NGEx Minerals (NGEX) Q1 2025 earnings summary

Executive summary

• Focused on copper-gold exploration in Argentina and Chile, with flagship Lunahuasi and Los Helados projects.

• Completed Phase 3 drilling at Lunahuasi, expanding the program to 25,000m and confirming significant high-grade mineralization.

• Net loss of $35.1 million for Q1 2025, driven by increased exploration activity at Lunahuasi.

• Maintains strong liquidity with $124.2 million in cash and $45.6 million in short-term investments as of March 31, 2025.

Financial highlights

• Exploration costs rose to $36.4 million in Q1 2025 from $22.5 million in Q1 2024 due to expanded drilling.

• Operating loss increased to $40.2 million (Q1 2024: $24.4 million); net loss per share was $0.17 (Q1 2024: $0.11).

• Interest income grew to $1.5 million, reflecting higher cash balances from late 2024 financing.

• Realized a $3.7 million gain from use of marketable securities for intragroup funding.

• Net working capital at quarter-end was $157.7 million, down from $188.9 million at year-end 2024.

Outlook and guidance

• Remaining Phase 3 assay results from Lunahuasi to be released in Q2 2025; geological model refinement underway.

• Planning for Phase 4 Lunahuasi drilling to begin, with a targeted start in October 2025.