NGEx Minerals (NGEX) Q4 2024 earnings summary

Executive summary

• Phase 2 and 3 drilling at Lunahuasi delivered high-grade copper, gold, and silver intercepts, expanding the mineralized volume to over 1km in all directions and remaining open for further growth.

• Lunahuasi's gold grades rival top global gold-only deposits, highlighting significant precious metal content.

• Phase 3 drill program expanded to eight rigs and 25,000m after strong early results and a $176.9 million financing.

Financial highlights

• Net loss for 2024 was $63.6 million, up from $37.7 million in 2023, mainly due to increased exploration and G&A costs.

• Exploration and project investigation costs were $63.8 million in 2024, compared to $40.3 million in 2023.

• Cash at year-end 2024 was $153.4 million, with short-term investments of $45.2 million and working capital of $188.9 million.

• Gain of $9.2 million from use of marketable securities for intragroup funding partially offset expenses.

Outlook and guidance

• Phase 3 drilling at Lunahuasi to continue into May 2025, with results expected to support an initial Exploration Target in H2 2025.

• Focus remains on step out drilling to expand high-grade mineralization and test for a porphyry source to the west.