Nexus Uranium Builds a Three-Pronged Strategy as Chord Stalls and Shares Slide

The stock has taken a pummelling — down more than 62% since the start of the year and now trading at just €0.46, a good 75% below its January 2026 peak of €1.83. The reason is clear: the company’s flagship Chord project in South Dakota remains locked in regulatory limbo. But Nexus Uranium is not sitting still. While the permit process drags on, the explorer is quietly advancing two other US uranium plays in Wyoming and Arizona.

The immediate trigger for the impasse was a hearing before the South Dakota Board of Minerals and Environment that ran from 18 to 22 May 2026. It ended without a decision and no new hearing date has been set. Adding to the uncertainty, a federal court case is now under way in which a temporary restraining order has been sought, tied to questions over interpreter services for Lakota speakers and a possible suspension of the hearing process. Nexus insists the legal action is not aimed at blocking the permit itself, and that the technical quality of the Chord project is not under challenge.

Should the green light eventually come, the drill programme is ready to go — fully funded with up to 38 reverse-circulation holes planned, each reaching a maximum depth of 700 feet. A start was pencilled in for the summer of 2026.

Should investors sell immediately? Or is it worth buying Nexus Uranium?

In the meantime, Nexus has flipped the focus to Wyoming. The Bureau of Land Management has already approved the exploration plan for the South Pass project, a 3,040-acre land package in Fremont and Sublette counties. One administrative step remains: posting the reclamation bond required by the state. The project is seen as a candidate for in-situ recovery (ISR), a lower-cost extraction method that dissolves uranium underground without conventional mining. No defined mineral resource has been announced yet.

Further south, the Arizona Strip project entered the portfolio in March 2026. Nexus now holds 100% of 38 BLM mining claims in Mohave County, an area studded with historical breccia-pipe deposits that have yielded some of the highest-grade uranium in the US. The company has identified seven collapse-breccia-pipe targets and is currently reviewing historical exploration data before moving into planning and permitting.

Taken together, the three projects — plus additional ground in Saskatchewan’s Athabasca Basin — give Nexus a diversified North American footprint, with many of its US assets suited to ISR techniques. That method is gaining investor attention as demand for uranium is expected to rise from nuclear power expansion and the energy needs of AI data centres.

For the stock, however, the near-term trajectory hinges on clarity in South Dakota. With annualised 30-day volatility approaching 90%, the shares remain a high-risk bet on an exploration story that has yet to deliver a drilling permit. The next milestones to watch: a new hearing date from the South Dakota Board, the posting of the Wyoming reclamation bond, and the first field work in Arizona.

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