Delays to NexGen Energy's (ASX: NXG) Rook I Project timeline in Canada may boost the uranium sector, as concerns about the project's impact on the market may be overblown due to expected uranium supply shortages by the end of the decade, according to a Thursday note by Euroz Hartleys.
On Wednesday, the company said that the Canadian Nuclear Safety Commission (CNSC) scheduled hearings for its Rook I Project in Canada for Nov. 19 and Feb. 9 to 13, 2026. It is currently evaluating the implications of the scheduled timeline for the project.
Euroz notes that the proposed federal hearing dates for Rook I have missed expectations of final federal approvals of the project in the first half of the year.
The 42-month construction period at the project can start once final permits are secured following the conclusion of a CNSC's hearing, Euroz added.
The firm now expects initial production at the project to begin in the first half of fiscal 2030, following revised expectations of final approvals being received in the March quarter of fiscal 2026.
Euroz Hartleys maintained Nexgen Energy's speculative buy rating but lowered its price target to AU$13.40 from AU$14.
Shares of the company rose 2% on market close.
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