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2026-11-06
◂ Monitor NXG ASX

NexGen Energy Ltd.

Construction · Uranium · Canada Rating locked: sign in to view v8 · nxg-20261024t173607-full
Last 2026-11-06
A$11.4
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$7.7B
EV
A$7.2B
Cash
A$770.3M
Debt
A$623.8M

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$770.3M Finite
Debt A$623.8M Net cash A$146.5M
Basic shares 676.9M 2026-09-30
Runway 8.91 quarters AUDcomparison:sourceCADcash756.173m xJune30FX1.0186411327289395 dividedsourceCADQ2burn84.93m xquarteraverageFX1.0175811624903763.CADoriginalsretained; excludesfinancingcoupons/leases andfutureburnacceleration.

Liquidity

Financial position

ReportedJune cashC$756.173m plus short-term investmentsC$214.080m =C$970.253m. Restricted cashC$5.250m excluded. Total initial construction budgetC$2.2bn inQ42023 dollars exceeds treasury. June convertible fair value is historical accounting value; valuation separately dates estimated remaining principal and coupons using September security reconciliation. Structured AUDfinancial comparisons useJune30FX; originalCADfacts retained.

Inventory composition1

Purchased strategic uranium inventory is separate from future mine production; carrying value retained as reported. Estimated liquidation value is an analyst valuation in the equity bridge.

Purchased strategic uranium inventory
A$347.5M carrying · 2,702,411 lb

Capital structure

Ownership and dilution

Ordinary shares
676.9M
Fully diluted
757.2M

Global common shares676,884,770 =126,112,733CDIs +550,772,037non-CDI common shares at30September2026. Potential dilution46,703,163options plus33,654,191convertible shares; ordinary quote is1:1CDI. June670,506,101shares increased6,378,669bySeptember. Potential convertible shares decreased5,917,159; exact tranche split undisclosed. Valuation uses ordinary shares after separate existing-option economic claim; remaining debt is a dated cash claim, so possible convertible shares are not added again.

Security classes3
ClassTypeQuantityStrikeExpiry
CDIs126112733 plus nonCDI common550772037, no double countOrdinary Share676.9M——
Various strikes/expiry; current exactASX aggregateOption46.7M——
Potential ordinary shares fromconvertibles; not debt principal quantityConvertible33.7M——

KPI history

Operating metrics

Comparable series use a shared scale

Unrestricted cash · Company · Point In Time

CAD

4 periods
  1. 2024-12-31476,587,000 CAD
    Reported
  2. 2025-12-31802,578,000 CAD
    Reported
  3. 2026-03-31655,437,000 CAD
    Reported
  4. 2026-06-30756,173,000 CAD
    Reported
Operating metric source table4
MetricProjectPeriodPeriod typeValueStatus
Unrestricted cashCompany2024-12-31Point In Time476,587,000 CADReported
Unrestricted cashCompany2025-12-31Point In Time802,578,000 CADReported
Unrestricted cashCompany2026-03-31Point In Time655,437,000 CADReported
Unrestricted cashCompany2026-06-30Point In Time756,173,000 CADReported
Company guidance1
MetricProjectPeriodLowHighStatus
2026Pcedrillingpce-regional202642,00042,000 mCurrent

Capital history

Capital events

2 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-09-23Ann. 2026-09-25Debt—29.8K—Completed—
2025-10-15RaisingC$903.7M78.9M—Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-10-13

ReviewedAIF2025,Q2notes,contracts2026presentation; privateofftakeandbenefitagreementsfulltermsundisclosed. Materialhedge,royalty,debtandhistoricalcarryrecorded.

Private royalty and provincial profit/revenue royalties already included in trend NPV.

Royalty · Active
Counterparties
Advance Royalty Corporation
Applies to
Rook I / Arrow · Uranium
Economic direction
Burden
Period
Dates not stated
Key terms
NSR: 2 %
Buydown: 1,000,000 CAD
How it affects our valuation

No valuation treatment is available for this arrangement.

Delivery starts commercial production; first three pricing examples atUSD80 yieldsUSD79, high spot partly capped.

Offtake · Active
Counterparties
Major US nuclear utilities (not named)
Applies to
Rook I / Arrow · Uranium
Economic direction
Mixed
Period
From 2024-12-04; no end date stated
Key terms
Contracted volume: 11,700,000 lb
First three contracts: 5,000,000 lb
Pricing: Market related with floors/ceilings on some contracts
How it affects our valuation

No valuation treatment is available for this arrangement.

All primary impacted Indigenous Nations support the project; economics of individual benefit agreements not separately public.

Strategic Partnership · Active
Counterparties
Clearwater River Dene Nation · Birch Narrows Dene Nation · Buffalo River Dene Nation · Métis Nation Saskatchewan and Northern Region2
Applies to
Rook I / Arrow · Uranium
Economic direction
Mixed
Period
Dates not stated
Key terms
Coverage: Approval through closure
How it affects our valuation

No valuation treatment is available for this arrangement.

Forward hedges cash coupons rather than mine uranium revenues or entire principal.

FX Hedge · Active
Counterparties
Financial institution (not named)
Applies to
Company-wide
Economic direction
Mixed
Period
From 2025-01-22; no end date stated
Key terms
Notional: 60,000,000 USD
Average contract rate: 1.39 CAD/USD
Settlement: 1 to3years fromJune2026
Fair value: 219,000 CAD
How it affects our valuation

No valuation treatment is available for this arrangement.

June principalUS$360m; September possible conversion shares decline5,917,159. Remaining principal boundedUS$296.51–320m depending tranche conversion; selectedupperbound320m, not reported guidance. 6%cash plus3%sharecoupon; actual maturitiesSeptember2028/May2029.

Other · Active
Counterparties
QRC · Washington H Soul Pattinson · MMCap
Applies to
Company-wide
Economic direction
Burden
Period
Dates not stated
Key terms
Cash coupon: 6 %
Share coupon: 3 %
Principal atJune2026: 360,000,000 USD
PotentialsharesSeptember: 33,654,191 shares
Maturity: 2028-09-22 and2029-05-29
How it affects our valuation

No valuation treatment is available for this arrangement.

Community hotel partnership is execution support; do not add speculative standalone hotel enterprise value.

Strategic Partnership · Active
Counterparties
Indigenous community development partners
Applies to
Rook I / Arrow · Uranium
Economic direction
Mixed
Period
From 2026-01-22; no end date stated
Key terms
Hotel partnership: LaLoche community andRookI support
How it affects our valuation

No valuation treatment is available for this arrangement.

Historical10%productioncarry acquired inQ32025; terminated and no ongoing deduction from100%ownership.

Free Carry · Terminated
Counterparties
RioTinto
Applies to
Rook I / Arrow · Uranium
Economic direction
Burden
Period
Dates not stated
Key terms
Historicalcarry: 10 %
How it affects our valuation

This arrangement has ended; no current valuation treatment is required.