NexGen Advances Through Completeness Check for the Final Federal Environmental Assessment Process
NexGen has advanced through the Canadian Nuclear Safety Commission's (CNSC) 30-day completeness check for the Rook I Project's Federal Environmental Impact Statement (EIS). The CNSC commenced its 60-day technical review on June 21, 2024, and upon resolving all technical comments, will establish a Federal Commission Hearing date. This marks a significant step in NexGen's Federal Environmental Assessment process, initiated in April 2019. With provincial approvals secured in 2023 and strong support from stakeholders and Indigenous Nations, NexGen is poised to begin major construction following final approvals. Detailed engineering and local training programs are ongoing to support the project, which aligns with Canada's clean energy goals.
- NexGen has successfully passed the CNSC's 30-day completeness check for its Federal EIS.
- CNSC has started a 60-day technical review of the EIS.
- Provincial Environmental Assessment approvals were received in September and November 2023.
- NexGen has strong support from stakeholders and Indigenous Nations.
- Detailed engineering and local training programs are underway.
- Rook I Project aligns with Canada's critical minerals strategy and clean energy goals.
- Pending final approval from the Federal Commission, construction cannot commence.
- The Federal Environmental Assessment process has been ongoing since April 2019, indicating a lengthy regulatory timeline.
Insights
The completion of the 30-day completeness check by the Canadian Nuclear Safety Commission (CNSC) signifies substantial progress in NexGen's regulatory journey for the Rook I Project. This step illustrates the company's ability to address comprehensive environmental and technical considerations, important for obtaining final approval. The advancement through the Federal Environmental Impact Statement (EIS) review process is a significant milestone, reflecting NexGen's commitment to adhering to stringent environmental standards. Investors should note the alignment of this project with Canada's critical minerals strategy and its potential contribution to clean energy solutions, strengthening its strategic importance in the global market.
From a financial perspective, the movement towards finalizing the EIS and the potential establishment of a Federal Commission Hearing date are pivotal. These milestones reduce regulatory uncertainty, a factor that can positively influence investor sentiment and share price. Investors should monitor the prescribed 60-day review period closely; successful clearance could lead to immediate commencement of major construction activities, potentially accelerating project timelines and revenue generation. Additionally, it's important to recognize the broad-based stakeholder and Indigenous support, which mitigates socio-political risks and enhances project sustainability. The financial outlook appears promising, contingent on continued regulatory compliance and stakeholder engagement.
The technical review by the CNSC has now commenced through the Federal-Indigenous Review Team, and upon confirmation that all technical review comments have been resolved after its prescribed 60-day review, the CNSC will then be able to deem the EIS final. When the EIS is deemed final, the CNSC will establish the Federal Commission Hearing date.
Leigh Curyer, NexGen's Chief Executive Officer, commented: "The Company continues to successfully advance through the Federal EA process which formally initiated in April 2019. We look forward to the conclusion of the technical review process, for the Federal EIS to be deemed final, and the establishment of a Federal Commission Hearing date for the Rook I Project in order to deliver the significant generational benefits to the local Indigenous Nations, communities, the Province and
With the acceptance of the Federal licence application and receipt of Provincial EA approval in September and November 2023, respectively – and broad-based support and advocacy from our valued stakeholders and local Indigenous Nation partners and communities – the team is ready to immediately commence major construction of this generational project upon receipt of remaining approvals. The detailed engineering and procurement activities continue along the critical path as do the significant local training programs underway for the future staffing requirements. Rook I represents a crucial clean fuel source that is fully in line with Government of
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
NexGen is listed on the Toronto Stock Exchange, 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
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
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 mineral reserve and mineral resource estimates, the 2021 Arrow Deposit, Rook I Project and estimates of uranium production, grade and long-term average uranium prices, anticipated effects of completed drill results on the Rook I Project, planned work programs, completion of further site investigations and engineering work to support basic engineering of the project and expected outcomes. Generally, but not always, forward-looking information and statements can be identified by the use of words 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. Statements relating to "mineral resources" are deemed to be forward-looking information, as they involve the implied assessment that, based on certain estimates and assumptions, the mineral resources described can be profitably produced in the future.
Forward-looking information and statements are based on the then current expectations, beliefs, assumptions, estimates and forecasts about NexGen's 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 the mineral reserve and resources estimates and the key assumptions and parameters on which such estimates are based are as set out in this news release and the technical report for the property , the results of planned exploration activities are as anticipated, the price and market supply of uranium, the cost of planned exploration activities, 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 activities will be available on reasonable terms and in a timely manner and that general business and economic conditions will not change in a material adverse manner. Although the assumptions made by the Company in providing forward looking information or making forward looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate in the future.
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, the existence of negative operating cash flow and dependence on third party financing, uncertainty of the availability of additional financing, the risk that pending assay results will not confirm previously announced preliminary results, conclusions of economic valuations, the risk that actual results of exploration activities will be different than anticipated, the cost of labour, equipment or materials will increase more than expected, that the future price of uranium will decline or otherwise not rise to an economic level, the appeal of alternate sources of energy to uranium-produced energy, that the Canadian dollar will strengthen against the
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. Readers are cautioned not to place undue reliance on forward-looking information or statements due to the inherent uncertainty thereof.
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 should not place undue reliance on forward-looking statements or information. 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.
FAQ
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