Q2/26 Update – Well Positioned For Arrow Construction; PCE MRE Targeted In 2027

Research evidence excerpt

Q2/26 Update – Well Positioned For Arrow Construction; PCE MRE Targeted In 2027

Metals & Minerals

NexGen Energy Ltd.

TD SECURITIES INC. - CANADA EARNINGS UPDATE

May 11, 2026

Price: C$16.61 (05/8/2026) Q2/26 Update – Well Positioned For Arrow

Price Target: C$20.00 Construction; PCE MRE Targeted In 2027

BUY (1)

ESG SCORE: 62/100

Craig Hutchison, P. Eng^ THE TD COWEN INSIGHT

416 982 3474

We continue to view 2026 as a transformative year for NexGen, with construction expected to

craig.hutchison@tdsecurities.com

begin this summer. We expect PCE to remain a key catalyst through 2026, alongside progress

Dennis Zhang^ in contracting activity, construction updates and further advancement of the project financing

416 965 6012 mix. Our Buy rating and $20 target price remain unchanged.

dennis.zhang@tdsecurities.com

Key Data Impact: NEUTRAL

Symbol TSX: NXE-T

Construction commencement remains on track for summer 2026. Management highlighted

12-Month Div (Est.): C$0.00

that construction readiness is well advanced and expects to provide a detailed construction

Beta: 1.69

timeline likely in June. Notably, management does not anticipate any material updates to the

12-Month Total

20.4% $2.2B capex outlined in the 2024 economic update. We currently model $2.7B capex build,Return:

52-Week Range: C$18.84-C$7.52 with first production anticipated in 2031.

Market Cap: C$11.0B

Robust balance sheet supports Arrow development. The company ended Q1/26 with $655M

Net Debt (MM): C$58.5

in cash and 2.7Mlbs of physical uranium valued at US$232M (~US$86/lb). As a reminder,

Dil. Shares Out (MM): 699.9

management previously indicated that expected capex during the first 12 months of Arrow

Float Shares (mm): 639.8 construction would be ~$300M. We believe the company’s strong balance sheet, supported