NGEx Drills 1,246.50m at 0.86% CuEq plus 131.00m at 5.09% CuEq including 5.00m at 29.05% CuEq at Lunahuasi
NGEx Minerals Ltd.
2800 – 1055 Dunsmuir Street
Vancouver BC, Canada V7X 1L2
T +1 604 689 7842
F +1 604 689 4250
NGEXminerals.com
NGEx Drills 1,246.50m at 0.86% CuEq plus 131.00m at 5.09% CuEq including
5.00m at 29.05% CuEq at Lunahuasi
February 10, 2026, Vancouver, British Columbia – NGEx Minerals Ltd. (“NGEx”, “NGEx Minerals” or the
“Company”) (TSX: NGEX; OTCQX: NGXXF) is pleased to announce drill results from four holes at the
ongoing Phase 4 drill program at its 100% owned Lunahuasi high-grade copper-gold-silver project in San
Juan, Argentina.
Highlights:
• Drillhole DPDH049 intersected 1,246.50m at 0.86% CuEq from 116.50m, including;
o 13.61m at 6.15% CuEq from 724.49m,
o 7.45m at 15.03% CuEq from 941.45m,
o 3.60m at 26.87% CuEq from 1,003.40m.
• Drillhole DPDH055 intersected 49.00m at 2.29% CuEq from 858.00m, including;
o 2.00m at 19.91% CuEq from 858.00m.
• Drillhole DPDH057 intersected 131.00m at 5.09% CuEq from 424.00m, including;
o 30.00m at 7.91% CuEq from 468.20m,
o 5.00m at 29.05% CuEq from 476.20m,
o 40.20m at 6.09% CuEq from 514.80m.
• Drillhole DPDH060 intersected 32.30m at 4.95% CuEq from 223.00m, including;
o 2.70m at 19.85% CuEq from 245.30m, plus
o 1.80m at 14.17% CuEq from 368.20m.
Wojtek Wodzicki, President and CEO, commented, “These latest results highlight two of the mineralization
types occurring at Lunahuasi, a broad zone of stockwork and disseminated mineralization with an
intersection over a kilometer in length, and very high-grade massive sulphide vein mineralization. Both
styles of mineralization are important at Lunahuasi and demonstrate the size, strength, and optionality of
the mineralized system. The intercept in DPDH057 is an initial test of the “wedge” of untested poten tial
that lies between current drill holes and the surface . The Saturn zone remains completely open between
this intersection and surface which is 400m vertically above. This season’s drilling is helping us to better
understand the size and shape of the high -grade zones and helping to extend and further define the
broader envelope of stockwork and disseminated mineralization, building confidence in our geological
model. We are also expanding the boundaries of Lunahuasi as we continue to extend the mineralized
envelope. With over 17,000m drilled and fifteen holes completed to date in Phase 4, our drill program is
ahead of schedule and achieving the objectives we set out at the beginning of the season. We are now
drilling some exciting step-out and blue-sky exploration holes and look forward to providing regular market
updates as results come in over the next few months.”
