NGEx
$NGEX.TO is testing 200 DMA support and below the C$25 October 2025 private placement price. The stock is also flat against neighbors Lundin Mining
$LUN.TO since April 2023, Lundin Gold
$LUG.TO since February 2022, and BHP
$BHP since December 2024.
Diluted EV ~C$5.3B
20% LUNR ~C$0.3B
69% LH ~C$2.0-2.5B
100% Valle Ancho ~C$0.1B
Implied Lunahuasi ~C$2.4-2.9B
Recall, Vicuña base case NPV8 was C$13B at $4.60/lb copper, $3,300/oz gold and $40/oz silver.
Lunahuasi Phase 5 exploration begins in the fourth quarter and it likely needs to be financed by October. Options include a private placement, asset sales, or company sale.
The second option seems most likely, in my opinion, because Lundin Mining already owns 31% of Los Helados, and starting the production timeline sooner rather than later benefits LunR Royalties
$LUNR.TO. It could also help fund Valle Ancho exploration and "potential stand-alone development of Lunahuasi," as it says in the corporate presentation.