NGEx Minerals Closes Upsized C$176.9 Million Private Placement
NGEx Minerals Ltd.
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NGEx Minerals Closes Upsized C$176.9 Million Private Placement
October 31, 2024 , Vancouver, British Columbia – NGEx Minerals Ltd. (“NGEx Minerals” “NGEx” or the
“Company”) (TSX: NGEX) (OTCQX: NGXXF) is pleased to announce it has closed its previously announced non-
brokered private placement , which was originally announced on October 15, 2024, and was subsequently
upsized due to strong investor demand.
Wojtek Wodzicki, President and CEO commented “I am excited to announce that t he private placement
financing was met with overwhelming demand, led by a number of international institutional investors and the
Lundin Family . NGEx initially announced the size of the financing at C$100 million, which was ultimately
expanded to $176.9 million . This significantly oversubscribed private placement puts NGEx in an enviable
position. The Company is now fully funded and well positioned to execute our current phase 3 exploration
program and has flexibility to expand the program if justified. The demand and size of this raise speaks volumes
to the strong market support that NGEx currently has and the quality of the Company’s assets.”
The Company sold an aggregate of 16,082,453 common shares of the Company (the "Common Shares") at a
price of C$11.00 per Common Share for gross proceeds of approximately C$176.9 million (the " Private
Placement"). In connection with the Private Placement, the Company paid a 5.0% cash finder's fee on a portion
of the Private Placement.
The n et proceeds of the Private Placement will be predominantly used towards furthering exploration
programs at the Lunahuasi project in San Juan Province, Argentina, continued exploration and maintenance of
the Company’s Los Helados project located in Region III, Chile, as well as for general corpora te and working
capital purposes.
The Common Shares issued under the Private Placement will be subject to a hold period expiring on March 1,
2025.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described
herein in the United States (the “U.S.”) nor shall there be any sale of the securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful. The securities described herein have not been and will not be
registered under the U.S. Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws and
may not be offered or sold in the U.S., or to the account or benefit of a U.S. person or a person in the U.S., absent
registration or an applicable exemption from the registration requirements.
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 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
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"). A ll statements other than statements of historical facts included in this document constitute forward -
looking information, including but not limited to, the anticipated use of net proceeds resulting from the Private Placement
and plans for the Company’s cur rent exploration program . Words such as "plans", "expects" or "is expected", "budget",
"scheduled", "targets", "estimates", "forecasts", "intends", "anticipates" or "believes", or variations of such words and
phrases or statements that certain actions, events, conditions or resul ts "will", "may", "could", "would", "might" or "will
be taken", "occur" or "be achieved" or the negative connotations thereof and similar expressions identify forward -looking
information.
Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation,
the expectations and beliefs of management with regards to the timing of receipt of all required regulatory approvals
related to the Private Placement, the use of net proceeds of the Private Placement, the focus and objective of future work
programs, the expected results or success of future work programs, and the growth strategy of the Company. 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 timing of receipt of required regulatory approvals for the Private Placement, Mineral
Resources estimates, estimations of costs, and permitting time lines; ability to obtain surface rights and property interests;
currency exchange rate fluctuations; requirements for additional capital; changes to government regulation of mining
activities; environmental risks; unanticipated reclamation or remediation expenses; title disputes or claims; limitations on
insurance coverage; material adverse changes to the current price of and/or demand for commodities, particularly copper,
gold and silver; material adverse changes to general business and economic conditions, including in the jurisdictions in
which the Company’s mineral property interests reside; material labour disputes, accidents, or failures of equipment; and
those described in the Risk Factors section of the most recent annual information form and annual management discussion
and analysis, and risks, uncertainties and other factors identified in the Company's periodic filings with Canadian securities
regulators. which are available on 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 t o publicly update and/or revise any of the included forward -looking information, 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 assuran ce
that such statements will prove to be accurate, as actual results and future eve nts 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 informat ion 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.