NexGen Energy Ltd. declined 17% during the June quarter, driven by broad risk-off sentiment in the commodities space, according to L1 Capital's L1 Long Short Fund second-quarter 2026 investor letter. The fund noted that the uranium developer's shares fell alongside the wider uranium complex, even as spot uranium prices rose modestly by 1.5%. NexGen is preparing to build the Arrow deposit in Saskatchewan, Canada, the world's largest undeveloped uranium deposit, after receiving final regulatory approvals in March 2026. Once operational, Arrow could generate approximately C$2.8 billion in annual EBITDA assuming a US$80 per pound uranium price, which the fund views as compelling given NexGen's market capitalization of around C$8.8 billion.
NexGen Energy Ltd.Shares fell 17% in Q2 due to broad risk-off sentiment in commodities, despite positive fundamentals.