Northwire Canada EditionSaturday, November 7, 2026
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Gold 4,079.60 −0.8% Silver 51.94 −0.8% Copper 6.24 −0.5% Oil 90.83 +0.3% Palladium 1,017.10 −2.6% KRN 0.260 −7.1% GSKR 2.84 +5.6% ADE 0.125 +4.2% NRM 0.055 +0.0% BBB 0.520 −1.9% LGD 2.09 +1.9% DEC 0.110 +0.0% LCE 0.200 +0.0% NILI 0.515 −1.0% CDE 21.85 +6.7% CAN 0.045 +0.0% LORD 0.100 +0.0% HBM 29.49 +2.3% ELEF 0.265 +120.8% MUN 0.300 +0.0% SAGA 0.400 +6.7% Gold 4,079.60 −0.8% Silver 51.94 −0.8% Copper 6.24 −0.5% Oil 90.83 +0.3% Palladium 1,017.10 −2.6% KRN 0.260 −7.1% GSKR 2.84 +5.6% ADE 0.125 +4.2% NRM 0.055 +0.0% BBB 0.520 −1.9% LGD 2.09 +1.9% DEC 0.110 +0.0% LCE 0.200 +0.0% NILI 0.515 −1.0% CDE 21.85 +6.7% CAN 0.045 +0.0% LORD 0.100 +0.0% HBM 29.49 +2.3% ELEF 0.265 +120.8% MUN 0.300 +0.0% SAGA 0.400 +6.7%
Drill Results

NGEx Reports Q1 2026 Results; Phase 4 Lunahuasi Drill Program Continues to Highlight Size, Grade and Upside

NGEx Minerals Lunahuasi Phase 4 Completion Confirms Grade, Adit Approval Paves Underground Path

By The Northwire Desk — AI Analysis May 08, 2026 · 19:00 NGEX · 26.61 NGEx Minerals Ltd.
Executive Summary
  • Q1 2026 Financial Results: Reported a net loss of $44.1 million for Q1 2026, an increase from $35.1 million in Q1 2025. Exploration & Project Investigation costs were $42.1 million; G&A was $5.7 million.
  • Cash Position: Cash and cash equivalents stood at $106.3 million as of March 31, 2026. Working capital reported at $632.2 million, which includes a significant investment in LunR Royalties Corp ($406.6 million).
  • Phase 4 Drilling Completion: Completed Phase 4 drill program with 27,318 metres drilled across 32 holes. Confirmed high-grade intercepts in Mars and Saturn zones plus a new North zone. Approximately 50% of assays are pending through Q3 2026.
  • Permitting Milestone: Received environmental approval (DIA) from the Mining Authority of San Juan Province, Argentina for an exploration adit at Lunahuasi to support future underground development.
  • Management Changes: Alex Tong appointed as CFO effective June 10, 2026; Peter J. O'Callaghan appointed to Board effective March 20, 2026.
  • Future Timeline: Phase 5 drilling anticipated in Q4 2026; underground development targeted for Q4 2026 subject to remaining permits.
Material Impact
  • Drilling Results: The completion of Phase 4 confirms the size and grade of the Lunahuasi system, validating previous high-grade intercepts (e.g., Mars Zone 94m @ 8.99% CuEq). However, as this program was announced in late 2025 with a target completion around May/June 2026, the results are largely expected rather than unexpected surprises.
  • Adit Approval: The environmental approval for the exploration adit is a material positive step towards underground development, enabling year-round drilling and metallurgical sampling. This reduces execution risk but does not immediately impact revenue or production timelines (targeted Q4 2026).
  • Financials: The increase in net loss ($35M to $44M) reflects higher exploration spend consistent with the Phase 4 program. While cash remains strong at $106.3 million, the quarterly burn rate implies a runway of approximately 2-3 quarters without additional financing or asset monetization.
  • Overall Impact: The news reinforces the company's operational progress and permitting status but does not introduce new capital or a paradigm-shifting discovery that would alter valuation models significantly beyond current expectations.
NGEX · Price
Company Overview
  • Company: NGEx Minerals Ltd., focused on exploration and development of copper-gold-silver projects in Argentina and Chile.
  • Flagship Project (Lunahuasi): 100% owned project in San Juan Province, Argentina. Identified as a globally significant high-grade system with multiple zones (Mars, Saturn, Jupiter).
  • Secondary Project (Los Helados): Joint venture in Chile; NGEx is majority partner/operator. Lundin Mining acquired minority interest recently.
  • Spin-out: Completed spin-out of LunR Royalties Corp., distributing royalties to shareholders while retaining a 19.9% equity stake.
Read the original news release →

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