Dundee Capital Markets Initiating Coverage: NexGen Energy Ltd. (July 2013)

Please see Disclosures and Disclaimers at the end of this report.
A division of Dundee Securities Ltd.
Dundee Capital Markets is a registered trademark of Dundee Corporation, used under license.
NexGen Energy Ltd.
(NXE-‐V: C$0.25) July 2, 2013
BUY, Venture Risk
Dundee target: N/A
David A. Talbot / (416) 350-‐3082
dtalbot@dundeesecurities.com
Aaron Salz / (416) 350-‐3371
asalz@dundeesecurities.com
NexGen Energy -‐ Athabasca's Next Big Uranium Explorer

Conclusion: We are adding NexGen Energy to our Mineral Exploration Watch List
with a BUY rating, Venture Risk and no target price. NexGen Energy is an exciting
new uranium explorer, and one we believe is poised to become the next premier
explorer in the Athabasca Basin. It has already amassed an impressive land package
with two main projects in what we would consider the two of the most prospective
areas in the Athabasca to host uranium. As this new name becomes recognized,
and understood to be an aggressive, multi-‐project explorer with a focus on high
grade discovery in the Athabasca, we believe the stock should come into its own.
Radio is adjacent to Roughrider (70% earn-‐in). This flagship project is along
strike immediately east of Rio Tinto's 58 MM lb U3O8 Roughrider deposit.
Rook 1 is adjacent to PLS discovery (100%). Project shares 1.5km of strike of
the same mineralized conductor where Fission Uranium (FCU-‐V, Buy,
Speculative Risk, No Target) has discovered its three shallow high grade zones.
Busy summer expected. With ex-‐Uranium One (UUU-‐T, Tender, C$2.86 Target) and
ex-‐Hathor management on board, and support from Mega Uranium (MGA, Not
Rated) this team has both exploration and capital market prowess. Cash stands at
$6 MM with plans to spend $3.8 MM this year, much via Radio drilling as a part of
its $15 MM over three years earn-‐in for 70% interest. A smaller recon drill program
and geophysical surveys are planned at Rook 1 near PLS.
Two ideally positioned projects. We believe the prospectivity of its two main
projects is immense as they are adjacent to what we consider two of the best
uranium discoveries in the past five years. Radio has never been drilled but lies
along trend of Roughrider (Figure 1). This is the project on which the company was
founded and its earn-‐in was streamlined to better suit investor needs, eliminating
down the road dilution and cash payments. The project is drill ready and strong
geophysical targets will be tested soon. Rook 1 is what really excites -‐ sharing the
same mineralized trend as the three shallow PLS discoveries (with up to 6.26%
U3O8 over 49.5m including 35% over 6m at R390E Zone; 4.8% over 22m at R00E
Zone). Rook 1 remains largely untested but there are similar coincident geophysical
conductors and historical radon anomalies which highlights the potential for
discovery of shallow high grade uranium at Rook 1 (Figure 2).
Venture Risk. We feel this rating is appropriate given the early stage of exploration,
capital structure and earn-‐in requirements faced. Main projects are untested and
unproven, and while proximity to deposits is encouraging, it doesn't ensure success.
A new firm with minimal float could mean low liquidity, particularly in this market.
About 52% of NXE stock is held by Mega Uranium and Tigers Realm Minerals
including 42% held in escrow to be released over three years, although we don't
expect it to be divested. Indigenous land claims are unlikely in either project area.
NXE-‐V: Price/Volume Chart

Source: Factset
Company Description
NexGen Energy is a Canadian based uranium
exploration and development company
focused on the Athabasca Basin in
Saskatchewan. The company has a large
land package in the Basin with two highly
prospective flagship projects -‐ Radio and
Rook 1. Radio is located in the NE part of the
basin on the Roughrider-‐Midwest trend. The
company is currently earning in to a 70%
interest in the property. The 100% owned
Rook 1 property is located directly northeast
and potentially on strike of the recent PLS
property. NexGen holds several other claims
in the area.

