Live News • May 16
NexGen Energy Cleared for Rook I Construction as Exploration Results Support Growth NexGen Energy received its final federal license from the Canadian Nuclear Safety Commission, clearing the way for site preparation and full construction of the Rook I uranium project in Saskatchewan this summer.
The company reports that the Rook I project carries a capital estimate of C$2.2b and is described as remaining on budget.
Exploration work at Patterson Corridor East has produced strong 2025 assay results and a 2026 drilling program is underway, while NexGen continues offtake discussions with utilities and limits long-term contracting to retain exposure to potential future uranium price movements.
Taken together, the construction go-ahead at Rook I and ongoing exploration results position NexGen as a potential future uranium producer with multiple levers tied directly to physical supply of the commodity.
The key trade-off for investors is the large capital requirement and the possibility of equity dilution versus the company’s current choice to keep flexibility on contract terms and pricing. Announcement • May 05
NexGen Energy Ltd. to Report Q1, 2026 Results on May 05, 2026 NexGen Energy Ltd. announced that they will report Q1, 2026 results After-Market on May 05, 2026 Announcement • Apr 21
NexGen Energy Ltd., Annual General Meeting, Jun 30, 2026 NexGen Energy Ltd., Annual General Meeting, Jun 30, 2026. Location: british columbia, vancouver Canada Buy Or Sell Opportunity • Apr 16
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 5.1% to CA$17.39. The fair value is estimated to be CA$14.25, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Price Target Changed • Mar 06
Price target increased by 9.4% to CA$19.47 Up from CA$17.79, the current price target is an average from 13 analysts. New target price is 15% above last closing price of CA$16.97. Stock is up 140% over the past year. The company is forecast to post a net loss per share of CA$0.20 next year compared to a net loss per share of CA$0.53 last year. Announcement • Mar 02
NexGen Energy Ltd. to Report Q4, 2025 Results on Mar 03, 2026 NexGen Energy Ltd. announced that they will report Q4, 2025 results After-Market on Mar 03, 2026 Board Change • Feb 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 4 highly experienced directors. Independent Director Sharon Birkett was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Jan 29
Price target increased by 8.7% to CA$17.79 Up from CA$16.38, the current price target is an average from 12 analysts. New target price is approximately in line with last closing price of CA$17.92. Stock is up 83% over the past year. The company is forecast to post a net loss per share of CA$0.47 next year compared to a net loss per share of CA$0.14 last year. Price Target Changed • Jan 22
Price target increased by 7.8% to CA$17.38 Up from CA$16.13, the current price target is an average from 12 analysts. New target price is approximately in line with last closing price of CA$17.28. Stock is up 62% over the past year. The company is forecast to post a net loss per share of CA$0.47 next year compared to a net loss per share of CA$0.14 last year. Announcement • Jan 15
NexGen Energy Ltd. Announces the Completion of the 2025 PCE Program and the Commencement of the 2026 Exploration Program NexGen Energy Ltd. announced the concluding holes of the 2025 PCE program and the commencement of the 2026 Exploration Program. Final drill holes of the 2025 PCE programs delivered continued expansion of mineralization with high-grade growth and assessment of extents advancing significantly since the Company's last scintillometer report. The 2025 drilling program successfully completed 35,366.2 m, the largest reported in the Athabasca Basin in 2025. Since discovery, 102 drillholes totaling 69,042.2 m have been completed. Interpreted model of mineralization at PCE over time with the model evolving based on new geological data; dimensions are measured from confirmed mineralized intercepts along strike and vertical extent; view is a long section that looks perpendicular to the primary mineralized plane; total mineralized footprint in orange and the high-grade subdomains in red; drillholes with pending assays are underlined, 32% of 2025 drillholes have fully received results. Regional drilling of 3,500 m at SW3: An inaugural, drill program will take place on the SW3 land package with regional greenfield testing of highly prospective target areas. The 2025 drill program has rapidly advanced this new discovery, while underscoring the tremendous prospectivity of NexGen's 100% owned dominant land holdings which is driving the expanded activity in 2026. "Forward-looking information" includes, but is not limited to, statements with respect to mineral reserve and mineral resource estimates, the 2021 Arrow Deposit, Rook I Project and estimates of uranium production, grade and long-term average uranium prices, anticipated effects of completed drill results on the Rook I Project, planned work programs, completion of further site investigations and engineering work to support basic engineering of the project and expected outcomes. Recent Insider Transactions Derivative • Dec 16
Independent Director exercised options to buy CA$2.9m worth of stock. On the 9th of December, Warren Philip Gilman exercised options to buy 250k shares at a strike price of around CA$3.24, costing a total of CA$810k. This transaction amounted to 17% of their direct individual holding at the time of the trade. Since June 2025, Warren Philip's direct individual holding has increased from 1.20m shares to 1.70m. Company insiders have collectively sold CA$30m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Dec 08
Director recently sold CA$1.3m worth of stock On the 3rd of December, Bradley Wall sold around 100k shares on-market at roughly CA$12.68 per share. This transaction amounted to 26% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$22m more than they bought in the last 12 months. Recent Insider Transactions Derivative • Dec 08
Director exercised options to buy CA$3.3m worth of stock. On the 2nd of December, Bradley Wall exercised options to buy 250k shares at a strike price of around CA$3.24, costing a total of CA$810k. This transaction amounted to 789% of their direct individual holding at the time of the trade. Since March 2025, Bradley's direct individual holding has decreased from 213.70k shares to 131.70k. Company insiders have collectively sold CA$32m more than they bought, via options and on-market transactions in the last 12 months. Announcement • Nov 21
NexGen Energy Ltd. to Be Participating in the First of Two Canadian Nuclear Safety Commission Hearings for the Final Federal Approval of the Company's 100%-Owned Rook I Project NexGen Energy Ltd. to be participating in the first of two Canadian Nuclear Safety Commission hearings for the final Federal approval of the Company's 100%-owned Rook I Project (the "Project"). This historic milestone marks the culmination of over twelve years of thorough, detailed, and systematic environmental studies and transparent and genuine engagement throughout the advancement of the Rook I Project. NexGen is presenting a video during the hearing showcasing an in-depth overview of the Rook I Project. The video outlines the Project's unique characteristics and elite low environmental impact. Further, it describes the Project's compact and conventional setting, the team, controls and systems NexGen has implemented, together with the generational positive impact the Company is delivering in the local communities. The formal Provincial and Federal regulatory approval processes commenced in 2019 with the submission of the Project Description. Over the six and a half years of regulatory engagement and review since 2019, key milestones have included the submission of the Draft Environmental Impact Statement in 2022, NexGen's licence application being deemed sufficient by the CNSC staff in September 2023, Provincial Environmental Assessment approval in November 2023, and CNSC staff acceptance of the Final Environmental Impact Statement in January 2025, including NexGen's responses to all technical and public comments received through the Federal Environmental Assessment review process. NexGen is excited to conclude the hearing process and upon a positive CNSC approval decision, will commence construction activities and advance this generational project for the local communities, Saskatchewan and Canada. New Risk • Oct 30
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 0.7% per year for the foreseeable future. Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (CA$169m net loss in 3 years). Shareholders have been diluted in the past year (16% increase in shares outstanding). Significant insider selling over the past 3 months (CA$3.4m sold). Announcement • Oct 30
NexGen Energy Ltd. to Report Q3, 2025 Results on Nov 05, 2025 NexGen Energy Ltd. announced that they will report Q3, 2025 results After-Market on Nov 05, 2025 New Risk • Oct 24
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 16% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (CA$148m net loss in 3 years). Shareholders have been diluted in the past year (16% increase in shares outstanding). Significant insider selling over the past 3 months (CA$3.4m sold). Price Target Changed • Oct 18
Price target increased by 8.6% to CA$14.78 Up from CA$13.60, the current price target is an average from 12 analysts. New target price is 25% above last closing price of CA$11.82. Stock is up 2.9% over the past year. The company is forecast to post a net loss per share of CA$0.27 next year compared to a net loss per share of CA$0.14 last year. Announcement • Oct 17
NexGen Energy Ltd. has completed a Follow-on Equity Offering in the amount of AUD 600.000004 million. NexGen Energy Ltd. has completed a Follow-on Equity Offering in the amount of AUD 600.000004 million.
