NEXGEN ENERGY LIMITED (NXG)
Share Price Analysis and Chart

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15/01/2026

3

Hold

$19.30

11.18%

Bell Potter has updated its uranium outlook for 2026 including the uranium deficit sliding to around 5Mlbs from 12Mlbs in 2025 largely due to higher production from Kazatomprom and restart producers.

The broker also anticipates higher contracting activity after two years of lower than expected contracting which should underpin rising U308 term prices, forecast at US$86.5/lb. Nuclear generation starts rose by 11.6GW in 2025 and the pipeline of reactors under construction stands at 73.

Some 6GW of capacity is expected to come to market in 2026.

The broker notes NexGen Energy is due for its second round of commission hearings between Feb 9-13 with approval expected in February and construction starting in 2H2026. Target price is raised to $19.30 on changes in U308 price forecast. Hold rating retained.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 0.00 cents.

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27/01/2026

-1

No Rating

-

Canaccord Genuity has reiterated its Speculative Buy rating on NexGen Energy with a target price of CA$18.50 following the release of final results from the 2025 Patterson Corridor East (PCE) drilling program and the commencement of the planned 2026 program.

The broker notes the mineralised footprint at PCE has continued to expand, with vertical extent increasing to 700m and the primary high-grade subdomain growing to 412m, while recent drilling points to the potential emergence of an additional high-grade zone at depth.

Canaccord believes the market continues to undervalue PCE, noting the project could ultimately provide additional mill feed for Arrow and extend mine life, given its proximity and scale potential.

The analyst highlights the larger 2026 drilling program, up 19% year-on-year to around 42,000m, as a signal of management confidence, with upcoming catalysts including further PCE results and the final Arrow Commission Hearing in February.