NGEx Receives Environmental Approval for Development of an Exploration Adit 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 Receives Environmental Approval for Development of an Exploration Adit
at Lunahuasi
March 9, 2026, Vancouver, British Columbia – NGEx Minerals Ltd. (“NGEx”, “NGEx Minerals” or the
“Company”) (TSX: NGEX; OTCQX: NGXXF) is pleased to announce that the Mining Authority of San Juan
Province, Argentina, has approved the Environmental Impact Statement (“DIA”, or Declaración de Impacto
Ambiental) for the development of an exploration adit at the Company’s 100%-owned Lunahuasi project,
the highest-grade copper-gold-silver deposit in the Vicuña District.
The approval of the DIA represents a major milestone in what has been a swift permitting process and
enables NGEx to rapidly advance the Lunahuasi story, enabling underground evaluation and enhancement
of the Company’s geological understanding of this deposit.
Wojtek Wodzicki, President and CEO, commented, “We are very pleased to receive environmental
approval for the Lunahuasi exploration adit. This decision by the San Juan Mining Authority supports our
strategy of responsibly advancing Lunahuasi and underscores the strong working relationship we have
developed with provincial authorities.
The ability to proceed with underground development is a crucial step that will allow us to directly access
high-grade bulk material for metallurgical and engineering studies, provide access for year -round
underground drilling, improve geologic definition, and position Lunahuasi for the next stage of
advancement. This approval is also an important signal from San Juan and Argentina, reflecting their
commitment to responsible mineral development and the economic opportunities that it brings.”
Next Steps for Lunahuasi
With receipt of the DIA, the Company will now move forward with required preparatory work for the
exploration adit, including detailed engineering, contractor selection, preparation of surface facilities, and
other on -site readiness activities. Additional sectoral permits will continue to be progressed in
coordination with provincial and national authorities. NGEx is targeting the fourth quarter of 2026 to start
underground development subject to timely receipt of the remaining permits.
Underground access will provide the platform for definition drilling, metallurgical sampling, and
geotechnical assessment - key inputs to future technical studies and project evaluation.
As preparations, plans and designs are finalized, the Company will obtain all final requisite internal
approvals and secure additional insurance coverage for the underground development, as necessary.
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.
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”). A ll 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 correlati ons 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; the commencement date and duration of underground development with respect to an underground adit, if
ultimately pursued; the anticipated future benefits of an underground adit, or its development, such as access to bulk
material, optionality to undertake year -round drilling, and improved drilling efficiency; and that all remaining steps
leading to the commencement o f underground development will be successful, including preparatory work, receipt
of requisite sectoral permits , and final requisite internal approvals . 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", “pro jects”, “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.