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Copper-gold explorer/developer advancing the Los Helados and Lunahuasi projects in the Vicuña copper-gold district of Argentina and Chile, part of the Lundin Group.
Copper-gold explorer/developer advancing the Los Helados and Lunahuasi projects in the Vicuña copper-gold district of Argentina and Chile, part of the Lundin Group.
Has no operating mine and no sales; drilling and studies are paid for by selling shares, so value rests on drilling results and the market's appetite for copper projects. Los Helados is held in a joint venture. It was spun out of Lundin Mining in 2021 and keeps Lundin family backing.
In one line: A pre-production South American copper-gold developer.
Moat: none. Pre-production developer with no operating mine or revenue; value depends on resource growth and financing, though it benefits from Lundin Group backing.
Headquarters: Vancouver, Canada · Founded: 2020 · Employees: 54
Size NGEx Minerals (NGEX.TO) is a Canada Materials company (Other Metals/Minerals) with a market value of $3.37B, the 149th largest of 420 Canada companies the cockpit tracks. Shares closed at C$21.75 on 6 Nov 2026.
Performance Over six months the shares fell 15.5%, against -36.5% for the median peer and +5.2% for the Canada market (cap-weighted) — 4th highest of 20 in its peer set.
Valuation It trades at 10.88× book value against a peer median of 2.87× (2nd most expensive of 21).
Price implies The share price implies a return on equity of about 116.6%; NGEx Minerals delivers -45.3%, so the price asks more than the business earns today.
Next results Next results expected around 15 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$0 | C$0 | C$0 | C$0 | C$0 |
| Revenue growth | — | — | — | — | — |
| Gross profit | -C$72,571 | -C$70,671 | -C$58,192 | -C$17,231 | -C$12,275 |
| EBITDA | -C$140M | -C$129M | -C$77.0M | -C$49.0M | -C$34.4M |
| Net income | -C$131M | -C$123M | -C$63.6M | -C$37.7M | -C$32.4M |
| Free cash flow | -C$105M | -C$93.5M | -C$48.7M | -C$27.4M | -C$27.3M |
| Capital expenditure | C$0 | C$0 | C$2.50M | C$323,342 | C$126,220 |
| Total debt | C$3.45M | C$3.67M | C$0 | C$0 | C$0 |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| NGEx Minerals NGEX.TO | $3.37B | -15% | n/a | -45% | 10.88× | 116.6% |
| BHP BHP.AX | $203B | -6% | +9% | 20% | 3.98× | 28.3% |
| Lundin Mining LUN.TO | $18.1B | -18% | +29% | 21% | 2.54× | 30.8% |
| Marimaca Copper MARI.TO | $652M | -18% | n/a | -16% | 2.46× | 14.1% |
| Solaris Resources SLS.TO | $1.19B | -28% | n/a | n/a | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | NGEX.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -8.3% | -17.5% | 3rd highest of 21 |
| 6-month return | -15.5% | -36.5% | 4th highest of 20 |
| Return on equity | -45.3% | 16.7% | lowest of 21 |
| Price / book | 10.88× | 2.87× | 2nd most expensive of 21 |
| ROE the price implies | 116.6% | 32.3% | 2nd most demanding of 21 |
| ROE delivered | -45.3% | 14.8% | lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| NGEx Minerals NGEX.TO | Canada | $3.37B | -15% | n/a | -45% | 10.88× | 116.6% | -45.3% |
| Zhejiang Wazam New Material 603186.SS | China | $3.33B | +79% | +60% | 44% | 7.18× | 96.0% | 44.0% |
| Uranium Energy UEC | United States | $3.43B | -54% | -44% | -12% | 2.49× | 24.6% | -11.6% |
| Shenzhen Zhongjin Lingnan Nonfemet 000060.SZ | China | $3.43B | -24% | +16% | 7% | 1.12× | 11.4% | 7.3% |
| Suzhou Kematek 301611.SZ | China | $3.48B | -36% | +18% | 11% | 14.95× | 221.3% | 10.7% |
| Lygend Resources And Technology 001246.SZ | China | $3.48B | n/a | +28% | 32% | 3.34× | 47.0% | 32.5% |
| Hunan Silver 002716.SZ | China | $3.19B | -35% | +50% | 13% | 5.01× | 64.8% | 13.2% |
| GuoCheng Mining 000688.SZ | China | $3.57B | -60% | +193% | 51% | 9.44× | 103.3% | 51.0% |
| Chongyi Zhangyuan Tungsten 002378.SZ | China | $3.18B | -48% | +105% | 32% | 7.31× | 104.7% | 31.8% |
| China Rare Earth Nonferrous Metals 600259.SS | China | $3.13B | -33% | -43% | 19% | 4.82× | 63.4% | 19.2% |
| Ningxia Orient Tantalum Industry 000962.SZ | China | $3.08B | -11% | +43% | 9% | 4.93× | 63.1% | 8.7% |
| Ero Copper ERO.TO | Canada | $3.03B | +10% | +106% | 35% | 2.25× | 23.0% | 34.8% |
| Chuangxin Industries 2788.HK | Hong Kong | $3.82B | -43% | +23% | 49% | 2.45× | 21.9% | n/a |
| North Copper 000737.SZ | China | $2.97B | -28% | +54% | 24% | 2.40× | 27.5% | 23.8% |
| Chengtun Mining 600711.SS | China | $3.84B | -39% | +28% | 15% | 1.40× | 15.4% | 14.5% |
| Zhuzhou Smelter 600961.SS | China | $2.85B | -33% | +23% | 54% | 3.25× | 40.6% | 53.7% |
| Chengxin Lithium 002240.SZ | China | $2.79B | -66% | +226% | 10% | 1.57× | 22.0% | 10.0% |
| Sinomine Resource 002738.SZ | China | $4.06B | -59% | +18% | 15% | 2.02× | 27.8% | 14.8% |
| Dowa 5714.T | Japan | $2.78B | -22% | +29% | 19% | 0.95× | 10.5% | 18.7% |
| Shenghe Resources 600392.SS | China | $4.09B | -40% | +34% | 9% | 2.13× | 33.3% | 9.0% |
| Western Metal Materials 002149.SZ | China | $2.76B | -41% | +3% | 2% | 3.60× | 31.4% | 2.2% |