NGX Reports $2.7M Cash, Progresses Malawi Graphite and Namibia Uranium Licences

Natural Graphite Exploration and Development

NGX Limited has made notable strides in its natural graphite portfolio during the December 2025 quarter, focusing on its projects in Malawi. The company initiated an auger drilling and sampling program across its Msinja and Lifidzi licences to assess the extent of high-grade titanium mineralisation, which could serve as a valuable by-product. This work builds on previous findings by Sovereign Metals Limited, confirming the presence of titanium alongside graphite.

At the flagship Malingunde Project, NGX is advancing technical studies to define an optimal development pathway. The project’s saprolite-hosted graphite offers distinct advantages such as easier extraction, higher purity, and a lower environmental footprint. Current efforts include revising mining and processing plans, implementing a dry stacked tailings strategy, and updating the Environmental & Social Impact Assessment. These initiatives aim to support the production of precursor Active Anode Material, a critical component in lithium-ion batteries.

Progress on Uranium Exploration in Namibia

NGX’s uranium exploration projects in Namibia have also seen positive regulatory developments. The Rossingburg licence (EPL9921) has reached the 'Preparedness to Grant' stage, pending completion of an environmental clearance. Meanwhile, the Tubusis licence (EPL9629) received its Environmental Clearance Certificate, allowing it to proceed to official granting. These projects are situated in the Erongo Region, a globally recognised uranium mining district, positioning NGX to tap into a well-established resource base.

Preparations for initial exploration activities at Tubusis are underway, reflecting NGX’s commitment to expanding its footprint in critical minerals beyond graphite. These uranium projects complement the company’s clean energy transition focus, potentially diversifying its portfolio in a sector gaining renewed interest amid global energy shifts.

Financial Position and Strategic Outlook

Financially, NGX remains in a strong position with approximately $2.7 million in cash and no debt as of the end of December 2025. The company’s expenditure during the quarter was primarily directed towards exploration activities and corporate administration, reflecting disciplined capital management. NGX is actively exploring further opportunities within the clean energy and critical minerals sectors, aiming to broaden and complement its existing portfolio.

Ongoing engagement with potential strategic partners and market assessments for future sales and offtake agreements indicate NGX’s proactive approach to commercialising its resources. While production remains in the development phase, these steps are critical for positioning the company in markets increasingly focused on sustainable and secure supply chains for battery and nuclear materials.