NexGen Energy Ltd. Shs Chess Depository Interests repr 1 shs (NXG) AI Stock Analysis

• Market Cap: AU$11.10B
• Dividend Yield: N/A
• Average Volume (3M): 675.59K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.06
• Revenue Growth: N/A
• EPS Growth: -305.93%
• Country: AU
• Employees: 133
• Sector: Energy
• Sector Strength: 52
• Industry: Uranium
• EPS (TTM): -0.07
• Shares Outstanding: 661,069,600
• 10 Day Avg. Volume: 890,252
• 30 Day Avg. Volume: 675,587
• PEG Ratio: -0.09
• Price to Book (P/B): 4.11
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -95.46
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: AU$21.07
• Price Target Upside: 26.85% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): -0.15
• Revenue Forecast (FY): AU$2.09M

• Rating: 61 Neutral
• Price Target: AU$19.50 ▲(17.40% Upside)
• Action: Reiterated Date: 03/09/26
• Date: Action: Reiterated 03/09/26

The score is held back primarily by weak financial performance (pre-revenue status, persistent losses, and negative/deteriorating free cash flow), partially offset by constructive technical trends and a positive earnings-call outlook highlighting improved funding capacity and project/contract progress. Valuation contributes less positively due to a negative P/E and no dividend data.

Positive Factors

Strong liquidity / recent capital raise

A large recent capital raise and ~CAD 1.2B cash balance materially reduce near-term financing risk for a developer-stage uranium project. This funding provides durable runway to advance engineering, permitting and early construction activities without immediate reliance on dilutive equity markets.

Regulatory & Indigenous support for Rook I

Legal backing from local indigenous nations plus favorable technical assessment from CNSC staff strengthen NexGen's social license and regulatory momentum. These durable endorsements lower execution risk and improve the probability of timely project approval and smoother permitting outcomes.

Large-scale production potential & exploration upside

A target output of up to 30M lbs annually positions Rook I as a materially scaleable producer if developed. Continued high-grade drilling results at Patterson Corridor East provide resource expansion optionality, supporting long-term reserve growth and the project's ability to underpin multi-decade cash flows once operational.

Negative Factors

Pre-revenue, persistent operating losses

NexGen remains pre-revenue with recurring operating losses, meaning intrinsic profitability depends entirely on successful project development and future commercial production. This structural lack of operating income elevates execution risk and leaves value tied to long-dated project milestones.

Consistent negative free cash flow / cash burn

Sustained negative operating and free cash flow reflects ongoing cash burn for exploration and development. Over a 2-6 month horizon this increases dependency on external financing or drawdowns of cash reserves, making capital allocation and timing of construction sensitive to funding availability.

Rising debt and volatile net results

Although capitalization improved versus earlier years, the recent rise in debt and a swing to a sizable loss indicate increasing financial volatility. Higher leverage combined with earnings instability can constrain future financing flexibility and raise the cost of capital as the company advances toward construction.

NexGen Energy Ltd. Shs Chess Depository Interests repr 1 shs Business Overview & Revenue Model

Company Description

NexGen Energy Ltd., an exploration and development stage company, engages in the acquisition, exploration, and evaluation and development of uranium properties in Canada. It holds 100% interest in the Rook I project comprising 32 contiguous mineral claims totaling an area of 35,065 hectares located in the southwestern Athabasca Basin of Saskatchewan. The company is headquartered in Vancouver, Canada.

How the Company Makes Money

NexGen Energy Ltd. does not have a widely documented, recurring operating revenue model from uranium production available in public company summaries for the referenced security; null. As a pre-production resource company, its cash inflows are typically tied to capital markets funding (e.g., equity issuances) and, where applicable, strategic investments or project-level financing arrangements, but specific, confirmed revenue streams, commercial sales, or material partnerships contributing to earnings for NXG are not available here; null.

NexGen Energy Ltd. Shs Chess Depository Interests repr 1 shs Financial Statement Overview

Summary

Overall financials reflect a pre-revenue, cash-consuming profile: persistent operating losses, volatile net results (sharp loss in the latest year), and consistently negative free cash flow with deterioration in 2025. The main offset is a comparatively strong and improving balance sheet (asset/equity growth and moderated leverage versus early years), though debt has risen since 2022.

Income Statement

The company reports no revenue across the annual periods provided, so profitability is driven by costs and non-operating items rather than a producing business. Operating losses are persistent and sizable (EBITDA and EBIT remain deeply negative), and results have become more volatile, with a swing from positive net income in 2023 to a very large loss in 2025. Overall, the income statement reflects a pre-revenue profile with weak and unstable earnings quality.

