NexGen Energy Ltd. is an exploration and development company focused on the uranium sector, particularly the Rook I Project located in Saskatchewan’s Athabasca Basin. The company has recently made significant progress regarding this project, particularly in obtaining key regulatory approvals and advancing its exploration initiatives.

For the first quarter of 2025, NexGen reported a net loss of CAD 50.9 million, or CAD 0.09 per share, compared to a net loss of CAD 34.6 million, or CAD 0.06 per share, in the same quarter the previous year. The increase in losses is primarily attributed to an impairment loss of CAD 81 million on its investment in IsoEnergy, along with increased interest expenses on convertible debentures.

NexGen ended the quarter with cash holdings of CAD 434.6 million, down from CAD 476.6 million at the close of 2024. The company’s working capital deficit stood at CAD 12.9 million as of March 31, 2025, compared to a surplus of CAD 15.1 million at the end of 2024. The decrease in cash was primarily due to investment in exploration activities and the advanced stages of development related to the Rook I Project.

In Q1 2025, NexGen continued its exploration drilling program at the Patterson Corridor East (PCE), increasing the program to 43,000 meters. The quarter saw advancements in the discovery of high-grade mineralization, with drill holes yielding significant counts, expanding the known dimensions of the mineralized footprint.

On the regulatory front, the Canadian Nuclear Safety Commission (CNSC) accepted the final Federal Environmental Impact Statement for the Rook I Project in January 2025. This acceptance was a prerequisite for the scheduled Commission hearing dates on November 19, 2025, and February 9-13, 2026.

Revenue remains absent at NexGen as the company has yet to commence uranium production. Financial characteristics as of March 31, 2025, included total assets of CAD 1.57 billion and total liabilities of CAD 463.6 million. The strategic inventory of 2.7 million pounds of uranium concentrate, valued at CAD 341.2 million, is included as part of its assets.

The company reported a mark-to-market gain of CAD 70.9 million on its convertible debentures for the quarter, contrasting sharply with a loss of CAD 16.3 million reported in the prior year. Interest expense for the quarter was CAD 11.6 million.

Overall, NexGen’s operational focus remains on the advancement of the Rook I Project, with significant milestones expected as it navigates the regulatory approval process while preparing for eventual production.