NexGen narrows nine-month loss as debenture valuation improves
The uranium developer reported C$99.5 million in expenses for the nine months through September 2026, up from C$53.2 million a year earlier.
NexGen Energy Ltd. (NXE), a uranium exploration and development company, reported a net loss of C$104 million for the nine months ended September 30, down from C$267 million a year earlier. The company did not have revenue.
The narrower loss coincided with a smaller mark-to-market loss on NexGen's convertible debentures, which fell to C$6.9 million from C$80 million. Finance income rose to C$20.2 million from C$10.5 million, and interest expense on the debentures declined to C$27.2 million from C$34.4 million.
Expenses rose across several categories. Share-based payments reached C$46.5 million over the nine months, up from C$18.5 million a year earlier. Salaries, benefits and directors' fees increased to C$16.2 million from C$8 million, and office, administrative and travel costs rose to C$24.7 million from C$16.4 million.
For the September quarter, total expenses more than doubled to C$47.7 million from C$22 million, including C$30.1 million in share-based payments, compared with C$11.1 million a year earlier. The debenture mark-to-market result shifted to a C$25.6 million gain from a C$95.2 million loss.
NexGen held a 27.8% stake in uranium company IsoEnergy at September 30, down from 30% at the end of 2025. Its share of the associate's result was a C$0.3 million loss for the nine months, compared with C$1.1 million in income a year earlier.
NexGen's primary development focus was its wholly owned Rook I project in Saskatchewan. Licensed construction activities began on June 8, the company said.
The company's mineral property, plant and equipment balance stood at C$979 million at September 30, compared with C$7.6 million at the end of 2025. Exploration and evaluation assets were C$162 million, down from C$812 million over the same period.
Cash declined to C$567 million at September 30 from C$803 million at the end of 2025. The nine-month decline was C$235 million, compared with C$171 million in the same period a year earlier. Short-term investments fell to C$254 million from C$321 million at the start of the year.
NexGen had completed an equity financing with approximately C$949 million in gross proceeds in October 2025. At September 30, convertible debentures were recorded as current liabilities of C$509 million, down from C$586 million at the end of 2025. The company reported a working capital surplus of C$248 million including the debentures.
NexGen said that, excluding the debentures, it had sufficient working capital as of September 30 to meet current obligations for at least 15 months. It had no obligation to cash-settle the debentures during that period, though it said it will need additional funding to continue exploration and development, including at Rook I.
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