Some have opined overvalued; here's my take:The number of Tier-1 copper projects available for purchase by a major is declining. With Filo now gone, where is the next high-grade Cu-Au project? There are not many and NGEX happens to be one of them, and it's in the same neighbourhood as Filo. Lunahuasi is still an early-stage project. That and location means no year-round drilling campaign, at least not yet. Also, Bob Carmichael is going to have more time on his hands to dedicate to NGEX, which bodes well for project success.
When I looked around for a Filo replacement NGEX ranked high on the list, and it continues to be. Right now there's speculation built into market capitalisation simply because they havent reported anything new in months. Once the drill program gets underway, and we start receiving a steady stream of drill results, in-situ value should rapidly catch-up with the speculative premium now ascribed to the stock.
Remember: the majors have done little to address impending mine supply issues. They have been focussed on brownfield expansions and tweaks to replace reserves and marginally increase production. We have seen no new major mine developments since Kamoa-Kakula. At some point new builds have to happen. Being next door to BHP-Lundin is a great place to be.