Security Name: Chess Depositary Interests
Security Type: Depositary Receipt (Common Stock)
Securities Offered: 45,801,527
Price\Range: AUD 13.1
Discount Per Security: AUD 0.4832
Transaction Features: Subsequent Direct Listing Announcement • Oct 16
NexGen Energy Ltd. has completed a Follow-on Equity Offering in the amount of CAD 400.000003 million. NexGen Energy Ltd. has completed a Follow-on Equity Offering in the amount of CAD 400.000003 million.
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 33,112,583
Price\Range: CAD 12.08
Discount Per Security: CAD 0.604 Announcement • Oct 02
NexGen Energy Ltd. has filed a Follow-on Equity Offering. NexGen Energy Ltd. has filed a Follow-on Equity Offering.
Security Name: Common Shares
Security Type: Common Stock Recent Insider Transactions • Sep 19
Director recently sold CA$563k worth of stock On the 16th of September, Bradley Wall sold around 50k shares on-market at roughly CA$11.27 per share. This transaction amounted to 28% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth CA$2.0m. Insiders have been net sellers, collectively disposing of CA$21m more than they bought in the last 12 months. Recent Insider Transactions • Aug 28
Director recently sold CA$2.0m worth of stock On the 26th of August, Bradley Wall sold around 200k shares on-market at roughly CA$10.03 per share. This transaction amounted to 50% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$20m more than they bought in the last 12 months. Recent Insider Transactions Derivative • Aug 14
Director exercised options to buy CA$2.3m worth of stock. On the 11th of August, Bradley Wall exercised options to buy 250k shares at a strike price of around CA$1.80, costing a total of CA$450k. This transaction amounted to 165% of their direct individual holding at the time of the trade. Since December 2024, Bradley's direct individual holding has decreased from 212.10k shares to 151.70k. Company insiders have collectively sold CA$16m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Aug 12
Director recently sold CA$618k worth of stock On the 8th of August, Bradley Wall sold around 62k shares on-market at roughly CA$9.97 per share. This transaction amounted to 29% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$18m more than they bought in the last 12 months. Announcement • Aug 01
NexGen Energy Ltd. to Report Q2, 2025 Results on Aug 05, 2025 NexGen Energy Ltd. announced that they will report Q2, 2025 results After-Market on Aug 05, 2025 New Risk • Jul 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 11% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 11% per year for the foreseeable future. Revenue is less than US$1m. Minor Risk Currently unprofitable and not forecast to become profitable over next 3 years (CA$151m net loss in 3 years). New Risk • Jul 08
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$141m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$141m free cash flow). Revenue is less than US$1m. Minor Risk Currently unprofitable and not forecast to become profitable over next 3 years (CA$139m net loss in 3 years). Announcement • Jun 19
NexGen Energy Ltd. Announces Board and Committee Changes NexGen Energy Ltd. at its AGM held on June 17, 2025 approved appointment of Sharon Birkett to the Company's board of directors. Ms. Birkett has extensive public and private equity experience, having served nearly two decades as Chief Financial Ofbcer for Multi-Color/Collotype Labels, overseeing bnance and accounting, corporate control functions, bnancial planning and analysis, board of directors reporting, compliance, and bnancial transactions. During her tenure, she completed 30 bolt-on acquisitions ranging from $20 million to over $1 billion, driving signibcant investor value. She is a qualibed audit committee bnancial expert who advises and guides global organizations, boards of directors, and stakeholders on bnancial management, rapid business growth, risk, tax, treasury, audit, and compliance. Ms. Birkett previously served as Director of Finance for Avery Dennison Materials Pty Ltd, a subsidiary of Avery Dennison Corporation. She is a member of the Australian Society of Certibed Practicing Accountants and currently serves as an independent director and audit committee chair of ENVU, a private-equity owned global provider of professional herbicides, insecticides and pesticides for non-agricultural uses. Miss Birkett's appointment follows the retirement of long-serving Board member and Chair of the Audit Committee, Trevor Thiele, whom after 12 years of exemplary service to NexGen and its valued shareholders, has chosen not to stand for re-election. Ms. Birkett will assume the role of Chair of the Audit Committee effective immediately following Mr. Thiele's retirement. Announcement • May 27
Nexgen Energy Ltd. Announces Best Assays from Patterson Corridor East in Hole Rk-25-232 NexGen Energy Ltd. announced the Company's best discovery phase assay results, with 15.0 meters (m) at 15.9% UO, including a peak intercept of 0.5 m at an exceptional 68.8% UO, in drillhole RK-25-232. Since discovery, 64 drillholes totaling 47,425.9 m have been completed, with 35 intersecting mineralization that remains open in most directions. Assays at SRC lab continue to see backlogs with NexGen now having received 75% of the 2024 assay results. Although assays are pending, RK-25-239 and RK-25-244 speak to the consistency of the system and repeatability of uranium mineralization that is further substantiated by the exceptional assay results of RK-25-232 and RK-24-207. Announcement • May 12
NexGen Energy Ltd. to Report Q1, 2025 Results on May 13, 2025 NexGen Energy Ltd. announced that they will report Q1, 2025 results Pre-Market on May 13, 2025 Announcement • Apr 08
NexGen Energy Ltd., Annual General Meeting, Jun 17, 2025 NexGen Energy Ltd., Annual General Meeting, Jun 17, 2025. Location: british columbia, vancouver Canada Announcement • Mar 25
NexGen Announces Best Ever Discovery-Phase Intercept At Rook I Property NexGen Energy Ltd. announced the best hole drilled to date, RK-25-232. This hole has materially expanded the shallow inner high-grade subdomain at Patterson Corridor East (PCE). Drillhole RK-25-232 intersected 3.9 meters ("m") of >61,000 cps, indicating rich uranium concentration within a larger 13.8 m mineralized interval that starts at 452.2 m. It is one of the shallowest high-grade intersections at PCE and open in all directions (including 300 m up dip) within the competent basement rock. Four additional winter drillholes all located a minimum 50 m from RK-25-232 have all encountered high-grade intercepts containing >61,000 cps (RK-25-227, -230, -233, -236) expanding the high-grade subdomain to 210 m along strike and 335 m of vertical extent, doubling in size since last reported in November 2024 (previously 100 m strike and 170 m vertical extent). Ongoing exploration will focus on growing and defining this high-grade zone from hole RK-25-232. The development of PCE has advanced quickly over the past year; from an initial discovery of new vein- type basement-hosted uranium in February 2024, to a rapidly growing mineralized footprint and expanding high-grade, and now to a best-ever high-grade intersection in RK-25-232. An interpreted 3D model provides a new visual representation of the scale and setting of the mineralization. New Risk • Mar 04
