Analyst Rene Cartier of BMO Capital maintained a Buy rating on NGEx Minerals, boosting the price target to C$31.00.
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Rene Cartier has given his Buy rating due to a combination of factors including the strong financial backing and strategic moves by NGEx Minerals. The company has announced a significant private placement, which was increased due to high demand, indicating strong investor confidence. This move ensures that NGEx is well-capitalized to advance its exploration activities, particularly at the Lunahuasi project.
Furthermore, the support from the Lundin family and the potential eligibility of shares for the LunR Royalties spin-out add to the positive outlook. The ongoing exploration success at Lunahuasi, backed by the established resource at Los Helados, positions NGEx favorably for potential strategic partnerships or mergers and acquisitions, enhancing its growth prospects.
In another report released on September 29, Desjardins also maintained a Buy rating on the stock with a C$27.00 price target.
Based on the recent corporate insider activity of 20 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of NGXXF in relation to earlier this year.