NexGen Energy Ltd. Shs Chess Depository Interests repr 1 shs (AU:NXG)
ASX:NXG
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NexGen Energy Ltd. Shs Chess Depository Interests repr 1 shs
(Sydney:NXG)
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Rating:53Neutral
Price Target:
AU$15.00
▼(-14.63% Downside)
Action:Reiterated
Date:05/09/26
The score is held back primarily by weak financial performance (no revenue, widening losses, and heavier free-cash-flow burn alongside rising debt). Offsetting this, the latest earnings call indicates strong liquidity and regulatory/construction progress, while technicals are neutral-to-slightly constructive and valuation is constrained by negative earnings and no dividend support.
Positive Factors
Strong Liquidity
A >CAD1.1B cash balance after a CAD950M raise provides durable runway for initial construction spend (~CAD300M first 12 months) and reduces near-term financing pressure. This liquidity materially increases optionality to finalize complex financing and sustain development momentum over months.
Negative Factors
Pending Final Approval
Final commission approval is the gating item for full construction mobilization; any delay or added conditions could shift timelines, raise costs, or require further mitigation. This regulatory dependency is a durable execution risk until formal approval is granted.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Liquidity
A >CAD1.1B cash balance after a CAD950M raise provides durable runway for initial construction spend (~CAD300M first 12 months) and reduces near-term financing pressure. This liquidity materially increases optionality to finalize complex financing and sustain development momentum over months.
Read all positive factors
NexGen Energy Ltd. Shs Chess Depository Interests repr 1 shs (NXG) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$9.88B
Dividend YieldN/A
Average Volume (3M)675.59K
Price to Earnings (P/E)―
Beta (1Y)2.01
Revenue GrowthN/A
EPS Growth-312.56%
CountryAU
Employees133
SectorEnergy
Sector Strength52
IndustryUranium
Share Statistics
EPS (TTM)-0.68
Shares Outstanding661,069,600
10 Day Avg. Volume890,252
30 Day Avg. Volume675,587
Financial Highlights & Ratios
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 CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$21.57Price Target Upside22.75% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)-0.27
Revenue Forecast (FY)AU$1.01M
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 minera...
How the Company Makes Money
NexGen Energy Ltd. does not typically generate recurring operating revenue from product sales because it is primarily an exploration and development-stage company. Its funding and value creation model is generally based on (1) raising capital (e.g...
NexGen Energy Ltd. Shs Chess Depository Interests repr 1 shs Earnings Call Summary
Earnings Call Date:Mar 04, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call conveys a predominantly positive outlook driven by strong balance sheet liquidity (CAD 950 million raise and >$1.1 billion cash), near-term regulatory progress (CNSC hearings complete with staff recommendation), robust exploration results at PCE, and construction preparedness (engineering, procurement, staged freeze plant, and camp expansion). Key challenges remain — final federal/CNSC approval, concluding the remaining financing package (timeline up to ~18 months), and a contracting gap to reach break-even production — but management positions these as manageable given strong market interest, clear execution plans and supportive macro uranium fundamentals (notable spot market activity and price appreciation). Overall the highlights materially outweigh the lowlights, indicating momentum toward construction and production optionality while execution and permitting risks remain to be closed.Positive Updates
Strong Balance Sheet and Major Capital Raise
Completed a CAD 950 million capital raise (including CAD 600 million from Australian investors); year-end cash position of over $1.1 billion, providing runway (first 12 months of construction estimated at ~CAD 300 million). Inclusion on the S&P/ASX 200 (Dec 22, 2025) increased market capitalization, liquidity and Australian institutional ownership.
Negative Updates
Final Federal Approval Still Pending
Although CNSC staff recommended approval, NexGen is awaiting final federal/CNSC commission approval before construction can commence; this approval is the gating item for mobilization to full construction.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Balance Sheet and Major Capital Raise
Completed a CAD 950 million capital raise (including CAD 600 million from Australian investors); year-end cash position of over $1.1 billion, providing runway (first 12 months of construction estimated at ~CAD 300 million). Inclusion on the S&P/ASX 200 (Dec 22, 2025) increased market capitalization, liquidity and Australian institutional ownership.
