NGEx Drills 22.85m at 4.01% Cu and 11.30 g/t Au (14.26% CuEq) within 126.6m at 2.16% Cu and 3.30 g/t Au (5.09% CuEq)
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 22.85m at 4.01% Cu and 11.30 g/t Au (14.26% CuEq) within 126.6m
at 2.16% Cu and 3.30 g/t Au (5.09% CuEq)
December 17, 2025, Vancouver, British Columbia – NGEx Minerals Ltd. (“NGEx”, “NGEx Minerals” or the
“Company”) (TSX: NGEX; OTCQX: NGXXF) is pleased to announce drill results from DPDH048 which is the
first hole of the Phase 4 program at its 100% owned Lunahuasi high-grade copper-gold-silver project in
San Juan, Argentina. This hole successfully extends the Saturn Zone one hundred metres vertically below
DPDH046.
Highlights:
• Drillhole DPDH048 intersected 649.00m at 1.64% CuEq, including;
▪ 126.55m at 5.09% CuEq from 497.15m, including;
• 22.85m at 14.26% CuEq from 497.15m, including;
o 9.10m at 26.99 g/t Au from 508.90m, plus;
• 49.20m at 5.71% CuEq from 574.50m, including;
o 2.15m at 46.22 g/t Au from 583.00m.
Wojtek Wodzicki, President and CEO, commented, “Hole 48 is an excellent start to the Phase 4 program
and picks up where we left off at the conclusion of the Phase 3 program by continuing to define high-grade
copper-gold-silver zones as we successfully expand the deposit. Intersecting the Saturn Zone about 100m
below last season’s hole 46, this new hole confirms our expectations of the size and continuity of the Saturn
Zone including its important high-grade gold and silver component. To date we have drilled over 10,000m
during Phase 4 with ten holes completed an d eight underway and we look forward to providing regular
updates on assay results as we start the new year.”
Phase 4 Progress
Following an early start and good drilling productivity, the Phase 4 program is well ahead of schedule. To
date, over 10,000m have been drilled with ten holes completed and eight underway. Initial holes have
focused on defining and expanding the three named zones and drills will begin to do larger step-outs and
test new exploration targets early in the new year.
To date, two hol es have been drilled into the Jupiter Zone, three into Mars and twelve into Saturn. In
addition to the exploration holes, a geotechnical hole is currently being drilled down the centerline of the
proposed exploration adit as planning for that project progresses.
Additional assay results will be released once assays are received, analyzed, and confirmed by the
Company.
Table 1: Significant Intersections
Hole ID From (m) To (m) Length
(m)
Estimated
True Width
(m)
Cu % Au g/t Ag g/t CuEq %
DPDH048 112.00 761.00 649.00 649 0.73 1.00 20.1 1.64
incl 117.00 134.00 17.00 11 0.97 2.28 41.3 3.00
incl 132.00 134.00 2.00 1.4 1.31 12.35 78.5 11.01
and incl 167.40 179.00 11.60 8.1 0.26 1.37 19.4 1.42
and incl 231.00 238.70 7.70 5.0 1.65 2.13 27.1 3.44
and incl 285.00 302.50 17.50 12 0.36 1.12 30.2 1.45
and incl 424.80 426.50 1.70 1.2 3.86 2.08 35.0 5.69
and incl 470.00 477.00 7.00 4.9 1.47 1.90 16.7 3.00
and incl 497.15 623.70 126.55 89 2.16 3.30 59.2 5.09
incl 497.15 520.00 22.85 16 4.01 11.30 228.0 14.26
incl 497.15 501.30 4.15 2.9 6.91 1.81 40.4 8.59
and incl 508.90 518.00 9.10 6.4 6.31 26.99 547.5 30.81
and incl 574.50 623.70 49.20 34 3.23 2.95 38.1 5.71
incl 583.00 585.15 2.15 1.5 4.11 46.22 262.0 40.12
and incl 608.00 616.20 8.20 5.7 8.87 3.28 115.9 12.28
and incl 655.00 660.35 5.35 3.7 2.92 2.19 50.7 4.96
and incl 707.00 710.90 3.90 3.0 5.10 0.93 22.3 5.97
and incl 737.00 738.70 1.70 1.2 4.09 0.93 18.5 4.93
and incl 755.30 759.00 3.70 2.6 5.04 0.68 17.8 5.69
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). A *
indicates that no CuEq was calculated as samples within the interval and/or the entire interval returned >100% CuEq.
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.
DPDH048 was collared on the same platform as DPDH046 and drilled at 277o with a dip of -55o to intersect
the Saturn Zone down dip from that hole. It intersected the zone between 497.15m and 623.70m, with
two strong zones from 497.15m to 520.00m and 574.50m and 623.70m separated by lower grade
mineralization. Each of these two sub-zones contains an interval of high-grade gold mineralization which
appears to correlate well with the two distinct zones drilled in DPDH046 which are 77m and 90m away
measured along the apparent dip of the structures.
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 def ined 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 Compa ny. 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 t he 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
it 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 in cluding, but not limited to, statements regarding: the geological
interpretation of the Lunahuasi system including apparent correlations between drill holes; 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 ot her 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 addition al capital; changes in the Company’s share price; changes to
government regulation of mining activities; environmental risks; unanticipated reclamation or remediation expenses;
title disputes or claims; limitations on insurance coverage, fluctuations in th e 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, 2024, 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 doe s 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 provi ding information about management'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.
DECEMBER 2025
Lunahuasi Project
Plan View
0 800m
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
DPDH048
126.5m @ 5.09
2.16/3.30/59.2
437600E
6856000N
2.0 - 4.0 %
4.0 - 10.0 %
> 10.0 %
CuEq %
1.0 - 2.0 %
Jupiter Mars
Saturn