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NGX Ltd ASX:NGX

0 opened or increased0 held0 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 1 managers in total.

Position history by manager 1 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

20252026

31 Jan 2024 to today

Commentary Showing 2 of 8

DateManagerActionSummary

31 Dec 2024L1 CapitalHeldL1 Capital continues to hold NexGen Energy (NGX Ltd) because it believes the company is developing a strategically important Western uranium supply source to address a looming market deficit, despite a short-term decline in spot uranium prices. L1 Capital notes that uranium term prices — which represent almost all commercial uranium demand — have held steady and carry more than a 10% premium to spot. The fund highlights supply risk as a key concern, citing the temporary suspension of the Inkai joint venture in Kazakhstan by Kazatomprom and Cameco. NexGen's Arrow deposit in Saskatchewan, Canada, is described as the world's largest undeveloped uranium deposit, with the potential to generate more than C$2 billion in annual cash flow once developed, against a current market cap of approximately C$6 billion.

Monthly Report, price recorded $0.18

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30 Nov 2024L1 CapitalHeldThe fund manager continues to hold NexGen Energy, noting shares strengthened 16% following the announcement of the successful completion of the final federal technical review, representing a major de-risking milestone. The manager notes NexGen is now due to enter the final stage of federal approval with a commission hearing expected in H1 2025, following which full-scale project construction can commence, with state approvals already granted. Arrow has the potential to generate more than C$2 billion of cash flow annually once developed, representing a highly attractive proposition against NexGen's current market capitalisation of approximately C$6.5 billion.

Monthly Report, price recorded $0.19

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6 more comments on NGXPro shows every comment, with a link to each source document.

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First mention by manager

Price recorded at each manager's first comment

Price at first mentionThe share price recorded when each of 1 managers first commented on NGX.

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About NGX Ltd

Materials, Metals and Mining

NGX Limited (ASX:NGX) is an Australian-listed developer of natural graphite and uranium assets in Malawi and Namibia. The fund manager commentary currently linked to this ticker in the Thesis Tracker dataset appears to relate to NexGen Energy, a different uranium company developing the Arrow deposit in Canada, so it has not been used in this summary and should be reviewed. NGX operates in the Materials sector within the Metals and Mining industry, and Thesis Tracker has captured 8 comments from 1 fund manager. NGX is advancing uranium exploration projects in Namibia and progressing graphite project development in Malawi, targeting supply for battery materials and nuclear energy markets.

Market cap: $6m
Price to earnings: Loss-making
Return on equity: 0.0%
Dividend yield: 0.0%
Price to book: 0.00x
Net margin: 0.0%
52-week range: $0.05 to $0.18

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in NGX Ltd (ASX:NGX)?

Fund managers including L1 Capital have invested in NGX Ltd (ASX:NGX).

What opportunities or catalysts do fund managers highlight for NGX Ltd?

The fund manager commentary attached to this ticker appears to describe NexGen Energy rather than NGX Limited, so opportunities specific to NGX cannot be summarised reliably from this data.

What are the key risks to the NGX Ltd investment thesis, according to fund managers?

The fund manager commentary attached to this ticker appears to describe NexGen Energy rather than NGX Limited, so risks specific to NGX cannot be summarised reliably from this data.

What does NGX Ltd (ASX:NGX) do?

NGX Limited (NGX) develops a portfolio of natural graphite and uranium assets in Malawi and Namibia. The company is actively advancing uranium exploration projects in Namibia and progressing graphite project developments in Malawi.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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