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 within a 13.8 m mineralised interval starting at 452.2 m, which the company called its best discovery-phase hole at any property, Arrow included. With four other off-scale holes it doubled the shallow high-grade subdomain at Patterson Corridor East to 210 m along strike and 335 m vertically.
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.
24 June 2024regulatory community update▲ GoodMajor
The CNSC finished its 30-day completeness check of the May 21 submission on June 21, 2024, and the 60-day technical review by the Federal-Indigenous Review Team has now begun. Once all comments are resolved the EIS can be deemed final and a Commission hearing date set. The company says it is ready to start major construction on receiving the remaining approvals; the filing mentions no construction financing, and no approval has been granted yet.
21 May 2024regulatory community update▲ GoodMajor
NexGen submitted responses to the remaining 49 technical comments from the CNSC (part of the original 274 questions on the June 2022 draft EIS), along with a revised federal EIS. The company says about 80% of its earlier responses were accepted in the first round. The CNSC now has a 30-day completeness check, then a 60-day technical review, after which a Commission hearing date can be set. This continues the federal environmental assessment thread, and it is a review step, not an approval.
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.
9 Nov 2023regulatory community update▲ GoodMajor
NexGen received Ministerial approval under Saskatchewan's Environmental Assessment Act to proceed with developing Rook I, resolving the provincial half of the environmental assessment thread; the company says it is the first full provincial approval for a Saskatchewan uranium project in more than 20 years. The federal environmental assessment and CNSC licence are still outstanding, though NexGen says it has submitted all responses to the federal technical review and has lodged initial applications for site earthworks, shaft sinking and water and waste facilities with the provincial ministry. No financing for the C$1.3bn build is mentioned.
21 Aug 2023regulatory community update▲ GoodMajor
The Saskatchewan Ministry of Environment confirmed completion of its conformity review of the revised EIS NexGen submitted on July 5, 2023, and the provincial assessment moves to a 30-day public review due to start on or before September 2, 2023. After that the ministry will recommend to the Minister, who will make a decision. On the federal side NexGen says it is finishing responses to the comments received in Q4 2022, and that it completed the full licence application package to the CNSC in Q2 2023. The final provincial EIS is later than the Q1 2023 timing given in December 2022 (the filing does not say why), and none of this is an approval yet.
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.
5 Dec 2022regulatory community update▲ GoodMajor
NexGen received the federal technical and public review comments and the provincial technical review comments on its draft Environmental Impact Statement, following the 90-day federal public review that ended October 12, 2022. It is now preparing the final EIS for submission in Q1 2023 and plans to file the remaining licence application documents with the CNSC in December 2022. This moves forward the permitting thread opened by the June 2022 draft submission; it is a review step, not an approval, and the company says it has also started detailed engineering.
3 Nov 2022regulatory community update● Neutral
NexGen published its second Sustainability Report, covering calendar 2021, and says it will keep reporting annually. It highlights Benefit Agreements signed with Buffalo River Dene Nation and Birch Narrows Dene Nation covering all phases of Rook I including closure, plus a third with Clearwater River Dene Nation in early 2022, and a greenhouse gas inventory for 2013-2021. It restates the existing Arrow resources (209.6 Mlb measured, 47.1 Mlb indicated, 80.7 Mlb inferred) with no new figures or financing.
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.
21 June 2022regulatory community update▲ GoodMajor
NexGen submitted the draft Environmental Impact Statement for Rook I to the Saskatchewan Ministry of Environment and the CNSC, the main document in the environmental assessment that began in April 2019. It included support letters from Clearwater River Dene Nation, Birch Narrows Dene Nation and Buffalo River Dene Nation, each of which has signed a Benefit Agreement with NexGen. The provincial technical review has begun and the CNSC is checking conformance before parallel technical and public review; this is a step in the process, not an approval.
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.
26 Oct 2021regulatory community update● Neutral
NexGen published its first Sustainability Report, covering calendar 2020, setting out five focus areas (environment, health and safety, reclamation, regulatory compliance, community and Indigenous relations) and saying it will report annually. It restates the February 2021 feasibility study resources (209.6 Mlb measured, 47.1 Mlb indicated, 80.7 Mlb inferred) with no new figures or financing.
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
NexGen released a third batch of assays, covering forty holes, to show continuity of grade and thickness at Arrow. Highlights were 46.0 m at 4.51% U3O8 including 4.0 m at 15.21%, 30.0 m at 3.09% and 44.0 m at 1.66%, with 37 assays still pending.
20 Nov 2019drilling result▲ GoodMajor
NexGen released a second batch of twenty feasibility-stage holes, all hitting high-grade uranium in the A2 and A3 domains. Top results were 48.0 m at 3.81% U3O8, 41.0 m at 3.42% and 21.0 m at 5.06%, each located about 9-10 m from an earlier hole.
9 Oct 2019drilling progress report▲ GoodMajor
The first assays from the feasibility program for twenty holes included 12.0 m at 33.78% U3O8 and 8.0 m at 32.88%, plus AR-19-227c2 at 49.0 m at 2.93% including 3.0 m at 22.66%. The five highlighted holes were drilled about 7 to 13 m from earlier holes.
7 Aug 2019drilling result▲ GoodMajor
NexGen completed Phase I: 117 holes for 50,968 m on the resource, plus 14 holes for 6,314.4 m characterising the rock around the planned workings and tailings facility. Directional drilling cut the metres needed for conversion by 28%. Only radioactivity results were given, with final assays pending.
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.