Balance Sheet

The balance sheet is a relative strength: equity and total assets have grown materially over time, indicating strong capitalization for a developer-stage company. Leverage is moderate in the most recent year (debt-to-equity ~0.32 in 2025) versus extremely high leverage in 2020, showing meaningful de-risking from earlier levels. However, debt has risen sharply since 2022, and returns to shareholders are currently negative due to ongoing losses.

Cash Flow

Cash generation is weak, with operating cash flow and free cash flow consistently negative across all years, indicating ongoing cash burn. Free cash flow deterioration is notable in 2025, with a steep decline versus the prior year, suggesting higher spending needs or weaker working-capital dynamics. While cash burn is typical for a pre-revenue miner/developer, the trend and magnitude increase funding risk over time.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00
Gross Profit	-2.24M	0.00	0.00	0.00	0.00
EBITDA	-89.04M	-76.78M	-82.93M	-58.13M	-49.05M
Net Income	-314.65M	-77.56M	80.82M	-56.59M	-119.09M
Balance Sheet
Total Assets	2.48B	1.66B	1.01B	554.56M	546.56M
Cash, Cash Equivalents and Short-Term Investments	1.13B	476.59M	290.74M	140.22M	211.12M
Total Debt	587.79M	456.80M	160.42M	82.48M	75.18M
Total Liabilities	641.79M	478.20M	187.41M	99.14M	85.22M
Stockholders Equity	1.83B	1.18B	820.02M	417.88M	433.61M
Cash Flow
Free Cash Flow	-79.00M	-154.77M	-168.42M	-20.53M	-63.70M
Operating Cash Flow	-78.49M	-24.09M	-52.62M	-20.18M	-16.79M
Investing Cash Flow	-532.26M	-130.68M	-160.14M	-68.05M	-46.71M
Financing Cash Flow	944.10M	344.64M	368.89M	19.86M	191.35M

NexGen Energy Ltd. Shs Chess Depository Interests repr 1 shs Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 16.61
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:NXG, the sentiment is Neutral. The current price of 16.61 is below the 20-day moving average (MA) of 17.46, below the 50-day MA of 17.19, and above the 200-day MA of 13.33, indicating a neutral trend. The MACD of 0.17 indicates Positive momentum. The RSI at 48.74 is Neutral, neither overbought nor oversold. The STOCH value of 41.43 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AU:NXG.

NexGen Energy Ltd. Shs Chess Depository Interests repr 1 shs Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
BMN	63 Neutral	AU$755.92M	-222.58	-0.94%	―	―	60.83%
NXG	61 Neutral	AU$11.10B	-23.97	-17.60%	―	―	-305.93%
PDN	58 Neutral	AU$5.06B	-41.88	-4.87%	―	―	-163.65%
DYL	49 Neutral	$1.68B	-57.60	1.08%	―	-100.00%	―
BKY	43 Neutral	AU$194.14M	-16.35	-12.34%	―	―	-67.12%
ERA	43 Neutral	AU$1.42B	-24.17	4.35%	―	-100.00%	98.06%

NexGen Energy Ltd. Shs Chess Depository Interests repr 1 shs Corporate Events

NexGen Secures Final Federal Green Light to Build Rook I Uranium Mine

NexGen Energy Ltd., a Canadian uranium developer, is advancing its flagship Rook I Project in Saskatchewan’s Athabasca Basin as a large-scale, low-cost mine designed with stringent environmental, safety and social standards. Backed by a NI 43-101 feasibility study and led by a seasoned mining team, the company seeks to supply uranium fuel to support global nuclear power, leveraging listings on the TSX, NYSE and ASX to attract international capital.

NexGen has obtained final federal approval from the Canadian Nuclear Safety Commission for the Rook I uranium project, including a licence to prepare the site and construct, clearing the last regulatory hurdle needed to begin full-scale construction. With provincial approvals already in place, the company plans to start official construction in summer 2026 on a four-year build that is expected to create significant regional economic benefits and position Rook I as the world’s largest single-source, environmentally focused uranium mine capable of supplying a substantial share of global and Western uranium demand.

Management framed the approval as the culmination of a decade-long, highly rigorous regulatory process conducted in close collaboration with Indigenous Nations, local communities and government partners. By moving into the construction phase with engineering, vendors and capital already lined up, NexGen is reinforcing its ambition to establish Canada as a leading nuclear energy supplier and to play a pivotal role in meeting accelerating global demand for reliable, low-carbon baseload power.