Table 1: Significant Intersections
Hole ID From (m) To (m) Length
(m)
Est True
Width (m) Cu % Au g/t Ag g/t CuEq %
DPDH049 116.50 1363.00 1246.50 1247 0.60 0.23 9.9 0.86
incl 609.40 738.10 128.70 77 1.23 0.57 13.6 1.76
and incl 677.00 738.10 61.10 37 1.94 0.70 11.1 2.54
incl 724.49 738.10 13.61 8.2 4.68 1.67 28. 8 6.15
and incl 941.45 948.90 7.45 4.5 13.38 1.62 52.8 15.03
and incl 1003.40 1007.00 3.60 2.2 22.87 2.61 237.6 26.87
and incl 1278.60 1310.50 31.90 19 1.61 0.29 22.5 2.02
DPDH055 196.00 925.00 729.00 729 0.59 0.34 9.4 0.92
incl 196.00 256.40 60.40 30 0.69 1.61 21.1 2.05
incl 248.00 256.40 8.40 4.2 2.81 4.76 79.8 6.99
and incl 365.00 390.00 25.00 13 0.83 0.48 13.6 1.29
and incl 640.00 907.00 267.00 134 0.99 0.32 10.7 1.32
incl 640.00 741.20 101.20 51 1.35 0.40 7.1 1.70
incl 648.50 664.10 15.60 7.8 4.39 1.03 19.4 5.32
and incl 736.80 741.20 4.40 2.2 4.94 1.28 14.4 6.00
and incl 778.00 793.20 15.20 7.6 1.67 0.77 10.9 2.32
and incl 858.00 907.00 49.00 25 1.64 0.51 31.3 2.29
incl 858.00 860.00 2.00 1.0 15.16 2.05 371.0 19.91
incl 876.10 880.50 4.40 2.2 4.69 0.52 12.8 5.19
incl 901.00 907.00 6.00 3.0 1.87 1.78 54.0 3.64
DPDH057 243.00 250.00 7.00 4.5 0.18 2.44 16.1 2.10
plus 424.00 760.00 336.00 336 1.53 1.14 27.6 2.60
incl 424.00 555.00 131.00 84 3.10 2.03 58.2 5.09
incl 424.00 456.35 32.35 21 3.16 1.97 85.6 5.35
incl 450.80 456.35 5.55 3.6 10.18 6.70 160.1 16.47
and incl 468.20 498.20 30.00 19 4.00 4.58 64.5 7.91
incl 476.20 481.20 5.00 3.2 13.08 19.34 212.2 29.05
and incl 514.80 555.00 40.20 26 4.41 1.48 68.8 6.09
incl 514.80 525.00 10.20 6.5 11.48 3.51 172.4 15.56
and incl 629.70 662.00 32.30 21 1.36 1.39 18.8 2.54
incl 644.00 651.40 7.40 4.7 3.29 0.95 26.5 4.22
and incl 657.00 661.10 4.10 2.6 1.29 5.44 42.4 5.63
and incl 708.00 725.00 17.00 11 1.25 1.13 9.5 2.16
incl 708.00 713.00 5.00 3.2 3.00 2.51 20.0 5.00
and incl 753.80 760.00 6.20 4.0 0.99 1.76 12.7 2.38
DPDH060 107.00 124.00 17.00 9.4 1.27 0.94 17.9 2.11
incl 116.30 119.75 3.45 1.9 3.58 2.22 41.4 5.57
plus 223.00 255.30 32.30 18 3.13 2.18 26.5 4.95
incl 223.00 232.00 9.00 5.0 4.72 3.43 30.3 7.49
and incl 245.30 248.00 2.70 1.5 13.89 6.64 127.3 19.85
plus 363.00 372.75 9.75 5.4 2.61 0.83 16.9 3.36
incl 368.20 370.00 1.80 1.0 11.64 2.55 76.0 14.17
plus 474.00 488.50 14.50 8.0 1.99 1.88 23.4 3.57
incl 474.00 479.00 5.00 2.8 3.51 2.98 34.8 5.99
Copper equivalent (CuEq) for drill intersections is calculated based on US$3.00/lb Cu, US$1,500/oz Au and US$18/oz Ag, with 80%
metallurgical recoveries assumed for all metals. The formula is: CuEq % = Cu % + (0.7292 * Au g/t) + (0.0088 * Ag g/t).
Estimated true widths are rounded to the nearest metre for widths over 10m and to the nearest 0.1m for widths less than 10m,
as this better reflects the precision of the estimates. True widths should be regarded as approximate as these are derived from an
estimation that uses a preliminary interpretation of the geological model and are subject to change as more information becomes
available. Intervals greater than 300m are interpreted as bulk disseminated and stockwork mineralization and drilled width is
equal to estimated true width.
DPDH049 targeted the Saturn Zone , intersecting it between 609.40m and 738.10m, including a higher-
grade sub-interval from 677.00m to 738.10m as shown in Table 1. The hole continued to a final depth of
1,487.00m, intersecting continuous disseminated and stockwork mineralization to the west of Saturn
including two very high-grade intervals from 941.45m to 948.90m and 1,003.40m to 1,007.00m.
