Companies · Mining & Resources

NGEx Minerals Ltd.

VANCOUVER · Mining & Resources · refined from filed group “Other

Diligence memoA one-page analyst read on NGEx Minerals Ltd. — recommendation, valuation, rhythm, risks.
$23.9M
Total raised · real
2
Rounds
22.9×
Latest step-up
Top 10%
Sector rank · raised
Series B
Latest stage · inferred · Wed Oct 15 2025 00:00:00 GMT+0000 (Coordinated Universal Time)

NGEx Minerals Ltd. looks fair against its niche peers and is active on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the extractive sector profile.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Fair
  • Modeled value is 1.14× the median modeled value of Series B Mining & Resources companies in 2025–2027 (15 peers) — value vs value, same stage and era.
  • Within the normal band (114% of peer median) for its niche.
Active
  • Last raise 9 mo ago; this sector typically re-raises about every 11 months.
  • Raising on or ahead of the sector's normal rhythm.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Mining & Resources

NGEx Minerals Ltd. is one of 701 Mining & Resources companies tracked from VANCOUVER. By capital raised it ranks among the largest (ahead of 91% of sector peers), and among the largest by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
9
Investors (latest)
2025-10-15
First sale
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$25M$50M$75M$100MPre-Seed · 2024-10-31 Raised $1000K (real) Modeled valuation $2.4M (est)$1000K$2.4MPre-Seed2024Series B · 2025-10-15 Raised $23M (real) Modeled valuation $85M (est)$23M$85MSeries B2025+$23MCumulative $24M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Pre-Seed$1000K · 2024
Series B$22.9M · 2025no Seed / Series A on file

Stages are modeled from round size (public records carry no series label). No record for: Seed, Series A — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 50%.

Modeled valuation trajectory
$85.2M
Base estimate est.
$54.4M
Conservative case
$119.1M
Upside case
$127.4M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series Ba $15M–$40M round). Valuation is modeled from stage benchmarks scaled by the extractive sector profile. Directional, not a quoted figure.

Pre-Seed · modeled $2.4M · 2024-10-312024Series B · modeled $85.2M · 2025-10-152025
Model inputs · modeled:benchmark-stage-stepup-v1
18%
Dilution assumption
Implied ownership sold in the financing.
65%
Survival probability
43% low · 79% high
1.05×/yr
Annual markup
1.27×/yr upside case
0.7 yr
Elapsed time used
0.7 yr actual, capped for stale marks
extractive
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
11 mo
Avg between rounds
$25.0M/yr
Capital velocity
1.7 yr
On record since
2024
First round
2
Rounds on file
How it compares to the market

Benchmarked against 701 companies in Mining & Resources. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 10× above median
This company$23.9M
Sector median$2.3M
Latest round — vs other Series B rounds in sector (real $, this stage) 3.6× above median
This company$22.9M
Sector median$6.3M
Modeled value — vs sector median (estimate, all stages) 34× above median
This company$85.2M
Sector median$2.5M

Raised more than 91% of sector peers (real $). Modeled value above 96% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series B) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful. This company ranks #5 of 15.

