Uranium Week: NexGen Speculation Heats Up

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This story features BOSS ENERGY LIMITED, and other companies.
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The company is included in ASX300 and ALL-ORDS

As momentum builds into the September World Nuclear Symposium, the U308 spot price continued to firm alongside growing interest in the term markets.

• Talks with BHP Group have speculators humming about NexGen Energy M&A
• U308 spot price extends gains as utility buying interest builds
• India opens nuclear power sector to private investment
• European drought disrupts nuclear generation as global reactor investment accelerates

By Danielle Ecuyer

NexGen media interview sparks more takeover speculation

As identified last week, it seems NexGen Energy ((NXG)) is engaging in some interesting conversations with the world’s largest miner, BHP Group ((BHP)).

RBC Capital has cited a media interview with NexGen CEO Leigh Curyer, who stated management is in regular talks with BHP about the Rook 1 project.

While the market responded positively to the media report, the RBC analyst pours some cold water on the possibility of a bid from the Big Australian emerging, given the timing of the article, just ahead of the FY26 result release, the first under new CEO, Brandon Craig.

Craig may be looking to see how the market reacts to the news, though a serious M&A deal is questioned, given NexGen has mentioned the talks publicly.

Equally, BHP is viewed as already having a large investment agenda over the next decade from its  copper project pipeline. Even with the cash flow capacity, the management team is considered as already having its hands full, with credibility around the Jansen potash project already at a “low point”, RBC states.

Having articulated the reasons why a deal is unlikely, the broker does point out the combination of BHP’s existing capacity at Olympic Dam (10mlbs) and NexGen’s Rook 1 (25mlbs) would equate to becoming the world’s largest U308 producer.

FNArena’s consensus target price for NexGen is $17.05, supported by one Buy and one Accumulate rating.

For more details on the latest results and takeover speculation, see last week:

https://fnarena.com/index.php/2026/08/11/uranium-week-a-suitor-for-nexgen-energy/

A quiet week for the U308 spot market

The U308 spot market remained firmer, albeit quiet, over the last week, as outlined by industry consultants at TradeTech.

Over the last six weeks, the U308 spot price indicator has risen 3.5% to be up 7% year-to-date. Last week, one transaction was conducted on the spot market for 100klbs at US$87.75/lb, a rise of US$1/lb on the prior week.

The consultants highlight the disparity between buyers and sellers in the spot market neared US$1.25/lb before buyers commenced raising their bid prices.

The forthcoming World Nuclear Symposium is due in London on September 9-11 and is typically an upbeat period for the U308 industry as market participants come out of the summer holiday season.

While the spot market has been relatively becalmed, TradeTech highlights utilities have been introducing demand into the mid-term and long-term market.

Sellers are noted as looking at the contango (future price is higher than the present-day price) between the spot and long-term prices and considering the potential for “buy and hold” or carry trade opportunities.

Several utilities are noted as conducting discussions with suppliers around sizeable U308 purchases encompassing multiple delivery periods. The delivery periods are both in the near term as well as into the longer term, with deliveries into the mid-2030s and beyond currently being negotiated.

One US utility is seeking offers for delivery of 400klbs U308 p.a. for delivery in 2030-2034, with optional delivery years. Offers are due no later than August 21.

The TradeTech Mid-term price indicator stands at US$88/lb and the Long-term price indicator at US$97/lb.

Quiet markets bely lots of news around the nuclear industry

In more upbeat news, India’s Department of Atomic Energy announced last week it is issuing draft rules for legislation to allow private investment in its nuclear industry.

The SHANTI Act, as it is known, will end the State’s monopoly over nuclear power generation. As part of the Prime Minister’s Independence Day speech, Narendra Modi said India is targeting the commencement of five nuclear reactors within six to seven years.

India has around 13,200MW of nuclear generating capacity either under construction or in pre-project development, which TradeTech notes is a 160% rise over existing capacity.

Indian parliamentarians have been calling for a doubling of domestic U308 production to meet growing demand.

In other nuclear-related news, the European drought and falling water levels in major rivers have had some consequences for power generation. Romania has been sinking barges loaded with rocks near the Danube’s Bala Canal to redirect water down the river’s main channel and toward the Cernavoda nuclear plant.

Unit 1 at Cernavoda had been shut down and disconnected from the National Energy System on July 28 “due to the unprecedently low level of Danube, caused by severe drought”, according to operator Nuclearelectrica.

Despite the redirection of water flows, on August 12 Nuclearelectrica announced it would begin a controlled shutdown of unit 2 on August 13.

Neighbouring Hungary also had to shut down units 1, 3 and 4 of the Paks plant due to the lower water level of the Danube.