NexGen Energy Ltd. July 2, 2013
DUNDEE CAPITAL MARKETS Page | 2
Radio Project -‐ Eastern Athabasca -‐ Roughrider/Midwest Camp
Searching for a Roughrider satellite. This project is interpreted to be a continuation of the
east-‐west structural corridor that hosts the J Zone, Roughrider West, Roughrider East and
Roughrider Far East. In total that is 71 MM lbs that lies just along strike. The Roughrider
projects were discovered by Hathor in 2008 and may represent one of the most successful
discoveries in recent years. Hathor was taken out for $642 MM in late 2011 by Rio Tinto
after delineating 58 MM lbs (avg. grade of 4.73% U3O8) of resources. It's located within a
10km radius of over 150 MM lbs U3O8 including these deposits plus Midwest, Dawn Lake,
McClean Lake. Radio is situated close to infrastructure -‐ a paved highway, power lines, and
just 11km from the McClean Lake Mill and 25km from the Rabbit Lake Mill (Figure 3).
Strong geophysical targets ready for drilling. A detailed aeromagnetic and VTEM survey was
completed in May 2011, followed up by detailed ground gravity and resistivity surveys last
year. The presence of similar structural trends that host nearby Roughrider, Midwest and
Dawn Lake mineralization were confirmed on Radio ground. At least eight targets have been
identified from past work. With drill targets in mind, NXE plans to spend $2.25 MM on a 12
hole, 4,400m diamond drilling campaign focused on the property's western boundary
(Figure 4 & 5). The goal is to drill test for unconformity style mineralization at about 200-‐
210m depth and then follow on into underlying rocks to seek Roughrider style basement
mineralization.
The Radio project earn in has evolved. Only exploration spending requirements remain for
NexGen to earn 70% interest in the property. There are plans to spend $2.25 MM this year,
an additional $5 MM is due by 31-‐Mar-‐14, $5 MM by 31-‐May-‐14, and the final $5 MM due
by 31-‐Mar-‐15. On June 26th, NexGen announced it will settle the remaining $2.9 MM cash
obligation and 20% ownership right (fully diluted) to the optionors by issuing shares. NexGen
will issue 26.7 MM shares at $0.33, and 4.4 MM 18-‐month warrants at $0.50. Despite
current dilution, we believe this deal greatly benefits NexGen, allowing all future cash to be
spent on exploration rather than satisfying option agreements. This removes the financing
overhang, which in such a volatile equity and uranium market, would likely mean the risk of
financing at lower than current levels.
Rook 1 Project -‐ Western Athabasca Basin -‐ PLS Camp
Following the boulder train. The western side of the Athabasca Basin has heated up on the
back of finding the large 5km x 900m high grade uranium mineralized boulder field and the
subsequent drilling successes resulting in multiple spectacular high grade discoveries at PLS.
Rook 1 project is directly northeast and potentially along strike of the PLS discovery, up-‐ice
of the high grade boulder field. In fact there could be a potential extension of the host
conductor (PL-‐3B) on to Rook 1. NexGen appears to have similar co-‐incident gravity lows and
strong EM conductors that have been associated with the PLS discovery (Figure 6).
Perhaps the best PLS area play. Aside from ground zero of Fission Uranium and Alpha
Minerals (AMW-‐V, Not Rated) we believe NexGen has perhaps the best claims in the PLS
area. Majors such as Cameco (CCO-‐T, Buy, High Risk, C$25.20 Target) are proposing a
significant increase in spending with JV partner Purepoint Uranium (PTU-‐V, Not Rated) and
AREVA. AREVA and JV partner UEX Corp. (UEX-‐T, BUY, C$1.70 target) is increasing its Shea
Creek focus south of the 96 MM lb deposits, along the Saskatoon Lake Corridor towards PLS,
and at two or three other projects to the east. We would note that Azincourt's (AAZ-‐V, Not
Rated) Paterson Lake North (PLN) project also holds an interesting piece of real estate along
a major N-‐S structural corridor; and Forum Uranium (FDC-‐V, Not Rated) has demonstrated
several lake sediment anomalies.
Rook 1 -‐ PLS extension. Not much is known about this particular property yet, but we are
familiar with Fission/Alpha's PLS property. That is, shallow (<100m), flat lying basement
hosted mineralization often with broad radioactive zones and a core of more intense

