VANCOUVER, BC, Dec. 1, 2022
/PRNewswire/ - NexGen Energy Ltd. ("NexGen" or the
"Company") (TSX: NXE) (NYSE: NXE) (ASX: NXG) is pleased to
announce another significant milestone in the advancement of
regulatory approvals for the 100% owned Rook I Project ("Rook I" or
the "Project") with the receipt of Federal technical and public
review comments and Provincial technical review comments on the
Rook I draft Environmental Impact Statement ("EIS").
The Federal draft EIS review process, coordinated by the
Canadian Nuclear Safety Commission ("CNSC"), included both
technical and public review. Receipt of the Federal review comments
follows successful completion of the 90-day Federal public review
period that ended on October 12, 2022
(see News Release dated July 15,
2022).
In parallel to the CNSC-coordinated Federal technical and public
review, the Saskatchewan Ministry of Environment ("ENV") completed
coordination of a Provincial technical review of the draft EIS.
Provincial technical review comments were received in September 2022. With receipt of the Federal
(technical and public) and Provincial (technical) review comments,
NexGen has commenced a review of comments and response activities
and preparation of the final EIS for submission to the ENV and CNSC
in Q1 2023.
Further, as part of the integrated Federal Environmental
Assessment ("EA") and licensing process that commenced for the
Project in 2019, NexGen has scheduled submission of the remaining
final, complete licence application documents to the CNSC in
December 2022. These remaining
documents build on the final, complete aspects of the licence
application package submitted to the CNSC in December 2021 which were positively received.
Historical Key Environmental
Assessment and Licensing Dates:
- April 2019: Submission of
EA Project Description / commencement of Licence application
- December 2021: Submission
of initial portion of complete Licence Application documents to
CNSC,
- May 2022: Submission of
draft EIS to the ENV and CNSC
- July 2022: CNSC completion
of draft EIS conformity review
- September 2022: Receipt of
Provincial technical review comments on draft EIS
- November 2022: Receipt of
Federal technical and public review comments on draft EIS
Leigh Curyer, Chief Executive Officer commented: "The receipt of
the Federal review comments following the draft EIS technical and
public review as well as the Provincial technical review is a
substantial advancement in the elite, rigorous, and transparent
regulatory approval process for the Rook I Project. We are
extremely pleased with the result of the technical review by both
the CNSC and ENV. It has met the objective NexGen set out to
achieve and reflects the many years of dedicated focus, commitment
and expertise by the NexGen team in advancing the generational Rook
I Project. We look forward to the next stage and simultaneously
working in lock-step with Indigenous and community partners towards
the final EIS submission to culminate in a Provincial EA approval
and CNSC commission hearing. Further, I would like to thank our
Indigenous and community partners for their commitment and
collaboration to this important process.
Further, NexGen is well advanced in the completion of Front-End
Engineering Design and has commenced critical path detailed
engineering in parallel with the permitting and licensing
advancements."
The EIS represents the collection of reports that document
NexGen's EA of the Project. NexGen conducted the EA pursuant to
The Environmental Assessment Act of Saskatchewan and the Canadian Environmental
Assessment Act, 2012 (collectively the "Acts"). The information
and analysis conducted and submitted in the EIS represent the basis
against which the environmental, social, and human health effects
of the Project will be evaluated by the ENV and CNSC.
Through a cooperative Provincial-Federal EA process, the ENV and
CNSC will share information and work to reduce regulatory
duplication, while providing a comprehensive EA process in
accordance with the separate requirements that apply and must be
satisfied with respect to the Acts, regulations, and guidelines in
place for each of the respective jurisdictions.
About NexGen
NexGen is a British Columbia
corporation focused on the development of the Rook I Project
located in the southwestern Athabasca Basin, Saskatchewan, Canada, into production. The
Rook I Project is supported by a NI 43-101 compliant Feasibility
Study which outlines elite environmental performance as well as
industry leading economics. Rook I hosts the Arrow Deposit that
hosts Measured Mineral Resources of 209.6
M lbs of U3O8 contained
in 2.18 M tonnes grading 4.35%
U3O8, Indicated Mineral Resources
of 47.1 M lbs of
U3O8 contained in 1.57
M tonnes grading 1.36% U3O8, and
Inferred Mineral Resources of 80.7 M lbs of
U3O8 contained in 4.40
M tonnes grading 0.83% U3O8.
NexGen has a highly experienced team of uranium industry
professionals with a successful track record in the discovery of
uranium deposits and in developing projects through discovery to
production. The Company is the recipient of the 2018 PDAC Bill
Dennis Award for Canadian mineral discovery and the 2019 PDAC
Environmental and Social Responsibility Award.
www.nexgenenergy.ca
Technical Disclosure
All technical information in this news release has been
reviewed and approved by Kevin Small, P.Eng., NexGen's Senior
Vice President Engineering and Operations, a qualified person under
National Instrument 43-101.
A technical report in respect of the FS is filed on SEDAR
(www.sedar.com) and EDGAR (www.sec.gov/edgar.shtml) and is
available for review on NexGen Energy's website
(www.nexgenenergy.ca).
Cautionary Note to U.S.
