Ngex Minerals Ltd. ( (NGXXF) ) has released its Q4 earnings. Here is a breakdown of the information Ngex Minerals Ltd. presented to its investors.
NGEx Minerals Ltd. is a Canadian exploration company focused on copper, gold, and silver projects, primarily operating in the Vicuña District of Argentina and Chile.
NGEx Minerals Ltd. has reported its financial results for the year ending December 31, 2024, showcasing significant progress in its exploration activities at the Lunahuasi project. The company has been actively drilling in the region, revealing promising high-grade mineral deposits.
The company’s Phase 3 drilling at the Lunahuasi project has been particularly successful, with high-grade copper, gold, and silver intercepts expanding the mineralized volume significantly. The project has grown to encompass over 1km in all directions, with the mineralization remaining open for further exploration. This expansion was supported by a substantial $176.9 million financing, allowing the company to increase its drilling capacity and extend its exploration program.
Financially, NGEx Minerals reported a net loss of $63.6 million for 2024, primarily due to increased exploration and project investigation costs. However, the company’s liquidity position strengthened significantly, with cash and short-term investments rising to $198.6 million, largely due to the successful financing round.
Looking ahead, NGEx Minerals remains optimistic about the potential of the Lunahuasi project. The company plans to continue its exploration efforts, focusing on expanding the known mineralized zones and testing new areas. The management is confident in the project’s prospects and anticipates releasing an initial Exploration Target in the latter half of 2025.