NexGen Energy "Deep Dive: Entering the Build Phase" (Buy) Eadie

研报英文原文证据摘录

NexGen Energy "Deep Dive: Entering the Build Phase" (Buy) Eadie

Global Research

25 May 2026ab

NexGen Energy Equities

CanadaDeep Dive: Entering the Build Phase

Mining

12-month rating Buy

Going from paper to production

NexGen is transitioning Rook I from technical study to execution, with construction set 12m price target C$20.00

to begin in summer 2026 following the rapid approval earlier this year of the License to

Construct (LTC). A detailed construction update is expected in June, and in this report

Price (25 May 2026) C$14.75

we preview the build, deconstruct key technical components, and frame the principal

risks, catalysts and valuation debates underpinning the project. At its core, Rook I is a RIC: NXE.TO BBG: NXE CN

tier-one, high-grade underground development, but one where execution - particularly

Trading data and key metrics

shaft sinking and early-stage ground conditions - remains the defining risk ahead of

52-wk range C$18.84-8.24

sales, marketing and price questions.

Market cap. C$8.97b/US$6.49b

Shaft Sinking: The critical path with first 150-200m key Shares o/s 608m (COM)

Free float 93%

The first ~150-200m of shaft sinking remains the most complex and highest-risk phase

of delivery. We explore the challenges, geotechnical conditions and other factors in Avg. daily volume ('000) 2,015

detail in Shafts & Sinking; success will rely on ground freezing and hydrostatic lining to Avg. daily value (m) C$33.4

stabilize the less competent water-saturated upper strata. Common s/h equity (12/26E) C$1.93b

P/BV (12/26E) 5.1x

Ground freezing is expected to extend to ~175m (production shaft) and ~220m Net debt to EBITDA (12/26E) 7.5x

(exhaust shaft)

EPS (UBS, diluted) (CAD)

Sinking rates of ~1.5-2.5m/day are realistic based on basin precedence but 12/26E