NGEx Minerals (NGEX) Q2 2024 earnings summary

Executive summary

• 2023-2024 Lunahuasi drill program completed 12,952 metres in 15 holes, expanding high-grade mineralization and confirming significant scale potential.

• High-grade copper-gold-silver intersections among the best in the Vicuña District, with mineralization open in all directions.

• Cash and short-term investments totaled $50.9 million as of June 30, 2024, supporting future exploration.

Financial highlights

• Net loss of $7.6 million for Q2 2024, down from $9.7 million in Q2 2023, mainly due to lower exploration costs.

• Exploration and project investigation costs were $7.8 million in Q2 2024, compared to $10.9 million in Q2 2023.

• Cash position at June 30, 2024 was $45.7 million, with net working capital of $45.6 million.

• Proceeds from redemption of short-term investments and stock option exercises partially offset operational outflows.

Outlook and guidance

• Follow-up step-out and infill drilling at Lunahuasi is planned to begin early in Q4 2024.

• Continued focus on expanding and defining the high-grade copper-gold-silver system at Lunahuasi.