NexGen Energy Ltd. (TSX: NXE) has achieved a major regulatory milestone, announcing today that the Canadian Nuclear Safety Commission (CNSC) has granted final federal approval for the Rook I Uranium Project. The CNSC approved the company’s environmental assessment and issued a License to Prepare Site and Construct, marking the end of a rigorous 12-year development and regulatory journey.
The approval notably comes just 14 business days after the final 2-part Commission Hearing process, which concluded in February.
With provincial EA approval already secured from Saskatchewan in late 2023, this federal license is the final regulatory requirement needed to initiate full construction. NexGen has confirmed a final investment decision and plans to officially commence construction in the summer of 2026. The construction phase is projected to last four years.
Located in the Athabasca Basin of Saskatchewan, Rook I is poised to become the largest single-source uranium mine in the world. Once fully operational, the project is capable of producing up to 30 million pounds of uranium annually. This output represents more than 20% of the current global supply and over 50% of the uranium supply for the western world.
Leigh Curyer, Founder and CEO of NexGen, emphasized the project’s significance in the current global energy landscape. He described the asset as a “generational” project that is now ready to be a significant contributor to global nuclear energy requirements. “Nuclear is the chosen energy to supply global economic growth. NexGen is the foundational key to fueling that growth,” Curyer stated.
The transition to full construction is expected to drive significant long-term economic benefits for Saskatchewan and Canada. The project is expected to provide $37 billion in economic output nationally over the life of mine, while creating 1,400 annual jobs in the province.
NexGen has already mobilized its procurement and engineering teams, and capital is in place to begin advanced site preparation and shaft sinking.
NexGen Energy last traded at $16.97 on the TSX.
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