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: CA$78m Forecast net loss in 3 years: CA$110m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (CA$110m net loss in 3 years). Significant insider selling over the past 3 months (CA$17m sold). Announcement • Mar 03
NexGen Energy Ltd. to Report Q4, 2024 Results on Mar 04, 2025 NexGen Energy Ltd. announced that they will report Q4, 2024 results at 9:30 AM, US Eastern Standard Time on Mar 04, 2025 Announcement • Jan 31
Nexgen Energy Ltd. Commences Expanded 43,000 Meter Drill Program At Patterson Corridor East NexGen Energy Ltd. announced the commencement of a 43,000 meter (m) exploration drill program to continue to test the extents and growth of mineralization discovered in early 2024 at Patterson Corridor East (PCE) located 3.5 km east of the world-class Arrow Deposit. This systematic program represents an increase of 9,000 m from the 2024 program and is expected to be one of the largest drill programs in the Athabasca Basin, Saskatchewan in 2025. The initial results at PCE revealed vein-type uranium mineralization intersected within the competent basement rock, highly analogous to Arrow. Since discovery, the mineralized footprint at PCE has rapidly grown to 600 m along strike and 600 m of vertical extent. Drilling in 2025 will focus on testing extents of the mineralized footprint, further investigating high-grade zones within the broad mineralized footprint, and determining potential for additional mineralization within the same target area. Since discovery and over the 2024 campaign 19 of the 30 initial holes intersected mineralization with 10 intersecting intermittent widths of high grade of >10,000 cps mineralization. In addition, strategic use of geophysics will cover prospective areas on SW3 to refine a growing inventory of drill ready targets across NexGen's dominant southwest Athabasca Basin land position. Assays for 2024 drilling will be reported once fully received in First Quarter 2025. Recent Insider Transactions • Dec 16
Founder recently sold CA$14m worth of stock On the 12th of December, Leigh Curyer sold around 1m shares on-market at roughly CA$11.55 per share. This transaction amounted to 18% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Leigh has been a net seller over the last 12 months, reducing personal holdings by CA$21m. Recent Insider Transactions Derivative • Dec 12
Independent Director exercised options to buy CA$2.2m worth of stock. On the 9th of December, Warren Philip Gilman exercised options to buy 200k shares at a strike price of around CA$1.59, costing a total of CA$318k. This transaction amounted to 20% of their direct individual holding at the time of the trade. Since December 2023, Warren Philip's direct individual holding has increased from 550.00k shares to 1.20m. Company insiders have collectively sold CA$16m more than they bought, via options and on-market transactions in the last 12 months. Price Target Changed • Nov 22
Price target increased by 7.8% to CA$13.89 Up from CA$12.89, the current price target is an average from 14 analysts. New target price is 12% above last closing price of CA$12.42. Stock is up 36% over the past year. The company is forecast to post a net loss per share of CA$0.087 compared to earnings per share of CA$0.16 last year. Major Estimate Revision • Nov 21
Consensus EPS estimates fall from profit to CA$0.087 loss The consensus outlook for fiscal year 2024 has been updated. Forecast loss of -CA$0.087 per share in 2024, versus previous forecasts of CA$0.049 per share. Revenue forecast unchanged from CA$2.67m at last update. Oil and Gas industry in Canada expected to see average net income growth of 13% next year. Consensus price target up from CA$12.89 to CA$13.79. Share price rose 17% to CA$12.20 over the past week. Announcement • Nov 20
NexGen Energy Ltd. Announces a Major Milestone in the Federal EA Process for its 100% Owned Rook I Project NexGen Energy Ltd. announced a major milestone in the Federal EA process for its 100% owned Rook I Project. The CNSC has provided NexGen formal confirmation that the Company has successfully addressed all information requests received as part of the Federal technical review. With completion of the CNSC technical review, the next and final steps in the Federal approval process include scheduling a Commission Hearing Date for the Project, subject to which the CNSC will render an approval decision on the Project. This historic milestone marks a crucial step forward for the Project that has been undergoing Canada's robust and rigorous regulatory process since 2019. Completion of the Federal EA technical review stage follows the CNSC having deemed NexGen's Federal licence application sufficient in September 2023, and receipt of Provincial EA approval in November 2023. This development reinforces Canada's path to re-establish itself as the leader in global uranium supply and partner of choice. Valuation Update With 7 Day Price Move • Nov 20
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CA$11.83, the stock trades at a trailing P/E ratio of 45.2x. Average forward P/E is 9x in the Oil and Gas industry in Canada. Total returns to shareholders of 89% over the past three years. Announcement • Nov 13
NexGen Energy Ltd. Announces the Completion of Its 2024 Drilling Campaign at Patterson Corridor East NexGen Energy Ltd. announced the completion of its 2024 drilling campaign at Patterson Corridor East (PCE) that included more than 34,000 m across a total of 46 drillholes. Upon initial discovery of intense uranium mineralization at PCE font-size: 10pt;(see March 11 News Release), the Company directed all drilling activity to focus exclusively on PCE, whereby 19 of 30 holes intersected mineralization. Bold and systematic spacing of drillhole intercepts have quickly grown the discovery from a single hole to a broad and continuous new uranium discovery. Real-time evaluation of results throughout the duration of the program focused on determining the overall outer extents of the mineralized zone and in parallel, precisely targeting high-grade sub-domains. In late October, a high-grade portion has presented itself within the overall mineralized zone with upgraded intensity of mineralization in the now best hole to date, RK-24-222 (Figure 3). A 17.0 m wide vein with multiple occurrences of off-scale (>61,000 cps) mineralization (Table1, Figure 3). In addition, RK-24-220 and -223 intersected strong mineralization up to 41,000 cps and 40,000 cps, respectively including multiple intercepts of >10,000 cps. System strength is confirmed by these zones characterized by semi-massive to massive replacement by uraninite. A high-grade sub-domain of the mineralized footprint now covers 100 m of strike and 170 m of depth extent with potential growth in all directions (Figure 2). The high-grade intersection in RK-24-222 represents the fifth drillhole at PCE to return off-scale (>61,000 cps) mineralization, joining previous significant intersections in RK-24-183, -197, -202, and -207. Assays from disclosed intersections are expected in Fourth Quarter 2024 and First Quarter 2025, with reporting to follow. Exploration activity will resume in January 2025 with planning underway for a significant drill program at PCE where the prospectivity for material growth is clearly evident. New Risk • Nov 08
