Past year: ▼ 7%(12.42 – 17.40 CAD)
Each one in plain English, with the numbers worked through for a shareholder.
24 Mar 2025drilling result▲ GoodMajor
RK-25-232 cut 3.9 m above 61,000 counts per second inside a 13.8 m mineralised interval from 452.2 m, which the company calls the best discovery-phase hole it has ever drilled at any property, Arrow included. With four other off-scale holes it doubles the shallow high-grade subdomain at Patterson Corridor East to 210 m along strike and 335 m of vertical extent, eleven years after the Arrow discovery hole and 3.5 km away from it.
30 Jan 2025drilling progress report▲ GoodMajor
A 43,000 m program starts at Patterson Corridor East, 9,000 m more than 2024 and among the largest in the Athabasca Basin for the year. The mineralisation there is vein-type in competent basement rock, which the company describes as highly analogous to Arrow.
12 Nov 2024drilling result▲ GoodMajor
Patterson Corridor East grew from a single hole into a zone in one season: 34,000 m drilled, 19 of 30 holes mineralised, ten with multiple intervals above 10,000 counts per second, and the footprint now 600 m along strike by 600 m vertically. RK-24-222 returned a 17.0 m wide vein with several off-scale (above 61,000 cps) occurrences, the fifth PCE hole to go off-scale, and RK-24-220 and -223 reached 41,000 and 40,000 cps.
14 May 2024capital raising announcement▲ GoodMajor
The C$224 million Australian placement closed, the shares issued as CDIs and stated to be aimed at deepening the ASX listing's liquidity and market capitalisation rather than at a specific project cost.
30 Apr 2024capital raising announcement▲ GoodMajor
An upsized C$224 million placement into Australia: 20,161,290 shares at C$11.11 settled as CHESS Depositary Interests on the ASX, led by Aitken Mount Capital Partners with Canaccord Genuity. The price is two and a half times the C$4.50 bought deal of March 2021 and about four times what CEF Holdings paid in 2017.
What it means for a shareholder
20.2m new shares at C$11.11 to raise about C$224m. That's 3.7% dilution: every existing holder's slice gets 3.7% smaller. If you held C$1,000 of shares (90 at the issue price), your slice goes from 0.0000171% to 0.0000165% of the company. To keep it you'd need 3 more shares - about C$33 at the issue price.
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11 Mar 2024drilling result▲ GoodMajor
A new discovery on the SW2 property, 3.5 km east of Arrow at Patterson Corridor East: RK-24-183 intersected 19.8 m of mineralisation between 347.7 and 367.5 m with peaks above 61,000 counts per second, on a conductor segment never drilled before and open along more than 1.5 km of strike. The company points out that 3.0 m of up to 61,000 cps is better on every metric than RK-14-21, the hole that discovered Arrow itself, which had less than 0.5 m above 9,999 cps.
9 Feb 2024drilling progress report● Neutral
A 30,000 m exploration program starts for 2024, testing targets generated by the 2023 high-resolution geophysics across NexGen's ground on the boundary of the southwest Athabasca Basin.
12 Dec 2023capital raising announcement● NeutralMajor
The at-the-market program is doubled to C$500 million and extended to January 2026, on the same terms with the same agents.
8 Feb 2023drilling progress report● Neutral
An expanded 2023 exploration program begins, following up 2022 drilling and testing targets thrown up by 2022 geophysics, with a substantial new geophysical campaign across the SW1, SW2 and SW3 ground in the southwest Athabasca Basin. Arrow is now a permitting and financing problem; the drilling budget has moved to finding the next one.
6 Jan 2023capital raising announcement● NeutralMajor
A C$250 million at-the-market equity program is established with Virtu as agent, running to January 2025, allowing shares to be sold into the market at prevailing prices whenever the company chooses. It is a standing licence to issue rather than a raise, and a very different instrument from the negotiated placements of 2017 and 2020.
28 July 2022drilling result● Neutral
The assays behind those 2021 holes came back low: 0.10% U3O8 over 7.0 m in AR-21-268 below the Arrow deposit at 1,128 to 1,135 m depth, and 0.10% over 1.0 m at Camp East. Real mineralisation in new places, but two orders of magnitude below Arrow's own grades. A regional exploration and geophysics program begins for 2022.
27 Jan 2022drilling result● Neutral
The 2021 field season was 18 holes for 10,849 m, most of it regional exploration on electromagnetic conductors and a geotechnical confirmation program at Arrow. Radioactivity only, and modest: 6.5 m up to 3,530 counts per second below Arrow, and 0.5 m up to 3,100 cps at the Derkson West target. Assays pending.
11 Mar 2021capital raising announcement▲ GoodMajor
A C$150 million bought deal closed, 33,400,000 shares at C$4.50 through a nine-bank syndicate led by BMO Nesbitt Burns and Canaccord Genuity, seventeen days after the feasibility study. The price is two and a half times the C$1.80 Queen's Road Capital paid nine months earlier and two-thirds above the C$2.70 CEF Holdings paid in 2017.
What it means for a shareholder
33.4m new shares at C$4.50 to raise about C$150m. That's 8.0% dilution: every existing holder's slice gets 8.0% smaller. If you held C$1,000 of shares (222 at the issue price), your slice goes from 0.0000582% to 0.0000535% of the company. To keep it you'd need 19 more shares - about C$86 at the issue price.
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24 Feb 2021resource reserve update● Neutral
The full feasibility study technical report on Arrow, prepared by Stantec, Wood, RPA (now SLR) and Golder, filed with the SEC two days after the results announcement.
