NexGen Energy (ASX:NXG) has secured 100% ownership of its uranium-rich landholdings in Canada’s Southwest Athabasca Basin. This includes acquiring Rio Tinto’s (ASX:RIO) 10% production carried interest across 39 mineral claims, prominently the high-grade Patterson Corridor East (PCE) discovery. NexGen Energy is a Canadian mining company focused on delivering clean energy fuel for the future. Their flagship Arrow deposit lies within the Rook I Project, a proposed new underground mine and mill development asset located in the Athabasca Basin, Canada.
The agreement grants NexGen complete ownership of its flagship Arrow deposit and the surrounding Rook I project area. Previously, NexGen was obligated to recover 10% of prior costs incurred from the original agreement’s effective date, after which Rio Tinto would have received its full 10% share of production. NexGen CEO Leigh Curyer stated that this decision aligns with the company’s strategic objective of becoming a global uranium producer.
Curyer emphasised the current structural deficit in the uranium market, noting the increasing demand for a secure uranium supply from stable jurisdictions. He highlighted the commitment of major tech companies to construct over US$100 billion in artificial intelligence data centres in the US, which are expected to be predominantly powered by nuclear energy.
According to Curyer, NexGen’s uranium holdings, including the Arrow and developing PCE deposits, meet the necessary criteria to supply this growing demand. As part of the arrangement, NexGen has agreed to match a cash payment offered to Rio Tinto for the interest.