This companyCohort peer
$1.0M$10.0M$100.0M$1.0B$10.0M$100.0M$1.0BCapital raised (log)Firefly Minerals, LLC · Series B Raised $37.5M · modeled $137.8M (est)Tectonic Metals Inc. · Series B Raised $61.5M · modeled $128.2M (est)U.S. Gold Corp. · Series B Raised $56.6M · modeled $115.0M (est)Critical Metals Corp. · Series B Raised $24.6M · modeled $94.3M (est)Bunker Hill Mining Corp. · Series B Raised $95.2M · modeled $76.7M (est)Mohave Verde Metals LLC · Series B Raised $20.0M · modeled $75.8M (est)Channing Street Copper Co · Series B Raised $31.0M · modeled $75.0M (est)MCC Mining Corp · Series B Raised $41.1M · modeled $64.0M (est)International Tower Hill Mines Ltd · Series B Raised $96.9M · modeled $15.1M (est)Lost River Mining, Inc. · Series B Raised $51.2M · modeled $13.0M (est)Western Alaska Minerals Corp. · Series B Raised $28.0M · modeled $4.6M (est)NGEx Minerals Ltd. (this company) Raised $23.9M · modeled $85.2M (est)NGEx Minerals Ltd.
CompanyStageRaised · realValue · estvs peer med.
Firefly Minerals, LLCSeries B$37.5M$137.8M1.84×
Tectonic Metals Inc.Series B$61.5M$128.2M1.71×
U.S. Gold Corp.Series B$56.6M$115.0M1.53×
Critical Metals Corp.Series B$24.6M$94.3M1.26×
NGEx Minerals Ltd. this companySeries B$23.9M$85.2M1.14×
Bunker Hill Mining Corp.Series B$95.2M$76.7M1.02×
Mohave Verde Metals LLCSeries B$20.0M$75.8M1.01×
Channing Street Copper CoSeries B$31.0M$75.0M1.00×
MCC Mining CorpSeries B$41.1M$64.0M0.85×
International Tower Hill Mines LtdSeries B$96.9M$15.1M0.20×
Lost River Mining, Inc.Series B$51.2M$13.0M0.17×
Western Alaska Minerals Corp.Series B$28.0M$4.6M0.06×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Pre-Seed$1000K2024-10-31$5.6M$2.4M90%
Series B$22.9M2025-10-15$127.4M$85.2M90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Pre-Seed$1000K2024-10-31
    • First recorded raise — entered as Pre-Seed.
    • 2 investors on this round.
  2. Series B$22.9M2025-10-15
    • Raised 11 mo later, in step with the ~11 mo sector norm.
    • Round 22.9× larger than the prior — scaling up.
    • 9 investors on this round.
Intelligence
2026 ~Q3
Modeled next raise · ~11mo cadence
$68.8M
Modeled next size est.range $44.7M$110.0M
22.9×
Last step-up
$25.0M/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
Adam I. Lundin1 other2024-10
Erin I. Johnston1 other2025-10
Jeff Yip1 other2024-10
Joyce I. Ngo1 other2025-10
Alessandro I. Bitelli2024-10
Cheri I. Pedersen2024-10
Neil I. O'Brien2024-10
William Rand2024-10
Wojtek Wodzicki2024-10
Wotjek Wodzicki2025-10
Registry & provenance

NGEx Minerals Ltd. is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
2044153
SEC CIK
Similar companies

Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

CompanySectorStageRaised · realValue · estWhy similar
Filo Mining Corp.Mining & ResourcesSeries A$7.5M$24.2Mnetwork3 shared operators · same sector
Critical Metals Corp.Mining & ResourcesSeries B$24.6M$94.3Msame sector · same stage
Rubicon Minerals CorpMining & ResourcesSeries B$21.9M$9.3Msame sector · same stage
Brazil Minerals, Inc.Mining & ResourcesSeries B$26.4M$81.6Msame sector · same stage
GS Mining Co LLCMining & ResourcesSeries B$26.6M$96.0Msame sector · same stage
MARATHON GOLD CorpMining & ResourcesSeries B$27.2M$92.4Msame sector · same stage
Gold Royalty Corp.Mining & ResourcesSeries B$27.5M$118.8Msame sector · same stage
Western Alaska Minerals Corp.Mining & ResourcesSeries B$28.0M$4.6Msame sector · same stage
Semantically similar

Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.

CompanySectorStageValue · estMatch
Idex Metals Corp.Mining & ResourcesPre-Seed$354K86%
QuestEx Gold & Copper Ltd.Mining & ResourcesPre-Seed$3.8M85%
Orex Minerals IncMining & ResourcesSeed$1.6M85%
Applied Minerals, Inc.Mining & ResourcesSeries A$4.0M84%
Wealth Minerals Ltd.Mining & ResourcesSeed$2.6M84%
Cerro Mining Corp.Mining & ResourcesSeries A$23.5M84%
Finex Metals Ltd.Mining & ResourcesPre-Seed$722K84%
Fitzroy Minerals Inc.Mining & ResourcesPre-Seed$772K83%
Frequently asked
How much funding has NGEx Minerals Ltd. raised?
NGEx Minerals Ltd. has raised approximately $23.9M in disclosed capital across 2 recorded financing rounds, aggregated from public filings.
What is NGEx Minerals Ltd.'s estimated valuation?
Provath's modeled valuation for NGEx Minerals Ltd. is approximately $85.2M (modeled range $54.4M–$119.1M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is NGEx Minerals Ltd. at?
NGEx Minerals Ltd.'s latest modeled financing stage is Series B. Its most recent recorded round closed around Wed Oct 15.
What does NGEx Minerals Ltd. do and where is it based?
NGEx Minerals Ltd. operates in the Mining & Resources sector, based in VANCOUVER.
Explore related

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