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 40% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 54% per year for the foreseeable future. High level of non-cash earnings (40% accrual ratio). Revenue is less than US$1m. Minor Risk Shareholders have been diluted in the past year (8.2% increase in shares outstanding). Announcement • Nov 01
NexGen Energy Ltd. to Report Q3, 2024 Results on Nov 12, 2024 NexGen Energy Ltd. announced that they will report Q3, 2024 results Pre-Market on Nov 12, 2024 Valuation Update With 7 Day Price Move • Oct 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CA$11.05, the stock trades at a trailing P/E ratio of 73.2x. Average forward P/E is 8x in the Oil and Gas industry in Canada. Total returns to shareholders of 42% over the past three years. Announcement • Oct 03
IsoEnergy Ltd. (TSX:ISO) entered into an agreement to acquire Anfield Energy Inc. (TSXV:AEC) from Mega Uranium Ltd. (TSX:MGA), enCore Energy Corp. (TSXV:EU), NexGen Energy Ltd. (TSX:NXE) and others for CAD 110 million. IsoEnergy Ltd. (TSX:ISO) entered into an agreement to acquire Anfield Energy Inc. (TSXV:AEC) from Mega Uranium Ltd. (TSX:MGA), enCore Energy Corp. (TSXV:EU), NexGen Energy Ltd. (TSX:NXE) and others for CAD 110 million on October 2, 2024. Under the terms of the transaction, Anfield shareholders will receive 0.031 of a common share of IsoEnergy for each Anfield share held. Following completion of the Transaction, the ISO shares will continue trading on the TSX and the Anfield shares will be de-listed from the TSXV. In addition, the agreement provides that, under certain circumstances, IsoEnergy would receive a CAD 5 million termination fee. The transaction has been unanimously approved by each company board of directors. The transaction is subject to approval of both companies shareholders and regulatory approvals including, but not limited to, approval of the Toronto Stock Exchange and the TSX Venture Exchange. The transaction is expected to be completed in the fourth quarter of 2024.
Haywood Securities acted as legal and financial advisor to Anfield. Canaccord Genuity Corp. acted as legal and financial advisor to IsoEnergy. DuMoulin Black LLP acted as legal advisor to Anfield. Evans & Evans, Inc. acted as fairness opinion provider to the Anfield special committee. Cassels Brock & Blackwell LLP acted as legal advisor to IsoEnergy. Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CA$8.97, the stock trades at a trailing P/E ratio of 59.4x. Average forward P/E is 9x in the Oil and Gas industry in Canada. Total returns to shareholders of 55% over the past three years. Major Estimate Revision • Aug 15
Consensus revenue estimates increase by 275%, EPS downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from CA$800.0k to CA$3.00m. EPS estimate fell from -CA$0.096 to -CA$0.127 per share. Oil and Gas industry in Canada expected to see average net income growth of 35% next year. Consensus price target down from CA$13.31 to CA$12.92. Share price rose 11% to CA$8.35 over the past week. Announcement • Aug 08
NexGen Announces Best Hole (RK-24-207) to Date and Material Expansion of Mineralized Zone at Patterson Corridor East NexGen Energy Ltd. announced the mineralized zone at Patterson Corridor East (PCE) has materially expanded since the original discovery in the 2024 Winter Program. The Summer Drill Program commenced May 21st, with eight (8) out of twelve (12) drillholes intersecting mineralization to date (Figures 1 and 2, Table 1). Extensive mineralization plunges to the east with a span of 540 m along strike and 600 m vertical extent, showing wide intervals of elevated radioactivity that remain open at depth and along strike. In comparison, previously reported holes from PCE had identified two mineralized holes, 275 m apart. Off-scale (>61,000 cps) high-grade uranium mineralization has been intersected in four drillholes to date, including RK-24-183, -197, -202, and -207. The most recent intersection in RK-24-207 contains the first instance of massive replacement by uraninite, a key indicator of a strongly mineralized system with 1.5 m >10,000 cps (including 0.3 m >61,000 cps) within cumulative interval mineralization of 26.2 m > 500 cps. Results include the best and most recent intercept in RK-24-207, that confirms continuity of mineralization, massive replacement uranium and significant high grade at PCE. The high-intensity style mineralization is indicative of exceptional formation conditions linked to significant orebodies within the Athabasca Basin and most notably the Arrow Deposit 3.5 km to the west. In addition, this zone of high-intensity mineralization in RK-24-207 is at a similar depth to Arrow's A2 high-grade heart. PCE, like Arrow, is contained solely in the competent basement rock which is the ideal underground setting. The mineralized signature is expressed as very analogous to Arrow, localized veins (up to off-scale >61,000 cps) within elevated radioactivity that extends over more than 100 m. Summer drilling to date totals 10,045.5 m of the planned 22,000 m from 12 completed drillholes. Assays from disclosed mineralized intersections are pending and due in fourth quarter 2024. As a consequence of these results, the focus of the summer program has substantially elevated with two primary objectives: continue to test the extent of the mineralized system through bold step outs, and vector in on the high-grade zones within the broader mineralized system. Discoveries of the calibre of Arrow all take their own path in terms of time and extent of drilling to fully define. PCE is now commencing its path showing all the characteristics of Arrow at the same stage. PCE validates the continued prospectivity of the NexGen land package is immense and underpins the southwest Athabasca Basin as the future of Canada's uranium industry growth over the balance of this century. NexGen is at an incredibly exciting stage, focused on concluding the Federal Environmental Assessment for the Rook I Project, construction readiness on receipt of final approvals and in parallel drilling a newly discovered zone of mineralization. Mineralization is hosted as semi-massive to massive pitchblende veins, fracture coatings, and disseminations. Structures focus the mineralization via reactivated shears and faults while competent wall rock (silicified orthogneiss) acts as a physical trap. The mineralization and alteration patterns depict a well-developed hydrothermal fluid system. Typical alteration associated with the mineralization includes the formation of iron-rich minerals (hydrothermal hematite), iron oxide (limonite), clay, and chlorite. These characteristics combined with the size of the mineralized footprint, as well as the presence of >61,000 cps, demonstrates the similarities between PCE and Arrow at the same stage. Valuation Update With 7 Day Price Move • Aug 07
