Fund managers are always on the hunt for ASX share opportunities, and the team at Wilson Asset Management has picked out two S&P/ASX 300 Index (ASX: XKO) shares that look like opportunities at the current valuation.
These picks are companies currently in the portfolio of the listed investment company (LIC) WAM Leaders Ltd (ASX: WLE), which aims to actively invest in the highest-quality ASX shares. These picks are usually larger businesses.
One of the ASX 300 shares is a large steel producer, while the other is a uranium business.
BlueScope Steel Ltd (ASX: BSL)
WAM describes BlueScope as a global supplier and manufacturer of steel products for the building and construction industries.
In January, the business announced it had received a non-binding indicative takeover proposal of $30 per share from a consortium that included SGH Ltd (ASX: SGH) and Steel Dynamics (NASDAQ: STLD). This helped the BlueScope share price rise around 25% during January 2026.
The BlueScope Steel board decided to reject the proposal, saying that it materially undervalued the company, particularly when taking into account the company's $2.8 billion property portfolio.
After that, the board decided to declare a $1 per share unfranked special dividend. The new CEO, Tania Archibald, pointed out additional cost-reduction opportunities totalling an additional $150 million for the ASX 300 share.
The fund manager noted that BlueScope Steel has been a core holding in the WAM Leaders investment portfolio, and it continues to see "upside not yet reflected in the current share price, underpinned by strong US spreads and an improving outlook for the demand amongst the North American market."
Nexgen Energy (Canada) CDI (ASX: NXG)
The fund manager describes Nexgen Energy as a Canadian uranium explorer and developer, with its key asset being the Rook I project in the southwestern Athabasca Basin.
Uranium prices rose 25% in January 2026, supported by an ongoing supply-and-demand imbalance and increased focus on data centres and the materials required to outfit and expand construction.
In January, the business announced a further expansion of the Patterson Corridor East uranium deposit, located 3.5km from the Rook I project, which may provide an extension of high-grade uranium ore and meaningfully extend the mine life at Rook I.
WAM said:
We remain positive towards NexGen Energy given the favourable near-term uranium market outlook and a pipeline of catalysts, including the receipt of final federal permits for Rook I, which would enable construction activities ahead of targeted commercial production in 2030.
All of that bodes well for the ASX 300 share, it seems.
