Shares in Canadian uranium firm NexGen Energy lifted as much s 9% on Thursday after the company received good news from regulators.
Meanwhile, uranium stocks were back in the green on Canadian and US markets, after several days of declines.
TSX:$NXE moved higher in Toronto as as the government gave Provincial Environmental Assessment approval for the Rook I Project – marking the first greenfield project approved in Canada in over 20 years, the company said.
The Rook 1 underground mine and mill is located some 40 km east of the Alberta-Saskatchewan border.
“This represents a major milestone in advancing another uranium mine in our province,” the Premier of Saskatchewan the Honourable Scott Moe said. “Saskatchewan and our northern communities are well-positioned to benefit from the increased demand for critical minerals. NexGen’s Rook I Project will help build our local communities and create jobs for many northerners while providing an ethically and sustainably produced supply of uranium to world markets.”
The Project is located within the Clearwater Dene Nation (CRDN), Birch Narrows Dene Nation (BNDN), and Buffalo River Dene Nation (BRDN) traditional territories, and the Métis Homeland. All four Local Priority Area (“LPA”) Communities have formally confirmed their consent and strong support for NexGen’s stewardship of the Rook I Project covering the full life-cycle of the mine, including post-closure.
Uranium stocks in North America rallied at the open, with major players surging after about a week of losses as the energy sector cools off recent strength.
The uranium spot price is around US$74/lb, at around a 15-year high.
Many #Uranium stocks look sharply up at the open in North America
— Green Investing Co. (@GreenInvest_Co) November 9, 2023
A big confidence booster for investors in this crucial sector.