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to CA$7.42, the stock trades at a trailing P/E ratio of 79.3x. Average forward P/E is 8x in the Oil and Gas industry in Canada. Total returns to shareholders of 45% over the past three years. Announcement • Aug 02
NexGen Energy Ltd. to Report Q2, 2024 Results on Aug 07, 2024 NexGen Energy Ltd. announced that they will report Q2, 2024 results After-Market on Aug 07, 2024 Recent Insider Transactions • Jul 16
Director recently sold CA$2.5m worth of stock On the 12th of July, Bradley Wall sold around 250k shares on-market at roughly CA$10.10 per share. This transaction amounted to 54% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth CA$6.3m. Insiders have been net sellers, collectively disposing of CA$15m more than they bought in the last 12 months. Announcement • Jun 20
NexGen Energy Ltd. Elects Susannah Pierce as Director NexGen Energy Ltd. at its 2024 Annual Meeting of Shareholders held on June 17, 2024, elected Susannah Pierce as director of the company. Ms. Pierce has more than 20 years of experience in bringing business, governments, communities, indigenous groups, and other non-governmental actors together to support the development of major capital projects to maximize investment returns. In her current role as president and Country Chair, Shell Canada, she is responsible for driving integration and coordination of business activity and corporate policy across Shell's businesses in Canada. She previously served as Director of Corporate Affairs at LNG Canada, a joint venture of Shell, Petronas, Mitsubishi, PetroChina and Kogas, where she was responsible for the project's federal and provincial regulatory approvals, Indigenous relations and negotiations, government relations, media relations, community consultation and communications. Ms. Pierce currently serves as the Co-Chair of Business Council of Canada Working Group on Climate Change and Energy Transition, an Executive on the Greater Vancouver Board of Trade, and Catalyst Canada. She is the past chair of the Business Council of BC, Co-Chair of the Business Council of Alberta's Define the Decade, and Co-Chair of the Canada Chamber of Commerce Western Executive Council. She previously served on the Board of Gemini Corp. and holds an ICD certification. Recent Insider Transactions • Jun 19
Independent Director recently sold CA$1.7m worth of stock On the 13th of June, Richard Patricio sold around 175k shares on-market at roughly CA$9.67 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$1.7m more than they bought in the last 12 months. Announcement • May 29
NexGen Energy Ltd. Announces Additional Mineralization Discovered at Patterson Corridor East, Assays from RK-24-183 and Commencement of Expanded Summer Exploration Program NexGen Energy Ltd. announced drilling at Patterson Corridor East has intersected mineralization in RK-24-193 over 67.5 metres (m) (383.5 to 451 m) across various intervals including up to 7,500 cps over 1.5 m. RK-24-193 is located 275 m southwest along strike of RK-24-183 (discovery hole) and at approximately the same depth below surface. In addition, assays from RK-24-183 confirm high grade uranium veins across a 20 m interval with several intersections totaling 13.5 m at 0.78% U3O8 including 0.5 m (348.0 to 348.5 m) at 10% U3O8 and another 0.5 m (356.5 to 357 m) at 6.23% U3O8. For reference, the Arrow discovery hole RK-14-21 assayed 5.75 m at 0.37% U3O8, including 0.25 m at 5.77% U3O8. Collectively, these results of multiple narrow intersections of mineralization in two holes represent a current strike length of 275 m at PCE, suggesting a potential upper edge to mineralization highly analogous to the early holes at Arrow. Consequently, the summer drilling program has been expanded to 4 drill rigs and targeting 22,000 m at PCE. It is an exciting time at NexGen with the Company recently advancing the Federal Environmental Assessment process for the Rook I Project through the submission of responses to the remaining Information Requests, as well as advancing detailed engineering and exploring a new discovery in parallel. This new hole intersected elevated radioactivity over 67.5 m with mineralization style and alteration intensity strongly resembling up dip projections that were seen during the early discovery holes at Arrow. In addition, drill results further south in RK-24-180, RK-24-192, and RK-24-194 indicate a possible repetition of prospective structure that correlates well with the local gravity low, a typical indicator of potential hydrothermal alteration. Numerous brittle reactivated structures and associated intense alteration within these three drillholes highlight a potential supplementary uranium-bearing trend within the same system. This hasdoubled the size of the systemto be tested this summer with an approximate extent of 1.5 km long by 1.2 km wide. Potential remains in most directions within this highly prospective area. Focus of the expanded summer program is on assessing the broad hydrothermal system at PCE and expanding the mineralized footprint. Robust analysis and interpretation processes will be utilized to actively assess potential while efficiently testing priority targets. Over 22,000 m of diamond drilling is planned for the PCE system utilizing four drill rigs. This represents a near tripling of drilling from the winter to summer program. Optionality exists with planning underway to increase the total based on drill results. Targets will primarily be tested between 400 and 700 m below surface to test potential depth extensions, as is present at Arrow. Summer drilling will significantly advance the investigation of PCE while highlighting geological relationships that can be applied elsewhere within NexGen's exploration portfolio. Announcement • May 15
NexGen Energy Ltd. has completed a Follow-on Equity Offering in the amount of CAD 223.991932 million. NexGen Energy Ltd. has completed a Follow-on Equity Offering in the amount of CAD 223.991932 million.
Security Name: Chess Depositary Interests
Security Type: Depositary Receipt (Common Stock)
Securities Offered: 20,161,290
Price\Range: CAD 11.11
Discount Per Security: CAD 0.44 Announcement • Apr 30
NexGen Energy Ltd. has filed a Follow-on Equity Offering in the amount of CAD 179.193546 million. NexGen Energy Ltd. has filed a Follow-on Equity Offering in the amount of CAD 179.193546 million.
