NGE Capital Ltd · ASX:NGE
NGE Capital — Shareholder Meeting (May 2026)
21 slides from NGE Capital's shareholder meeting presentation, May 7, 2026
Slide 1: NGE Capital Limited AGM Presentation
For personal use only NGE Capital Limited ASX : NGE AGM Presentation 7 May 2026
Slide 2: Disclaimer
Disclaimer The information in this presentation is in summary form Past performance is not a reliable indicator of future This presentation is provided for informational purposes and should not be relied upon as a complete and accurate performance. only and is subject to change without notice. Subje
Slide 3: Company snapshot
Company snapshot • NGE Capital Limited (NGE or Company) is a Listed Investment Company (LIC) which offers investors exposure to an actively managed, concentrated portfolio of high conviction For personal use only investments. • Broad investment mandate, not restricted by geography, asset class, or s
Slide 4: Company snapshot (cont.)
Company snapshot (cont.) Summary as at 30 April 2026 Substantial shareholders Board of directors For personal use only Ticker NGE David Lamm 11.68% David Lamm Chief Investment Officer Share price $1.255 Raphael Lamm 9.25% Adam Saunders Portfolio Manager Shares outstanding 34.3m Kuridale Nominees Pty
Slide 5: Investment philosophy
Investment philosophy 1 Target investments that can generate strong returns with an adequate margin of safety • Individual securities can and do significantly deviate away from their fair value. For personal use only • Potential to generate strong risk-adjusted returns by investing in select securit
Slide 6: Investment process
Investment process For personal use only Idea Proprietary Assessment Investment Monitor & generation research decision exit • Screening • Rigorous • Qualify against • Buy, hold, sell, • Update fundamental investment wait, do nothing assessment for • Identify analysis philosophy new information mispr
Slide 7: A top performing LIC
A top performing LIC Growth in NTA per share Tax efficient investment vehicle 2 2026 Since inception For personal use only • NGE has recognised a ~$4.3m 1 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD (p.a.) (cum.) (~$0.124 per share) deferred tax asset as at 30 April 2026. 26.8% 21.4% 11.2% -8.0
Slide 8: Performance
Performance Share price performance since inception1 Since inception For personal use only (p.a.) (cum.) 150 ¢ NGE 13.2% 221.8% 140 ¢ ASX 200 Accum. 9.2% 128.6% 130 ¢ 120 ¢ 110 ¢ 100 ¢ 90 ¢ 80 ¢ 70 ¢ 60 ¢ 50 ¢ 40 ¢ 30 ¢ Nov-16 Nov-17 Nov-18 Nov-19 Nov-20 Nov-21 Nov-22 Nov-23 Nov-24 Nov-25 May-17 May
Slide 9: Capital management considerations
Capital management considerations • As at 30 April NGE has ~$19 million of Australian unused and unrealised losses (both income and Historical tax For personal use only capital). losses • Losses were generated under a previous board and management team from the Company’s prior activities as an oil a
Slide 10: Share buybacks
Share buybacks • NGE has bought back ~8.04m shares at an NGE buybacks since 2015 average price per share of ~$0.572 since 2015. For personal use only • This equates to ~19.0% of the shares outstanding since the start of our buyback ~$0.572 ~8.04m ~19.0% Average price Number of of shares outstanding
Slide 11: Portfolio composition as at April 2026
Portfolio summary Portfolio composition as at 30 April 2026 For personal use only Company Ticker % NTA Yellow Cake plc LSE : YCA 14.1% K92 Mining Inc. TSX : KNT 8.8% Carnarvon Energy ASX : CVN 7.8% MLG Oz Limited ASX : MLG 6.8% Industrial Logistics Properties Trust NAS : ILPT 6.2% Sprott Physical Ur
Slide 12: Uranium
Portfolio holding – Uranium Description Valuation • Yellow Cake plc (LSE:YCA) and Sprott Physical Uranium Trust At spot price At term price For personal use only (TSX:U.UN) are listed investment entities whose strategy is to buy Yellow Cake SPUT Yellow Cake SPUT physical uranium in the form of U3O8
Slide 13: K92 Mining
Portfolio holding – K92 Mining Description Snapshot CAD USD • Owns Kainantu Gold Mine, a high-grade, low-cost underground mine located in the Eastern Highlands province of PNG close to the Ticker TSX : KNT For personal use only port of Lae. FX rate USD:CAD 1.3581 • FY25 production 174koz AuEq; FY26E
Slide 14: Carnarvon Energy
Portfolio holding – Carnarvon Energy Description Snapshot • Junior oil and gas exploration and development company. Ticker ASX : CVN For personal use only • Assets comprise cash (~$98m or ~5.5cps), a 19.9% shareholding in Share price (30 Apr 26) $/sh 0.11 Strike Energy (ASX:STX) (~$79m or ~4.4cps),
Slide 15: MLG Oz
Portfolio holding – MLG Oz Description Snapshot • Kalgoorlie-based integrated mining services company founded by Executive Chairman Murray Leahy in 2002. Ticker ASX : MLG For personal use only Share price (30 Apr 26) $/sh 0.74 • Main earnings driver is the provision of on- and off-road ore haulage v
Slide 16: ILPT
Portfolio holding – ILPT Description Snapshot • Industrial Logistics Properties Trust (“ILPT”) is a REIT that owns Ticker NAS : ILPT For personal use only over 400 warehouse and logistics properties in the US. Share price (30 Apr 2026) US$/sh $7.43 • Externally managed by The RMR Group Inc. (NAS:RMR
Slide 17: Pioneer Credit
Portfolio holding – Pioneer Credit Description Snapshot • Debt recovery specialist; purchases and then manages unsecured Ticker ASX : PNC retail debt portfolios (“Purchased Debt Portfolios”) that are For personal use only Share price (30 Apr 26) $/sh 0.62 typically 180+ days past due. Market cap1 $m
Slide 18: Northern Ocean
Portfolio holding – Northern Ocean Description Snapshot • Oslo-listed oil & gas drilling contractor. NOK USD • Owns Deepsea Mira, a 6th generation ultra deepwater harsh For personal use only Ticker OSL : NOL environment semi-submersible drill rig. FX rate USD:NOK 9.2627 • Marketing, management and d
Slide 19: Capricorn Energy
Portfolio holding – Capricorn Energy Description Snapshot GBP USD • Oil & gas producer with onshore operations in western Egypt. For personal use only Ticker LSE : CNE Situation FX rate USD:GBP 0.7351 • Received a possible cash takeover offer in March from Share price (30 Apr 26) GBP/sh 3.10 Alamadi
Slide 20: Board & management
Board & management For personal use only David Lamm Adam Saunders Ilan Rimer Leslie Smith Executive Chairman & Executive Director & Non-Executive Director Chief Financial Officer & Chief Investment Officer Portfolio Manager Company Secretary • Responsible for the origination of • Responsible for the
Slide 21: Investment proposals
Investment proposals Submit an investment opportunity for us to consider to: investments@ngecapital.com.au For personal use only ACN: 112 618 238 Phone: +61 3 9648 2290 Presentation released to the market with the Email: office @ ngecapital.com.au authorisation of: David Lamm Adam Saunders Web: www.