NGEx Minerals (NGEX) Q4 2025 earnings summary

Executive summary

• Phase 4 drilling at Lunahuasi reached 88% of its 25,000-metre target, confirming high grades, size, and continuity of the deposit, with the campaign set to continue until May 2026.

• Environmental approval was received for an exploration adit at Lunahuasi, enabling future underground development and year-round operations.

• A $175 million private placement was completed, strengthening the treasury and providing flexibility for ongoing and expanded exploration.

• The spin-out of LunR Royalties Corp. distributed an 80.1% interest to shareholders, with NGEx retaining a 19.9% stake.

• Peter J O'Callaghan was appointed to the Board of Directors, expanding the board to nine members.

Financial highlights

• Net loss for 2025 was $123.3 million, primarily due to $100.0 million in exploration and $29.6 million in G&A expenses, partially offset by $5.9 million in interest income and a $3.9 million gain from marketable securities.

• Cash and cash equivalents at year-end 2025 were $192.5 million, with short-term investments of $80.7 million and working capital of $436.5 million.

• The $175 million private placement in October 2025 increased the treasury, with proceeds allocated to exploration and corporate purposes.

• Investment in LunR valued at $174.5 million as of December 31, 2025.

Outlook and guidance

• Phase 4 drilling at Lunahuasi will continue until May 2026, focusing on expanding and defining high-grade zones and testing new targets.

• Underground development for the exploration adit is targeted to start in Q4 2026, pending permits and approvals.

• Strong treasury position supports ongoing and future exploration activities.