Security Name: Chess Depositary Interests
Security Type: Depositary Receipt (Common Stock)
Securities Offered: 16,129,032
Price\Range: CAD 11.11 Announcement • Apr 06
NexGen Energy Ltd., Annual General Meeting, Jun 17, 2024 NexGen Energy Ltd., Annual General Meeting, Jun 17, 2024. New Risk • Mar 12
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 41% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 41% per year for the foreseeable future. High level of non-cash earnings (46% accrual ratio). Revenue is less than US$1m. Minor Risk Shareholders have been diluted in the past year (11% increase in shares outstanding). Announcement • Mar 07
NexGen Energy Ltd. to Report Q4, 2023 Results on Mar 07, 2024 NexGen Energy Ltd. announced that they will report Q4, 2023 results Pre-Market on Mar 07, 2024 Price Target Changed • Feb 16
Price target increased by 7.2% to CA$13.17 Up from CA$12.29, the current price target is an average from 12 analysts. New target price is 31% above last closing price of CA$10.05. Stock is up 61% over the past year. The company is forecast to post a net loss per share of CA$0.23 next year compared to a net loss per share of CA$0.12 last year. Announcement • Feb 09
Nexgen Initiates 30,000 Meter 2024 Uranium Exploration Program NexGen Energy Ltd. announced the commencement of a 30,000-meter exploration drill program that will test priority targets on NexGen's 100% owned properties that dominate the boundary of the proven high-grade uranium district of the southwest Athabasca Basin. The Company's 2024 program builds on 2023 exploration results, which advanced the geological investigation of previously unexplored corridors and produced priority targets for this 2024 campaign. NexGen's 2023 exploration program applied high-resolution geophysical surveys across all properties, and 22,114.4 meters of drilling dedicated to SW 2 (Rook I) (Figure 1) and SW1 (Gambit, Gartner and King) (Figure 2). The results yielded a more comprehensive understanding of the geology in the highly prospective R7 and Morrow targets on the SW2 property; including brittle-reactivated structure and hydrothermal alteration indicative of high-grade uranium-bearing systems. Further, the 2023 program identified high prospectivity in the SW1 property (Gartner and Gambit corridors) where hydrothermal alteration associated with structure was discovered. In 2024, NexGen is increasing its exploration effort with a 30,000-meter drill program to follow up on these results and continue to systematically test the large and prospective land package NexGen holds. By refining targets through purpose-built geophysical coverage and drill testing priority areas, this exploration program is designed to strategically capitalize on the increasing global demand for clean, sustainably produced Canadian uranium. This drill program – targeting ten (10) conductive trends – has a planned total of 30,000 meters with up to four (4) drill rigs in operation – 15,700 meters planned for SW2 (Rook I), and 14,300 meters planned for SW1. Winter drilling will take place on prospective corridors in proximity to the Arrow deposit: Patterson Corridor East, Derksen West, Derksen, Derksen East, and Fury. During summer drilling, NexGen will target prospective corridors Gartner, Gambit, King on SW1 and Fury, R7, Morrow on SW2. NexGen's cash reserves are approximately C$410 million available to fund the continuing development and further exploration of the Company's mineral properties, and for general corporate purposes. Price Target Changed • Feb 08
Price target increased by 8.5% to CA$12.48 Up from CA$11.50, the current price target is an average from 12 analysts. New target price is 20% above last closing price of CA$10.36. Stock is up 62% over the past year. The company is forecast to post a net loss per share of CA$0.23 next year compared to a net loss per share of CA$0.12 last year. Announcement • Dec 12
NexGen Energy Ltd. has filed a Follow-on Equity Offering in the amount of CAD 500 million. NexGen Energy Ltd. has filed a Follow-on Equity Offering in the amount of CAD 500 million.
Security Name: Common Shares
Security Type: Common Stock
Transaction Features: At the Market Offering Major Estimate Revision • Nov 29
Consensus revenue estimates increase by 33% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from CA$750.0k to CA$1.00m. EPS estimate unchanged from -CA$0.23 at last update. Oil and Gas industry in Canada expected to see average net income growth of 8.2% next year. Consensus price target broadly unchanged at CA$11.29. Share price fell 3.7% to CA$8.62 over the past week. Announcement • Nov 11
Nexgen Energy Ltd. Receives Provincial Environmental Assessment Approval for the Rook I Project NexGen Energy Ltd. announced that it has received Ministerial approval under The Environmental Assessment Act of Saskatchewan to proceed with the development of its 100%-owned Rook I Project (the "Project"). NexGen is the first company in more than 20 years to receive full Provincial Environmental Assessment approval for a uranium project in Saskatchewan. Further, NexGen has lodged, in advance, the initial applications for approvals of site earthworks, shaft sinking infrastructure, site water and mine waste management facilities, and associated ancillary infrastructure and services and is continuously engaged with the Saskatchewan Ministry of Environment ("ENV") regarding these phases of development. The Project is located within the Clearwater Dene Nation (CRDN), Birch Narrows Dene Nation (BNDN), and Buffalo River Dene Nation (BRDN) traditional territories, and the Métis Homeland. All four Local Priority Area ("LPA") Communities have formally confirmed their consent and strong support for NexGen's stewardship of the Rook I Project covering the full life-cycle of the mine, including post-closure. Price Target Changed • Oct 02
Price target increased by 7.5% to CA$10.75 Up from CA$10.00, the current price target is an average from 12 analysts. New target price is 36% above last closing price of CA$7.92. Stock is up 46% over the past year. The company is forecast to post a net loss per share of CA$0.10 next year compared to a net loss per share of CA$0.12 last year. Announcement • Sep 02
NexGen Energy Ltd. announced that it expects to receive $110 million in funding from Queen's Road Capital Investment Ltd., Washington H. Soul Pattinson and Company Limited NexGen Energy Ltd. announced that it has entered into binding term sheets to issue unsecured convertible debentures for aggregate principal amount of $110 million on August 31, 2023. The transaction included participation of Returning investor Queen's Road Capital Investment Ltd. and new investor Washington H. Soul Pattinson and Company Limited. The Debentures will be convertible at the holder's option into approximately 21.97 million common shares of company. The Debentures will carry a 9% coupon. The Debentures will be convertible at the holder's option into common shares, at a conversion price per Common Share of $6.76 (CAD 9.15 per common share equivalent incorporating today's exchange rate) representing a 30% premium to the volume-weighted average trading price per common share on the Toronto Stock Exchange for the 5-days ending on the day prior to the date of this announcement. Two-thirds of the Interest (equal to 6% per annum) is payable in cash. One-third of the Interest (equal to 3% per annum) is payable in Common Shares issuable at a price equal to the 20-day VWAP on either the Toronto Stock Exchange or New York Stock Exchange ending on, and including, the third trading day prior to the date such interest payment is due. The Company will be entitled, on or after the third anniversary of the date of the issuance of the debentures, at any time that the 20-day VWAP on the TSX exceeds 130% of the Conversion Price, to redeem the Debentures at par plus accrued and unpaid Interest. Washington H Soul Pattinson and Company Limited has agreed to purchase 8.7 million outstanding common shares of company from QRC. Announcement • Sep 01
