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NGEx Minerals
(TSX:NGEX)
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Rating:52Neutral
Price Target:
C$29.00
▲(9.48% Upside)
Action:Reiterated
Date:08/09/26
The score is held down primarily by weak financial performance (no revenue, sizable losses, and accelerating cash burn that may require additional financing). Technical indicators are a clear positive, with price trading above key moving averages and positive momentum signals. Valuation remains constrained by negative earnings (negative P/E) and no provided dividend yield.
Positive Factors
Low financial leverage
Minimal debt provides durable financial flexibility for an exploration company. Low leverage reduces refinancing risk, preserves optionality to fund programs via equity or JV structures, and protects the company from interest shocks that could otherwise constrain multi-year exploration plans.
Negative Factors
Pre-revenue business model
NGEx is a pre-revenue explorer, which means valuation and long-term viability depend entirely on exploration success or transactional exits rather than operating cash flow. This structural reliance on discovery increases timing uncertainty and the probability of repeated external financings over multiple years.
Read all positive and negative factors
Positive Factors
Negative Factors
Low financial leverage
Minimal debt provides durable financial flexibility for an exploration company. Low leverage reduces refinancing risk, preserves optionality to fund programs via equity or JV structures, and protects the company from interest shocks that could otherwise constrain multi-year exploration plans.
Read all positive factors
NGEx Minerals (NGEX) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$5.96B
Dividend YieldN/A
Average Volume (3M)398.71K
Price to Earnings (P/E)―
Beta (1Y)1.90
Revenue GrowthN/A
EPS Growth-34.95%
CountryCA
Employees54
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)-0.61
Shares Outstanding216,858,780
10 Day Avg. Volume501,636
30 Day Avg. Volume398,706
Financial Highlights & Ratios
PEG Ratio-0.49
Price to Book (P/B)11.84
Price to Sales (P/S)0.00
P/FCF Ratio-55.66
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$37.00Price Target Upside39.68% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.57
Revenue Forecast (FY)N/A
NGEx Minerals Business Overview & Revenue Model
Company Description
NGEx Minerals Ltd. is an enterprise dedicated to the acquisition, exploration, and advancement of mineral assets across South America. A prominent holding is the Los Helados project, a substantial porphyry deposit yielding copper, gold, and silver...
How the Company Makes Money
NGEx Minerals does not have a publicly disclosed operating revenue model based on the sale of mineral products because it is primarily an exploration-stage company and, to the extent publicly available information indicates, it does not operate pr...
NGEx Minerals Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
72
Positive
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -36.44K | -70.67K | 0.00 | 0.00 | 0.00 | 0.00 |
| EBITDA | -130.67M | -123.19M | -77.00M | -48.97M | -34.29M | -7.58M |
| Net Income | -130.93M | -123.34M | -63.60M | -37.72M | -32.42M | -5.46M |
Balance Sheet | ||||||
| Total Assets | 477.75M | 456.61M | 208.56M | 81.29M | 32.31M | 25.73M |
| Cash, Cash Equivalents and Short-Term Investments | 467.38M | 447.75M | 198.55M | 74.73M | 23.25M | 21.00M |
| Total Debt | 3.45M | 3.67M | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 44.38M | 16.97M | 13.53M | 7.82M | 8.30M | 2.35M |
| Stockholders Equity | 433.37M | 439.64M | 195.03M | 73.47M | 24.01M | 23.38M |
Cash Flow | ||||||
| Free Cash Flow | -104.84M | -93.49M | -48.66M | -27.41M | -27.28M | -4.15M |
| Operating Cash Flow | -104.84M | -93.49M | -46.17M | -27.09M | -27.16M | -4.03M |
| Investing Cash Flow | -83.56M | -35.31M | -32.29M | -15.32M | -126.22K | -125.76K |
| Financing Cash Flow | 174.36M | 173.14M | 173.63M | 84.71M | 29.83M | 24.36M |
NGEx Minerals Technical Analysis
Positive
26.49
Price Trends
25.86
Positive
26.36
Positive
26.36
Positive
Market Momentum
0.62
Negative
55.51
Neutral
56.90
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:NGEX, the sentiment is Positive. The current price of 26.49 is below the 20-day moving average (MA) of 26.58, above the 50-day MA of 25.86, and above the 200-day MA of 26.36, indicating a bullish trend. The MACD of 0.62 indicates Negative momentum. The RSI at 55.51 is Neutral, neither overbought nor oversold. The STOCH value of 56.90 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:NGEX.
NGEx Minerals Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
54 Neutral | C$531.52M | -69.23 | -13.87% | ― | ― | -184.44% | |
54 Neutral | C$577.51M | -115.00 | -6.60% | ― | ― | -15.95% | |
52 Neutral | C$5.96B | -45.07 | -31.93% | ― | ― | -34.95% | |
50 Neutral | C$1.28B | -60.06 | -30.68% | ― | ― | -65.04% | |
45 Neutral | C$755.43M | -116.78 | -2.57% | ― | ― | -60.67% | |
41 Neutral | C$1.27B | -17.65 | -203.28% | ― | ― | 18.14% |
* Basic Materials Sector Average
TSE:NGEX
NGEx Minerals
27.49
6.94
33.78%
TSE:NDM
Northern Dynasty Minerals
2.26
1.02
82.26%
TSE:WRN
Western Copper
3.34
1.55
86.59%
TSE:NCX
NorthIsle Copper and Gold
3.85
2.70
234.78%
TSE:PML
Panoro Minerals
1.72
1.23
251.02%
TSE:REG
Regulus Resources
4.60
2.20
91.67%
NGEx Minerals Corporate Events
Business Operations and StrategyFinancial Disclosures
NGEx Minerals’ Phase 4 drilling boosts scale and grades at Lunahuasi
Positive
Aug 7, 2026
NGEx Minerals reported its Q2 2026 results alongside the successful completion of a 27,318‑metre Phase 4 drill program at the Lunahuasi copper‑gold‑silver deposit. The campaign delivered multiple long, high‑grade intersecti...
Business Operations and StrategyM&A Transactions
NGEx Minerals to Spin Out Valle Ancho into New Lundin-Backed Explorer
Positive
Aug 6, 2026
NGEx Minerals plans to spin out its Valle Ancho Project into a new South America-focused exploration company, Spinco, via a statutory plan of arrangement. Valle Ancho is a 109,000-hectare underexplored copper-gold land package straddling ChileR...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.