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National Bank of Canada Boosts NGEx Minerals' Price Target, Maintains Outperform Rating

BY MT Newswires | ECONOMIC | 09/30/25 05:09 PM EDT

05:09 PM EDT, 09/30/2025 (MT Newswires) -- National Bank of Canada raised its price target on NGEx Minerals (NGXXF) shares to C$34.00 from C$28.00 while reiterating its outperform rating.

Analyst Rabi Nizami said the new price target reflects a higher valuation multiple and optimism about near-term drilling and development progress. However, the stock retains a "speculative" risk rating, as future success still depends on exploration results, potential mergers or acquisitions, and the execution of key de-risking milestones.

The company earlier Tuesday announced a C$175 million private placement, offering 7 million shares at C$25 each. The placement is not brokered and includes significant participation from Lundin Family Trusts, who plan to invest up to C$100 million to maintain their stake in the company, the note said.

The new funds will boost NGEx's Q2 2025 cash position of C$144 million and will be used to support an upcoming 25,000-meter exploration campaign at the Lunahuasi project starting in October, the note added.

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

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