NexGen Energy (NXE) Q3 2026 Earnings Call Transcript

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DATE

Tuesday, Nov. 10, 2026

CALL PARTICIPANTS

• Chief Executive Officer – Leigh Curyer
• Chief Commercial Officer – Travis McPherson
• Chief Financial Officer – Ryan Podrasky
• Project Director – Chris Copley

TAKEAWAYS

• Cash and Short-Term Investments — CAD 821.6 million as of Sept. 30, 2026, providing sufficient liquidity to fund operations through the end of the third quarter of 2027.
• Strategic Inventory — CAD 341.2 million in U3O8, which management stated it does not intend to sell as a source of financing for the Rook I project.
• Net Loss — CAD 22.3 million for the quarter, compared to a net loss of CAD 129.2 million in the prior year period, primarily reflecting a CAD 25.6 million mark-to-market gain on convertible debentures.
• Uranium Long-Term Price — USD 99 per pound, representing a historical high maintained during the quarter due to energy security and electrification demands.
• Forward Uranium Prices — $105 per pound for three-year forwards and $112 per pound for five-year forwards, driven by a global supply-demand imbalance.
• 2027 Capital Expenditures — approximately CAD 600 million, representing the anticipated peak expenditure year for the construction of the Rook I project.
• Airstrip Expansion — 5,840 feet, with earthworks completed on Oct. 23, 2026, to provide capacity for large jet aircraft by the end of the year.
• Patterson Corridor East Exploration — expanded the high-grade subdomain by 17% to 644 meters, resulting in the allocation of a fifth drill rig to the program.
• Camp Capacity — 770 people, following the completion of an additional 200-person camp in June 2026 to support accelerating construction activities.
• Mineral Resources — 3.75 million tonnes grading 3.10% U3O8, containing 257 million pounds of uranium at the Arrow deposit.
• Probable Mineral Reserves — 240 million pounds of U3O8 contained in 4.6 million tonnes grading 2.37% U3O8, as stated in the feasibility study.
• Site Personnel — 376 people currently on site, with recruitment supported by heavy equipment operator training programs that graduated 47 participants.
• Patterson Corridor East Drilling — 28,712 meters completed out of a planned 42,000-meter program as of Sept. 30, 2026.
• All-In Production Cost — approximately USD 14 per pound, as validated in the August 2024 financial cost update for the Rook I project.
• Production Shaft Pad — scheduled for civil work completion on Dec. 16, 2026, in preparation for temporary freezing activities in March 2027.
• Effluent Pipeline — 500 meters, with installation completed on Aug. 30, 2026, through a coordinated effort involving barges, cranes, and divers.
• Contracting Strategy — prioritizing shorter contract durations tied to future prevailing market prices at the time of delivery to preserve leverage to uranium price upside.
• Finance Income — CAD 5.7 million for the quarter, increasing from CAD 2.9 million in the prior year due to higher cash balances and interest rates.
• Convertible Debenture Conversion — USD 40 million in principal from the 2023 debentures was converted into 5,917,159 common shares on Sept. 15, 2026.

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RISKS

• Curyer acknowledged that shaft sinking costs are susceptible to external pressures, stating, “we are all aware as widely reported that there’s inflationary pressures and wage pressures,” though he noted the company maintains transparency into these costs through its contract structure.

SUMMARY

NexGen Energy Ltd. (NXE -5.83%) transitioned to major post-approval construction activities at the Rook I project during the third quarter, following a ceremonial groundbreaking on Aug. 13, 2026. Management reported that the company achieved several critical infrastructure milestones, including the completion of earthworks for the project airstrip and the expansion of camp facilities to accommodate over 700 workers. The company is currently advancing a 42,000-meter drill program at Patterson Corridor East while maintaining a liquidity position that management stated is sufficient to support development through late 2027. Strategic focus remains on the development of the Arrow deposit and the diversification of global uranium supply chains through geopolitically stable Canadian sources.

• CEO Curyer stated, “August 13, 2026, will stand as a defining day in NexGen’s history,” marking the transition from a 12-year discovery and planning phase to active project construction.
• Management noted that the shaft-sinking contractor has mobilized to the site, with the freeze plant strategically procured in 2023 scheduled for delivery in Jan. 2027.
• The company expanded the Patterson Corridor East high-grade subdomain to 644 meters and is targeting an initial resource statement for the area by the third quarter of 2027.
• Management indicated that global nuclear capacity under construction has grown by 20% to over 88 gigawatts, driving what they described as an insatiable demand for secure uranium supply from Asian and Western utilities.
• The Clearwater Bridge was installed by the Saskatchewan Highways Department to support the heavy haulage vehicles required for major site equipment deliveries.
• CEO Curyer indicated that the company is evaluating a combination of financing alternatives, including prepayments and project financing, to preserve shareholder value while completing Rook I construction.

INDUSTRY GLOSSARY

• Arrow Deposit: The primary uranium deposit at NexGen’s Rook I project, recognized as one of the largest undeveloped high-grade uranium deposits globally.
• CANDU: Canada Deuterium Uranium, a Canadian-designed pressurized heavy-water reactor technology exported globally for scaled nuclear power generation.
• PCE: Patterson Corridor East, a mineralized uranium system located approximately 3.5 kilometers east of the Arrow deposit currently undergoing intensive exploration.
• Rook I Project: NexGen’s 100% owned uranium development project located in the southwestern Athabasca Basin of Saskatchewan.
• SMR: Small Modular Reactors, smaller-scale nuclear reactors designed for flexibility and rapid deployment compared to traditional large-scale nuclear stations.
• U3O8: A compound of uranium and oxygen, commonly referred to as yellowcake, which is the standard commercial form of uranium sold in international markets.

Full Conference Call Transcript

Operator: Thank you for standing by. This is your conference operator. Welcome to the NexGen Energy Third Quarter 2026 Results Conference Call. [Operator Instructions] The conference is being recorded. [Operator Instructions] I would now like to turn the conference over to Mr. Leigh Curyer, Chief Executive Officer and Founder with NexGen Energy Limited. Please go ahead, sir.

Leigh Curyer: Thank you, Jason. Good morning, and thank you to our shareholders and stakeholders for joining NexGen Energy

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