NGEx Minerals (NGEX) AI Stock Analysis

• Market Cap: $6.24B
• Dividend Yield: N/A
• Average Volume (3M): 398.71K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.31
• Revenue Growth: N/A
• EPS Growth: -122.31%
• Country: CA
• Employees: 46
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): -0.14
• Shares Outstanding: 216,428,120
• 10 Day Avg. Volume: 501,636
• 30 Day Avg. Volume: 398,706
• PEG Ratio: -0.71
• Price to Book (P/B): 0.01
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -0.05
• Enterprise Value/Market Cap: 0.93
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -169.65K
• Enterprise Value/Ebitda: -52.21
• 1Y Price Target: $32.59
• Price Target Upside: 19.39% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 53 Neutral
• Price Target: C$31.00 ▲(13.55% Upside)

The score is held back primarily by weak financial performance (no revenue, widening losses, and heavy cash burn), despite low leverage. Offsetting factors include supportive technical positioning and a favorable run of corporate updates (funding secured, positive exploration results, and the LunR Royalties spinout/listing). Valuation remains difficult to support using earnings metrics due to ongoing losses.

Positive Factors

Low Leverage / Strong Solvency

Very low debt (debt-to-equity ~0.01) meaning solvency risk is limited. For an exploration company this structural conservatism preserves flexibility to pursue drilling and permitting without facing immediate creditor pressure, improving optionality across cycles.

Material Financing Secured

An oversubscribed C$175M financing materially extends the company’s operational runway and funds exploration programs. Structurally, secured capital reduces near-term refinancing risk, enables sustained drilling campaigns, and supports progress toward resource definition or strategic transactions.

Advancing Asset Base & Royalty Spinout

Positive drill results and a LunR Royalties spinout advance asset de-risking and create alternative value paths. Successful resource expansion increases long-term project optionality, while a royalty vehicle can monetize upside, diversify cashflow prospects and sharpen management focus on core exploration.

Negative Factors

High Cash Burn

Sustained, rising cash burn is a structural weakness for a pre-revenue explorer: negative operating and free cash flow near -80M TTM forces repeated external financing, increases dilution risk, and limits ability to self-fund longer-term resource development without partnership or asset sales.

Widening Net Losses

A dramatic increase in reported losses signals much higher capital intensity and operating spend. Persistently widening losses reduce retained capital, depress returns metrics, and heighten reliance on capital markets or strategic partners to sustain multi-year exploration and development programs.

Weak Returns / Reliance on External Funding

Negative ROE and volatile equity imply poor capital efficiency and repeated equity injections. Structurally, this reduces shareholder returns potential and signals ongoing dilution risk as the company needs fresh capital to advance projects rather than generating internal funding.

NGEx Minerals Business Overview & Revenue Model

Company Description

NGEx Minerals Ltd. engages in the acquisition, exploration, and development of mineral properties in South America. The company holds interest in the Los Helados project, a porphyry copper, gold, and silver deposit located in the Andes Mountains of the Atacama Region, Chile. It holds interest in the Valle Ancho and Interceptor properties located in Catamarca, Argentina; and the Potro Cliffs project located in San Juan Province, Argentina. NGEx Minerals Ltd. was incorporated in 2019 and is headquartered in Vancouver, Canada.

How the Company Makes Money

NGEx Minerals makes money primarily through the exploration and development of mineral resources, specifically copper and gold. The company's revenue model involves the discovery of mineral deposits, which are then developed into viable mining projects. NGEx Minerals may generate income by selling or partnering on these projects with larger mining companies, or by advancing the projects to a stage where they can be sold or leased to generate revenues. Key revenue streams include the sale of mineral rights, joint ventures, and strategic partnerships with other mining companies. The company's earnings are heavily influenced by the global demand and pricing for copper and gold, as well as the successful advancement and commercialization of its exploration projects.

NGEx Minerals Financial Statement Overview

Summary

Financials reflect an early-stage, pre-revenue miner with sharply higher TTM net losses and accelerating cash burn, implying ongoing reliance on external financing. The main offset is very low leverage (minimal debt), which supports solvency but does not mitigate the lack of operating cash generation.

Income Statement

The company remains pre-revenue (zero revenue across annual periods and TTM (Trailing-Twelve-Months)), so profitability is entirely driven by spending levels rather than operating scale. Losses have widened materially in TTM (Trailing-Twelve-Months) (net loss of about 111.6M) versus 2024 (net loss of about 0.1M), indicating a sharp increase in costs/investment intensity. A modest positive EBIT in 2024 appears non-recurring given the consistently negative results before and after.

Balance Sheet

Leverage is very low, with minimal debt in TTM (Trailing-Twelve-Months) (debt-to-equity around 0.01), which reduces solvency risk. However, returns are weak/negative (TTM (Trailing-Twelve-Months) return on equity roughly -0.70), reflecting heavy losses relative to the equity base. Equity has also fluctuated significantly over time, pointing to reliance on external funding and/or valuation swings typical of early-stage resource companies.

