and Exchange Commission ("SEC") set by the SEC's
rules that are applicable to domestic United States reporting companies.
Consequently, Mineral Reserves and Mineral Resources information
included in this news release is not comparable to similar
information that would generally be disclosed by domestic U.S.
reporting companies subject to the reporting and disclosure
requirements of the SEC Accordingly, information concerning mineral
deposits set forth herein may not be comparable with information
made public by companies that report in accordance with U.S.
standards.
Forward-Looking Information
The information contained herein contains "forward-looking
statements" within the meaning of applicable United States securities laws and regulations
and "forward-looking information" within the meaning of applicable
Canadian securities legislation. "Forward-looking information"
includes, but is not limited to, statements with respect to
estimates for CapEx, OpEx and a payback period of 12 months, the
appointment of a lead lender group, the availability of financing
for the Project, the advancement of detailed engineering and
contract negotiations, bolstering the globe's uranium supply chains
to meet the rising demand for nuclear energy, the timing and cost
of reclamation, including as part of the UGTMF and after-tax free
cash flow remaining materially consistent with the FS, Free Cash
Flow, Payback Period and IRR relative to various uranium prices,
the delivery of clean energy fuel for the future, the development
of the largest low cost producing uranium mine globally and
incorporating elite standards in environmental and social
governance, delivering a project that leads the entire mining
industry socially, technically and environmentally, providing
generational long-term economic, environmental and social benefits
for Saskatchewan, Canada and the
world, planned exploration and development activities and budgets,
the interpretation of drill results and other geological
information, mineral reserve and resource estimates (to the extent
they involve estimates of the mineralization that will be
encountered if a project is developed), requirements for additional
capital, capital costs, operating costs, cash flow estimates,
production estimates, the future price of uranium and similar
statements relating to the economics of a project, including the
Rook I Project. Generally, forward-looking information and
statements can be identified by the use of forward-looking
terminology such as "plans", "expects", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates", or
"believes" or the negative connotation thereof or variations of
such words and phrases or state that certain actions, events or
results "may", "could", "would", "might" or "will be taken",
"occur" or "be achieved" or the negative connotation
thereof.
Forward-looking information and statements are based on
NexGen's current expectations, beliefs, assumptions, estimates and
forecasts about its business and the industry and markets in which
it operates. Forward-looking information and statements are made
based upon numerous assumptions, including, among others, that
financing for the Project will be available in a timely manner and
on terms acceptable to the Company, the results of planned
exploration and development activities will be as anticipated and
on time; the price of uranium; the cost of planned exploration and
development activities; that, as plans continue to be refined for
the development of the Rook I Project, there will be no changes in
costs, engineering details or specifications that would materially
adversely affect its viability; that financing will be available if
and when needed and on reasonable terms; that third-party
contractors, equipment, supplies and governmental and other
approvals required to conduct NexGen's planned exploration and
development activities will be available on reasonable terms and in
a timely manner; that there will be no revocation of government
approvals; that general business, economic, competitive, social and
political conditions will not change in a material adverse manner;
the assumptions underlying the Company's mineral reserve and
resource estimates and updated/revised CapEx, OpEx, SusEx, and pay
back period; assumptions made in the interpretation of drill
results and other geological information; the ability to achieve
production on the Rook I Project; and other estimates, assumptions
and forecasts disclosed in the Feasibility Study for the Rook I
Project. Although the assumptions made by the Company in providing
forward-looking information or making forward-looking statements
were considered reasonable by management at the time they were
made, there can be no assurance that such assumptions will prove to
be accurate.
Forward-looking information and statements also involve known
and unknown risks and uncertainties and other factors, which may
cause actual results, performances and achievements of NexGen to
differ materially from any projections of results, performances and
achievements of NexGen expressed or implied by such forward-looking
information or statements, including, among others, negative
operating cash flow and dependence on third-party financing,
uncertainty of additional financing, the risk that pending assay
results will not confirm previously announced preliminary results,
the imprecision of mineral reserve and resource estimates, the
price and appeal of alternate sources of energy, sustained low
uranium prices, aboriginal title and consultation issues,
development risks, climate change, uninsurable risks, reliance upon
key management and other personnel, risks related to title to its
properties, information security and cyber threats, failure to
manage conflicts of interest, failure to obtain or maintain
required permits and licences, changes in laws, regulations and
policy, competition for resources, political and regulatory risks,
general inflationary pressures, industry and economic factors that
may affect the business, and other factors discussed or referred to
in the Company's most recent Annual Information Form under "Risk
Factors" and management's discussion and analysis under "Other
Risks Factors" filed on SEDAR+ at www.sedarplus.ca and 40-F
filed on Edgar at www.sec.gov.
Although the Company has attempted to identify important
factors that could cause actual results to differ materially from
those contained in the forward-looking information or statements or
implied by forward-looking information or statements, there may be
other factors that cause results not to be as anticipated,
estimated or intended.
There can be no assurance that forward-looking information
and statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated,
estimated or intended. Accordingly, readers are cautioned not to
place undue reliance on forward-looking information or statements
due to the inherent uncertainty thereof. The Company undertakes no
obligation to update or reissue forward-looking information as a
result of new information or events except as required by
applicable securities laws.
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SOURCE NexGen Energy Ltd.