11:35 AM EST, 12/18/2024 (MT Newswires) -- (Adds analyst comment and updates shares.)

NGEx Minerals ( NGXXF ) shares were last seen up 4.4% after the company on Wednesday released initial results from its phase 3 drill program at the Lunahuasi copper-gold-silver project in Argentina.

Highlights included 12.25 meters at 23.35% copper equivalent and 11.90 meters at 10.74% copper equivalent.

"These initial results from the upper parts of the first two holes of this program have exceeded our expectations," said Wojtek Wodzicki, NGEx's chief executive. "With only 6,500 meters drilled to date and most of the drill program still ahead of us, we have had a great start to the program and look forward to sharing ongoing results on a regular basis over the coming months as we continue to expand and infill this remarkable deposit."

The company said drilling on three holes over 1,000-meters deep is ongoing, two of which are planned to reach at least 2,000 meters.

National Bank of Canada reiterated its outperform, speculative risk, rating on the shares of NGEx and its $17.00 price target following the company's release.

National Bank said it ascribes a Speculative risk rating as a significant portion of the thesis is contingent on exploration success and an M&A exit. The bank added that several de-risking initiatives remain ahead, including exploration as well as permitting and eventual development.

The company shares were last seen up $0.54 to $12.89 on the Toronto Stock Exchange.

Price: 12.89, Change: +0.54, Percent Change: +4.37