DPDH055 also targeted the Saturn Zone, 150m vertically below hole DPDH050. The zone was intersected
as a broad interval of mineralization between 640.00m and 907.00m and included several higher -grade
intercepts as shown in Table 1. The Saturn Zone remains completely open below this intersection. This
hole also intersected two shallower mineralized zones from 196.00m to 256.40m and 365.00m to
390.00m. These intercepts may represent southern extension s of the Mars Zone or potentially new
mineralized zones which had not been previously intersected.
DPDH057 was designed to intersect the Saturn zone 250m vertically above the intersection in DPDH049
which it successfully did , intersecting the zone between 424.00m and 555.00m . This broad interval
contains several very high -grade sub-intervals and is one of the shallowest intersections of the Saturn
Zone. The zone remains completely open between this intersection and surface which is 400m vertically
above. The hole continued to a final depth of 799m, through a wide interval of disseminated and
stockwork mineralization cross-cut by several high-grade structures.
DPDH060 targeted an interpreted extension of the Mars Zone to the northeast of DPDH054, successfully
intersecting it between 223.00m and 255.30m and extending it by approximately 70m. The zone remains
open to the north beyond this hole as well as up and down dip.
Phase 4 Progress
To date, over 17,000m have been drilled during Phase 4 with fifteen holes completed and eight underway.
Drill hole targeting has shifted to larger step-outs and test ing new exploration targets , and four of the
eight current holes are over 1,000m deep.
Of the completed holes, two have been drilled into the Jupiter Zone, two into Mars and nine into Saturn.
In addition to the exploration holes, the adit centerline geotechnical hole is being extended in order to
intersect the Jupiter Zone.
An interactive 3D visualization of drill results can be found on the Company website HERE and will be
updated shortly after the release of new drill results.
Table 2: Drillhole Information
Hole ID UTM East UTM North Elev (masl) Azimuth Dip Length
Drilled (m) Drill Status
DPDH048 439,217 6,855,999 4,703 277.4 -55.4 761.0 Complete
DPDH049 439,224 6,855,908 4,742 273.5 -60.6 1,487.0 Complete
DPDH050 439,204 6,855,918 4,742 290.5 -62.0 796.1 Complete
DPDH051 438,851 6,856,236 4,767 157.3 -71.5 790.5 Complete
DPDH052 439,092 6,856,132 4,663 225.6 -47.6 560.4 Complete
DPDH053 439,077 6,856,286 4,655 287.0 -48.5 301.5 Complete
DPDH054 439,299 6,856,194 4,631 289.4 -48.4 383.0 Complete
DPDH055 439,226 6,855,998 4,703 273.5 -68.3 925.0 Complete
DPDH056 439,092 6,856,134 4,663 255.3 -70.0 877.4 Complete
DPDH057 439,203 6,855,918 4,742 280.1 -45.2 799.0 Complete
DPDH058 439,081 6,856,287 4,654 327.9 -67.3 577.0 Complete
DPDH059 438,851 6,856,236 4,768 164.8 -68.7 866.4 Complete
DPDH060 439,297 6,856,195 4,632 304.8 -50.3 488.5 Complete
DPDH061 439,297 6,856,193 4,632 289.1 -54.9 1,101.0 In Progress
DPDH062 439,226 6,855,995 4,702 256.4 -63.8 1,087.0 In Progress
DPDH063 439,222 6,855,907 4,743 259.1 -54.3 1,343.0 In Progress
DPDH064 439,204 6,855,913 4,742 260.3 -46.5 1,136.0 In Progress
DPDH065 439,080 6,856,287 4,655 310.5 -55.5 708.2 Complete
DPDH066 437,052 6,855,746 5,407 066.3 -72.9 819.0 In Progress
DPDH067 438,854 6,856,230 4,768 286.1 -50.6 443.0 In Progress
DPGT004 439,561 6,856,232 4,572 266.2 -11.8 781.2 Complete
Additional assay results will be released once assays are received, analyzed, and confirmed by the
Company.
Qualified Persons and Technical Notes
The scientific and technical disclosure included in this news release have been reviewed and approved by
Bob Carmichael, B.A.Sc., P.Eng. who is the Qualified Person as defined by NI 43 -101. Mr. Carmichael is
Vice President, Exploration for the Company.
