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NGEx Minerals
(TSX:NGEX)
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Rating:47Neutral
Price Target:
C$23.50
▼(-20.55% Downside)
Action:Reiterated
Date:05/10/26
The score is primarily held down by the lack of revenue, growing losses, and sustained cash burn, implying ongoing dependence on external funding. This is partially offset by a strong balance sheet with very low debt, while technicals are neutral and valuation is constrained by negative earnings and no dividend signal.
Positive Factors
Balance sheet strength
Very low leverage and a large equity base materially reduce near-term solvency risk, giving management runway to fund exploration and negotiate partnerships. This structural balance-sheet strength supports continued project advancement without immediate bankruptcy risk, enhancing strategic optionality.
Negative Factors
No revenue; widening losses
Absence of operating revenue and large, growing net losses show the company cannot self-fund exploration and is consuming shareholder capital. Over months this limits ability to scale activities without new funding and makes long-term project advancement contingent on external capital or asset sales.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet strength
Very low leverage and a large equity base materially reduce near-term solvency risk, giving management runway to fund exploration and negotiate partnerships. This structural balance-sheet strength supports continued project advancement without immediate bankruptcy risk, enhancing strategic optionality.
Read all positive factors
NGEx Minerals (NGEX) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$5.35B
Dividend YieldN/A
Average Volume (3M)398.71K
Price to Earnings (P/E)―
Beta (1Y)1.72
Revenue GrowthN/A
EPS Growth-59.48%
CountryCA
Employees46
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)-0.62
Shares Outstanding216,858,780
10 Day Avg. Volume501,636
30 Day Avg. Volume398,706
Financial Highlights & Ratios
PEG Ratio-0.49
Price to Book (P/B)11.84
Price to Sales (P/S)0.00
P/FCF Ratio-55.66
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$38.75Price Target Upside31.00% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.56
Revenue Forecast (FY)N/A
NGEx Minerals Business Overview & Revenue Model
Company Description
NGEx Minerals Ltd. is an enterprise dedicated to the acquisition, exploration, and advancement of mineral assets across South America. A prominent holding is the Los Helados project, a substantial porphyry deposit yielding copper, gold, and silver...
How the Company Makes Money
NGEx Minerals does not typically generate revenue from selling products or operating mines; its business model is to create value by acquiring, exploring, and advancing mineral properties—primarily copper-gold targets—until they can be monetized. ...
NGEx Minerals Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
74
Positive
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -36.44K | -70.67K | 0.00 | 0.00 | 0.00 | 0.00 |
| EBITDA | -131.47M | -123.19M | -77.00M | -48.97M | -34.29M | -7.58M |
| Net Income | -132.34M | -123.34M | -63.60M | -37.72M | -32.42M | -5.46M |
Balance Sheet | ||||||
| Total Assets | 666.47M | 456.61M | 208.56M | 81.29M | 32.31M | 25.73M |
| Cash, Cash Equivalents and Short-Term Investments | 654.95M | 447.75M | 198.55M | 74.73M | 23.25M | 21.00M |
| Total Debt | 3.56M | 3.67M | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 30.38M | 16.97M | 13.53M | 7.82M | 8.30M | 2.35M |
| Stockholders Equity | 636.09M | 439.64M | 195.03M | 73.47M | 24.01M | 23.38M |
Cash Flow | ||||||
| Free Cash Flow | -94.12M | -93.49M | -48.66M | -27.41M | -27.28M | -4.15M |
| Operating Cash Flow | -94.12M | -93.49M | -46.17M | -27.09M | -27.16M | -4.03M |
| Investing Cash Flow | -95.25M | -35.31M | -32.29M | -15.32M | -126.22K | -125.76K |
| Financing Cash Flow | 174.90M | 173.14M | 173.63M | 84.71M | 29.83M | 24.36M |
NGEx Minerals Technical Analysis
Negative
29.58
Price Trends
26.58
Negative
27.01
Negative
26.11
Negative
Market Momentum
-0.61
Positive
44.27
Neutral
21.89
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:NGEX, the sentiment is Negative. The current price of 29.58 is above the 20-day moving average (MA) of 26.24, above the 50-day MA of 26.58, and above the 200-day MA of 26.11, indicating a bearish trend. The MACD of -0.61 indicates Positive momentum. The RSI at 44.27 is Neutral, neither overbought nor oversold. The STOCH value of 21.89 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:NGEX.
NGEx Minerals Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
54 Neutral | C$498.41M | -101.00 | -6.60% | ― | ― | -15.95% | |
53 Neutral | C$1.50B | -33.57 | -98.76% | ― | ― | 40.74% | |
53 Neutral | C$431.22M | -55.46 | -6.98% | ― | ― | -184.44% | |
50 Neutral | C$699.46M | -129.63 | -2.34% | ― | ― | 20.78% | |
47 Neutral | C$5.35B | -39.37 | -39.16% | ― | ― | -59.48% | |
44 Neutral | C$873.31M | -42.90 | -30.68% | ― | ― | -65.04% |
* Basic Materials Sector Average
TSE:NGEX
NGEx Minerals
24.41
8.73
55.70%
TSE:NDM
Northern Dynasty Minerals
2.83
0.99
53.80%
TSE:WRN
Western Copper
3.15
1.48
88.62%
TSE:NCX
NorthIsle Copper and Gold
2.75
1.66
152.29%
TSE:PML
Panoro Minerals
1.42
0.89
170.48%
TSE:REG
Regulus Resources
4.04
1.65
69.04%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.