Key Highlights

  • Cash stood at C$567.2 million at 30 September 2026, with short-term investments of C$254.4 million, bringing total liquid funds to about C$821.6 million.
  • Mineral property, plant and equipment rose to C$979.0 million as Rook I moved from exploration and evaluation into construction.
  • The net loss for the nine months to 30 September 2026 was C$103.8 million, compared with C$266.8 million in the same period of 2025.
  • Holders converted US$110 million of 2023 debentures into common shares, with the final US$70 million converted on 22 October 2026.

NexGen Energy Ltd (ASX:NXG), a Canadian uranium developer that trades on the ASX under the code NXG, has released its condensed interim consolidated financial statements for the three and nine months ended 30 September 2026. The unaudited statements, expressed in Canadian dollars, were authorised by the board on 9 November 2026. They cover a period in which the Rook I Project moved into licensed construction, and they show a company with substantial cash and investments, a growing asset base under construction, and continued reliance on convertible debentures and Equity to fund development.

Liquidity and funding position

Cash fell to C$567.2 million at 30 September 2026 from C$802.6 million at the end of 2025, while short-term investments declined to C$254.4 million from C$321.1 million. Over the nine months, Operating Activities used C$51.0 million, expenditure on exploration and evaluation Assets totalled C$99.8 million, and expenditure on mineral property, plant and equipment reached C$159.5 million. Financing added C$48.1 million, mainly from stock option exercises of C$63.0 million, partly offset by C$14.2 million of cash interest on debentures.

The company reports a Working Capital surplus of C$248.4 million including the convertible debentures. It states that, excluding the debentures, it has sufficient working capital to meet current obligations for at least the next fifteen months, but that it will need additional funding to continue exploration and development of its projects, including Rook I.

Rook I construction and asset reclassification

Rook I was reclassified after the company received the licence to prepare the site and commence construction on 5 March 2026. At that point, the capitalised exploration and evaluation costs were tested for Impairment and transferred to assets under construction. No impairment charge was recorded. As a result, exploration and evaluation assets fell to C$161.8 million from C$812.3 million, while mineral property, plant and equipment rose to C$979.0 million, of which C$972.6 million was assets under construction.

Licensed construction activities commenced on 8 June 2026. In the third quarter alone, expenditure on mineral property, plant and equipment reached C$104.9 million, and the company capitalised C$4.8 million of interest during construction. Assets under construction are not depreciated until they become available for use, which means the carrying value will continue to rise as spending proceeds.

Convertible debentures and share issuance

Convertible debentures were carried at a Fair Value of C$508.5 million at 30 September 2026. The 2024 debentures, with US$250 million principal still outstanding as at 9 November 2026, carry a 9% coupon and a conversion price of US$10.73. The 2023 debentures were converted in full during the period, with holders receiving about 16.4 million common shares for principal and accrued interest between mid-September and late October 2026.

Shares outstanding stood at 676.9 million at 30 September 2026, and the company had 46.7 million stock Options outstanding at a weighted average exercise price of C$9.24. Its equity-accounted Investment in IsoEnergy Ltd, in which NexGen holds about 27.8%, was carried at C$181.0 million, with a fair value of C$229.7 million at the same date.

Losses, expenses and risks

The net loss for the third quarter was C$22.3 million, compared with C$129.2 million a year earlier, after a C$25.6 million mark-to-market gain on the convertible debentures. Share-based payments were the largest Operating Expense in the quarter at C$30.1 million, and nine-month interest expense on the debentures reached C$27.2 million. The company's US dollar net financial liabilities of US$357 million mean that a 10% move in the Canadian dollar would change the net loss by approximately C$50.8 million.

The risks identified include the need for further funding, the Volatility of uranium prices, the timing of permits and approvals, the dilutive effect of Debenture conversions and share options, and the execution of construction on a large project. The company notes it has no Revenue and has historically recorded operating losses.

Final Word

NexGen's latest statements show a company with a large cash base and a construction program that is now reflected on the balance sheet, alongside continuing losses, a sizeable debenture obligation and a need for further funding. How the construction budget, debenture terms and uranium pricing develop will shape the company's financial position in the quarters ahead.