NGEx Minerals (NGEX) Q3 2026 earnings summary

Executive summary

• Q3 focused on analyzing Phase 4 results and preparing Phase 5 drilling at Lunahuasi; plans include up to 8 rigs and exploration beyond the existing drill pattern.

• Initial Lunahuasi metallurgical tests produced clean copper concentrates with 17%–39% copper and 10–44 g/t gold, with strong copper and variable gold recoveries.

Financial highlights

• Q3 2026 net loss was $17.8M versus $28.7M in Q3 2025; costs included $12.3M exploration and project investigation and $5.4M G&A, partly offset by $1.7M interest income.

• 9M 2026 net loss was $81.9M versus $85.2M in 9M 2025; exploration and project investigation costs were $73.9M and G&A was $16.5M.

• Basic and diluted loss per share was $0.07 in Q3 2026 versus $0.14 in Q3 2025, and $0.38 for 9M 2026 versus $0.41 for 9M 2025.

Outlook and guidance

• Phase 5 drilling will use up to 8 rigs across resource-definition, step-out and exploration objectives, including tests of targets beyond the current drill pattern.

• Exploration adit development is planned alongside Phase 5; underground work depends on weather, remaining permits and regulatory approvals.

• Drilling aims to extend Mars, Saturn and Jupiter, test new zones and contribute toward a future Lunahuasi Mineral Resource Estimate.