The Canadian Nuclear Safety Commission has announced hearing dates for NexGen Energy’s (ASX:NXG, TSX:NXE, NYSE:NXE) proposed Rook I Development. These dates are scheduled for November 2025 and February 2026, significantly later than had been hoped by the Company. The long lead time of these hearings will delay start of the expected 42-month construction period. While the delay is less than ideal, it could benefit overall uranium market sentiment and spot pricing if it triggers renewed uranium contracting by nuclear utilities. Delay of construction start, a lower share price impacting future equity dilution and deterioration in spot uranium pricing to US$65/lb negatively impact our valuation. We maintain our Speculative Buy recommendation and reduce our price target to A$12.40 (TSR 67%), down from A$15.40 per share.
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