History
NexGen took its 100%-owned Rook I uranium project from permitting to final approval and construction, funded by large raisings, while a high-grade discovery next door kept growing.
2021-2022: Listing and permitting begins
NexGen, a Canadian uranium developer already listed in Toronto and on NYSE American, joined the ASX on 30 June 2021 as a foreign exempt listing. It raised A$2.24 million by issuing 400,000 CDIs (ASX-traded certificates standing in for shares) at A$5.60. Its focus was Rook I, a 100%-owned project in Saskatchewan that hosts the Arrow deposit.
The work that followed was largely about permission. In July 2021 NexGen signed benefit agreements with the Buffalo River and Birch Narrows Dene Nations, and a court dismissed a Métis Nation-Saskatchewan bid to block the environmental assessment submission. Hatch was hired in November 2021 for front-end engineering design. In 2022 the company moved its US listing to the New York Stock Exchange (trading from 4 March as NXE), signed an agreement with Clearwater River Dene Nation, and filed its draft Environmental Impact Statement in June, which the nuclear regulator accepted in July without comment. Drilling found radioactivity below Arrow, including 0.10% U3O8 over 7.0 m in hole AR-21-268. A C$500 million shelf prospectus in August gave it room to raise money later.
2023: Approvals and funding the build
In January 2023 NexGen set up a C$250 million at-the-market program, which lets it sell new shares gradually at market prices. In May it reported non-binding interest for over US$1 billion of project debt; the record shows no later update. A fourth and final community benefit agreement, with Métis Nation-Saskatchewan, followed in June. Ben Salter became CFO on 1 September.
In September the company closed US$110 million of 9.0% convertible debentures (loans that can turn into shares at US$6.76) with Queen's Road Capital and Washington H. Soul Pattinson. Queen's Road also agreed to convert its 2020 US$15 million debentures into about 8.6 million shares. On 10 November Saskatchewan approved the project, described as the province's first such uranium approval in over 20 years. In December the at-the-market program was renewed at up to C$500 million.
2024: A new discovery and more capital
In March NexGen found intense mineralisation at Patterson Corridor East, 3.5 km from Arrow, with hole RK-24-183 hitting 19.8 m. In May it raised about C$224 million from an Australian placement of 20,161,290 shares at C$11.11 (upsized from C$180 million), and cut the at-the-market program to make room. It also bought 2,702,410 lbs of uranium for US$250 million, paid in 9.0% convertible debentures convertible at US$10.73.
Updated economics in August put Rook I's pre-production capital at C$2.2 billion, operating cost at C$13.86 per lb, and output at up to 30 million lbs a year. After-tax value was C$6.3 billion at US$95 per lb. The 2024 drilling ended in November with 19 of 30 holes mineralised; RK-24-222 was the best, with a 17.0 m vein. The nuclear regulator confirmed all technical requests were answered. In December NexGen signed its first sales agreements: 5 million lbs to US utilities, delivered at 1 million lbs a year from 2029 to 2033.
2025: Record grades and a billion-dollar raise
A 43,000 m program began at Patterson Corridor East in January. Hole RK-25-232 assayed 15.0 m at 15.9% U3O8, the company's best discovery-phase result, and the high-grade zone doubled to 210 m of strike. In July NexGen bought out Rio Tinto's 10% carried interest over 39 claims, including those hosting the discovery, so it owns its whole portfolio outright; the price is confidential. In August a second US utility contract added 1 million lbs a year for five years, lifting contracted volumes above 10 million lbs.
In October NexGen closed a global raise of about A$1 billion (C$950 million): 33,112,583 shares at C$12.08 in North America and 45,801,527 CDIs at A$13.10 in Australia, the latter upsized from A$400 million. Further assays included 5.5 m at 21.4% in RK-25-256, the highest grade there to date.
2026: Final approval and construction
The regulator held the second part of its hearing in February, and on 5 March approved the environmental assessment and issued the licence to prepare the site and construct Rook I, the final approval needed. The company says its final investment decision is made, with a four-year build. Ryan Podrasky replaced Ben Salter as CFO on 25 May.
Patterson Corridor East kept growing: the high-grade zone reached 550 m vertical in April, and in August 644 m, with high-grade mineralisation down to 930 m. By then 20,138.7 m of a 42,000 m program was drilled and a fifth rig was being added.
At 30 June 2026 NexGen held C$756.2 million in cash plus C$214.1 million of short-term investments. Convertible debentures of C$612.4 million were classed as current. First-half net loss was C$81.5 million, and total equity was C$1.84 billion. Project debt and further sales contracts remained under negotiation, and an Investor Day on construction was set for 1 September.
Written from the 53 story beats below (2021 to 26 Aug 2026), which come from the company's own announcements and filings.