NG Energy International Corp.

Climate Impact & Sustainability Data (2023)

The Company recognized a net loss of $16.7 million and cash used in operating activities of $3.5 million. As of December 31, 2023, the Company had a working capital deficit of $12.8 million, including cash and cash equivalents of $1.3 million. Current production volumes are still below expectations such that the Company is anticipating that cash will continue to be used in operations. The Company continues to need additional capital to fund the Company’s ongoing operations, and commitments, and the continued development of the Company’s exploration and evaluation assets.

In July 2023, the Company closed a convertible debenture offering for aggregate gross proceeds of $26.7 million. For the year ended December 31, 2023, the Company also received proceeds of $4.2 million on the exercise of purchase warrants and stock options. In March 2024, the Company announced the Macquarie Financing for $100 million in additional committed proceeds. These proceeds are to be used to fund general working capital needs and capital work programs as well as to settle outstanding liabilities.

Climate Change Data