NexGen Energy Stock Soars Led By Progress In Saskatchewan Uranium Mine Approval: Retail Chatter Hits One-Year High

Shares of NexGen Energy ($NXE) rose more than 6% on Tuesday, marking the stock’s third consecutive day of gains, after the company announced it had successfully passed a federal technical review for its Saskatchewan uranium project.

The uranium producer said the Canadian Nuclear Safety Commission (CNSC) notified the company of the successful completion of the final federal technical review for the Rook 1 project, confirming that it has successfully addressed all required information requests.

Scotiabank raised its price target on NexGen Energy to $9.12 from $8.58, while keeping an ‘Outperform’ rating.

Located in the uranium-rich Athabasca Basin, the Rook 1 project proposes an underground mine and mill near the Arrow Deposit, one of the world's leading uranium resources. 

With the completion of the CNSC technical review, the next step in the federal approval process includes scheduling a commission hearing date for the project. 

The company expects to receive an approval decision on the project thereafter.

If fully approved, the Rook 1 project could position Canada as the world’s largest uranium producer, surpassing Kazakhstan.

NexGen Energy Sentiment and Message Volume on Nov 19 as of 11:10 a.m. ET | Source: Stocktwits

Retail sentiment on Stocktwits has jumped to ‘extremely bullish’ from ‘neutral’ a day ago. Meanwhile, retail chatter surged to ‘extremely high’, marking a one-year high of 94/100.

“NexGen has significant funding options at hand to ultimately construct and operate Rook I whilst maintaining low risk and high leverage to the future prices of uranium,” said NexGen Energy CEO, Leigh Curyer, during the company’s third-quarter earnings call last week.

Addressing the broader market, Curyer emphasized that existing uranium projects being restarted or expanded are insufficient to meet growing demand. 

He pointed out the urgent need for multiple new discoveries and developments, including additional projects at the scale of Rook 1, to ensure supply in the coming years.

NexGen has appointed WMC, an experienced uranium marketing firm, as its exclusive partner, to enhance the company’s “key role in energy transition.”

The company’s stock has gained 30% so far this year. 

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