Investors
This news release includes Mineral Reserves and Mineral
Resources classification terms that comply with reporting standards
in Canada and the Mineral Reserves and the Mineral
Resources estimates are made in accordance with NI 43-101. NI
43-101 is a rule developed by the Canadian Securities
Administrators that establishes standards for all public disclosure
an issuer makes of scientific and technical information concerning
mineral projects. These standards differ from the requirements of
the Securities and Exchange Commission ("SEC") set by the SEC's
rules that are applicable to domestic United
States reporting companies. Consequently, Mineral
Reserves and Mineral Resources information included in this news
release is not comparable to similar information that would
generally be disclosed by domestic U.S. reporting companies subject
to the reporting and disclosure requirements of the SEC
Accordingly, information concerning mineral deposits set forth
herein may not be comparable with information made public by
companies that report in accordance with U.S. standards.
Forward-Looking
Information
The information contained herein contains "forward-looking
statements" within the meaning of applicable United
States securities laws and regulations and "forward-looking
information" within the meaning of applicable Canadian securities
legislation. "Forward-looking information" includes, but is not
limited to, statements with respect to mineral reserve and mineral
resource estimates, the 2021 Arrow Deposit, Rook I Project and
estimates of uranium production, grade and long-term average
uranium prices, anticipated effects of completed drill results on
the Rook I Project, planned work programs, completion of further
site investigations and engineering work to support basic
engineering of the project and expected outcomes. Generally, but
not always, forward-looking information and statements can be
identified by the use of words such as "plans", "expects", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates", or "believes" or the negative connotation
thereof or variations of such words and phrases or state that
certain actions, events or results "may", "could", "would", "might"
or "will be taken", "occur" or "be achieved" or the negative
connotation thereof. Statements relating to "mineral
resources" are deemed to be forward-looking information, as they
involve the implied assessment that, based on certain estimates and
assumptions, the mineral resources described can be profitably
produced in the future.
Forward-looking information and statements are based on the
then current expectations, beliefs, assumptions, estimates and
forecasts about NexGen's business and the industry and markets in
which it operates. Forward-looking information and statements are
made based upon numerous assumptions, including among others, that
the mineral reserve and resources estimates and the key assumptions
and parameters on which such estimates are based are as set out in
this news release and the technical report for the property , the
results of planned exploration activities are as anticipated, the
price and market supply of uranium, the cost of planned exploration
activities, that financing will be available if and when needed and
on reasonable terms, that third party contractors, equipment,
supplies and governmental and other approvals required to conduct
NexGen's planned exploration activities will be available on
reasonable terms and in a timely manner and that general business
and economic conditions will not change in a material adverse
manner. Although the assumptions made by the Company in providing
forward looking information or making forward looking statements
are considered reasonable by management at the time, there can be
no assurance that such assumptions will prove to be accurate in the
future.
Forward-looking information and statements also involve known
and unknown risks and uncertainties and other factors, which may
cause actual results, performances and achievements of NexGen to
differ materially from any projections of results, performances and
achievements of NexGen expressed or implied by such forward-looking
information or statements, including, among others, the existence
of negative operating cash flow and dependence on third party
financing, uncertainty of the availability of additional financing,
the risk that pending assay results will not confirm previously
announced preliminary results, conclusions of economic valuations,
the risk that actual results of exploration activities will be
different than anticipated, the cost of labour, equipment or
materials will increase more than expected, that the future price
of uranium will decline or otherwise not rise to an economic level,
the appeal of alternate sources of energy to uranium-produced
energy, that the Canadian dollar will strengthen against the U.S.
dollar, that mineral resources and reserves are not as estimated,
that actual costs or actual results of reclamation activities are
greater than expected, that changes in project parameters and plans
continue to be refined and may result in increased costs, of
unexpected variations in mineral resources and reserves, grade or
recovery rates or other risks generally associated with mining,
unanticipated delays in obtaining governmental, regulatory or First
Nations approvals, risks related to First Nations title and
consultation, reliance upon key management and other personnel,
deficiencies in the Company's title to its properties, uninsurable
risks, failure to manage conflicts of interest, failure to obtain
or maintain required permits and licences, risks related to changes
in laws, regulations, policy and public perception, as well as
those factors or other risks as more fully described in NexGen's
Annual Information Form dated February
25, 2022 filed with the securities commissions of all of the
provinces of Canada except Quebec and in
NexGen's 40-F filed with the United States Securities and Exchange
Commission, which are available on SEDAR
at www.sedar.com and Edgar at www.sec.gov.
Although the Company has attempted to identify important
factors that could cause actual results to differ materially from
those contained in the forward-looking information or statements or
implied by forward-looking information or statements, there may be
other factors that cause results not to be as anticipated,
estimated or intended. Readers are cautioned not to place undue
reliance on forward-looking information or statements due to the
inherent uncertainty thereof.
There can be no assurance that forward-looking information
and statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated,
estimated or intended. Accordingly, readers should not place undue
reliance on forward-looking statements or information. The Company
undertakes no obligation to update or reissue forward-looking
information as a result of new information or events except as
required by applicable securities laws.
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SOURCE NexGen Energy Ltd.