NGEx Minerals Secures C$175 Million and Announces Spin-Out of Royalties

NGEx Minerals ( (TSE:NGEX) ) has issued an update.

NGEx Minerals Ltd. has successfully closed a non-brokered private placement, raising C$175 million due to high investor demand. This funding will support the company’s exploration programs at the Lunahuasi project in Argentina and the Los Helados project in Chile, as well as general corporate purposes. Additionally, NGEx is proceeding with a spin-out of net smelter returns royalties into a new subsidiary, LunR Royalties Corp., which will distribute shares to existing shareholders. This strategic move is expected to enhance the company’s operational focus and provide additional value to stakeholders.

The most recent analyst rating on (TSE:NGEX) stock is a Hold with a C$27.00 price target. To see the full list of analyst forecasts on NGEx Minerals stock, see the TSE:NGEX Stock Forecast page.

Spark’s Take on TSE:NGEX Stock

According to Spark, TipRanks’ AI Analyst, TSE:NGEX is a Underperform.

NGEx Minerals faces significant financial challenges with persistent losses and negative cash flows, heavily impacting its overall score. While recent corporate events suggest potential growth in resource value, they do not sufficiently counterbalance the financial weaknesses. Technical indicators and valuation also show weaknesses, contributing to the overall cautious outlook.

To see Spark’s full report on TSE:NGEX stock, click here.

More about NGEx Minerals

NGEx Minerals Ltd. is a company operating in the mining industry, focusing on the exploration and development of mineral resources. The company is involved in projects such as Lunahuasi in Argentina and Los Helados in Chile, with a market focus on expanding its mineral exploration and development activities.

Average Trading Volume: 301,075

Technical Sentiment Signal: Buy

Current Market Cap: C$5.14B

See more insights into NGEX stock on TipRanks’ Stock Analysis page.