Saskatchewan Athabasca Basin Development
Project Overview
Canada's largest development-stage uranium project featuring the world-class Arrow deposit in Saskatchewan's prolific Athabasca Basin, with comprehensive Indigenous partnerships and advancing through final federal approval stage for mine construction.
Location & Jurisdiction Southwestern Athabasca Basin, northern Saskatchewan, approximately 155 km north of La Loche
- Region: Patterson Lake peninsula
- Traditional territories: Treaty 8 territory, Homeland of the Métis, traditional territories of Dene, Cree, and Métis peoples
Indigenous Partners Four Indigenous Nations with Formal Consent:
- Clearwater River Dene Nation (CRDN) - most directly affected community
- Métis Nation-Saskatchewan
- MN-S Northern Region II
- English River First Nation
All four Nations have signed Impact Benefit Agreements covering complete project lifecycle including closure.
Key Statistics
- Developer: NexGen Energy Ltd. (TSX: NXE; NYSE: NXE; ASX: NXG)
- Flagship Deposit: Arrow (within Rook I property)
- Measured & Indicated Resources: 256.7 million lbs U3O8 (98,739 tU) in 3.75 million tonnes @ 3.1%
- Initial Mine Life: 10.7 years (average production: 21.7 million lbs/year U3O8)
- Peak Annual Production: Up to 30 million lbs U3O8
- Pre-Production Capital: CAD $1.3 billion
- Employment: Significant workforce during construction and operations
Indigenous Partnership Model Industry-Leading Consent Framework:
- Four Indigenous Nations have provided formal legal consent through Impact Benefit Agreements
- Agreements cover complete project lifecycle: development, operation, closure, reclamation
- Environmental, cultural, economic, and employment benefits clearly defined
- NexGen CEO Leigh Curyer: "No other project has had this level of support from Indigenous communities"
CRDN Chief Teddy Clark Statement: "No other project will have such a positive impact on our community. This partnership is a model for reconciliation and economic development."
Economic Benefits for Indigenous Communities:
- Direct employment opportunities across project phases
- Business and contracting opportunities for Indigenous enterprises
- Revenue sharing and royalty participation
- Skills training and capacity building programmes
- Community infrastructure investment
- Economic self-determination support
Federal & Provincial Engagement:
- Four Nations assigned procedural aspects of duty to consult by Saskatchewan Ministry of Environment
- Identified as primary Indigenous Nations by Canadian Nuclear Safety Commission (CNSC)
- Continuous engagement since project inception
Government & Regulatory Support Federal Approval Process:
- March 2025: CNSC announced commission hearing dates
- Part 1: November 19, 2025
- Part 2: February 9-13, 2026
- Final stage of six-year approval process
- January 2025: CNSC staff deemed Final Environmental Impact Statement (EIS) acceptable
- 271 information requests addressed
- Comprehensive technical review by Federal Indigenous Review Team (FIRT)
- EA Report preparation underway for Indigenous and public review
Provincial Approval:
- August 2023: Final Provincial EIS submitted to Saskatchewan Ministry of Environment
- Conformity review completed
- Public review process conducted
- Provincial EA advancing alongside federal process
Saskatchewan Government Support:
- October 2025: Energy and Resources Minister visited project site
- 2024 Saskatchewan uranium sales: Record CAD $2.6 billion (exceeded 2030 target early)
- 2024 uranium production: Record 16.7 thousand tonnes (28% increase vs 2023)
- 2025 uranium exploration spending: Expected to exceed CAD $400 million (40% increase vs 2022)
Project Development Status Current Phase: Final federal approval (CNSC hearings)
Timeline to Production:
- November 2025: CNSC hearing Part 1
- February 2026: CNSC hearing Part 2
- Post-Hearing: CNSC renders final approval decision
- 2026-2027: Front-end engineering design completion
- 2027-2028: Construction commencement (subject to approvals)
- 2030+: Production start (timing depends on approval schedule)
Technical Approach:
- Underground mine and mill development
- Located in uranium-rich district of Athabasca Basin
- Home to world's largest high-grade uranium reserves
