BMO Capital analyst Rene Cartier maintained a Buy rating on NGEx Minerals yesterday and set a price target of C$35.00.
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Rene Cartier has given his Buy rating due to a combination of factors centered on NGEx Minerals’ continued exploration success at Lunahuasi and the quality of recent drill results. The latest Phase 4 drill holes have delivered very high copper-equivalent grades over substantial intervals, consistently extending the known mineralized zones and strengthening the project’s gold potential. Drilling is progressing faster than planned, with numerous completed and ongoing holes that are expected to generate a steady stream of updates, while upcoming large step-out holes could further expand the mineralized footprint.
Cartier also highlights that the upside at Lunahuasi is supported by the already sizable resource base at the nearby Los Helados project, creating a combined asset package of meaningful scale. The close proximity of the two projects enhances the potential for operating synergies, joint development concepts, or interest from a strategic partner or acquirer. Reflecting these positive developments and improved confidence in the asset base, he has increased his target price to C$35.00 from C$31.00, reinforcing the Buy recommendation on NGEx Minerals (NGXXF).
Based on the recent corporate insider activity of 10 insiders, corporate insider sentiment is neutral on the stock.