alteration and mineralization. It's this type of target NexGen hopes to hit when it embarks
on a short drill campaign this summer of maybe 6 holes for 1,500m. We note the property
appears to have the continuation of host conductor PL-‐3B, maybe off-‐set by a fault before
entering the property. NexGen will likely focus its initial exploration efforts here. A ground
gravity survey was recently completed, with data still being processed, and a ground
resistivity survey is planned to refine drill targets for later this summer.
Significant Athabasca Basin land package
NW Athabasca JV showing promise. NexGen and 50/50 JV partner Forum Uranium (FDC-‐V,
Not Rated) jointly own 60% of the NW Athabasca project having earned in over the past few
years. Cameco holds 27.5% and AREVA the remainder. Located on the northwest side of the
Athabasca Basin this is a modestly explored project that shows promise. The Maurice Bay
deposit hosts 1.5 MM lbs but grades a nice 0.6% U3O8. The Maurice Bay Fault Zone A has
returned up to 1.3% over 3m recently. This JV partner's recently intersected basement
hosted mineralization at its Otis West target, hitting up to 0.152% U3O8 over 39.5m
including 0.21% over 24.5m (see our note). The zone can be traced for roughly 50m already,
but holes on two other sections were interpreted to have undershot the mineralization -‐
suggesting potential for further expansion. There appears to be a broad zone of uranium
located within the footwall of the Oits Fault, suggesting a significant mineralization system
may be present. This east-‐west structure remains open to the east, and is essentially
n the JV heading
back until next winter when drilling can be conducted more cost effectively on the frozen
muskeg.
Mega Uranium Canadian project pipeline waiting in the wings. In addition to Radio, Rook 1
and NW Athabasca, NexGen has an extensive land package of projects in just about all
regions of the Athabasca Basin. These came over as a part of Mega Uranium's strategic
alliance with NexGen, where we saw Mega take shares in NXE in exchange for cash and its
existing Athabasca projects (essentially everything but Radio). Projects on the south western
and western side of the basin include: Castle North and South, Gartner Lake, Maybelle River,
R Seven, Bishop 1, Meanwell Lake, Bishop 2, Virgin Trend, Sand Hill Lake, Dufferin Lake and
Rook 2 (Figure 7). On the eastern side of the basin: Fleming Lake, BZ, Carlson Creek, and
Thorburn Lake (Figure 8). We only expect claim maintenance spending at the majority of the
projects while NexGen focuses on its two projects and Forum on the other. There is no hurry
to carry out any exploration elsewhere in the current junior exploration or uranium market.
Strengthening Management and Board Depth
Extensive capital market and uranium expertise. CEO Leigh Curyer has over 18 years of
experience in the resources and corporate sector, most recently as CFO and head of
corporate development at Southern Cross Resources (now Uranium One). Gordon Bogden,
Chairman, has 30 years of experience in the mining industry, specifically on the debt and
equity capital market side acting most recently as Vice Chairman, Metals and Mining at
Standard Chartered Bank. Recent hires James Sykes and Matthew Schwab are ex Hathor
(now Rio Tinto) exploration geologists. Mr. Sykes joins as a Senior Geologist and Mr. Schwab
as an Exploration Geologist. The two played key roles in discovering and defining
mineralization at Roughrider.
Capital structure
NexGen officially began trading on 23-‐Apr-‐13 on the TSX-‐V. As a private company NexGen
was highly successful, raising $15.6 MM over the past twelve months. There are 85.7 MM
shares outstanding and 100.4 MM shares fully diluted (pre-‐Radio cash portion buyout).
NexGen will issue 26.7 MM shares at $0.33, and 4.4 MM 18-‐month warrants at $0.50 to
settle the remaining $2.9 MM cash obligation and 20% ownership right (fully diluted) to the
optionors. Pre-‐deal, about 52% of NXE stock is held by Mega Uranium and Tigers Realm

