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NexGen signs a five-year uranium offtake agreement with a US utility company
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Release time：2025-08-08
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This contract will come into effect in the first year of commercial production of NexGen's Rook I project in Canada.
NexGen Energy has signed a uranium off-take agreement with a US utility company for the delivery of one million pounds (mlb) of uranium annually over five years. The agreement will commence in the first year of commercial production from NexGen's Rook I project, located in the southern Athabasca Basin in northern Saskatchewan, Canada. This latest agreement follows an initial sales contract signed in December 2024, highlighting the importance of the Rook I project in the future uranium supply chain. The agreement comes amid growing global concerns about sovereignty and technological risks associated with current uranium production sources. The new contract effectively doubles NexGen's existing contracted volume to over 10 million pounds, providing the company with significant leverage in the event of potential future uranium price increases.
NexGen stated that with 229.6 million pounds of uncommitted reserves at the Arrow Deposit, the company is well-positioned to optimize future sales. The contract utilizes a market pricing mechanism that will be applied at the time of delivery. This strategy aligns with NexGen's off-take agreement approach, ensuring pricing reflects market conditions at the time of each transaction. NexGen Founder and CEO Leigh Curyer said: “NexGen’s established strategy is designed to optimize value and returns per pound of fuel. This reflects the relatively simple technical advantages and high production certainty of the Rook I project, giving our utility customers confidence in the delivery of their future fuel needs. Simultaneously, this provides NexGen shareholders with unprecedented, industry-leading price leverage to capture price upside at the time of delivery.” “The team is managing a significant increase in off-take activity and negotiations, reflecting NexGen’s position to become a cornerstone of the global nuclear energy market in the future. In an era where energy security and national security are intertwined, coupled with the surge in electrification demand, NexGen’s role in enhancing the energy security and independence of its utility customers has never been more critical.”
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