NGEx Minerals (TSE:NGEX)
TSX:NGEX
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NGEx Minerals
(TSX:NGEX)
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Rating:47Neutral
Price Target:
C$29.00
▼(-1.96% Downside)
Action:Reiterated
Date:05/10/26
The score is primarily held down by the lack of revenue, growing losses, and sustained cash burn, implying ongoing dependence on external funding. This is partially offset by a strong balance sheet with very low debt, while technicals are neutral and valuation is constrained by negative earnings and no dividend signal.
Positive Factors
Low leverage
Very low leverage materially limits near-term solvency risk for an exploration company that consumes cash. Minimal debt service preserves flexibility to run multi-quarter drill programs or negotiate deals without immediate refinancing pressure, supporting continued project advancement.
Negative Factors
No operating revenue
Absence of operating revenue means NGEx cannot self-fund exploration and must rely on capital markets. Persistent cash burn without revenue inflows increases the risk that equity is eroded before projects mature, making long-term program continuity contingent on external financing.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage
Very low leverage materially limits near-term solvency risk for an exploration company that consumes cash. Minimal debt service preserves flexibility to run multi-quarter drill programs or negotiate deals without immediate refinancing pressure, supporting continued project advancement.
Read all positive factors
NGEx Minerals (NGEX) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$6.25B
Dividend YieldN/A
Average Volume (3M)398.71K
Price to Earnings (P/E)―
Beta (1Y)1.67
Revenue GrowthN/A
EPS Growth-59.48%
CountryCA
Employees46
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)-0.62
Shares Outstanding216,857,770
10 Day Avg. Volume501,636
30 Day Avg. Volume398,706
Financial Highlights & Ratios
PEG Ratio-0.50
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$37.75Price Target Upside27.62% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.56
Revenue Forecast (FY)N/A
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 o...
How the Company Makes Money
NGEx Minerals does not typically generate revenue from selling products or operating mines; its business model is to create value by acquiring, exploring, and advancing mineral properties—primarily copper-gold targets—until they can be monetized. ...
NGEx Minerals Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
74
Positive
Cash Flow
22
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 | -134.74M | -129.48M | -77.00M | -48.97M | -34.29M | -7.58M |
| Net Income | -132.34M | -123.34M | -63.60M | -37.72M | -32.42M | -5.46M |
Balance Sheet | ||||||
| Total Assets | 666.47M | 456.61M | 208.56M | 81.29M | 32.31M | 25.73M |
| Cash, Cash Equivalents and Short-Term Investments | 654.95M | 447.75M | 198.55M | 74.73M | 23.25M | 21.00M |
| Total Debt | 3.56M | 3.67M | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 30.38M | 16.97M | 13.53M | 7.82M | 8.30M | 2.35M |
| Stockholders Equity | 636.09M | 439.64M | 195.03M | 73.47M | 24.01M | 23.38M |
Cash Flow | ||||||
| Free Cash Flow | -94.12M | -93.49M | -48.66M | -27.41M | -27.28M | -4.15M |
| Operating Cash Flow | -94.12M | -93.49M | -46.17M | -27.09M | -27.16M | -4.03M |
| Investing Cash Flow | -95.25M | -35.31M | -32.29M | -15.32M | -126.22K | -125.76K |
| Financing Cash Flow | 174.90M | 173.14M | 173.63M | 84.71M | 29.83M | 24.36M |
NGEx Minerals Technical Analysis
Positive
29.58
Price Trends
26.41
Positive
27.44
Positive
25.56
Positive
Market Momentum
0.12
Negative
59.02
Neutral
73.58
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 29.58 is above the 20-day moving average (MA) of 26.54, above the 50-day MA of 26.41, and above the 200-day MA of 25.56, indicating a bullish trend. The MACD of 0.12 indicates Negative momentum. The RSI at 59.02 is Neutral, neither overbought nor oversold. The STOCH value of 73.58 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$517.24M | -126.09 | -5.64% | ― | ― | -15.95% | |
53 Neutral | C$1.81B | -44.76 | -98.76% | ― | ― | 40.74% | |
53 Neutral | C$379.52M | -54.85 | -6.98% | ― | ― | -184.44% | |
50 Neutral | C$929.59M | -169.90 | -2.34% | ― | ― | 20.78% | |
47 Neutral | C$6.25B | -48.08 | -39.16% | ― | ― | -59.48% | |
44 Neutral | C$1.01B | -50.87 | -47.15% | ― | ― | -65.04% |
* Basic Materials Sector Average
TSE:NGEX
NGEx Minerals
29.36
14.44
96.80%
TSE:NDM
Northern Dynasty Minerals
3.17
1.60
101.91%
TSE:WRN
Western Copper
4.04
2.44
152.50%
TSE:NCX
NorthIsle Copper and Gold
3.09
2.16
232.26%
TSE:PML
Panoro Minerals
1.38
0.90
187.50%
TSE:REG
Regulus Resources
4.39
2.24
104.19%
NGEx Minerals Corporate Events
Business Operations and Strategy
NGEx boosts Lunahuasi drill campaign after major high‑grade hits
Positive
Mar 23, 2026
NGEx Minerals reported strong new drill results from its Phase 4 program at the 100% owned Lunahuasi copper‑gold‑silver project in San Juan, Argentina, highlighted by hole DPDH059, which cut 335.15m at 4.08% CuEq including 19.50m at 18...
Business Operations and StrategyPrivate Placements and Financing
NGEx Minerals Deepens Lunahuasi Discoveries and Spins Out Royalty Arm
Positive
Mar 19, 2026
NGEx Minerals has advanced its flagship Lunahuasi project in Argentina with an eight-rig Phase 4 drill program that is nearly 88% complete, confirming the high grades, scale and continuity of copper, gold and silver mineralization, including new d...
Business Operations and StrategyM&A Transactions
NGEx Taps Lundin Mining as New Partner at Los Helados Copper-Gold Project
Positive
Mar 11, 2026
NGEx Minerals has welcomed Lundin Mining as its new minority partner at the Los Helados copper-gold project in Chile, following Lundin Mining’s agreement to acquire JX Advanced Metals’ 30.9% interest in the joint exploration agreement....
Business Operations and StrategyRegulatory Filings and Compliance
NGEx Wins Key Environmental Approval for Underground Work at Lunahuasi Project
Positive
Mar 9, 2026
NGEx Minerals has secured environmental approval from the San Juan provincial mining authority to develop an exploration adit at its 100%-owned Lunahuasi project in Argentina, described by the company as the highest-grade copper-gold-silver deposi...
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.