Minerals (seed capital). Mega obtained interest through a deal that saw $5 MM in cash and
all Mega's Canadian assets transferred to NexGen. About 42% of shares outstanding held in
escrow to be released over three years (by Mega and Tigers Realm), although there is every
indication that it won't be divested by these two strategic partners. Mega owns 25% (again,
pre-‐deal) but is willing to be diluted downward as new investors come into the company.
Numerous pending catalysts:
Q3/13 -‐ Resistivity survey work on Rook 1 and other southwestern Athabasca claims.
We expect to gain more insight into potential targets around the PLS area claims.
Specific attention will be paid to confirming that Fission's PLS EM conductors continue
on to Rook 1. While not necessarily stock moving news, positive geophysical results
increase the chances of drill success.
Q3/13 2013 -‐ Drill results from Radio. We expect to start seeing some assay results
from the planned 12 hole, 4,400m diamond drilling program. There should be good
knowledge carryover as former Hathor-‐Rio Tinto geologists have just joined the team.
Q3/13-‐Q4/13 -‐ Drill results from Rook 1. A short drill campaign of maybe 6 holes for
1,500m is planned. Given the projects proximity to PLS and potential for similar style
mineralization this is likely to be the largest catalyst immediately pending.
Winter 2014 -‐ About $10 MM must be spent by the end of May 2014 on the Radio
project. This will certainly require another round of drilling.
Winter 2014 -‐ We also expect the Forum/NexGen JV at Athabasca NW to complete
another round of drilling in the Maurice Bay area, targeting Otis West (0.152% over
39.5m) and perhaps Otis East amongst other gravity low targets.
Valuation -‐ Still Early Stage
We do not assign value or a target price to NexGen given its early stage nature and lack of
resources. You buy this stock for the capital appreciation potential that comes when sharing
in the potential of a high grade uranium discovery. We present a peer comparison table
(Table 1) and relative stock price performance chart for this new stock (Figure 9) showing
NexGen lags its peer since April 29th, 2013. However, having missed the winter drill season,
the company should report news flow for the market to absorb going forward. As this new
name becomes more recognized, and understood to be a more aggressive, multi-‐project
explorer with a focus on discovering high grades in the Athabasca, we believe the stock
should come into its own.

Figure 1: Radio property location map on the eastern side of the Athabasca Basin. The
project is within a 10km radius of 150 MM lbs of delineated uranium (including
Roughrider, Midwest A, Midwest Lake).

Source: Company Reports

Figure 2: Rook 1 claims adjacent to PLS. The host conductor for PLS (PL-‐3B) may continue
onto NexGen's property -‐ NexGen will confirm this through resistivity surveys this summer.

Figure 3: Air photo of the Midwest-‐Roughrider camp and the proximity of nearby deposits
in relation to Radio. Note: J-‐Zone now measures 13 MM lbs.


Figure 4: Ground resistivity map showing the Midwest trend. The immediate drill target
area on Radio will focus along the western boundary of the property, in contract with Rio
Tinto's Midwest NE project that hosts Roughrider.


Figure 5: Geological and geophysical plan maps showing the future drill targets on Radio.


Figure 6: PLS DC resistivity map and Rook 1 VTEM airborne survey showing potential for
the structural trend that hosts PLS mineralization to continue on to NexGen's Rook 1.


Figure 7: PLS area and Western Athabasca Basin claim map. Note how the majority of
projects straddle the margin of the Athabasca Basin where access to the unconformity or
basement rocks is often easier.


Figure 8: Eastern Athabasca Basin claim map. NexGen claims are denoted in red.

Figure 9: NexGen stock performance since listing relative to its producer, developer and explorer peers. Neighbor Fission
Uranium leads the pack due to its ongoing exploration success at PLS. NexGen has underperformed its peers since listing as
it remains a relatively unknown name and missed the news cycle for winter exploration. We expect that to change through
the summer.
Source: FactSet, Dundee Capital Markets
Apr 29, 2013 May 06, 2013 May 13, 2013 May 20, 2013 May 27, 2013 Jun 03, 2013 Jun 10, 2013 Jun 17, 2013 Jun 24, 2013
50
60
70
80
90
100
110
120
130
140
150
-39.24%
-2.17%
-1.44%
7.70%
15.79%
Source: FactSet Prices
NexGen Energy Ltd. vs. Peers
Indexed Price Performance Price (Indexed to 100)
NexGen Energy Ltd. Producers Developers Explorers Fission Uranium Corp.

