Overview
NexGen Energy (TSX:NXE) disclosed that it is engaged in regular discussions with BHP regarding the Rook I uranium project located in Saskatchewan’s Athabasca Basin. Chief Executive Officer Leigh Curyer confirmed the dialogue with BHP and noted that the miner has recently acquired a large parcel of land adjacent to the Rook I site.
Funding Plans
The company is targeting to raise approximately US$1 billion over the next nine months to fund construction of the planned mine. NexGen is evaluating several financing structures, including pre‑payment agreements with utilities, conventional debt financing, and direct equity investment into the project. The fundraising effort follows a recent surge in market valuation, with NexGen’s market capitalization doubling to C$9.68 billion within the last twelve months.
Project Timeline
Construction of the Rook I mine commenced last Thursday, and NexGen expects the operation to achieve first uranium production by 2030. The project is positioned to become one of the world’s largest uranium mines once fully operational, leveraging the high‑grade resources characteristic of the Athabasca Basin.
BHP Involvement
BHP, which currently supplies roughly 5% of global uranium output as a by‑product of its Olympic Dam copper operations in South Australia, is reviewing uranium opportunities under its new chief executive, Brandon Craig, who assumed the role on 1 July 2026. While BHP has previously ruled out expanding uranium production at Olympic Dam, the company is expanding its presence in Saskatchewan through the development of what is expected to be the world’s largest potash mine. BHP’s business‑development team evaluated NexGen last year under former CEO Mike Henry, and the two companies continue to exchange technical information.
Market Context
The dialogue occurs against a backdrop of rising global demand for nuclear power, driven in part by AI‑intensive data centres and governmental efforts to diversify energy supplies. Industry analyst Canaccord projects that worldwide uranium demand will triple by 2035 relative to 2025 levels, underscoring the strategic importance of new supply sources such as Rook I.
Outlook
No definitive agreement or equity investment from BHP has been announced; the discussions remain exploratory. NexGen’s ability to secure the targeted US$1 billion will be pivotal for advancing the Rook I project toward its 2030 production target.