Fund Manager Summary
The fund managers believe that the outlook for Nexgen Energy (Canada) CDI is promising, particularly given the recent rally in its share price to approximately $9.61. In their opinion, this growth is primarily driven by increasing sentiment towards nuclear power, bolstered by significant investments from major tech companies such as Amazon and Google in October, following Microsoft’s agreement to restart the Three Mile Island nuclear generating station in September. They note that the resurgence of nuclear power as a reliable low-carbon energy source presents a substantial opportunity for prospective uranium developers like Nexgen Energy, highlighting the potential for continued investment and growth in this sector.
Source: Trading View
Commentary From The Managers
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Ten Cap
31 Oct 2025
$15.04
Summary
- NexGen Energy (NXG) rose +14.8%, reflecting positive sentiment in the uranium sector.
- Progress on development milestones has been significant.
- Ten Cap participated in the capital raising.
- The overall outlook for uranium remains optimistic.
- Ten Cap continues to hold due to these positive developments.
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
Ten Cap
31 Oct 2025
$15.04
- NexGen Energy (NXG) rose +14.8%, reflecting positive sentiment in the uranium sector.
- Progress on development milestones has been significant.
- Ten Cap participated in the capital raising.
- The overall outlook for uranium remains optimistic.
- Ten Cap continues to hold due to these positive developments.
Summary
L1 Capital
20 Oct 2025
$13.18
- NextGen Energy is highly regarded by L1 Capital as a top stock in the uranium sector.
- It is recognized as the number one undeveloped uranium project globally based on size and grade.
- NextGen is approaching a critical inflection point with key approvals expected in the next two to three months.
- The project is undergoing a two-step statutory hearing process, with the first hearing scheduled soon in Canada.
- The final hearing is anticipated in early 2026, leading to formal project approval around mid-2026.
- Upon approval, NextGen plans to commence the build process.
- Once in production, it is expected to ramp up to 30 million pounds of output at low costs.
- This production will generate approximately several billion dollars annually in EBITDA, positioning it among the top 10 most profitable mines worldwide across all commodities.
Summary
Milford Asset Management
30 Sept 2025
$13.79
- NexGen Energy has shown a strong performance, increasing by 17.4%.
- Improving sentiment towards nuclear power has contributed to this rally.
- There is a noticeable resurgence in nuclear power interest, particularly as big tech seeks reliable, low-carbon energy sources.
- Milford Asset Management continues to hold its investment in NexGen Energy due to these positive trends.
Summary
L1 Capital
30 Sept 2025
$13.79
- NexGen Energy is a prospective uranium miner with a market capitalisation of ~C$8b.
- The company owns the Rook I project, which contains the world’s largest undeveloped uranium deposit, Arrow, located in Saskatchewan, Canada.
- NexGen is preparing to address the medium-term market deficit in uranium supply.
- The final stage of Canadian federal approval is underway, with a commission hearing expected to conclude in H1 26.
- Once developed, Arrow could produce ~29Mlb of uranium per annum for the first five years, making it the largest uranium mine globally.
- NexGen raised over C$950m to fund the development of Arrow, providing a cash balance of ~C$1.25b post-raise.
- The company is pursuing project finance debt and is funded to first production, with total capex estimated at C$2.2b.
- Management has a strong alignment with shareholders, holding 7% ownership.
- Core investment thesis highlights:
- Tier 1 project: Rook I has capacity for nearly 30Mlb of uranium per annum, with a low operating cost of ~US$10/lb.
- Leverage to uranium prices: NexGen's production is largely uncontracted, retaining upside exposure to spot prices.
- Material valuation support: At US$80/lb uranium, Rook I has annual EBITDA of ~C$2.8b and post-tax cash generation of ~C$1.7b.
- Significant exploration upside: Potential conversion of ~80Mlb of inferred resources and discovery of the Patterson Corridor East deposit.
- NexGen’s stock moved higher as spot uranium prices rose 10% in September, closing at US$82/lb.
- Recent downgrades from major producers indicate supply uncertainty, further supporting NexGen's position.
Summary
L1 Capital
31 July 2025
$10.60
- NexGen Energy (Long +47%) saw an increase as spot uranium prices rose 16% during the June quarter, closing at US$74/lb.
- This rise largely recovered the Q1 25 spot uranium price decline, which was influenced by low volumes and uncertainty regarding U.S. tariff policy.
- Despite this, uranium ‘term’ prices remained steady over the past six months.
- Sentiment improved as President Trump signed executive orders to accelerate U.S. nuclear investment, targeting a quadrupling of U.S. nuclear capacity from ~100GW to 400GW by 2050.
- NexGen is preparing to develop the world’s largest undeveloped uranium deposit, Arrow, in Saskatchewan, Canada.
- This project will serve as a strategic Western source to address the looming uranium market deficit.
- The company is entering the final stage of Federal approval, with a commission hearing expected to conclude in H1 26, allowing for full-scale project construction to commence.
- Once developed, Arrow has the potential to generate over C$2b in annual cash flow, based on conservative uranium price estimates.
- This proposition is compelling given NexGen’s current market cap of only ~C$5b.
Summary
Paradice Investment Management
30 June 2025
$10.61
- Paradice Investment Management continues to hold an overweight position in NexGen Energy (NXG).
- The NXG share price has been influenced by macro factors, particularly the spot Uranium price.
- During the quarter, the spot Uranium price rose by over 20%, ending at approximately US$78/pound.
- Two significant announcements related to uranium are believed to be key drivers of the recent spot price rally.
