NGE Capital Ltd · ASX:NGE
NGE Capital — Shareholder Meeting (May 2025)
27 slides from NGE Capital's shareholder meeting presentation, May 27, 2025
Slide 1: NGE Capital Limited AGM Presentation
For personal use only NGE Capital Limited ASX : NGE AGM Presentation 27 May 2025
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 performance. only and is subject to change without notice. Subject to For
Slide 3: Company snapshot
Company snapshot • NGE Capital Limited (NGE or Company) is a Listed Investment Company (LIC) which offers For personal use only investors exposure to an actively managed, concentrated portfolio of high conviction 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 2025 Substantial shareholders Board of directors For personal use only Ticker NGE David Lamm 11.68% David Lamm Chief Investment Officer Share price $1.040 Raphael Lamm 9.24% 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 For personal use only • Individual securities can and do significantly deviate away from their fair value. • 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 mispricing analysis philosophy new inform
Slide 7: A top performing LIC
A top performing LIC Growth in NTA per share Tax efficient investment vehicle 2 2025 Since ince ption For personal use only • NGE has recognised a ~$3.3m 1 2017 2018 2019 2020 2021 2022 2023 2024 YTD (p.a.) (cum.) (~$0.096 per share) deferred tax asset as at 30 April 2025. 26.8% 21.4% 11.2% -8.0% 25
Slide 8: Performance
Performance Share price performance since inception1 Since inception For personal use only (p.a.) (cum.) 130 ¢ NGE 12.4% 166.7% ASX 200 Accum. 9.1% 107.6% 120 ¢ 110 ¢ 100 ¢ 90 ¢ 80 ¢ 70 ¢ 60 ¢ 50 ¢ 40 ¢ 30 ¢ NGE close price (¢) ASX 200 Accum. (rebased) 1 From 30 November 2016, the date on which NGE
Slide 9: Capital management considerations
Capital management considerations • As at 30 April NGE has ~$29 million of Australian unused and unrealised losses (both income and capital). Historical tax For personal use only 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 and cancelled ~8.02m NGE buybacks since 2015 For personal use only shares at an average price per share of ~$0.571 since 2015. • This equates to ~19.0% of the shares ~$0.571 ~8.02m ~19.0% Average price Number of of shares outstanding at outstanding since the star
Slide 11: Portfolio composition as at April 2025
Portfolio summary Portfolio composition as at 30 April 2025 For personal use only Co m p any Tick er % NTA Yellow Cake plc LSE : YCA 13.6% Pioneer Credit Limited ASX : PNC 7.7% Cash Converters International Limited ASX : CCV 7.6% MLG Oz Limited ASX : MLG 7.4% Metals X Limited ASX : MLX 6.4% K92 Mini
Slide 12: Uranium
Portfolio holding – Uranium Description Valuation • Yellow Cake plc (LSE:YCA) and Sprott Physical Uranium Trust A t s p o t p ric e A t term p ric e For personal use only (TSX:U.UN) are listed investment entities whose strategy is to Y ello w Cak e SPUT Y ello w Cak e SPUT buy physical uranium in th
Slide 13: Pioneer Credit
Portfolio holding – Pioneer Credit Description Snapshot • Debt recovery specialist; purchases and then manages Ticker ASX : PNC For personal use only unsecured retail debt portfolios (“Purchased Debt Portfolios”) Share p rice (30 Ap r 25) $/sh 0.455 that are typically 180+ days past due. Market cap
Slide 14: Cash Converters
Portfolio holding – Cash Converters Description Snapshot • Consumer lender and second-hand goods retailer via a large Ticker ASX : CCV For personal use only network of owner operated (“corporate”) and franchise Share price (30 Apr 25) $/sh 0.24 operated stores across Australia and overseas. Market c
Slide 15: MLG Oz
Portfolio holding – MLG Oz Description Snapshot • Kalgoorlie-based integrated mining services company founded Ticker ASX : MLG For personal use only by Managing Director Murray Leahy in 2002. Share p rice (30 Ap r 25) $/sh 0.65 • Main earnings driver is the provision of on- and off-road ore Market c
Slide 16: Metals X
Portfolio holding – Metals X Description Snapshot • Tin producer with a 50% interest in the Renison Tin For personal use only Ticker ASX : MLX Operation, Tasmania. Price (30 Ap r 25) $/sh 0.565 Situation • Tin price remains elevated on challenged supply (DRC, Market cap $m 501 1 Indonesia, Myanmar).
Slide 17: 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 Ticker TSX : KNT For personal use only the port of Lae. FX rate USD:CAD 1.3799 • FY25E production guidance of 160-1
Slide 18: Indiana Resources
Portfolio holding – Indiana Resources Description Snapshot • Exploration company focused on gold, rare earths and base Ticker ASX : IDA For personal use only metals within the Central Gawler Craton Province in SA. Share price (30 Apr 2025) $/sh $0.078 • Cash balance of ~$71.6m (~11.1cps) as at 11 Ap
Slide 19: Capricorn Energy
Portfolio holding – Capricorn Energy Description Snapshot GBP USD • Oil & gas producer with onshore operations in western Egypt. For personal use only Ticke r LSE : CNE Situation FX r a te USD:GBP 0.7502 • Announced consolidation of the 8 existing PSCs where Sha r e pr ice (3 0 Apr 2 5 ) GBP/sh 2.50
Slide 20: Embark Education
Portfolio holding – Embark Education Description Snapshot • Provider of Early Childhood Education, operating 38 childcare Ticker ASX : EVO For personal use only centres in Australia.1 Share price (30 Apr 25) A$ 0.7025 Situation Market cap A$m 129 • Acquired 14 centres in 2024 for a total purchase co
Slide 21: Jupiter Mines
Portfolio holding – Jupiter Mines Description Snapshot • Manganese ore producer which holds a 49.9% interest in the For personal use only Ticker ASX : JMS open pit Tshipi Borwa mine in South Africa. Price (30 Ap r 25) $ 0.15 • Manganese is a critical element in carbon steel production. Market cap $m
Slide 22: Northern Ocean
Portfolio holding – Northern Ocean Description Snapshot • Oslo-listed oil & gas drilling contractor. NOK USD For personal use only • Owns two 6th generation ultra deepwater harsh environment Ticker OSL : NOL semi-submersible drill rigs: Deepsea Mira and Deepsea Bollsta. FX rate USD:NOK 10.4006 • Mar
Slide 23: ILPT
Portfolio holding – ILPT Description Snapshot • Industrial Logistics Properties Trust (“ILPT”) is a REIT that Ticke r NAS : ILPT For personal use only owns over 400 warehouse and logistics properties in the US. Sha r e pr ice (3 0 Apr 2 0 2 5 ) US$/sh $2.62 • Externally managed by The RMR Group Inc.
Slide 24: Danakali
Portfolio holding – Danakali Description Snapshot • Main asset is retained cash balance, following sale of its 50% For personal use only Ticker NSX : DNK interest in the Colluli Potash Project located in Eritrea. Share p rice (30 Ap r 2025) $/sh 0.070 Situation Market cap $m 25.44 • Shifted listing
Slide 25: ACHV
Portfolio holding – ACHV Description Snapshot • Exclusive license to develop and commercialise cytisinicline in Ticker NAS : ACHV the US and western Europe. For personal use only Share p rice (30 Ap r 2025) $/sh 2.60 • Cytisinicline has been used for decades in Eastern Europe as a drug therapy to tr
Slide 26: 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 27: 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.