NGEx Reports Q3 2026 Results; Advancing Lunahuasi, Announcing Phase 5 Drilling, and Approving Valiente Spin-Out
NGEx Minerals Ltd. (TSXV: NGEX) reported a net loss of $16.1 million, or $0.07 per share (basic and diluted), for the third quarter ended September 30, 2026. This compares to a net loss of $28.7 million in the same period of 2025. For the nine months ended September 30, 2026, the company posted a net loss of $81.9 million, or $0.38 per share.
Operating expenses for the third quarter included $12.3 million in exploration and project investigation expenses and $5.4 million in general and administrative costs, offset by $1.7 million in interest income. Over the nine-month period, exploration and project investigation expenses totaled $73.9 million, while general and administrative expenses reached $16.5 million.
As of September 30, 2026, NGEx Minerals held $89.9 million in cash, $257.5 million in its investment in LunR Royalties Corp. (LunR), and $112.1 million in short-term investments. The company reported net working capital of $454.4 million, with total assets amounting to $471.5 million.
The company confirmed the completion of the statutory plan of arrangement to spin out the Valle Ancho Project into a new entity, Valiente Resources. Shareholders approved the arrangement on October 29, 2026, and the British Columbia Supreme Court issued a final court order on November 3, 2026. The effective date of the arrangement is November 12, 2026.
Under the terms of the exchange, each NGEx common share will be exchanged for one new NGEx common share and one-fifth of a Valiente common share. Stock options will be adjusted such that each NGEx option is exchanged for a replacement NGEx option and a fully-vested Valiente option for one-fifth of a Valiente share. Valiente indirectly acquired the Valle Ancho Project, comprising the Valle Ancho and Maricunga Properties, from NGEx for approximately $14.6 million in cash. Additionally, NGEx made a capital contribution of approximately $16.6 million to Valiente for working capital. Valiente has received conditional acceptance from the TSX Venture Exchange for listing.
NGEx Minerals also announced the upcoming Phase 5 drill program at its Lunahuasi project. The program will utilize up to eight rigs to explore four distinct styles of mineralization, targeting three ranges of drill spacing. Objectives include resource definition in the Mars, Saturn, and Jupiter zones, step-out drilling, and the exploration of new targets outside current patterns.
Parallel to the drilling program, the development of an exploration adit is set to begin. Preparatory work, including engineering, contractor selection, and surface facilities, was completed prior to the end of the Phase 4 season. A geotechnical drillhole has been completed along the centerline, subject to weather conditions and permit receipt.
Recent metallurgical testwork on high-sulphidation mineralization yielded clean copper concentrates grading 17%–39% Cu and 10–44 g/t Au. Copper recoveries ranged from 92%–98%, with gold recoveries between 61%–96%. Deleterious elements were found to be below penalty limits. This work builds on the Phase 4 campaign, completed in April 2026, which extended the Mars, Saturn, and Jupiter zones and confirmed a large breccia body with significant copper and gold grades.
In corporate governance updates, Adam Lundin was appointed Chair of the Board, replacing William Rand. Peter J. O'Callaghan was appointed Lead Director, and Douglas Moore was appointed to the Board of Directors.
Wojtek Wodzicki, President and CEO, stated, "The third quarter is a critical period for NGEx as it allows the team to analyze and interpret results from the previous drilling season and finalize plans for the upcoming campaign. This interval is essential to advancing our understanding of the significant, yet still largely untapped, potential at Lunahuasi and to prioritize the numerous undrilled targets on the property."