Table 1: Explorer peer comparison chart. NexGen is highlighted in orange.
Source: Company Reports, FactSet, Dundee Capital Markets
Explorers: Last Price Shares O/S Mkt. Cap Cash Debt EV Reserves Resources
Total
Compliant EV/lb Rating Risk Target NAV P/NAV
C$ MM C$ MM C$ MM C$ MM C$ MM MM lbs MM lbs MM lbs US$/lb C$ 1 mo 3mo 6mo 1yr
Fission Uranium 0.63 150 91.43 17.00 0.00 74.43 0 0 0 -‐ Buy Speculative n/a -‐7% -‐ -‐ -‐ n/a n/a
Alpha Minerals 3.80 23 85.74 16.00 0.00 69.74 0 0 0 -‐ -‐2% -‐20% 129% 678%
Kivalliq Energy 0.29 189 60.50 5.38 0.00 55.12 0 43 43 1.27 Buy Speculative n/a -‐9% -‐3% -‐19% -‐19% n/a n/a
Mawson Resources 0.50 56 26.88 6.85 0.00 20.03 0 0 0 -‐ Buy Speculative n/a -‐15% -‐53% -‐66% -‐69% n/a n/a
U3O8 Corp 0.14 161 21.69 3.61 0.00 18.08 0 48 48 0.38 Buy Speculative n/a -‐16% -‐33% -‐37% -‐56% n/a n/a
Pele Mountain 0.06 160 9.19 1.12 0.00 8.07 0 49 49 0.16 0% -‐15% 10% -‐21%
Purepoint Uranium 0.06 107 5.87 1.08 0.00 4.79 0 0 0 -‐ -‐19% -‐21% -‐15% -‐35%
Vena Resources 0.08 65 4.57 0.32 0.30 4.55 0 36 36 0.13 -‐38% -‐52% -‐59% -‐81%
Nexgen Energy 0.25 42 10.44 6.00 0.00 4.44 0 0 0 -‐ Buy Venture n/a -‐12% -‐39% -‐39% -‐ n/a n/a
Azincourt Resources 0.23 27 5.74 2.00 0.00 3.74 0 0 0 -‐ -‐22% 156% 77% -‐12%
Forum Uranium 0.28 19 5.70 2.00 0.00 3.70 0 0 0 -‐ Buy Venture NA -‐22% -‐32% -‐25% -‐59% n/a n/a
Uracan Resources 0.05 29 1.29 0.04 0.01 1.26 0 44 44 0.03 -‐18% -‐44% -‐47% -‐74%
Canalaska Uranium 0.10 22 2.38 1.46 0.00 0.92 0 0 0 -‐ -‐13% -‐41% -‐38% -‐68%
Bayswater Uranium 0.06 23 1.02 0.14 0.00 0.87 0 16 16 0.06 -‐15% -‐31% -‐35% -‐56%
Crosshair Energy 0.03 66 1.64 0.86 0.00 0.79 0 21 21 0.04 -‐67% -‐75% -‐77% -‐86%
Blue Sky Uranium 0.05 24 1.18 0.73 0.00 0.45 0 0 0 -‐ -‐6% -‐40% -‐55% -‐73%
Anthem Resources 0.07 35 2.48 6.00 0.00 -‐3.52 0 0 0 -‐ 0% -‐36% -‐46% -‐81%
AVERAGE 15.73 0.29 -‐17% -‐24% -‐22% -‐8% n/a
Performance


