NexGen kicks off $600M raise to advance Saskatchewan uranium project

[Redator]

NexGen Energy (TSX: NXE; NYSE: NXE; ASX: NXG) has secured firm commitments for nearly C$800 million ($600 million) through a dual-market equity raising to fund construction of its flagship Rook I uranium project in Saskatchewan’s Athabasca Basin.

The developer announced Wednesday that it had entered into two separate underwriting agreements — one in North America and another in Australia — that will collectively raise C$800 million at C$12.08 per share.

Under the Canadian tranche, a syndicate of underwriters led by Merrill Lynch Canada will acquire 33.1 million shares on a bought-deal basis, generating about C$400 million in gross proceeds.

In Australia, Aitken Mount Capital Partners will underwrite the issue of 30.5 million CHESS Depositary Interests (CDIs) to sophisticated and professional investors, also valued at about C$400 million. Canaccord Genuity will act as joint lead manager and bookrunner, but not as underwriter, for this leg of the financing.

The offering is expected to close around October 15, 2025, subject to regulatory approvals.

NexGen shares fell 3.4% on Thursday to C$12.23 in Toronto, giving the company a market capitalization of C$6.9 billion ($4.9 billion).

Flagship project

The Rook I project hosts one of the largest development-stage uranium deposits in Canada. A 2021 feasibility study outlined an initial 11-year mine life with output of 21.7 million lb. U₃O₈ annually during the first five years, and potential annual production of up to 30 million lb., according to an updated assessment released in August.

With a capital cost of C$1.3 billion, Rook I is positioned as the world’s largest and lowest-cost uranium mine. The project holds 3.7 million measured and indicated tonnes grading 3.1% U₃O₈.