Summary
Antares Capital
30 June 2025
$10.61
- NexGen Energy (NXG): The uranium structural re-rate thesis is gaining traction, with utility buyers securing premium-priced term contracts.
- Broader demand signals: Highlighted by Meta's partnership with Constellation Energy for nuclear power supply to data centres.
- High-grade, low-cost Canadian asset: NexGen's asset is coupled with largely de-risked permitting and strategic offtake agreements.
- Market focus shift: Antares Capital notes a shift towards tightening term supply in the uranium market.
- Sprott Physical Uranium Trust: Recently closed a US$200m deal to finance additional physical uranium acquisitions, reinforcing demand trends.
- Tech sector engagement: Antares Capital believes major technology companies may increasingly collaborate with uranium development firms for low-carbon energy sources.
- Supporting NexGen's positioning: The intersection of tech energy needs and nuclear offerings could bolster uranium demand and support NexGen's strategic positioning.
Summary
Firetrail Investments
30 Apr 2025
$8.31
- NexGen Energy has shown strong performance as the spot price of uranium rebounded to approximately US$67/lb from a low of about US$63/lb.
- Despite this rebound, the spot price is still significantly below its recent peak of around US$105/lb in February 2024.
- Firetrail Investments continues to hold because they assess that incentive pricing will require robust demand growth over the next decade.
- The uranium market remains in a fundamental deficit, with consumption exceeding primary supply by 15-20% per annum.
Summary
Firetrail Investments
31 Mar 2025
$7.20
- NexGen Energy has underperformed due to sector-wide weakness and delays in regulatory approval for its Tier-1 Arrow Project.
- Despite the delays, NexGen continues to trade at a meaningful discount to fair value, even with conservative uranium price assumptions.
- Firetrail Investments has added to its position, seeing the company as an attractive takeover target for large mining companies.
- The focus is on high-quality assets in ‘future facing’ commodities.
Summary
Firetrail Investments
31 Dec 2024
$10.81
- Firetrail Investments continues to hold its position in Nexgen Energy.
- Nexgen Energy, a Canadian uranium project developer, experienced a decline in December, reflecting broader sector weakness.
- In December, Nexgen announced its first uranium sales contracts for the Rook-1 project.
- The contracts are with major US utility companies.
- While the contracts account for a relatively small proportion of total reserves, they mark a key milestone for the project.
Summary
Firetrail Investments
30 Nov 2024
$12.94
- NexGen Energy achieved a major permitting milestone for the Rook 1 uranium project.
- The Canadian Nuclear Safety Commission (CNSC) completed the final technical review.
- This completion paves the way for a final decision in early 2025.
- Following the decision, NexGen will begin construction on the world’s best undeveloped uranium deposit.
- Initial production is anticipated around 2030.
- Firetrail Investments continues to hold because of these positive developments.
Summary
Milford Asset Management
30 Sept 2024
$9.61
- NexGen Energy has seen a strong rally of +20.1% due to improving sentiment in the nuclear energy sector.
- Positive announcements regarding nuclear investments have come from major tech companies, including Amazon and Google.
- This follows Microsoft's agreement to restart the Three Mile Island nuclear generating station.
- The rise in nuclear power interest is attributed to big tech's pursuit of reliable low-carbon power sources.
- Milford Asset Management continues to hold a position in NexGen Energy given the favorable market developments.
Summary
Paradice Investment Management
30 Sept 2024
$9.61
- Paradice Investment Management maintains an overweight position in NexGen Energy Ltd. (NXG).
- The NXG share price has been influenced by uranium market volatility during the quarter.
- NexGen Energy is considered a core holding in the uranium sector.
- The current share price is viewed as significantly discounted compared to intrinsic valuation.
- The stock presents a compelling opportunity based on medium to long-term supply-demand fundamentals in the uranium market.
- Factors supporting this opportunity include the timeline to production, long mine life, and low all-in sustaining costs of the Rook I project and Arrow Deposit.
- In the short term, the focus is on the regulator’s response to the re-submitted draft Environmental Impact Study (EIS).
- Paradice Investment Management remains focused on long-term fundamentals and will seize opportunities as they arise.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"With big tech diving into nuclear energy, it seems NexGen Energy is riding a wave of renewed optimism. The shift towards reliable, low-carbon power sources appears to be a game changer for uranium developers, potentially reshaping the energy landscape."
Last Updated: 31 Oct 2025
Query The Data
Frequently Asked Questions
Who is investing in Nexgen Energy (Canada) CDI (ASX:NXG)?
Fund managers including Milford Asset Management, Firetrail Investments , Antares Capital, Paradice Investment Management, L1 Capital and Ten Cap have invested in Nexgen Energy (Canada) CDI (ASX:NXG).
Why do fund managers invest in Nexgen Energy (Canada) CDI?
Fund managers are investing in Nexgen Energy due to a resurgence in interest in nuclear power, driven by major tech companies like Amazon and Google announcing investments in nuclear energy. This shift towards reliable, low-carbon energy sources has positively impacted Nexgen's share price, reflecting growing market sentiment towards uranium development.
What happened to Nexgen Energy (Canada) CDI (ASX:NXG)?
Fund managers are investing in NexGen Energy (Canada) CDI due to its position as a leading developer of the world's largest undeveloped uranium deposit, Arrow, in Saskatchewan. With spot uranium prices rising and a strong demand outlook for nuclear energy, NexGen is poised to address the anticipated market deficit. The company is nearing the final stages of federal approval, allowing it to commence construction, and has secured significant funding to support its development. NexGen's project promises robust financial returns, with potential annual EBITDA of approximately C$2.8 billion at conservative uranium prices, making it an attractive investment in a growing sector.