The most recent analyst rating on (AU:NXG) stock is a Buy with a A$22.90 price target. To see the full list of analyst forecasts on NexGen Energy Ltd. Shs Chess Depository Interests repr 1 shs stock, see the AU:NXG Stock Forecast page.

NexGen Energy Updates CDI and Share Structure for February 2026

NexGen Energy has reported its February 2026 capital structure on the ASX, showing a reduction in CHESS Depositary Interests on issue to 144,249,304 from 147,212,469, driven by net transfers between CDIs and common shares traded on the Toronto Stock Exchange and New York Stock Exchange. Over the same period, common shares not represented by CDIs increased to 516,757,262 and options declined modestly to 48,394,462, while convertible debentures remained unchanged at 39,571,350, signaling routine equity movements rather than a major strategic capital raising or restructuring.

These changes reflect ongoing investor preference shifts between the Australian CDI line and the North American listings, with some option exercises and cancellations contributing to the net movement in securities. For stakeholders, the update clarifies the current mix of NexGen’s listed equity and derivative securities, but does not indicate any immediate change in financing strategy or operational outlook.

The most recent analyst rating on (AU:NXG) stock is a Buy with a A$22.90 price target. To see the full list of analyst forecasts on NexGen Energy Ltd. Shs Chess Depository Interests repr 1 shs stock, see the AU:NXG Stock Forecast page.

NexGen Energy Files Certified Market Value Report With Alberta Regulator

NexGen Energy Ltd. has submitted a management certification to the Alberta Securities Commission confirming the accuracy and completeness of its Form 13-501F1 participation fee filing. Chief Financial Officer Benjamin Salter certified the form, which details the company’s market value calculations for its listed equity based on closing prices and shares outstanding across multiple 2025 trading periods.

The filing outlines NexGen’s status as a reporting issuer on the TSX and provides market value figures for three specified trading periods, showing a rising share price and equity valuation over the course of 2025. This documentation supports the company’s regulatory compliance and fee assessment, offering investors and regulators a transparent view of NexGen’s equity market capitalization through the year.

The most recent analyst rating on (AU:NXG) stock is a Buy with a A$22.90 price target. To see the full list of analyst forecasts on NexGen Energy Ltd. Shs Chess Depository Interests repr 1 shs stock, see the AU:NXG Stock Forecast page.

NexGen CFO Certifies 2025 Annual Filings and Internal Controls

NexGen Energy Ltd.’s chief financial officer, Benjamin Salter, has certified the company’s annual filings for the year ended December 31, 2025, affirming that the annual information form, financial statements, and MD&A fairly present the issuer’s financial condition and performance. He confirmed that disclosure controls and procedures and internal control over financial reporting have been designed and evaluated using the COSO 2013 framework, with any material changes and instances of fraud involving key personnel reported to the auditors and board, underscoring the company’s emphasis on transparency and robust governance.

The certification also states that the annual filings contain no material misstatements or omissions based on reasonable diligence exercised by management. This formal attestation reinforces confidence in NexGen’s financial reporting integrity for investors and regulators, and highlights ongoing oversight of internal controls, including disclosure of any changes that could materially affect financial reporting.

The most recent analyst rating on (AU:NXG) stock is a Buy with a A$22.90 price target. To see the full list of analyst forecasts on NexGen Energy Ltd. Shs Chess Depository Interests repr 1 shs stock, see the AU:NXG Stock Forecast page.

NexGen CEO Certifies 2025 Annual Filings and Internal Controls

NexGen Energy Ltd. disclosed that its chief executive officer, Leigh Curyer, has certified the company’s annual filings for the year ended December 31, 2025, affirming that the documents fairly present its financial condition, performance, and cash flows without material misstatements or omissions. The CEO also confirmed that NexGen has designed, maintained, and evaluated its disclosure controls and internal control over financial reporting under the COSO 2013 framework, reported any material changes and relevant fraud to auditors and the board, and reflected its control effectiveness conclusions in the annual management discussion and analysis.

These certifications underscore NexGen’s adherence to Canadian securities requirements on financial reporting integrity, aiming to provide investors and regulators with assurance about the reliability and transparency of its public disclosures. The emphasis on robust internal controls and timely reporting may strengthen stakeholder confidence in the company’s governance and risk management practices, particularly as it advances its uranium operations in a tightly regulated sector.

The most recent analyst rating on (AU:NXG) stock is a Buy with a A$22.90 price target. To see the full list of analyst forecasts on NexGen Energy Ltd. Shs Chess Depository Interests repr 1 shs stock, see the AU:NXG Stock Forecast page.

