As far as mining goes, few weeks are as crucial for a mine developer as the oncoming week for NexGen Energy (TSX: NXE).
After seven years of seemingly endless bureaucratic processes – thousands of pages of written documentation, repeated questioning by government officials, and countless hours of collecting and parsing data – the company is finally set to partake in their second set of hearings with the Canadian Nuclear Safety Commission. If all goes well, they could be the first operators to put an underground uranium mine into production in Canada in over a decade.
And if it doesn’t, well, lets not consider the implications.
It’s easy to say that investors have a lot on the line with this week’s hearings. That much is obvious. But the impact of the proposed Rook I operation is much more than that.
Locally, the project represents an estimated $8.0 billion in provincial taxes for Saskatchewan, while supplying 1,400 jobs to the province, the bulk of which are in the North. Found 150 kilometres north of La Loche, NexGen has entered into mutual benefit agreements with four separate Indigenous Nations in a bid to support local communities.
That support goes beyond simple platitudes. Last month the company agreed to partner in developing a 59-room hotel in La Loche, creating local jobs while at the same time agreeing to hand ownership over to the community upon completion.
And NexGen has conducted local community programs since 2017. Those programs have assisted in educating 123 students under a Summer Student Program, while providing training to 522 individuals under various programs. They’ve also granted 38 scholarships under that same program in a bid to support the region.
Nationally, the development of Rook I is just as critical. From a strategic perspective, Rook I represents the highest grade, largest scale uranium project globally. If constructed, the mine is expected to provide 20% of global uranium supply – up to 30 million pounds annually. In a world where the uranium supply-demand gap is expected to exceed 300 million pounds by 2040, those pounds matter.
Financially, Rook I is estimated to deliver $3.0 billion in federal taxes over the life of mine. Along with providing $3.8 billion in wages and $37 billion in economic output as per company estimates.
Economic output which is hinging on the success of the CNSC hearings this week. Hearings which remain as the final barrier between NexGen and a potential permit to begin construction.
Set to take place in Saskatoon, Saskatchewan, from February 9th to 13th, the hearings are the second round of a two part process. The first round, held back in November, focused on questioning from Commission Members in relation to the Rook I project. The second round is set to focus on what the CNSC refers to as “interventions from Indigenous Nations and communities, interested parties and the public.”
In essence it’s a means for Canadians, both locally and nationally, to voice their concerns or words of support for the project.
All told, 48 different interventions were filed for the project. Those filings came from a range of interested parties. From local Indigenous Nations, to industry groups, business associations, and even individuals that are looking to have their voices heard.
Of the 48 submissions made in advance of this weeks hearings, 83-87% of the responses could be classified as positive. These came from the likely supporters, such as special interest groups like Women in Nuclear Canada and the Canadian Nuclear Association.
But more importantly, positive responses also came from those locally impacted by the potential construction of Rook I. Such as the Village of Buffalo Narrows, the settlement of Bear Creek, the Village of Beauval, along with several Indigenous Nations, including Birch Narrows Dene Nation.
“I am writing on behalf of Twin Lakes Community School to express our full support for NexGen’s proposed Rook 1 Project and to confirm our intention to participate in the February 2026 Commission Hearing. Our students have benefited from Nexgen’s partnership, and we are pleased to offer a written submission of support.” – Gillian Hanson, Principal, Twin Lakes Community School
“We are providing this intervention in support of NexGen’s application for regulatory approval for its Rook 1 project. [..] NexGen will create sustainable long-term jobs that can be filled by residents who will continue to live in their home communities.” – Derek Nice, CEO, Rise Air
“I am writing to express my deepest gratitude and appreciation for the outstanding work of NexGen and its employees. [..] NexGen’s approach has been refreshingly different. Their commitment to our partnership extends beyond mere financial support, they take a genuine interest in the stories behind our grams and the impact they have on our community members.” – Rebecca Sylvestre, Manager, Turnor Lake & Birch Narrows Community Food Centre
A further 4-8% of the responses could be viewed as being neutral, primarily coming from those that are concerned with the impacts to the environment that mining poses. While 8% of the submissions could be viewed as negative, with many of those complaints pertaining to the CNSC’s process for engaging with potentially impacted groups.
For the purposes of comparison, Denison Mines (TSX: DML) in December held their Part 2 hearings under the CNSC process for their own Wheeler River ISR Uranium Project in Saskatchewan. That project saw a total of 27 intervention submissions made. Of those responses, 37% could be deemed as positive, 3.7% as neutral, and 59% as negative, with much of those responses concerned about the proposed extraction method.
Yet despite the level of concern received via interventions, Denison is widely expected to receive final approval from the CNSC for Wheeler River. The company in early January signaled that they anticipate a positive decision on the matter in Q1 2026.
For NexGen and their stakeholders, a positive decision in favor of Wheeler River would all but ensure a positive decision is also en route for Rook I. But in order for that to happen, the hearings scheduled for this week still need to go off without a hitch.
Information for this briefing was found via the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