- Integrated federal-provincial licensing approach
Sustainability & ESG Credentials Environmental Performance:
- Comprehensive environmental impact statement accepted by regulators
- Robust technical review addressing 271 information requests
- Mitigation measures for all identified impacts
- Long-term monitoring and adaptive management
Indigenous Leadership:
- Formal consent from four Indigenous Nations
- Impact Benefit Agreements ensure community benefits throughout lifecycle
- Economic reconciliation model for remote First Nations
- Co-developed environmental monitoring protocols
Community Initiatives (ongoing):
- Economic development programmes in local communities
- Health and community wellbeing initiatives
- Skills training and employment preparation
- Infrastructure improvements in partner communities
Investment Proposition for UK/European Investors Strategic Uranium Supply:
- World's largest development-stage uranium project
- Arrow: One of world's leading uranium resources
- Saskatchewan: World's second-largest uranium producer
- Athabasca Basin: Highest-grade uranium district globally
Nuclear Energy Context:
- Global uranium demand rising with nuclear renaissance
- Small modular reactors (SMRs) driving new demand
- Energy security concerns post-Ukraine invasion
- Net-zero commitments require nuclear baseload power
- Canada-UK civil nuclear cooperation agreement
Secure Jurisdiction:
- Saskatchewan: #1 Canadian jurisdiction for mining investment (Fraser Institute)
- Canada: Stable democracy with strong rule of law
- Established regulatory framework (CNSC world-respected)
- 60+ years uranium mining experience in Saskatchewan
ESG Leadership:
- Unprecedented Indigenous consent framework
- Four Nations' formal legal support
- Economic reconciliation model
- Rigorous environmental assessment
- Community investment programmes
Recent Developments January 2025: Federal-First Nations Regional Assessment Agreement
- Impact Assessment Agency and 15 First Nations finalized terms for Ring of Fire regional assessment
- Demonstrates increasing Indigenous co-governance in resource development
- Sets precedent for comprehensive regional planning
2024 Saskatchewan Record Performance:
- Uranium sales surpassed 2030 targets six years early
- Production increased 28% year-over-year
- Exploration spending growth signals sector confidence
- Political support across spectrum
Market Context:
- Uranium spot prices strengthened significantly 2023-2025
- Supply constraints from Kazakhstan, Niger complications
- Reactor restarts and new builds globally
- SMR deployment beginning North America and UK
Key Contacts
- Developer: NexGen Energy Ltd.
- Clearwater River Dene Nation: Chief Teddy Clark
Investment Considerations Opportunities:
- World-class uranium deposit in premier jurisdiction
- Unprecedented Indigenous support (four Nations' consent)
- Final approval stage after six-year process
- Record Saskatchewan uranium market performance
- Global uranium supply constraints
- Nuclear energy renaissance supporting demand
- Strong ESG credentials attract institutional capital
- Government support at federal and provincial levels
Risk Factors:
- Regulatory approval timing uncertainty (CNSC hearings 2025-2026)
- Construction capital requirement (CAD $1.3 billion)
- First Nations expectations for ongoing benefits must be met
- Remote location operational challenges
- Nuclear sector regulatory complexity
- Public perception of uranium mining
Timeline Considerations:
- Chief Teddy Clark expressed urgency about approval delays
- Six-year approval process has delayed economic opportunities
- Indigenous communities eager for construction and employment to begin
- Final hearings represent culmination of comprehensive review
Competitive Position:
- Largest development uranium project in Canada
- Arrow deposit globally significant
- Established infrastructure in Saskatchewan
- Experienced management team
- Strong balance sheet for development
- Indigenous partnerships provide social licence advantage
Investor Resources:
- NexGen Energy corporate presentations
- CNSC Environmental Assessment Report (October 2025)
- Saskatchewan Ministry of Environment EIS materials
- Impact Benefit Agreements (confidential)
- CNSC public hearing documents