NexGen Energy has secured non-binding expressions of interest for a total of more than $1bn in project financing for the development of the Rook I Project in Saskatchewan, Canada.

The Canadian clean fuel energy company has received significant initial interest from certain financial institutions, including commercial lenders and export credit agencies.

The project financing is subject to certain terms and conditions, including satisfactory due diligence, environmental and social reviews, and the signing of definitive documentation.

Rook I is a large-scale, development-stage low-cost uranium project, located in the premier mining jurisdiction of Saskatchewan.

The company said that it is developing Rook I Project into the world’s largest low-cost producing uranium mine, incorporating the most elite standards in environmental and social governance.

The project is supported by a Feasibility Study (FS) that outlines superior environmental performance and industry-leading economics.

Rook I hosts a land-based, basement-hosted Arrow Deposit, along with facilities to support the extraction and processing of uranium ore from the deposit.

NexGen Energy has completed exploration, geotechnical, environmental and community studies to define the resource and plan ways to develop the project since 2013.

The company is expected to sign agreements with financial institutions in the fourth quarter of 2023, as per the project development schedule.

NexGen Energy chief executive officer Leigh Curyer said: “Strong interest from lenders and other financing parties for the development of Rook I demonstrates NexGen’s delivery of a sustainable, clean energy legacy that will benefit our valued stakeholders and all of Canada.

“The receipt of these expressions of interest are a clear de-risking step demonstrating lender confidence in the economics of the Rook I Project, the uranium market fundamentals incorporating the project and the elite ESG manner NexGen is delivering in the development of the project.”