VANCOUVER, BC, Aug. 21,
2023 /CNW/ - NexGen Energy Ltd. ("NexGen" or the
"Company") (TSX: NXE) (NYSE: NXE) (ASX: NXG) is pleased to
announce a major milestone in the advancement of regulatory
approvals for the 100% owned Rook I Project ("Rook I" or the
"Project") with the completion of the Provincial Environmental
Assessment ("EA") technical review process and submission of the
Final Provincial Environmental Impact Statement ("EIS") to the
Saskatchewan Ministry of Environment ("ENV").
The Project, located in the uranium-rich district of
Saskatchewan's southwestern
Athabasca Basin, includes
underground and surface facilities to support the mining and
processing of uranium ore from the Arrow Deposit. The ENV have
confirmed completion of their conformity review of the revised EIS
submitted by NexGen on July 5, 2023,
and the planned advancement of the Provincial EA to the public
review stage.
Leigh Curyer, Chief Executive Officer commented: "The
submission of the Final Provincial EIS to the Saskatchewan Ministry
of Environment is a significant step in the regulatory advancement
of the Rook I Project. It marks the completion of a robust and
thorough Provincial technical review process, and incorporates the
diverse perspectives of multiple Provincial agencies and
stakeholders with deep experience in uranium mining.
We are incredibly proud of the contribution and partnership of
all four local Indigenous communities in the local project area
whom, through industry-leading Benefit Agreements, have all
confirmed their formal and legal consent for the Company and
Project throughout its entire lifespan. In parallel to today's
exciting milestone, we focus on the successful completion of the
Federal EA and licensing process working diligently on delivering
generational benefits to Saskatchewan and Canada to secure the clean energy transition
for the globe."
Provincial EA Next Steps
The next step under the Provincial EA process is the conduct of
a 30-day Provincial public review. The ENV has commenced preparing
the materials required for Provincial public review scheduled to
commence on or prior to September 2,
2023. Subsequent to completion of this 30-day public review
period, ENV staff will compile the requisite EA materials and
prepare a recommendation to the Saskatchewan Minister of Environment, who will
then render a Ministerial decision on the advancement of the
Project.
Federal EA and Licensing
Update
In parallel to the ongoing Provincial EA process, NexGen is in
the final stages of completing responses to the Federal technical
and public review comments received on the Draft EIS through the
Federal EA review process completed in Q4 2022.
Through a cooperative Provincial-Federal EA process, the ENV and
Canadian Nuclear Safety Commission ("CNSC") continue to share
information, 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.
NexGen has conducted an integrated approach to the Federal EA
and licensing processes for the Project whereby information to
support the Federal license application has been submitted to the
CNSC in a staged manner since 2019 to ensure alignment between the
EA and licensing documentation. During Q2 2023, NexGen completed
submission of all the final components of the complete license
application package to the CNSC.
Indigenous and Public
Engagement
Engagement with local Indigenous Groups, local communities,
residents, businesses, organizations, land users, and regulatory
authorities is foundational to the responsible development of
resource projects. Since 2013, NexGen has worked closely with local
communities and those expressing interest in the Project reflecting
meaningful, long-term relationships based on transparency, respect,
and trust.
NexGen's approach to the EA process has focused on enabling
dialogue with and seeking feedback from Indigenous Groups who could
potentially be affected by the proposed Project. To facilitate
engagement with local Indigenous Groups, NexGen entered into Study
Agreements with each of the Clearwater River Dene Nation ("CRDN"),
Métis Nation – Saskatchewan
("MN-S") on behalf of MN-S Northern Region 2 ("NR2"), Birch Narrows
Dene Nation ("BNDN"), and Buffalo River Dene Nation ("BRDN") in
2019. The Study Agreements formalized the engagement approaches
that support each primary Indigenous Group's participation in the
entire EA process, including capacity funding for engagement and
retention of technical support. The Study Agreements also fully
funded the completion of self-directed Indigenous Knowledge and
Traditional Land Use Studies by each Indigenous Group that were
valuable sources of information incorporated by NexGen in
conducting the EA.
In addition, the Study Agreements facilitated the framework in
which NexGen and each Indigenous Group negotiated in good faith to
formalize the Benefit Agreements. The Benefit Agreements define the
environmental, cultural, economic, training, employment, business
opportunities, and other benefits to be provided to the Indigenous
Groups by NexGen and to confirm the consent and support of those
Indigenous Groups for the Project. Consequently, NexGen signed
Benefit Agreements with each of the four communities in the local
project area.
These four Indigenous Groups (i.e., the CRDN, MN-S NR2, BNDN,
and BRDN) collectively represent the First Nation and Métis
communities for which the ENV assigned procedural aspects of the
Duty to Consult for the Project to NexGen, and which have been
identified by NexGen as the primary Indigenous Groups for
consultation in consideration of the Federal requirements of the
CNSC.
Rook I Project Environmental
Impact Statement
NexGen conducted the EA pursuant to The Environmental
Assessment Act of Saskatchewan
and the Canadian Environmental Assessment Act, 2012. Data
and analyses on the potential positive and adverse effects from the
Project are included in the EIS, as well as the mitigation measures
and monitoring and management programs to be implemented by NexGen.
Other important aspects of the EIS include the demonstration of
meaningful engagement with affected Indigenous Groups, local
communities, and the public, and the incorporation of Indigenous
and Local Knowledge into the EA.
The Final Provincial EIS incorporates and addresses information
from technical review comments provided by the ENV fulfilling a key
aspect of meeting Provincial requirements so that the ENV can make
an informed decision regarding Project approval.
About NexGen
NexGen Energy is a Canadian company focused on delivering clean
energy fuel for the future. The Company's flagship Rook I Project
is being optimally developed into the largest low-cost producing
uranium mine globally, incorporating the most elite environmental
and social governance standards. The Rook I Project is supported by
a NI 43-101 compliant Feasibility Study which outlines the elite
environmental performance and industry-leading economics. NexGen is
led by a team of experienced uranium and mining industry
professionals with expertise across the entire mining life cycle,
including exploration, financing, project engineering and
construction, operations, and closure. NexGen is leveraging
its proven experience to deliver a Project that socially,
technically, and environmentally leads the entire mining industry.
The Project and prospective portfolio in northern Saskatchewan will provide generational
long-term economic, environmental, and social benefits for
Saskatchewan, Canada, and the
world.
NexGen is listed on the Toronto Stock Exchange, the New York
Stock Exchange under the ticker symbol "NXE," and on the Australian
Securities Exchange under the ticker symbol "NXG," providing access
to global investors to participate in NexGen's mission of solving
three major global challenges in decarbonization, energy security
and access to power. The Company is headquartered in Vancouver, British Columbia, with its primary
operations office in Saskatoon,
Saskatchewan.
Technical
Disclosure
All technical information in this news release has been
reviewed and approved by Kevin
Small, 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 24, 2023
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.