NGEx Reports Q2 2026 Results; Phase 4 drilling delivers high grades and expands Lunahuasi Deposit
NGEx’s Phase 4 Lunahuasi drill program yielded no new assays, while the Valle Ancho spin-out aims to streamline the company’s portfolio.
NGEx Minerals Ltd. (NGEX) released a combined Q2 2026 earnings report, a Phase 4 drill program completion summary, and an announcement of a corporate reorganization to spin out the Valle Ancho Project on August 6, 2026. The drill highlights recite intercepts previously disclosed in dedicated news over the prior months, with no genuinely new assay data presented.
The company posted a net loss of CAD 19.98M for the quarter. It ended with CAD 81.2M in cash, plus CAD 252.7M in investment in LunR royalties and CAD 133.5M in short-term investments.
The Board approved transferring Valle Ancho (Chile/Argentina) to a new subsidiary (“Spinco”) via plan of arrangement. Shares of Spinco are to be distributed to NGEx shareholders at a ratio of 1/5 Spinco share per NGEx share.
NGEx Minerals Ltd. (NGEX) released news that does not contain new exploration results. The market price had already absorbed the Phase 4 drill outcomes over the prior three months; the chart shows the stock moved from ~$25 (late April) to ~$27–28 in May, then consolidated. Today’s flat close ($26.92, +0.15%) confirms the release is non-material.
The spin-out of Valle Ancho is a corporate reorganization that creates a separate exploration vehicle but does not impact the fundamental value of NGEx’s flagship Lunahuasi/ Los Helados assets. It may be mildly positive by sharpening focus, but it does not change the resource base. Financial results show a healthy balance sheet ($463M net working capital) that comfortably funds Phase 5.
NGEx Minerals Ltd. (NGEX) is a Canadian junior explorer within the Lundin Group, focused on the 100%-owned Lunahuasi high-grade Cu-Au-Ag deposit in San Juan, Argentina, and the 69.1%-owned Los Helados porphyry Cu-Au project in Chile. Lunahuasi is a high-sulphidation epithermal/porphyry system with multiple bonanza-grade veins and a large underlying porphyry. The company spun out its royalty portfolio into LunR Royalties in late 2025 and now intends to spin out the earlier-stage Valle Ancho project. Financially robust, NGEx has no debt and substantial treasury plus a large stake in LunR.