NexGen Energy (ASX:NXG) is expected to provide an updated guidance on construction timelines and capital expenses profile for the Rook I uranium project in Canada after the receipt of final approvals, Euroz Hartleys said in a Tuesday note.

The Canadian Nuclear Safety Commission approved the company's environmental assessment last week, with a license to prepare site and construct issued and a license to operate expected later in the construction phase.

The company ended 2025 with combined cash and investments over CA$1.1 billion, which can cover capital expense requirements of CA$300 million over the first 12 months of the four-year build.

The final funding mix is expected to be finalized within the next 18 months, the financial services firm said.

Euroz Hartleys maintained a speculative buy rating on NexGen Energy and lifted its price target to AU$20.50 from AU$15 following the execution of offtake contracts and project financing, assay results from the Patterson Corridor East discovery as well as uranium prices, contracting activity and sentiment.

NexGen Energy's shares rose 3% in afternoon trade Wednesday.