NEXGEN ENERGY LIMITED (NXG)
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31/10/2025

1

Buy, High Risk

$17.70

46.77%

Shaw and Partners raises its target for NexGen Energy to $17.70 from $12.30.

The company remains one of the broker’s preferred uranium exposures, with two upcoming Canadian Nuclear Safety Commission hearings for its Rook I Uranium Project, scheduled for November 2025 and February 2026.

The analysts highlight the project’s exceptional grade, with a measured and indicated resource of 257mlbs at 3.1% U3O8 and over 60% above 17%, positioning Rook I as one of the most profitable mines globally.

NexGen is also achieving strong drilling results at Patterson Corridor East, which could rival the Arrow deposit, highlight the analysts.

The broker cites supportive permitting conditions and continued sector tailwinds. A Buy, High Risk rating is maintained.

FORECAST
Shaw and Partners forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -10.56 cents.
Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -6.11 cents.

12/11/2025

1

Buy

$17.14

42.12%

NexGen Energy raised around $1bn in equity in early October, adding to the September quarter cash and inventory of $735m.

The initial approval hearing for Rook 1 will be held on November 19, with a second hearing flagged for February 9–13, 2026.

The stock is a significant shareholding within ETFs, with a dual listing on the ASX and Toronto Stock Exchange, and offers one of the most liquid exposures to the uranium sector, Petra Capital comments.

NexGen remains a preferred ASX exposure with a Buy rating and $17.14 target price.