NexGen Energy Secures Construction Licence for Rook I Project
The uranium developer reported a net loss of 156.0 million Canadian dollars for the first quarter of 2026.
NexGen Energy Ltd. (NXE), an exploration and development stage entity focused on uranium properties in Canada, received a licence to prepare the site and commence construction for its Rook I Project on March 5, 2026.
The company reported a net loss of 156.0 million Canadian dollars for the three months ended March 31, 2026, compared to a net loss of 50.9 million Canadian dollars for the same period in 2025. This resulted in a basic and diluted loss of 0.24 a share, up from 0.09 a share in the prior-year period. The company said the quarterly loss was impacted by a 128.9 million Canadian dollar mark-to-market loss on convertible debentures.
Cash and cash equivalents decreased to 655.4 million Canadian dollars as of March 31, 2026, from 802.6 million Canadian dollars at the end of 2025. The company attributed the 147.1 million Canadian dollar decrease in cash to several factors, including 51.8 million Canadian dollars for a 2026 drilling program and Rook Project development, 23.9 million Canadian dollars for detailed engineering and procurement at the Rook I Project following the receipt of its licence, and a 25.0 million Canadian dollar investment in IsoEnergy.
Liquidity was supported by an equity financing completed on October 15, 2025, which generated gross proceeds of approximately 948.6 million Canadian dollars. As of March 31, 2026, the company held a working capital surplus of 277.5 million Canadian dollars. When excluding convertible debentures and including its strategic inventory of 2.7 million lbs of U3O8, the company reported an adjusted working capital surplus of 1.33 billion Canadian dollars.
Operating expenses for the first quarter of 2026 rose to 24.6 million Canadian dollars from 16.3 million Canadian dollars in the first quarter of 2025. This increase included higher costs for salaries, benefits, and directors' fees, which rose to 6.3 million Canadian dollars from 3.2 million Canadian dollars.
The company said it has sufficient working capital, excluding convertible debentures, to meet its current obligations for at least the next fifteen months. It noted that it will require additional funding to continue the exploration and development of its mineral properties.