Nexgen Energy – NYSE: NXE, TSX: NXE, ASX: NXG, FWB: 6NE

NexGen Energy (Stock Symbols – NYSE: NXE, TSX: NXE, ASX: NXG, FWB: 6NE) engages in the acquisition, exploration, and development of uranium properties in Canada. 

NexGen Energy holds a 100% interest in its Rook 1 project in the southwest Athabasca Basin, Saskatchewan.  

The Rook 1 project has been remarkably successful for the company. 

Numerous uranium discoveries along the Patterson Corridor which runs through the property include the Arrow Deposit (discovered in 2014), the Bow discovery (2015), the Cannon discovery (2016), the Harpoon discovery (2016), and South Arrow (2017). 

These uranium occurrences on the Rook 1 property lay from Northeast to Southwest along the Patterson Lake Corridor in the map as shown in the map below from NexGen’s September 2016 corporate presentation.

Location of NexGen Energy Uranium Occurrences
Source: NexGen Energy

Arrow Deposit

The Arrow maiden resource estimate was outstanding and only included 82 holes drilled through October 2015

The estimate was nearly 202 million pounds at 2.63% uranium making it the third largest deposit in the Athabasca basin behind Cameco’s MacArthur River and Cigar Lake mines. 

The Arrow Preliminary Economic Analysis (PEA) was released in mid 2017 which demonstrated to the market the enourmous financial power of the Arrow deposit.

The after tax NPV was calculated to be $3.49 billion CAD, with an internal rate of return (IRR) of 56.7%.

In early November 2018, NexGen Energy released its Pre-Feasibility Study (PFS) for Arrow to the market which impressed once again with amazing results.

The Arrow deposit had grown to a total of 256.6 million pounds of uranium in the indicated category (a 43% increase!), and another 91.7 million pounds in the inferred category.

This deposit has a AISC of $11.77 CAD – placing the costs for mining Arrow at the bottom quartile across the competitive landscape.

The Arrow deposit is anticipated to be the largest high grade uranium mine on the planet at production.

The company spun out and continues to own a 53% interest in IsoEnergy.

The company shareholder composition includes a 74% institutional holding and 26% retail holding.

Major shareholders for the company include CEF Holdings, Queen’s Road Capital, Mega Uranium, Kopernik Global, and CQS LLC.

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