NexGen Energy Details 2025 Results and Rook I Project Progress in Year-End MD&A

NexGen Energy Ltd. released its Management’s Discussion and Analysis for the twelve months ended December 31, 2025, outlining business operations, project status, financial results, and risk management. The document highlights progress at the Rook I uranium project, reviews the company’s financial position and liquidity, and details health, safety, environmental practices, and internal control frameworks relevant to investors and other stakeholders.

The MD&A also addresses capital management, contractual commitments, and financial instruments, while summarizing quarterly performance and related-party transactions. It further outlines key risk factors, including financial and operational risks, and discusses disclosure controls, technical disclosures, and governance approvals that shape NexGen’s operational outlook and readiness to advance its core uranium development activities.

The most recent analyst rating on (AU:NXG) stock is a Buy with a A$22.90 price target. To see the full list of analyst forecasts on NexGen Energy Ltd. Shs Chess Depository Interests repr 1 shs stock, see the AU:NXG Stock Forecast page.

NexGen Energy Affirms Effective Controls in 2025 Audited Financials

NexGen Energy Ltd., a Canadian uranium-focused energy company based in Vancouver, has prepared its audited consolidated financial statements for the years ended December 31, 2025 and 2024 in accordance with International Financial Reporting Standards. Management, led by President and CEO Leigh Curyer and CFO Benjamin Salter, affirms responsibility for significant accounting judgments, estimates, and the selection of appropriate accounting policies.

The company reports that its internal control over financial reporting was evaluated under the COSO 2013 framework and deemed effective as of December 31, 2025, reinforcing the reliability of its financial disclosures. Oversight is provided by a non-management Audit Committee of the Board, which reviews the statements, auditor reports, and fees, while external auditor KPMG LLP has full access to the committee, underscoring a robust governance structure for shareholders and other stakeholders.

The most recent analyst rating on (AU:NXG) stock is a Buy with a A$22.90 price target. To see the full list of analyst forecasts on NexGen Energy Ltd. Shs Chess Depository Interests repr 1 shs stock, see the AU:NXG Stock Forecast page.

NexGen Details Operations and Governance in 2025 Annual Information Form

NexGen Energy Ltd. has released its Annual Information Form for the financial year ended December 31, 2025, outlining the general development and current description of its business. The filing details the Rook I project, risk factors, capital structure, market for its securities, and information about directors, officers, and key corporate governance elements.

The document also covers dividend policies, material contracts, prior sales of securities, and the roles of the company’s audit committee and transfer agent. By consolidating these disclosures, NexGen provides investors and stakeholders with a comprehensive view of its operational footing, governance framework, and market positioning going into 2026.

The most recent analyst rating on (AU:NXG) stock is a Buy with a A$22.90 price target. To see the full list of analyst forecasts on NexGen Energy Ltd. Shs Chess Depository Interests repr 1 shs stock, see the AU:NXG Stock Forecast page.

NexGen Adjusts CDI Count as Investors Rebalance Holdings

The company’s January Appendix 4A shows its Chess Depository Interests declined by about 4.9 million to 147.2 million as investors shifted holdings back to common shares traded in Toronto and New York, while total common shares rose to 513.4 million and options outstanding edged lower. The net transfer of securities reflects continuing cross-market management of the capital structure but does not alter the unchanged 39.6 million convertible debentures, suggesting routine portfolio realignment rather than a change in funding profile.

The most recent analyst rating on (AU:NXG) stock is a Hold with a A$19.50 price target. To see the full list of analyst forecasts on NexGen Energy Ltd. Shs Chess Depository Interests repr 1 shs stock, see the AU:NXG Stock Forecast page.

NexGen Energy Reports Higher CDI Count and Expanded Equity on Issue for December

NexGen Energy has reported its December 2025 statement of CHESS Depositary Interests (CDIs) and related securities on issue, showing a modest increase in the number of CDIs on the ASX to 152,067,401, driven by net transfers between CDIs and common shares listed on the TSX and NYSE. Over the same period, the company’s total common shares not represented by CDIs rose to 507,892,671, while outstanding options increased to 49,547,625 due to new options issued, exercises and cancellations, and the volume of convertible debentures remained unchanged, indicating incremental equity expansion and active management of its capital structure without additional debenture issuance.

The most recent analyst rating on (AU:NXG) stock is a Hold with a A$15.00 price target. To see the full list of analyst forecasts on NexGen Energy Ltd. Shs Chess Depository Interests repr 1 shs stock, see the AU:NXG Stock Forecast page.