Highlights

  • NGX advances its focus on malawi natural graphite and namibia uranium portfolio through a defined portfolio of technical and commercial priorities.
  • NGX has a portfolio of natural graphite projects in Malawi, including Malingunde and Duwi.
  • Duwi has a reported mineral resource of 85.
  • Shares rose 3.85% to AUD .135 on 2 November 2026, against a one-year change of -10.00%.

NGX (ASX:NGX) is in focus on 2 November 2026 as its shares traded at AUD .135, up 3.85% for the session. The stock recorded an intraday high of AUD 0.135 and low of AUD 0.130, while its reported Market Capitalisation stood at AUD 12.23 million. Behind that movement, the company’s operating story centres on malawi natural graphite and namibia uranium portfolio. The latest relevant project details show where management is directing work, while also distinguishing technical milestones from commercial outcomes.

Project Results and Technical Position

NGX has a portfolio of natural graphite projects in Malawi, including Malingunde and Duwi. Its 2026 annual resource tables report 57.7 million tonnes at 7.4% total graphitic carbon at Malingunde at a 4% cut-off, alongside a separate 7.3-million-tonne Msinja resource at 6.2%. Reporting cut-offs are important because resource tonnage and grade change with the selected threshold. The distinction between a reported technical result and a completed commercial milestone is central to assessing progress. Exploration grades, mineral resources, engineering work and processing tests answer different questions, so the next decision must be evaluated against the specific stage reached.

A Wider Development Program Takes Shape

Duwi has a reported mineral resource of 85.9 million tonnes at 7.1% total graphitic carbon, containing approximately 6.13 million tonnes of graphite. Its deposits include Duwi Main, Duwi Bend and Nyama. These estimates describe geological inventory and are not a statement of current graphite production. This broader work program provides context for the company’s operational priorities. It also means that one isolated result cannot be treated as proof of a complete development pathway. Further fieldwork, testing, engineering or interpretation may be required before a formal project decision.

Funding, Infrastructure and Execution

Malingunde also carries a reported ore reserve of 9.5 million tonnes at 9.5% total graphitic carbon. The project is associated with soft, free-dig mineralisation and a processing concept that does not require conventional primary crushing or grinding. Those characteristics are relevant to the project’s technical proposition, although commercial execution remains a separate matter. The commercial significance of the work depends on the next stages of execution. Technical evidence can strengthen planning, but financing arrangements, regulatory conditions, scale-up performance and operational readiness must be assessed separately wherever they apply.

What Comes Next

NGX also has uranium exploration exposure in Namibia, including the Tubusis project and a Rossingburg application. Its future progress depends on technical studies, permitting, financing and project-specific decisions; the company has not announced commercial graphite production from these assets. The company’s next disclosed milestones will help clarify how its technical and operational plans progress. Timetables remain subject to the qualifications attached to each project, and a stated intention to undertake work should not be confused with an accomplished result.

For market context, the stock’s reported one-year change was -10.00%, with a market capitalisation of AUD 12.23 million. The day’s gain does not by itself explain the cause of trading activity or establish a forecast for future performance.