NEXGEN ENERGY LIMITED (NXG)
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10/08/2026

2

Downgrade to Accumulate from Buy

$15.60

7.22%

NexGen Energy has started construction on Rook 1 with development expenditure rising to CAD30.7m in the second quarter.

Morgans notes the company can call on 2023 debentures from September and has indicated conversion to equity rather than repayment.

This will mean, the broker calculates, up to 16.3m new shares will be issued.

Morgans remains positive on the long-term outlook for both uranium and Rook 1, incorporating more conservative capital and schedule assumptions to reflect the inherent risks of developing a large underground mine in a remote environment.

Rating is downgraded to Accumulate from Buy and the target is reduced to $15.60 from $20.80 amid material changes made to valuation modelling.

FORECAST
Morgans forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -22.00 cents.
Morgans forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -15.71 cents.

10/08/2026

1

Buy

$24.80

70.45%

Shaw and Partners maintains a Buy rating for NexGen Energy with a $24.80 target price following the release of June 2026 financial results highlighting CAD74.5m in net earnings boosted by mark-to-market convertible debenture valuations.

Construction of the flagship Rook I Uranium Project commenced in early June, supported by CAD970m in cash and short-term investments to fund ongoing development alongside future project finance and equity initiatives.

The asset holds a measured and indicated resource of 257Mlb grading 3.1% uranium oxide, while simultaneous exploration programs continue expanding high-grade zones at the Patterson Corridor East and SW3 properties.

Anticipating structural deficits across the global uranium market, the analyst expects the price of uranium to potentially reach USD200/lb to incentivise necessary supply before reverting to a long-term sustainable price of USD120/lb.

The broker's estimates suggest the world-class deposit could generate over CAD3.0bn in annual earnings before interest, tax, depreciation and amortisation once operational, positioning the company as a preferred exposure to an unfolding commodity super-cycle.

FORECAST
Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -7.65 cents.
Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -8.59 cents.