Equity & Credit Research

Duncan Chan

Macroeconomics

<ul>
<li>Potential de-escalation may compress risk premiums, but Treasury yields around 4.5–5.0% still compete with equities, suggesting broader participation may remain selective near term.</li>
<li>Aluminium increasingly stands out as inventories declined approximately 7–8% and physical conditions tightened, while copper remains broadly consistent with surplus expectations.</li>
<li>Evidence remains more supportive for energy security and infrastructure themes, including uranium, AI infrastructure and offshore rigs, while coal and lithium still require clearer signs of tightening.</li>
</ul>


Potential de-escalation may compress risk premiums, but Treasury yields around 4.5–5.0% still compete with equities, suggesting broader participation may remain selective near term.
Aluminium increasingly stands out as inventories declined approximately 7–8% and physical conditions tightened, while copper remains broadly consistent with surplus expectations.
Evidence remains more supportive for energy security and infrastructure themes, including uranium, AI infrastructure and offshore rigs, while coal and lithium still require clearer signs of tightening.


US-Iran De-Escalation: Looking Beyond Risk Premiums

Smartkarma's AI Co-Pilot, Smartkarma

αSK

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<ul>
  <li>
<a href="https://smartkarma.com/entities/nexgen-energy-ltd">Nexgen Energy</a> is a pure-play uranium development company centered on its 100%-owned Rook I project in Saskatchewan's Athabasca Basin, which hosts the world-class Arrow Deposit.</li>
  <li>The Arrow Deposit is one of the largest and highest-grade undeveloped uranium deposits globally, with a Feasibility Study highlighting robust economics and a low operating cost profile, positioning it to be a tier-one mining asset.</li>
  <li>The company is in the advanced stages of permitting and development, with the project's long-term potential aligned with a structurally bullish outlook for the uranium market, driven by the global transition towards nuclear energy.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Nexgen Energy is a pure-play uranium development company centered on its 100%-owned Rook I project in Saskatchewan's Athabasca Basin, which hosts the world-class Arrow Deposit.
  The Arrow Deposit is one of the largest and highest-grade undeveloped uranium deposits globally, with a Feasibility Study highlighting robust economics and a low operating cost profile, positioning it to be a tier-one mining asset.
  The company is in the advanced stages of permitting and development, with the project's long-term potential aligned with a structurally bullish outlook for the uranium market, driven by the global transition towards nuclear energy.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Nexgen Energy (NXE CN) - Apr 2026

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>NexGen is preparing to begin construction of its fully permitted Rook I uranium project, targeting production by late 2027.</li>
<li>Rook I offers 29.2 Mlbs/year output at US$9.98/lb, among the industry’s lowest costs. With 240 Mlbs in reserves and 24-year mine life, it ranks as a top-tier long-duration uranium asset.</li>
<li>Valuation premium reflects low cost, high-grade profile, and uranium demand tailwinds—but hinges on timely permits, financing, and execution.</li>
</ul>


NexGen is preparing to begin construction of its fully permitted Rook I uranium project, targeting production by late 2027.
Rook I offers 29.2 Mlbs/year output at US$9.98/lb, among the industry’s lowest costs. With 240 Mlbs in reserves and 24-year mine life, it ranks as a top-tier long-duration uranium asset.
Valuation premium reflects low cost, high-grade profile, and uranium demand tailwinds—but hinges on timely permits, financing, and execution.


NexGen Energy Ltd. (TSX: NXE, NYSE: NXE) – Advancing a World-Class Uranium Asset Toward Production

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.</li>
<li>In our prior Int'l Compass (Oct. 16) we discussed how the pullback was testing the uptrend, and we were buyers; this worked out well with indexes back at all-time highs.</li>
<li>Taiwan, China, Korea, and the U.S. remain our only overweights, but India is becoming more attractive as well -- add selective exposure. Many buy ideas highlighted in these countries.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.
In our prior Int'l Compass (Oct. 16) we discussed how the pullback was testing the uptrend, and we were buyers; this worked out well with indexes back at all-time highs.
Taiwan, China, Korea, and the U.S. remain our only overweights, but India is becoming more attractive as well -- add selective exposure. Many buy ideas highlighted in these countries.


