NexGen Energy Secures CNSC License for 30M-lb/Yr Rook I Project
NexGen Energy received final CNSC approval on March 5, 2026 for its Rook I uranium project, clearing site preparation and construction for a 30-million-pound-per-year deposit. The company raised C$800 million to fund construction, targeting start in summer 2026 under a four-year build schedule.
1. CNSC Approval for Rook I
NexGen Energy obtained its Licence to Prepare Site and Construct from the Canadian Nuclear Safety Commission on March 5, 2026, for the 100%-owned Rook I uranium project in Saskatchewan’s Athabasca Basin.
2. Project Capacity and Economics
Rook I is designed to produce 30 million pounds of uranium per year at cash costs below US$10 per pound, representing roughly 20% of current global supply and underpinning NexGen’s C$7.3 billion market valuation.
3. Financing and Construction Timeline
The company completed a C$800 million financing to fund the build, expects to start construction in summer 2026 and aims to complete the four-year build program by 2030.