Source: Company Reports, FactSet, Dundee Capital Markets

NexGen Energy Ltd. NXE-V C$ 0.25
Rating BUY Target N/A Shares O/S (MM) 85.7
Risk Float (MM) 56.7
Fully Diluted Shares (MM) 100.4
12-Month Return N/A Close 0.25C$ Basic Mkt. Capitalization ($MM) 13.4C$
All figures in C$, unless stated otherwise
MANAGEMENT & COMPANY CONTACTS
Leigh Curyer CEO
James Sykes Senior Geologist
Matthew Schwab Exploration Geologist
Gordon Bogden Chairman
www.nexgenenergy.ca +61 409 679 104
CAPITAL STRUCTURE Strike Basic In-the- Proceeds
(C$) (MM) Money ($MM)
Shares Outstanding 85.7
Options 0.40 5.8 - -
Warrants 0.40-0.60 7.9 - -
Fully Diluted Shares 99.3 - -
OWNERSHIP (est.) Basic %
* As reported by Thomson (MM)
Mega Uranium 21.9 25.5%
Sheldon Inwentash 3.0 3.5%
Leigh Curyer 0.8 0.9%
John Arlen Hansen 0.4 0.5%
Sophia Shane 0.4 0.4%
BALANCE SHEET Mar-13
Year-end December (C$MM)
Assets
Cash and Equivalents 4.1
Other current assets 0.2
Current Assets 4.3
PP&E 16.2
Other Assets 0.0
Total Assets 20.6
Liabilities
Current liabilities 0.2
Long-term debt -
Other 1.5
Shareholders equity 18.8
Total Liabilities and Equity 20.6
PROJECTED BURN RATE (est.) (C$MM)
Fiscal 2012YE cash balance (est.) 6.3
Exploration Expenditures (est.) (3.8)
General and Admin Expense (est.) (2.0)
Warrant/Option Exercise (est.) -
Project Financing (est.) -
Capital Expenditures -
Fiscal 2013YE Cash Balance (est.) 0.5
LAST FINANCING
*The company officially listed on April 23, 2013
*As a private company it raised $15.6 MM
Total Mineral Inventory Uranium
t (MM) % U3O8 MM lbs
Radio - - -
Rook 1 - - -
Venture
Stage: Exploration
Deposit: Unconformity-style uranium
Location: Interpreted to be a continuation of the E-W structural corridor that hosts J Zone,
Roughrider and Roughrider Far East. Located on the eastern side of the
Athabasca Basin. Resources at Roughrider deposits total 58 MM lbs at an
average grade of 4.73% U3O8.
Geology: Given that Radio could be a potential expansion of Roughrider, we can expect
similar style mineralization. Uranium mineralization is often highly variable in
thickness and style. Occurring close to major unconformities between quartz-rich
sandstones and deformed metamorphic basement rocks. High grade
mineralization can be medium to coarse grained rock, semi-massive to massive
pitchblende in a sometimes worm-rock texture, and texturally complex redox-
controlled mineralization. Lower grade mineralization can occur as disseminated
grains of pitchblende, fracture-lining, ore veins of pitchblende. Footprint size is
typically small, potentially several hundred meteres long and only about 100m
wide. Known deposits are often steeply dipping in nature.
Previous The company completed detailed aeromagnetic and VTEM surveys over the
property in May 2011. Structural trends similar to those hosting mineralization at
adjacent Roughrider, Midwest and Dawn Lake were identified. During 2012
NexGen completed detailed ground gravity and resistivity surveys on 200m line
separation oriented N-S over the entire property. At least eight priority targets
have been identified from this work.
Future Plans: The company has planned a 4,400m diamond drill program, for about 12 holes,
focused immediately east of Radio's western boundary, targeting interpreted
structural extensions of Roughrider.
Stage: Exploration
Deposit: Unconformity-style uranium
Location: Adjacent to PLS property, up-ice of the boulder field. NexGen could potentially
have the best claims in the area.
Geology: Same as Radio.
Previous Little work has been done on the property except for some early geophysical
survey work. NexGen does appear to have similar co-incident gravity lows and
strong EM conductors that have been associated with the recent PLS discovery
to the south. In fact NexGen has about 1.5 km of the same mineralized
conductor that hosts PLS three zones going on to its property.
Future Plans: Ground resistivity is planned on the southern section/along strike of PLS. This
will help identify targets for a small 1,500m drill program later in the year.
Other Projects: 100% owned projects Rook 1, R-Seven, Meanwell Lake, Bishop 1, Bishop 2.
An updated geophysical interpretation is currently underway. Planning an area
wide radiometric/magnetic/VLF-EM survey for late spring/early summer.
Radio, Athabasca Basin, Saskatchewan 70% earn-in
MAIN PROPERTIES
Rook 1 (SW package), Athabasca Basin, Saskatchewan 100%