Read all positive updates
Company Guidance
NexGen said it is construction‑ready pending final federal CNSC approval and outlined a 48‑month build with first‑12‑month spending of ~CAD 300M and an initial CapEx of ~CAD 2.2B; the company finished the year with >CAD 1.1B cash after a CAD 950M equity raise (including CAD 600M from Australian investors) and expects to finalize remaining financing within now to ~18 months. Operational and commercial guidance included 2.0 Mlbs/year contracted over the first five years (breakeven ~3.5 Mlbs), more offtakes expected in 2026, and an explicit strategy to retain price exposure (uranium moved from $17/lb in 2017 to ~ $90/lb today). Site and program metrics: ~CAD 786M cumulative investment since 2013, 28 RFP packages issued in 2025, camp capacity rising from ~220 to just under 600 beds, four rigs on a 42,000‑m PCE program and a >400,000‑m drilling database; market context cited 56 Mlbs spot traded in 2025 (~40% of mine supply, 27% of consumption), utilities’ spot purchases +85% YoY, and producer spot sales down to 4.6 Mlbs in 2025 (from 10.9 Mlbs in 2022).NexGen Energy Ltd. Shs Chess Depository Interests repr 1 shs Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
52
Neutral
Cash Flow
23
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -995.12K | -2.24M | 0.00 | 0.00 | 0.00 | 0.00 |
| EBITDA | -247.61M | -89.04M | -76.78M | -82.93M | -58.13M | -49.05M |
| Net Income | -415.89M | -314.65M | -77.56M | 80.82M | -56.59M | -119.09M |
Balance Sheet | ||||||
| Total Assets | 2.48B | 2.48B | 1.66B | 1.01B | 554.56M | 546.56M |
| Cash, Cash Equivalents and Short-Term Investments | 1.02B | 1.13B | 476.59M | 290.74M | 140.22M | 211.12M |
| Total Debt | 717.73M | 587.79M | 456.80M | 160.42M | 82.48M | 75.18M |
| Total Liabilities | 771.32M | 641.79M | 478.20M | 187.41M | 99.14M | 85.22M |
| Stockholders Equity | 1.71B | 1.83B | 1.18B | 820.02M | 417.88M | 433.61M |
Cash Flow | ||||||
| Free Cash Flow | -193.89M | -79.00M | -154.77M | -168.42M | -20.53M | -63.70M |
| Operating Cash Flow | -72.21M | -78.49M | -24.09M | -52.62M | -20.18M | -16.79M |
| Investing Cash Flow | -641.44M | -532.26M | -130.68M | -160.14M | -68.05M | -46.71M |
| Financing Cash Flow | 944.53M | 944.10M | 344.64M | 368.89M | 19.86M | 191.35M |
NexGen Energy Ltd. Shs Chess Depository Interests repr 1 shs Technical Analysis
Negative
17.57
Price Trends
16.70
Negative
16.85
Negative
14.81
Positive
Market Momentum
-0.50
Positive
35.16
Neutral
6.35
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:NXG, the sentiment is Negative. The current price of 17.57 is above the 20-day moving average (MA) of 16.55, above the 50-day MA of 16.70, and above the 200-day MA of 14.81, indicating a neutral trend. The MACD of -0.50 indicates Positive momentum. The RSI at 35.16 is Neutral, neither overbought nor oversold. The STOCH value of 6.35 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:NXG.
NexGen Energy Ltd. Shs Chess Depository Interests repr 1 shs Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
63 Neutral | AU$756.15M | -222.58 | -0.94% | ― | ― | 70.28% | |
53 Neutral | AU$9.88B | -16.26 | -30.30% | ― | ― | -312.56% | |
49 Neutral | AU$1.58B | -57.60 | 0.29% | ― | -100.00% | ― | |
46 Neutral | AU$4.97B | -11.66 | -4.87% | ― | ― | -163.67% | |
45 Neutral | AU$196.37M | -16.35 | -12.34% | ― | ― | -1047.83% | |
43 Neutral | AU$1.01B | -24.17 | 4.35% | ― | 236.54% | 95.24% |
* Energy Sector Average
AU:NXG
NexGen Energy Ltd. Shs Chess Depository Interests repr 1 shs
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5.10
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AU:ERA
Energy Resources of Australia Class A
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NexGen Energy Ltd. Shs Chess Depository Interests repr 1 shs Corporate Events
NexGen Energy Updates CDI and Capital Structure Figures for April 2026
May 4, 2026
NexGen Energy (Canada) Ltd., whose shares trade in Australia through a 1:1 CDI structure over its foreign-exempt TSX listing, reported updated figures on its capital structure for April 2026, spanning CDIs, common shares, options and convertible d...
NexGen Energy Adjusts CDI Levels as Cross-Listed Equity Base Shifts
Apr 2, 2026
NexGen Energy has reported a decrease in CHESS Depositary Interests on issue for March 2026, with CDIs falling to 133,672,685 from 144,249,304, primarily due to net transfers between CDIs and common shares traded on the TSX and NYSE. Over the same...
NexGen Energy Switches External Auditor in Governance-Driven Move
Mar 15, 2026
NexGen Energy Ltd. has replaced KPMG LLP as its external auditor with PricewaterhouseCoopers LLP following a comprehensive competitive request for proposal process led by its audit committee to align with best corporate governance practices, inclu...
NexGen Secures Final Federal Green Light to Build Rook I Uranium Mine
Mar 5, 2026
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 4...
NexGen Energy Updates CDI and Share Structure for February 2026
Mar 5, 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 Sto...
NexGen Energy Files Certified Market Value Report With Alberta Regulator
Mar 4, 2026
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, wh...
NexGen CFO Certifies 2025 Annual Filings and Internal Controls
Mar 4, 2026
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 MDA fairly present th...
NexGen CEO Certifies 2025 Annual Filings and Internal Controls
Mar 4, 2026
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, a...
NexGen Energy Details 2025 Results and Rook I Project Progress in Year-End MD&A
Mar 4, 2026
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 th...
NexGen Energy Affirms Effective Controls in 2025 Audited Financials
Mar 4, 2026
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 Standa...
NexGen Details Operations and Governance in 2025 Annual Information Form
Mar 4, 2026
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 str...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.