Samples were cut at NGEx’s operations base in San Juan, Argentina by Company personnel. Diamond drill
core was sawed and then sampled in maximum 2-meter intervals, stopping at geological boundaries. Core
diameter is a mix of PQ, HQ and NQ depending on the depth of the drill hole. Samples were bagged ,
tagged, and packaged for shipment by truck to the ALS preparation laboratory in Mendoza, Argentina
where they were crushed and a 500g split was pulverized to 85% passing 200 mesh. The prepared sample
splits were sent to the ALS assay laboratory in Lima, Peru for copper, gold and silver assays, and multi -
element ICP. ALS is an accredited laboratory which is independent of the Company. Gold assays were by
fire assay fusion with AAS finish on a 30g sample (Au-AA23). Any samples returning > 10 g/t were then
reanalyzed by fire assay with gravimetric finish on a 30g sample (Au -GRA21). Copper and silver were
assayed by atomic absorption following a 4 -acid digestion. Samples were also analyzed for a suite of 48
elements with ME-MS61 plus mercury and a sequential copper leach analysis was completed on each
sample with copper greater than 500ppm (0.05%) . Sequential copper analysis involves the sequential
leaching of the sample by acid, followed by a cyanide solution. It can be used to differentiate copper
speciation, with copper oxide minerals leachable with acid and secondary copper minerals (enargite,
chalcocite, covellite) leachable by cyanide. The residual copper remaining following the sequential leaches
is typically contained in chalcopyrite and bornite. Copper and gold standards as well as blanks and
duplicates (field, preparation , and analysis) were randomly inserted into the sampling sequence for
Quality Control. On average, 10% of the submitted samples are Quality Control samples. No data quality
problems were indicated by the QA/QC program.
About NGEx Minerals
NGEx Minerals is a copper and gold exploration company based in Canada, focused on exploration of the
Lunahuasi copper-gold-silver project in San Juan Province, Argentina, and the nearby Los Helados copper-
gold project located approximately nine kilometres to the northeast in Chile’s Region III. Both projects are
located within the Vicuña District, which includes the Caserones mine, and the Josemaria and Filo del Sol
deposits.
NGEx owns 100% of Lunahuasi and is the majority partner and operator for the Los Helados project,
subject to a Joint Exploration Agreement with Nippon Caserones Resources LLC, which is the indirect 30%
owner of the operating Caserones open pit copper mine located approximately 17 kilometres north of Los
Helados. Lundin Mining Corporation holds the remaining 70% stake in Caserones.
The Company’s common shares are listed on the TSX under the symbol "NGEX" and also trade on the
OTCQX under the symbol “NGXXF”. NGEx is part of the Lundin Group of Companies.
Additional information relating to NGEx may be obtained or viewed on SEDAR+ at www.sedarplus.ca.
For further information, please contact:
Finlay Heppenstall
VP, Corporate Development & Investor Relations
Tel: +1 (604) 806-3089
Additional Information
Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX )
accepts responsibility for the adequacy or accuracy of this news release.
The information contained in this news release was accurate at the time of dissemination but may be
superseded by subsequent news release(s). The Company is under no obligation, nor does it intend to
update or revise the forward-looking information, whether as a result of new information, future events
or otherwise, except as may be required by applicable securities laws.
Cautionary Note Regarding Forward-Looking Statements
Certain statements made and information contained herein in the news release constitutes “forward -looking
information” and “forward-looking statements” within the meaning of applicable securities legislation (collectively,
“forward-looking information”). All statements other than statements of historical facts included in this document
constitute forward -looking information including , but not limited to, statements regarding: the geological
interpretation of the Lunahuasi system including apparent correlations between drill holes and its ultimate size,
strength, and grade distribution ; the nature and timing of the work to be undertaken to advance the Lunahuasi
project, including the timing of larger step-outs and testing of new exploration targets; the timing of drill results; and
the Company’s ability to use information gathered from drilling to date to effectively target and drill in future
campaigns. Generally, this forward -looking information can frequently, but not always, be identified by use of
forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", “projects”, “budgets”, “assumes”, “strategy”, “objectives”, “potential”,
“possible”, "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or
statements that certain actions, events, conditions or results “will”, "may", "could", "would", “should”, "might" or
"will be taken", "will occur" or "will be achieved" or the negative connotations thereof .
