NexGen Energy Ltd.

BHP Group is in talks with NexGen Energy over the massive Rook I uranium project in Saskatchewan, moving the mining giant closer to the center of the uranium race. NexGen is searching for roughly $1 billion in funding over the next nine months and is considering a mix of project equity, debt financing and long-term customer agreements. Rook I is not expected to start production until around 2030, but the project could become one of the world's biggest uranium operations. BHP already has uranium exposure through Olympic Dam, and Reuters reported that the mining giant previously explored a potential NexGen acquisition, although BHP has stayed quiet on the latest discussions. Shares gained about 1.4% to $87.96 as investors looked beyond traditional commodities and focused on uranium's growing role in powering the next wave of artificial intelligence infrastructure.

NexGen Energy said construction at its Rook I uranium project in Saskatchewan remains on schedule and within its C$2.2 billion budget, with shaft sinking targeted for early 2027. The company ended the second quarter with C$970 million in liquidity and is evaluating project financing, government support, strategic transactions and uranium prepayments to fund remaining construction. NexGen has contracted 11.3 million pounds of uranium and is negotiating additional agreements, including one potential deal covering up to 20 million pounds, while aiming to preserve exposure to future uranium prices. About half of a planned 42,000-meter drilling program at the Patterson Corridor East discovery has been completed, with another 20,000 meters expected by year-end to expand the mineralized footprint ahead of a potential resource estimate.