NGEx Minerals Ltd (NGEX CN) 公司更新：新的钻探结果证实Lunahuasi存在更深层斑岩系统

2025E2026E(0.20)(0.22)(46.8)(46.8)(55.6)(57.4)(0.26)(0.26) 2027E(0.18)(38.4)(51.5)(0.23) Fahad Tariq, CPA, CA * | Equity Analyst(416) 637-2372 | ftariq@jefferies.comDavid Hove, CFA * | Equity Analyst+1 (416) 847-7397 | dhove@jefferies.comGiovanni Holmes * | Equity Associate+1 (416) 847-7402 | gholmes@jefferies.com The Long View: NGEx MineralsInvestment Thesis / Where We DifferWe view NGEX as a very exciting copper exploration story, as it delineates thehigh-grade zones at the top of Lunahuasi and chases mineralization into theporphyry. We think the valuation can progressively re-rate higher through boththe drillbit and derisking of the outlook through an eventual resource estimate,improving Argentina investment climate, and continued consolidation trendsin the sector.Base Case,C$17, +39%We use a conceptual DCF based on an estimatedresource size and potential project parametersand apply a 0.7x P/NAV multiple for Los Helados(defined resource) and Lunahuasi (early resourceestimate, but high grade) to reflect the risks anduncertainty.Sustainability MattersTop Material Issues1.Water management in the Atacama Desert.2.Cryogenic geoform monitoring and preservation.3.Responsible waste management.Company Targets1.Design an ESG Framework and disclose a first sustainability summary.2.Begin the process of aligning with global standards for reporting climate metrics anddisclosures.Please see important disclosure information on pages 4 - 9 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Upside Scenario,C$23, +89%Exploration success and increasing consolidationof available copper resources by large miningcompanies allows junior equities to appreciate.Our upside scenario target is based on a P/NAV multiple to a conceptual NAV using an earlyestimate of resource size. Downside Scenario,C$9, -26%Exploration ceases to add value and a fallingcopperprice pauses market enthusiasm forcopperexploration companies.Our downsidescenario target is based on a P/NAV multipleto a conceptual NAV using an early estimate ofresource size.CatalystsCopper price upside.Interceptsthat continue to demonstrate thepresence of a large-scale porphyry system atLunahuasi.High-grade base and precious metal interceptsthatextendepithermalLunahuasi.Evidence for a potential link between the Fenix andAlicanto breccia Zones at Los Helados. mineralizationat2 NGEX NAV summary.MineOperating AssetsLos HeladosTotal Operating Asset NAVExploration assetsLunahuasiTotal Exploration Asset NAVTotal Operating & Exploration NAVCorporateCorporate NAVCashTotal Corporate NAVTotal NAVSource: JefferiesPlease see important disclosure information on pages 4 - 9 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Company DescriptionNGEx MineralsNGEX is an exploration company focused on the discovery of copper and gold deposits in the Vicuna district of Chile and Argentina.Company Valuation/RisksNGEx MineralsOur C$17.00 price target represents a conceptual DCF for Los Helados based on an estimated resource size and potential project parameters andapplying a 0.7x P/NAV multiple (defined resource) while Lunahuasi is based on a 0.7x P/NAV multiple (early resource estimate, but high grade) toan in-situ valuation to reflect the risks and uncertainty. Downside risks to our price target include negative exploration updates from the company,geopolitical challenges, and/or multiple erosion.Analyst Certification:I, Fahad Tariq, CPA, CA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, David Hove, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Giovanni Holmes, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.Registration of non-US analysts:Fahad Tariq, CPA, CA is employed by Jefferies Securities, Inc. , a non-US affiliate of Jefferies LLC and is not registered/qualifiedas a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subjectto the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trad