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Sales and Trading representative clients and Dundee Goodman Private Wealth retail private client offices. The policy of
Dundee Capital Markets with respect to Research reports is available on the Internet at www.dundeecapitalmarkets.com.
Dundee Capital Markets has written procedures designed to identify and manage potential conflicts of interest that arise in
connection with its research and other businesses. The compensation of each Research Analyst/Associate involved in the
preparation of this research report is based competitively upon several criteria, including performance assessment criteria
based on quality of research. The Research Analyst compensation pool includes revenues from several sources, including
sales, trading and investment banking. Research analysts do not receive compensation based upon revenues from specific
investment banking transactions. Dundee Capital Markets generally restricts any research analyst and any member of his or
her household from executing trades in the securities of a company that such research analyst covers.
Certain discretionary client portfolios are managed by portfolio managers and/or dealing representatives in its private client
advisory division, Dundee Goodman Private Wealth. The aforementioned portfolio managers and/or dealing representatives
are segregated from Research and they may trade in securities referenced in this research report both as principal and on
behalf of clients (including managed accounts and investment funds). Furthermore, Dundee Capital Markets may have had,
and may in the future have, long or short positions in the securities discussed in this research report and, from time to time,
may have executed or may execute transactions on behalf of the issuer of such securities or its clients.
Should this research report provide web addresses of, or contain hyperlinks to, third party web sites, Dundee has not
reviewed the contents of such links and takes no responsibility whatsoever for the contents of such web sites. Web addresses
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Unless publications are specifically marked as research publications of Dundee Capital Markets, the views expressed therein
(including recommendations) are those of the author and, if applicable, any named issuer or Investment dealer alone and they
have not been approved by nor are they necessarily those of Dundee Capital Markets. Dundee Capital Markets. expressly
disclaims any and all liability for the content of any publication that is not expressly marked as a research publication of
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Forward-‐looking statements are based on current expectations, estimates, forecasts and projections based on beliefs and
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and actual outcomes and results may differ materially from what is expressed, implied or projected in such forward-‐looking
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© Dundee Securities Ltd. Any reproduction or distribution in whole or in part of this research report without permission is
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Informal Comment:
pertain to news flow and do not contain any change in analysts' opinion, estimates, rating or target price. Any rating(s) and target

price(s) in an Informal Comment are from prior formal published research reports. A link is provided in any Informal Comment to all
company specific disclosures and analyst specific disclosures for companies under coverage, and general disclosures and disclaimers.
Mineral Exploration Watchlist: Dundee Capital Markets has not initiated formal continuing coverage of Mineral Exploration
Watchlist companies. The companies will have recommendations and risk ratings as per our regular rating system, see Explanation
of Recommendations and Risk Ratings for details. Risk ratings will be either Speculative or Venture. Speculative Risk rated
companies are those companies that have published National Instrument 43-‐101 or JORC compliant resources or reliable historic
resources and/or economic evaluations (scoping, pre-‐feasibility or feasibility studies) for material project(s) that could reasonably
form the basis of a discounted cash flow analysis. Venture Risk rated companies are those companies that are generally at an earlier
stage of exploration and/or development, where no material resource estimate, historic or compliant, exists. No price targets will
be set for Mineral Exploration Watchlist companies as there are limited financial metrics upon which to base a reasonable valuation.
Valuation methodologies and models will not be provided for Mineral Exploration Watchlist companies. Dundee clients should
consult their investment advisor as to the appropriateness of an investment in the securities mentioned.
Oil & Gas Exploration Watchlist: Dundee Capital Markets has not initiated formal continuing coverage of Oil &
Gas Exploration Watchlist companies. The companies will have recommendations and risk ratings as per our regular rating
system, see Explanation of Recommendations and Risk Ratings for details. Risk ratings will be either Speculative or Venture.
Speculative Risk rated companies are those companies that have published National Instrument 51-‐101 or SPE compliant
resources or reliable historic resources and/or economic evaluations for material project(s) that could reasonably form the
basis of a discounted cash flow analysis. Venture Risk rated companies are those companies that are generally at an earlier
stage of exploration and/or development, where no material resource estimate exists, or there is significant uncertainty with
respect to firm drilling timing and prospects. No price targets will be set for Oil & Gas Exploration Watchlist companies as
there are limited financial metrics, or resource information available, upon which to base a reasonable valuation. Dundee
clients should consult their investment advisor as to the appropriateness of an investment in the securities mentioned.
Presentations do not include disclosures that are specific to analysts and specific to companies under coverage. Please refer to
formal published research reports for company specific disclosures and analyst specific disclosures for companies under coverage.
Please refer to formal published research reports for valuation methodologies used in determining target prices for companies
under coverage.
Ideas of Interest: Dundee Capital Markets from time to time publishes reports on securities for which it does not and may not
choose to provide continuous research coverage. Such reports are published as Ideas of Interest.
IIROC Rule 3400 Disclosures and/or FCA COBS 12.4.10 Disclosures: Disclosures required under Rule 3400 for sector research
reports covering six or more issuers can be found on the Dundee Capital Markets website at www.dundeecapitalmarkets.com in the
Research Section. Other Services means the participation of Dundee in any institutional non-‐brokered private placement exceeding
$5 million. Where Dundee Capital Markets and its affiliates collectively beneficially own 1% or more (or for the purpose of FCA
re
controlled, but not beneficially owned by Dundee Capital Markets.
Explanation of Recommendations and Risk Ratings
Dundee target: represents the price target as required under IIROC Rule 3400. Valuation methodologies used in determining the price
target(s) for the issuer(s) mentioned in this research report are contained in current and/or prior research. Dundee target N/A: a price
target and/or NAV is not available if the analyst deems there are limited financial metrics upon which to base a reasonable valuation.
Recommendations: BUY: Total returns expected to be materially better than the overall market with higher return
expectations needed for more risky securities. NEUTRAL: Total returns expected to be in line with the overall market. SELL:
Total returns expected to be materially lower than the overall market. TENDER: The analyst recommends tendering shares to
a formal tender offer. UNDER REVIEW: The analyst will place the rating and/or target price Under Review when there is a
significant material event with further information pending; and/or when the analyst determines it is necessary to await
adequate information that could potentially lead to a re-‐evaluation of the rating, target price or forecast; and/or when
coverage of a particular security is transferred from one analyst to another to give the new analyst time to reconfirm the
rating, target price or forecast.
Risk Ratings: risk assessment is defined as Medium, High, Speculative or Venture. Medium: securities with reasonable liquidity
and volatility similar to the market. High: securities with poor liquidity or high volatility. Speculative: where the company's
business and/or financial risk is high and is difficult to value. Venture: an early stage company where the business and/or
financial risk is high, and there are limited financial metrics upon which to base a reasonable valuation.