Cash Flow

Cash burn is substantial and rising: operating cash flow was about -81.8M in TTM (Trailing-Twelve-Months) versus about -46.2M in 2024, indicating accelerating spending. Free cash flow is also deeply negative (about -81.4M TTM (Trailing-Twelve-Months)), and cash generation does not cover the company’s needs, implying ongoing dependence on financing to sustain operations. While free cash flow tracks net loss closely, it is still a large absolute outflow.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-34.31K	0.00	0.00	0.00	0.00	0.00
EBITDA	-111.47M	-77.00K	-37.63M	-32.35M	-5.45M	-5.86M
Net Income	-111.62M	-63.60K	-37.72M	-32.42M	-5.46M	-5.89M
Balance Sheet
Total Assets	142.95M	208.56M	81.29M	32.31M	25.73M	5.38M
Cash, Cash Equivalents and Short-Term Investments	132.19M	198.55M	74.73M	23.25M	21.00M	898.82K
Total Debt	923.83K	0.00	0.00	0.00	0.00	0.00
Total Liabilities	11.62M	13.53M	7.82M	8.30M	2.35M	936.49K
Stockholders Equity	131.33M	195.03M	73.47M	24.01M	23.38M	4.44M
Cash Flow
Free Cash Flow	-81.36M	-48.66M	-27.41M	-27.28M	-4.15M	-4.42M
Operating Cash Flow	-81.77M	-46.17M	-27.09M	-27.16M	-4.03M	-4.29M
Investing Cash Flow	-45.00M	-32.29M	-15.32M	-126.22K	-125.76K	-133.56K
Financing Cash Flow	172.53M	173.63M	84.71M	29.83M	24.36M	-5.96K

NGEx Minerals Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 27.30
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:NGEX, the sentiment is Neutral. The current price of 27.3 is below the 20-day moving average (MA) of 28.39, above the 50-day MA of 26.59, and above the 200-day MA of 21.02, indicating a neutral trend. The MACD of 0.63 indicates Positive momentum. The RSI at 47.85 is Neutral, neither overbought nor oversold. The STOCH value of 43.23 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:NGEX.

NGEx Minerals Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
REG	59 Neutral	C$631.49M	-162.99	-6.29%	―	―	-67.96%
NGEX	53 Neutral	$6.24B	-50.45	-122.57%	―	―	-122.31%
WRN	52 Neutral	$903.19M	-217.02	-1.92%	―	―	41.98%
NCX	51 Neutral	C$887.09M	-85.71	-31.51%	―	―	11.83%
PML	50 Neutral	C$136.44M	-56.02	-4.35%	―	―	-45.61%
NDM	49 Neutral	$1.56B	-16.35	-92.64%	―	―	-381.19%

NGEx Minerals Corporate Events

NGEx Minerals Hits High-Grade Copper-Gold-Silver Intercepts at Lunahuasi as Phase 4 Drilling Accelerates

NGEx Minerals reported strong new drill results from the ongoing Phase 4 drill program at its 100%-owned Lunahuasi project in Argentina, highlighted by a 94-metre intercept grading 8.99% copper equivalent, including 21.7 metres at 31.92% copper equivalent with very high gold grades in the Mars Zone, and a 327.4-metre interval at 3.74% copper equivalent in the Saturn Zone. With more than 12,000 metres drilled so far this season, eight rigs active, and 12 holes completed, the results continue to validate and extend the Mars, Jupiter and Saturn zones while underscoring Lunahuasi’s significant gold endowment across the deposit, positioning the project for a major resource expansion and supporting NGEx’s strategy to grow its high-grade copper-gold-silver footprint in the region.

The most recent analyst rating on (TSE:NGEX) stock is a Hold with a C$25.00 price target. To see the full list of analyst forecasts on NGEx Minerals stock, see the TSE:NGEX Stock Forecast page.

NGEx Minerals’ Spinout LunR Royalties Wins TSXV Listing Approval

NGEx Minerals has announced that its royalty spinout, LunR Royalties Corp., has received final approval to list its common shares on the TSX Venture Exchange, with trading set to begin on December 19, 2025 under the symbol “LUNR.” The listing marks a key milestone in the October 2025 spinout transaction, after which NGEx retained 13,370,107 LunR Royalties shares, giving NGEx shareholders continued indirect exposure to LunR’s emerging royalty and streaming business while allowing NGEx to maintain strategic financial interest outside its core South American exploration assets.

The most recent analyst rating on (TSE:NGEX) stock is a Buy with a C$29.00 price target. To see the full list of analyst forecasts on NGEx Minerals stock, see the TSE:NGEX Stock Forecast page.

NGEx Minerals Expands High-Grade Copper-Gold-Silver Resources at Lunahuasi Project

NGEx Minerals Ltd. has announced notable drill results from the 100%-owned Lunahuasi copper-gold-silver project in Argentina, showcasing high copper-equivalent grades that expand the Saturn Zone and affirm its high-grade mineral continuity. The Phase 4 program is progressing ahead of schedule, with over 10,000 meters drilled, and is positioned to enhance the company’s resource base while potentially strengthening its market positioning in the competitive mining industry.

The most recent analyst rating on (TSE:NGEX) stock is a Buy with a C$29.00 price target. To see the full list of analyst forecasts on NGEx Minerals stock, see the TSE:NGEX Stock Forecast page.

NGEx Minerals Strengthens Financial Position and Advances Lunahuasi Exploration

NGEx Minerals Ltd. has reported its Q3 2025 results, highlighting the launch of its Phase 4 drill program at the Lunahuasi project in Argentina, following a successful Phase 3 campaign. The company has also completed a C$175 million oversubscribed private placement, which strengthens its financial position and supports further exploration activities. Additionally, NGEx Minerals has spun out an 80.1% ownership interest in LunR Royalties Corp. to its shareholders, which holds royalties on the company’s projects in Chile and Argentina. These developments position NGEx Minerals to expand its exploration efforts and potentially enhance its value creation through successful mineral discoveries.

The most recent analyst rating on (TSE:NGEX) stock is a Hold with a C$26.00 price target. To see the full list of analyst forecasts on NGEx Minerals stock, see the TSE:NGEX Stock Forecast page.