Canadian uranium miner NexGen Energy is in regular discussions with BHP about its Rook I project in Saskatchewan as it prepares to raise $1 billion to help fund the development, Reuters reported.
NexGen CEO Leigh Curyer said the companies maintain an open dialogue and share technical information.
Diversified mining giant BHP is expected to announce its results for the 2026 financial year tomorrow, 18 August, when investors will be watching for further updates on the miner’s growth and portfolio priorities.
NexGen recently began construction of Rook I, which is expected to become one of the world’s largest uranium mines and enter production by 2030.
The company plans to raise $1 billion over the next nine months and is considering utility prepayment agreements, debt financing and direct project equity.
Asked specifically about a potential equity partnership with BHP, Curyer told Reuters the companies speak regularly, while noting that BHP has acquired a large parcel of land near Rook I in the Athabasca Basin.
Reuters also reported that BHP’s business development team examined NexGen last year under former CEO Mike Henry.
Incoming CEO Brandon Craig, who took the helm on July 1, plans to take a close look at uranium opportunities, although he has acknowledged the difficulty of finding assets with sufficient scale.
BHP already produces around 5% of global uranium supply as a byproduct of its Olympic Dam copper operations in South Australia.
Interest in uranium is growing as expanding AI data centres drive electricity demand and nuclear power gains renewed attention.
Canaccord expects uranium demand to triple by 2035 from 2025 levels.
