NGEx Minerals (NGEX) Q2 2026 earnings summary

Executive summary

• Phase 4 drilling at Lunahuasi delivered high copper equivalent grades and expanded the Saturn, Mars, and Jupiter zones, confirming significant mineralization and extending the deposit's footprint.

• A new high-grade zone was discovered 300 metres east of Mars, and high-grade gold quartz veins were intersected over a wide area, indicating strong exploration potential.

• The Phase 4 program concluded with 32 holes totaling 27,318 metres, providing a robust foundation for future exploration and resource definition.

Financial highlights

• Net loss for Q2 2026 was $20.0 million, primarily due to $17.8 million in exploration and $5.4 million in G&A costs, partially offset by $1.9 million in interest income.

• Cash at June 30, 2026, was $81.2 million, with short-term investments of $133.5 million and an investment in LunR valued at $252.7 million.

• Working capital increased to $463.3 million from $436.5 million at year-end 2025.

Outlook and guidance

• Planning for Phase 5 drilling is underway, aiming to build on Phase 4 success with further step-outs and exploration of new targets.

• An underground exploration adit is planned to improve access and year-round exploration efficiency.

• Corporate reorganization to spin out Valle Ancho and Maricunga properties into a new subsidiary is expected to complete in Q4 2026.