India Finally Showing Signs of Life; Remain Overweight Taiwan, China, Korea, and the U.S.

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.</li>
<li>Our bullish near-term outlook will remain in place as long as the 5+ month uptrend continues on ACWI-US. So far, the latest pullback is testing the uptrend -- buy/stay long.</li>
<li>We are buying the test of 7-month base support in Europe (EURO STOXX 50). China's Shanghai Composite points to a second chance breakout attempt above 1.5-month resistance -- buy/stay long</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.
Our bullish near-term outlook will remain in place as long as the 5+ month uptrend continues on ACWI-US. So far, the latest pullback is testing the uptrend -- buy/stay long.
We are buying the test of 7-month base support in Europe (EURO STOXX 50). China's Shanghai Composite points to a second chance breakout attempt above 1.5-month resistance -- buy/stay long


5+ Month Uptrend Support Holding on MSCI ACWI (ACWI-US); China Second Chance Breakout Likely

Canada

NexGen Energy Ltd. operates as a special purpose uranium exploration company. The Company acquires, explores and develops properties for uranium resources in Canada.

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Nexgen Energy (NXE CN)

US-Iran De-Escalation: Looking Beyond Risk Premiums

Re-sharing as recent market developments continue to raise the question of whether fading geopolitical risk premiums alone are enough to support...

Duncan Chan

Primer: Nexgen Energy (NXE CN) - Apr 2026

Nexgen Energy is a pure-play uranium development company centered on its 100%-owned Rook I project in Saskatchewan's Athabasca Basin, which...

αSK

NexGen Energy Ltd. (TSX: NXE, NYSE: NXE) – Advancing a World-Class Uranium Asset Toward Production

NexGen set to construct Rook I uranium project with low costs, high reserves, and long mine life, aiming for production by 2027. Valuation depends...

Rahul Jain

India Finally Showing Signs of Life; Remain Overweight Taiwan, China, Korea, and the U.S.

India's $SENSEX Finally Showing Signs of Life; Remain Overweight Taiwan, China, Korea, and the U.S.; Bullish Outlook Intact on $ACWI; Actionable...

Vermilion Research

5+ Month Uptrend Support Holding on MSCI ACWI (ACWI-US); China Second Chance Breakout Likely

5+ Month Uptrend Support Holding on MSCI $ACWI; Bullish Outlook Intact; China Second Chance Breakout Likely on Shanghai Composite. Buying the test...

Vermilion Research

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

US-Iran De-Escalation: Looking Beyond Risk Premiums

Re-sharing as recent market developments continue to raise the question of whether fading geopolitical risk premiums alone are enough to support...

Duncan Chan

Primer: Nexgen Energy (NXE CN) - Apr 2026

Nexgen Energy is a pure-play uranium development company centered on its 100%-owned Rook I project in Saskatchewan's Athabasca Basin, which...

αSK

NexGen Energy Ltd. (TSX: NXE, NYSE: NXE) – Advancing a World-Class Uranium Asset Toward Production

​NexGen set to construct Rook I uranium project with low costs, high reserves, and long mine life, aiming for production by 2027. Valuation depends...

Rahul Jain

India Finally Showing Signs of Life; Remain Overweight Taiwan, China, Korea, and the U.S.

India's $SENSEX Finally Showing Signs of Life; Remain Overweight Taiwan, China, Korea, and the U.S.; Bullish Outlook Intact on $ACWI; Actionable...

Vermilion Research

5+ Month Uptrend Support Holding on MSCI ACWI (ACWI-US); China Second Chance Breakout Likely

5+ Month Uptrend Support Holding on MSCI $ACWI; Bullish Outlook Intact; China Second Chance Breakout Likely on Shanghai Composite. Buying the test...

Vermilion Research

NexGen set to construct Rook I uranium project with low costs, high reserves, and long mine life, aiming for production by 2027. Valuation depends...