NGEx Minerals (NGEX) Q1 2026 earnings summary

Executive summary

• Completed Phase 4 drill program at Lunahuasi, drilling 27,318 metres in 32 holes, achieving campaign objectives and expanding high-grade zones, notably in Mars and Saturn.

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

• Board and management changes include the appointment of Peter J. O'Callaghan to the Board and Alex Tong as incoming CFO, succeeding Jeff Yip.

Financial highlights

• Net loss of $44.1 million for Q1 2026, compared to $35.1 million in Q1 2025, driven by $42.1 million in exploration and $5.7 million in G&A expenses.

• Cash and cash equivalents at $106.3 million, with total working capital of $632.2 million as of March 31, 2026.

• Investment in LunR Royalties Corp. increased to $406.6 million due to share price appreciation.

Outlook and guidance

• Final Phase 4 assay results expected through Q3 2026; planning underway for Phase 5 drilling to start in Q4 2026.

• Preparatory work for the exploration adit is ongoing, with underground development targeted for Q4 2026, pending permits.