Nexgen Energy Ltd. Announces CFO Changes NexGen Energy Ltd. announced the appointment of Ben Salter as Chief Financial Officer ("CFO"), effective September 1, 2023. Mr. Salter commenced with NexGen in June 2021 and currently holds the role of Vice President, Finance. He has extensive experience in financial reporting, regulatory compliance, internal controls, and corporate finance activities. Mr. Salter is a Chartered Professional Accountant and holds a Bachelor of Commerce from the University of Victoria. Prior to NexGen, Mr. Salter worked at Methanex Corporation and Innergex Renewable Energy Inc. (previously Alterra Power Corp.) where he was responsible for financial reporting, controls and systems. Mr. Salter will assume the CFO position upon the resignation of Harpreet Dhaliwal who is pursuing other career interests. Recent Insider Transactions Derivative • Aug 14
Independent Director exercised options and sold CA$669k worth of stock On the 11th of August, Sybil Veenman exercised 300.00k options at around CA$2.49, then sold 166k of the shares acquired at an average of CA$6.52 per share and kept the remainder. Since September 2022, Sybil has owned 60.00k shares directly. Company insiders have collectively sold CA$3.9m more than they bought, via options and on-market transactions in the last 12 months. Announcement • Aug 04
NexGen Energy Ltd. to Report Q2, 2023 Results on Aug 09, 2023 NexGen Energy Ltd. announced that they will report Q2, 2023 results Pre-Market on Aug 09, 2023 New Risk • Jul 01
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$100m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$100m free cash flow). Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (CA$92m net loss in 3 years). Shareholders have been diluted in the past year (2.2% increase in shares outstanding). New Risk • Jun 21
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.2% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (CA$92m net loss in 3 years). Shareholders have been diluted in the past year (2.2% increase in shares outstanding). Announcement • Jun 13
NexGen Energy Ltd. Announces Commencement of Summer Exploration Drill Program NexGen Energy Ltd. announced commencement of the summer exploration drill program comprised of 17,000 metres on its 100% owned SW2 and SW1 properties in the southwest Athabasca Basin, Saskatchewan. Geophysical surveys and historical drilling review have refined prospective areas for immediate drill testing. 2023 Summer Drilling. Drilling will systematically test highest priority areas of prospective corridors identified by an extensive geophysical survey program that began in 2022 and continued in 2023. Drill readiness has advanced across approximately 22,000 hectares of NexGen's properties, effectively supporting strategic evaluation of targets this year and in subsequent programs. Follow up drilling of favorable historical results during winter 2023 will also be a priority for the summer drilling program. A total of 17,000 metres is planned for the summer with up to three drill rigs in operation, bringing the 2023 exploration total planned metres to 22,500. Drill target areas: SW2 (Location of Arrow, The Rook I Project) -. Geophysical surveys have revealed prominent, stacked anomalies along the structurally complex R7 (previously referred to as R Seven) and Morrow corridors within the central area of NexGen's expansive SW2 property. Drill testing with aggressive, first-pass steps is planned for these two prospective corridors along with follow-up drilling of Arrow-proximal corridors where high prospectivity is present. R7 - Massive, complex structural corridor with 45 km of strike on SW2 that spans the Athabasca boundary. Recent high-resolution magnetics have highlighted structural kinematics, coincident with gravity anomalies, interpreted as effective traps of mineralization. Morrow -. Over 10 kilometres of chained, stacked geophysical anomalies. Completely untested corridor with blue sky potential. PLC East and Derkson West - Follow up of favorable structure and alteration from winter 2023, potential proximal to Arrow. Derkson - Gravity low bullseye coincident with EM conductor near the Athabasca margin.Derkson East Conductor offset and breaks align with gravity low. Fury - Conductor breaks within gravity lows along uniquely oriented trend. SW1 - 2023 summer drilling is planned along the under explored Gartner and Gambit corridors. Gartner 2023 winter drilling successfully intersected prospective structure and hydrothermal alteration indicative of uranium bearing systems and will be followed-up along strike. Gambit An interpreted, 12 kilometre structural corridor on NexGen's SW1 property along strike of F3 Uranium Corp.'s JR Zone discovery. A winter 2023 ground electromagnetic (EM) survey was conducted within the corridor to locate structural features that will be drill tested during the summer 2023 program. Recent Insider Transactions Derivative • Jun 08
Founder exercised options and sold CA$3.3m worth of stock On the 30th of May, Leigh Curyer exercised 1.50m options at around CA$2.85, then sold 1m of the shares acquired at an average of CA$5.33 per share and kept the remainder. For the year to December 2016, Leigh's total compensation was 15% salary and 85% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since September 2022, Leigh's direct individual holding has increased from 4.75m shares to 4.85m. Company insiders have collectively sold CA$3.7m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • May 20
Independent Director recently bought CA$2.1m worth of stock On the 16th of May, Donald Jeffrey Roberts bought around 393k shares on-market at roughly CA$5.42 per share. This transaction increased Donald Jeffrey's direct individual holding by 3x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought CA$2.6m more in shares than they have sold in the last 12 months. Announcement • Feb 09
NexGen Announces Expanded 2023 Exploration Program NexGen Energy Ltd. announce the commencement of an expanded 2023 exploration program designed to follow-up positive results from the 2022 exploration drill program and to test prospective areas that have been highlighted by detailed 2022 geophysical surveys. Additionally, NexGen has planned a substantial geophysical program in 2023 for drill target generation across high priority areas of NexGen's mineral tenure (SW1, SW2 and SW3) in the southwest Athabasca Basin, Saskatchewan. The geophysical program includes cosmic ray muon tomography initiated in 2022 on the Patterson Corridor at NexGen's 100% owned Rook I property as part of Ideon Technologies' early access program for first implementation of innovative muon detecting instrumentation in boreholes. The application of muon tomography in 2022 is another example of NexGen's identification and application of industry leading techniques which focuses on further optimization of drilling time, cost, and elite environmental management. 2023 exploration drilling will systematically test priority conductors that have been highlighted by encouraging 2022 drilling results, as well as geophysical survey results that identified drill-ready stacked anomalies. This drill program – targeting nine (9) conductive trends – has a planned total of 22,500 metres with up to three (3) drill rigs in operation. Drill target areas: SW2 – 2023 drilling is planned for the fertile Patterson Corridor and seven (7) additional prospective conductive trends of which the majority have not been drilled to date by NexGen (listed below from west to east) that are parallel to the conductor hosting the Arrow Deposit. Patterson Corridor (PLC) – Systematic testing along trend of Arrow. This fertile trend has a strike length of approximately 9 km on the Rook I property and remains prospective for further investigation. Five (5) drill holes for 3,000 metres are planned in 2023. PLC East – During the 2022 exploration drill program, encouraging brittle structure and hydrothermal alteration was intersected on this segmented, conductive trend. This conductor is proximal to Arrow and 2,300 metres in seven (7) holes are planned in 2023. Derkson West – Similar geometry to the PLC with a northeast-southwest trending conductor along magnetic gradient, coincident with local gravity lows. 2023 drilling will follow-up positive 2022 results. Four (4) holes for 1,500 metres are planned on this conductor. Derkson – This high priority portion of the Derkson corridor for testing in 2023 contains discrete and strong conductive responses with interpreted structural disruption. Systematic drilling along prospective conductors in gravity lows is planned to include two (2) holes for 750 metres. Derkson East – Targeting a significant flexure of an underexplored conductor within