Forward-looking information is necessarily based upon various estimates and assumptions including, without
limitation, the expectations and beliefs of management with respect to the nature, scope and timing of the work to
be undertaken to advance the Lunahuasi Project. Although the Company believes that these factors and expectations
are reasonable as at the date of this document , in light of management’s experience and perception of current
conditions and expected developments, these statements are inherently subject to significant business, economic and
competitive uncertainties and contingencies. Known and unknown risks, uncertainties and other factors may cause
actual results or events to differ materially from those anticipated in such forward -looking statements and undue
reliance should not be placed on such statements and information. Such factors include, without limitation: the
emergence or intensification of infectious diseases, such as COVID 19, and the risk that such an occurrence globally,
or in the Company’s operating jurisdictions and/or at its project sites in particular, could impact the Company’s ability
to carry out the program and could cause the program to be shut down ; estimations of costs, and permitting time
lines; ability to obtain environmental permits, surface rights and property interests in a timely manner; currency
exchange rate fluctuations; requirements for additional capital; changes in the Company’s share pr ice; changes to
government regulation of mining activities; environmental risks; unanticipated reclamation or remediation expenses;
title disputes or claims; limitations on insurance coverage, fluctuations in the current price of and demand for
commodities, particularly gold prices, as they are fluctuating currently due to market volatility ; material adverse
changes in general business, government and economic conditions in the Company’s operating jurisdictions,
particularly Argentina; the availability of financing if and when needed on reasonable terms; risks related to material
labour disputes, accidents, or failure of plant or equipment; there may be other factors that cause results not to be
as anticipated, estimated, or intended, including those set out in the Company’s annual information form and annual
management discussion and analysis for the year ended December 31, 202 4, which are available on the Company’s
website and SEDAR+ at www.sedarplus.ca under the Company’s profile.
The forward-looking information contained in this news release is based on information available to the Company as
at the date of this news release. Except as required under applicable securities legislation, the Company does not
undertake any obligation to publicly update and/or revise any of the forward-looking information included, whether
as a result of additional information, future events and/or otherwise. Forward -looking information is provided for
the purpose of providing information about managemen t's current expectations and plans and allowing investors
and others to get a better understanding of the Company's operating environment. Although the Company has
attempted to identify important factors that would cause actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or
intended. There can be no assurance that such statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such statements. All the forward -looking information
contained in this document is qualified by these cautionary statements. Readers are cautioned not to place undue
reliance on forward-looking information due to the inherent uncertainty thereof.
Cautionary Note to U.S. Readers
Information concerning the mineral properties of the Company contained in this news release has been prepared in
accordance with the requirements of Canadian securities laws, which differ in material respects from the
requirements of securities laws of the United States applicable to U.S. companies subject to the reporting and
disclosure requirements of the United States Securities and Exchange Commission.
FEBRUARY 2026
Lunahuasi Project
Plan View
Overburden
Alluvial
Colluvial
Lithology
Silicified structural zone
Volcaniclas c sequence (rhyolite tuff, breccia)
Volcaniclas c sequence (andesite, sandstone, conglomerate)
Quartz diorite porphyry
Access track
Length m @ CuEq %
Cu % / Au gpt / Ag gpt
NORTH
Phase 1, 2, 3 Holes
Phase 4 Holes
0 1000m
DPDH049
DPDH055
DPDH057
DPDH060
437500E
6856000N
2.0 - 4.0 %
4.0 - 10.0 %
> 10.0 %
CuEq %
1.0 - 2.0 %
Jupiter
Mars
Saturn
32.3m @ 4.95
3.13/2.18/26.5
131.0m @ 5.09
3.10/2.03/58.2
61.1m @ 2.54
1.94/0.70/11.1
60.4m @ 2.05
0.69/1.61/21.1