Investors should not deem the risk ratings to be a comprehensive account of all of the risks of a security. Investors are
directed to read Dundee Capital Markets Research reports that contain a discussion of risks which is not meant to be a
comprehensive account of all the risks. Investors are directed to read issuer filings which contain a discussion of risk factors

Medium and High Risk Ratings Methodology: Medium and High risk ratings are derived using a predetermined methodology
based on liquidity and volatility. Analysts will have the discretion to raise but not lower the risk rating if it is deemed a higher
risk rating is warranted. Risk in relation to forecasted price volatility is only one method of assessing the risk of a security and
actual risk ratings could differ.
Securities with poor liquidity or high volatility are considered to be High risk. Liquidity and volatility are measured using the
following methodology: a) Price Test: All securities with a price <= $3.00 per share are considered high risk for the purpose of
this test. b) Liquidity Test: This is a two-‐tiered calculation that looks at the market capitalization and trading volumes of a
company. Smaller capitalization stocks (<$300MM) are assumed to have less liquidity, and are, therefore, more subject to
price volatility. In order to avoid discriminating against smaller cap equities that have higher trading volumes, the risk rating
will consider 12 month average trading volumes and if a company has traded >70% of its total shares outstanding it will be
d beta are
compared against the diversified equity benchmark. Canadian equities are compared against the TSX while U.S. equities are
compared against the S&P 500. Generally, if the volatility of a stock is 20% greater than its benchmark and the beta of the
stock is higher than its sector beta, then the security will be considered a high risk security. Otherwise, the security will be
deemed to be a medium risk security. Periodically, the equity risk ratings will be compared to downside risk metrics such as
Value at Risk and Semi-‐Variance and appropriate adjustments may be made. All models used for assessing risk incorporate
some element of subjectivity.
SECURITY ABBREVIATIONS: NVS (non-‐voting shares); RVS (restricted voting shares); RS (restricted shares); SVS (subordinate
voting shares).

Dundee Capital Markets Equity Research Ratings
As at March 31, 2013

Source: Dundee Capital Markets
86%
13%
1%
31%
22%
0%
0%
11%
22%
33%
44%
55%
66%
77%
88%
99%
Buy Neutral Sell
% of companies covered by Dundee Capital Markets
in each rating category
% of companies within each rating category for which
Dundee Capital Markets has provided investment
banking services for a fee in the past 12 months.

Dundee Capital Markets Initiating Coverage: NexGen Energy Ltd. (July 2013)

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