NGEx Minerals (NGEX) Q3 2025 earnings summary

Executive summary

• Launched Phase 4 drill program at Lunahuasi in October 2025, targeting 25,000 metres with up to eight rigs, following a successful Phase 3 campaign that confirmed two new discoveries and extended high-grade mineralization zones.

• Completed an oversubscribed C$175 million private placement in October 2025, significantly strengthening the treasury and providing flexibility for expanded exploration.

• Closed the spin-out of LunR Royalties Corp., distributing 80.1% ownership to shareholders and retaining a 19.9% interest, with LunR holding royalties on key projects.

Financial highlights

• Net loss of $28.7 million for Q3 2025, up from $9.8 million in Q3 2024, driven by increased exploration and G&A expenses.

• Exploration and project investigation costs were $16.3 million in Q3 2025, compared to $6.2 million in Q3 2024.

• Cash position at September 30, 2025 was $85.7 million, with short-term investments of $46.4 million and working capital of $125.6 million.

• Total assets stood at $142.9 million as of September 30, 2025, down from $208.6 million at year-end 2024.

Outlook and guidance

• Phase 4 drilling at Lunahuasi aims to define and expand high-grade zones, test new targets, and support a future Mineral Resource Estimate.

• Initial assay results from Phase 4 expected toward the end of 2025, with program efficiency enhanced by multi-hole platforms.

• Net proceeds from the private placement will fund ongoing and expanded exploration at Lunahuasi and Los Helados, as well as general corporate purposes.