In August we visited NexGen Energy’s (NXG) Rook I Uranium Project in western Canada. Nothing beats boots on the ground to assess a project and the people involved. Permitting is advancing with the submission of the Rook I Environmental Impact Statement. We have developed an alternative development model for a lower production profile, 20-year mine, incorporating material from unscheduled Resources. NXG’s ESG credentials rate highly against Argonaut’s sustainability framework. Spot uranium pricing remains steady at around US$50/lb, with longer-term contract pricing beginning to creep upward. We think a cold (both weather and political) European winter is likely to push prices higher.
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