22 Feb 2021resource reserve update▲ GoodMajor
The feasibility study, with the first mineral reserves NexGen has ever declared: 239.6 million lb U3O8 probable in 4,575 kt at 2.37%, drawn from a resource that now includes 209.6 million lb measured in 2,183 kt at 4.35% - the payoff from the 2018-19 conversion drilling. After-tax net present value is C$3.47 billion at 8% with a 52.4% return and payback under a year, on C$1.3 billion of pre-production capital and a 10.7-year life at 1,300 tonnes a day.
28 May 2020capital raising announcement● NeutralMajor
A US$30 million financing with Queen's Road Capital closed on the same structure CEF Holdings used in 2017: US$15 million of shares, 11,611,667 at C$1.80, and US$15 million of five-year 7.5% convertible debentures converting at C$2.34. The share price is a third below the C$2.70 CEF paid three years earlier, which is what raising money in May 2020 cost. Cash reserves stand at about C$78 million.
12 Dec 2019drilling result▲ GoodMajor
The third and final assay batch, forty holes: 46.0 m at 4.51% U3O8 including 4.0 m at 15.21%, 30.0 m at 3.09% including 8.0 m at 11.35%, 44.0 m at 1.66%. The company's stated purpose is continuity of grade and thickness rather than growth, and after 2019 the case for reclassifying Arrow's indicated tonnes as measured rests on a matched set of paired intercepts.
20 Nov 2019drilling result▲ GoodMajor
A second batch of twenty holes, high grade in every A2 and A3 target: 48.0 m at 3.81% U3O8 including 6.0 m at 13.50%, 41.0 m at 3.42% including 7.0 m at 15.48%, and 21.0 m at 5.06% including 4.0 m at 18.38%. Each is paired in the release with the neighbouring hole it twins, and the grades line up.
9 Oct 2019drilling progress report▲ GoodMajor
The first assays from the feasibility program confirm the radioactivity readings, including 12.0 m at 33.78% U3O8 and 8.0 m at 32.88%, with AR-19-227c2 returning 49.0 m at 2.93% including 3.0 m at 22.66%. Twenty holes reported, each drilled within 7 to 13 metres of an earlier hole with comparable grades.
7 Aug 2019drilling result▲ GoodMajor
Phase I finished: 117 holes for 50,968 m on the resource, plus 14 holes for 6,314 m characterising the rock around the planned workings and the underground tailings facility. Directional drilling cut the metres needed for the conversion by 28%. Radioactivity results only, with assays following in three batches over the rest of the year.
10 July 2019drilling result▲ Good
Forty more holes for 18,166.5 m, all intersecting their A2 and A3 targets, with composite off-scale radioactivity of up to 14.05 m in a single hole. Assays still to come; the point of the program is continuity, and so far every hole has found the deposit where the model said it would be.
28 May 2019drilling result▲ Good
Another twenty holes for 7,969.5 m, and again every A2 and A3 target was intersected. Still radioactivity, not assays. The drill spacing study behind the program rests on 189 holes and 121,923 m and underpins the 256.6 million lb indicated resource at 4.04% U3O8.
28 Mar 2019drilling result▲ Good
The first twenty holes of the feasibility program, 8,216.5 m, hit nineteen of nineteen A2 sub-zone targets. These are radioactivity readings rather than assays: intervals such as 10.15 m and 12.55 m of composite off-scale radioactivity above 10,000 counts per second, with several metres of massive pitchblende. Hitting every target at 9 to 16 metre spacing is what converts indicated tonnes to measured.
22 Jan 2019drilling progress report● NeutralMajor
The 125,000 m feasibility-stage program begins - the largest drill campaign the company has run - designed to tighten drill spacing to between 9.0 and 16.7 metres so indicated resources can be reclassified as measured, the highest confidence category, and to feed a bankable feasibility study.
27 Dec 2018resource reserve update● Neutral
The announcement that the prefeasibility technical report has been filed on SEDAR, effective 5 November 2018. Paperwork supporting figures already published.
20 Dec 2018resource reserve update● Neutral
The prefeasibility technical report, effective 5 November 2018, filed with the SEC together with its qualified-person consents. The record's title was taken from one of the consents rather than the report.
27 Nov 2018drilling result● Neutral
Twenty-nine holes for 20,482 m, drilled to characterise the rock in Arrow's footwall and to site the underground workings rather than to grow the resource; the results went into the prefeasibility study published two weeks earlier. Mineralised intervals found in the process were not included in the updated estimate.
5 Nov 2018resource reserve update▲ GoodMajor
The prefeasibility study and a resource update land together. Indicated resources rose 43% to 256.6 million lb U3O8 in 2.89 Mt at 4.03%, including an A2 high-grade core of 181.0 million lb in 0.46 Mt at 17.85%, with 91.7 million lb inferred. Because the study uses indicated material only, the mine life falls from 15 years to 9, but the head grade rises from 1.73% to 3.09% and average annual after-tax cash flow rises 64% to C$909 million; after-tax net present value is C$3.7 billion at 8% with a 56.8% return on C$1.25 billion of capital. A 125,000 m, ten-rig program - the largest in the company's history - is launched to take Arrow to feasibility.
21 June 2018drilling progress report● Neutral
A smaller summer program - 20,400 m on four rigs for $8.3 million - with three jobs: follow up AR-18-208c1, the last hole of the winter which found a possible new zone 160 m northwest of the A0 shear, step out from known mineralisation, and drill footwall holes to site the shafts. The results feed the first prefeasibility study, due late in the third quarter.
29 Jan 2018drilling progress report● Neutral
A 25,000 m winter program with eight rigs begins, aimed at defining the A3 high-grade zone, testing the large untested ground around the A1 to A5 shears, and drilling ranked geophysical targets on the Arrow, South Arrow and Mirror conductors.