In other nuclear-related news, TradeTech highlighted further momentum for advanced nuclear development in the US, with X-energy set to receive up to US$1bn in additional Department of Energy funding for its advanced reactor project in Texas.

The latest commitment takes potential US government support for the company since 2021 to US$2.15bn and provides further backing for the commercialisation of advanced reactor technology.

In Europe, Spain has extended the operating life of the two-unit Almaraz nuclear plant until 2030, delaying previously planned closures from 2027 and 2028. The decision comes amid increased attention on energy security and the importance of maintaining reliable domestic electricity generation.

China’s nuclear build-out also continues, with first concrete poured for Guangxi Bailong Unit 2, part of a planned six-reactor project costing around US$5.6bn. Separately, fuel loading has commenced at the 1,171MWe Tianwan Unit 7 ahead of planned commercial operations this year.

South Korea has included nuclear among seven priority technology areas under a new government strategy, with plans to accelerate the development of SMRs and nuclear fusion. The country is targeting commercial deployment of an indigenous SMR by 2035.

Short interests on the ASX ease back 

Corporate news for Australian U308 developers and producers for the week was light on.

Meanwhile, short interests trimmed some of the positions for the week up to August 10, according to the latest ASIC data.

Boss Energy ((BOE)) sits in fourth position, with shorts down to 12.03% from 12.24%.

Paladin Energy ((PDN)) is in seventh position, down to 11.54% from 11.65%.

Lotus Resources is in eighth position at 11.28%, down from 11.55%.

While Alligator Energy ((AGE)) evidenced a rise of 1.41% to 1.92% over the week.

For more reading on U308, see FNArena updates:

https://fnarena.com/index.php/2026/08/11/uranium-week-a-suitor-for-nexgen-energy/

https://fnarena.com/index.php/2026/08/04/uranium-week-steady-rise-in-term-requests/

https://fnarena.com/index.php/2026/07/28/uranium-week-new-record-but-sentiment-rules/

Uranium companies listed on the ASX:

ASX CODE	DATE	LAST PRICE	WEEKLY % MOVE	52WK HIGH	52WK LOW	P/E	CONSENSUS TARGET	UPSIDE/DOWNSIDE
1AE	14/08/2026	0.0500	– 4.00%	$0.16	$0.05
AEE	14/08/2026	0.1100	10.00%	$0.28	$0.10
AEU	14/08/2026	0.4700	4.65%	$0.75	$0.22
AGE	14/08/2026	0.0400	– 4.35%	$0.06	$0.02		$0.080	100.0%
AKN	14/08/2026	0.0200	-10.00%	$0.03	$0.01
ASN	14/08/2026	0.0400	– 2.13%	$0.12	$0.04
BKY	14/08/2026	0.5400	24.73%	$0.70	$0.37
BMN	14/08/2026	3.5700	– 2.27%	$5.25	$2.23		$4.733	32.6%
BOE	14/08/2026	1.5100	2.84%	$2.20	$1.00	37.6	$1.557	3.1%
BSN	14/08/2026	0.0300	– 9.09%	$0.08	$0.02
C29	14/08/2026	0.0100	0.00%	$0.04	$0.01
CXO	14/08/2026	0.3700	16.39%	$0.39	$0.10		$0.300	-18.9%
CXU	14/08/2026	0.1000	7.69%	$0.17	$0.01
DEV	14/08/2026	0.2300	– 6.12%	$0.33	$0.08		$0.410	78.3%
DYL	14/08/2026	1.4800	– 0.35%	$2.97	$1.22	-171.9	$2.050	38.5%
EL8	14/08/2026	0.2600	6.12%	$0.50	$0.21
HAR	14/08/2026	0.0800	7.79%	$0.25	$0.07
I88	14/08/2026	0.1200	4.55%	$0.76	$0.10
KOB	14/08/2026	0.0400	31.25%	$0.09	$0.03
LAM	14/08/2026	0.6000	0.00%	$0.93	$0.50
LOT	14/08/2026	0.2500	0.00%	$3.20	$0.22		$1.443	477.3%
MEU	14/08/2026	0.1000	0.00%	$0.19	$0.04
NXG	14/08/2026	14.8000	– 0.62%	$20.47	$9.98	-132.3	$17.050	15.2%
ORP	14/08/2026	0.1200	0.00%	$0.12	$0.03
PDN	14/08/2026	10.6200	– 2.41%	$15.10	$6.26	-1039.6	$12.179	14.7%
PEN	14/08/2026	0.3000	0.00%	$1.08	$0.23
SLX	14/08/2026	5.2200	1.78%	$10.85	$3.45
WCN	14/08/2026	0.0200	5.88%	$0.03	$0.01

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