a gravity low interpreted as localized structural disruption. Two (2) holes for 750 metres are planned for 2023. Fury – 2023 drilling to target gravity lows uncovered by the 2022 ground gravity survey that are coincident with pronounced conductors. Two (2) holes for 700 metres are planned. R Seven – 2022 ground gravity has highlighted numerous sections of this complex and prospective conductive corridor that has approximately 32 km of verified conductive strike length that is underexplored. Approximately 5 km of this conductive trend is planned for initial testing in 2023 with ten (10) drill holes for 3,000 metres, spanning the Athabasca Basin boundary. Morrow – Approximately 11 km of segmented conductors is present within this corridor with complex geometry that is coincident with gravity lows that have been highlighted by 2022 ground gravity. This corridor is untested and the 2023 program has ten (10) holes planned for 3,000 metres. SW1 – 2023 drilling is planned on the SW1 portion of the fertile trend hosting F3 Uranium Corp.'s PLN discovery as well as on the prospective and underexplored Gartner Corridor along with. F3 Uranium Trend – F3 Uranium Corp.'s recent PLN discovery is on a trend that is interpreted to extend onto the SW1 property. The NexGen portion of the trend has an approximate strike length of 12 km and is actively undergoing analysis to bring the area to a drill-ready state in early 2023. Gartner Corridor – The 2022 ground EM survey highlighted numerous locations with interpreted structural disruption for focusing hydrothermal fluids along the approximately 13 km long, northwest-southeast striking Gartner conductive trend. Located in the central region of the SW1 property, fifteen drill holes for 7,500 metres are planned in 2023 along this corridor. 2023 Geophysics: SW1 – Ground EM, resistivity, and gravity surveys are planned for high priority conductive trends on the SW1 property. Evaluation of historical geophysical surveys along strike to the northwest of F3 Uranium Corp.'s recent PLN discovery will determine drill targets or the requirement of additional geophysical surveys to develop the fertile trend for drilling. Approximately 12 km of strike length on this trend is interpreted to be on NexGen's SW1 property. SW2 – In August 2022, six borehole muon detectors were deployed within hole AR-22-269, with the deepest positioned 540 m downhole, resulting in the ongoing successful capture of muons. Drill hole AR-22-269 tested down dip of South Arrow while also being ideally placed to image density contrast associated with South Arrow uranium mineralization. This high-resolution density survey will determine further drilling at South Arrow and inform additional muon tomography application along the fertile Patterson Corridor in 2023. Potential further application of muon tomography on the Patterson Corridor has the benefit of investigating more rock mass than conventional step-out drilling while reducing metres, cost, and environmental disturbance. See below for additional information on muon tomography technology. Additionally, a high-resolution magnetic survey is planned over the complex R Seven corridor prior to drill testing this high priority area in summer 2023. The survey is designed to gain greater resolution across the conductor, highlighting prospective cross-cutting features to prioritize structure that can focus uranium mineralization associated with hydrothermal fluids. SW3 – A ground gravity survey across the southeastern portion of the SW3 property is planned for 2023 along with ground resistivity on a prospective conductor in the north-central portion of the property. Both surveys are designed to image the subsurface for hydrothermal alteration associated with uranium mineralization and advance these prospective areas towards drilling in subsequent programs. Announcement • Feb 01
NexGen Energy Ltd. Appoints Ivan Mullany to Its Board of Directors NexGen Energy Ltd. announced the appointment of Ivan Mullany, to the Company's Board of Directors. Mr. Mullany, BSc, Majoring in Extractive Metallurgy, CIMM, FAusIMM, has over 35 years in mining project management with broad international experiences. Most recently, with Newmont Corporation and its predecessor Goldcorp Inc. on the Senior Leadership Team, he led numerous major projects, collectively in excess of $18 Billion, during the engineering study, construction and execution stages. Breakeven Date Change • Dec 23
Forecast to breakeven in 2024 The 5 analysts covering NexGen Energy expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 58% per year to 2023. The company is expected to make a profit of CA$2.00m in 2024. Average annual earnings growth of 80% is required to achieve expected profit on schedule. Recent Insider Transactions Derivative • Dec 18
Independent Director exercised options to buy CA$1.4m worth of stock. On the 14th of December, Warren Philip Gilman exercised options to buy 250k shares at a strike price of around CA$3.39, costing a total of CA$848k. As of today, Warren Philip currently holds no shares directly. Company insiders have collectively sold CA$2.1m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions Derivative • Dec 16
Founder exercised options and sold CA$2.2m worth of stock On the 7th of December, Leigh Curyer exercised 1.00m options at around CA$3.39, then sold 900k of the shares acquired at an average of CA$5.79 per share and kept the remainder. For the year to December 2015, Leigh's total compensation was 4% salary and 96% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since June 2022, Leigh has owned 4.75m shares directly. Company insiders have collectively sold CA$2.3m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Nov 23
Independent Director recently bought CA$115k worth of stock On the 16th of November, Donald Jeffrey Roberts bought around 19k shares on-market at roughly CA$6.18 per share. This transaction amounted to 19% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth CA$285k. Insiders have collectively bought CA$399k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Nov 18
Independent Director recently bought CA$285k worth of stock On the 10th of November, Donald Jeffrey Roberts bought around 49k shares on-market at roughly CA$5.81 per share. This transaction increased Donald Jeffrey's direct individual holding by 1x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 4 highly experienced directors. Independent Director Don Roberts was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 4 highly experienced directors. Independent Director Don Roberts was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Apr 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 4 highly experienced directors. Independent Director Don Roberts was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions Derivative • Dec 16
Independent Director exercised options and sold CA$467k worth of stock On the 10th of December, Richard Patricio exercised 250.00k options at around CA$2.24, then sold 130k of the shares acquired at an average of CA$5.83 per share and kept the remainder. Since June 2021, Richard has owned 794.90k shares directly. Company insiders have collectively sold CA$13m more than they bought, via options and on-market transactions in the last 12 months. Price Target Changed • Sep 15
Price target increased to CA$7.72 Up from CA$6.57, the current price target is an average from 2 analysts. New target price is 7.8% above last closing price of CA$7.16. Stock is up 201% over the past year. Director Overboarding • Aug 06
Director Warren Gilman has joined 6th company board Independent Director Warren Gilman has been appointed to the board of Los Andes Copper Ltd. (TSXV:LA). Gilman now sits on a total of 6 company boards. With 6 board positions including the role of CEO at Queen's Road Capital Investment Ltd. (TSXV:QRC), the director is at risk of having too many board obligations according to the Simply Wall St Risk Model. Director Overboarding • Aug 06
Director Warren Gilman has joined 6th company board Independent Director Warren Gilman has been appointed to the board of Los Andes Copper Ltd. (TSXV:LA). Gilman now sits on a total of 6 company boards. With 6 board positions including the role of CEO at Queen's Road Capital Investment Ltd. (TSXV:QRC), the director is at risk of having too many board obligations according to the Simply Wall St Risk Model. 
