NEXGEN ENERGY LIMITED (NXG)
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15/04/2025

1

Buy

$12.30

17.70%

Shaw and Partners analysts have downgraded uranium price forecasts, judging their current forecasts are too high. The 2025 estimate is lowered to US$77/lb from US$108/lb, and 2026 cut to US$123/lb from US$150/lb.

The broker notes the recent exploration results from NexGen Energy's Rook I Uranium Project were exceptional, and the project will likely attract the interest of major mining houses once permitting is completed.

The broker has pushed back the timeline for first production to 2031, given the delays in Commission hearings, but reckons this may be a positive development as it will cause the uranium market to become tighter.

Buy, High risk. Target cut to $12.30 from $14.40. 

FORECAST
Shaw and Partners forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -11.09 cents.
Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -9.09 cents.

12/06/2025

1

Buy

$10.80

3.35%

Petra Capital believes the uranium market is transitioning from being inventory-driven to supply-driven, with 2024 production at 156mlbs, covering just 89% of consumption.

Utilities remain complacent despite contracting volumes falling short of annual burn since 2012, explains the analyst, with current low inventories and supply constraints pointing to structurally higher prices.

Top producers Kazatomprom and Cameco continue to show supply discipline, with the former's FY25 guidance down -17% versus late-2023 and costs worsening by -29% year-on-year.

Within Petra's research coverage, Bannerman Energy ((BMN)) is most exposed to short interest. 

Petra Capital maintains Buy ratings across select ASX uranium developers and producers, highlighting increasing scarcity of quality resources and global undercoverage of utility demand. The target for NexGen Energy is $10.80.