11:25 AM EDT, 03/24/2025 (MT Newswires) -- (Adds comment and updates shares.)

NexGen Energy ( NXE ) on Monday said it drilled its best hole to date, materially expanding the shallow inner high-grade subdomain at Patterson Corridor East at the Rook I uranium property in Saskatchewan.

The drill hole intersected 3.9 meters of >61,000 cps, indicating rich uranium concentration within a larger 13.8-meter mineralized interval that starts at 452.2 meters. Four additional winter drill holes all located a minimum 50 meters from the above drill hole have all encountered high-grade intercepts containing >61,000 cps, expanding the high-grade subdomain to 210 meters along strike and 355 meters of vertical extent. This was double the size last reported in November 2024.

"This intercept from RK-25-232 is geologically exceptional and represents a transformational moment taking PCE into a category to rival [the Arrow deposit] at the same stage of drilling," said NexGen Chief Executive Leigh Curyer. "NexGen, Saskatchewan and our community partners are ready to immediately commence construction of the Rook I Project subject to the completion of the CNSC approval process."

National Bank of Canada maintained its outperform rating on the shares of the company and its $12.50 price target after the news.

National Bank said that while the exploration results remain positive, it remains early stage on this discovery and the company's focus remains on the development of the Rook I Project.

NexGen shares were last seen up $0.42 to $7.48 on the Toronto Stock Exchange.

Price: 7.45, Change: +0.39, Percent Change: +5.52