NGEx Reports 2025 Results; Solidifies Lunahuasi as a Globally-significant High-grade System; Announces New Board Appointment
NGEx Minerals Ltd.
Suite 2800 – Four Bentall Centre
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Vancouver BC, Canada V7X 1L2
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NGEXminerals.com
NGEx Reports 2025 Results;
Solidifies Lunahuasi as a Globally-significant High-grade System;
Announces New Board Appointment
March 19, 2026, Vancouver, British Columbia – NGEx Minerals Ltd. (“NGEx Minerals” “NGEx ” or the
“Company”) (TSX: NGEX) (OTCQX: NGXXF) is pleased to report its results for the three months and year ended
December 31, 2025.
Summary of Highlights
Highlights for the three months and year ended December 31, 2025, and subsequent period thereto, include
the following, details of which are discussed later in the release:
- 8-rig drill program underway at Lunahuasi, following multiple new discoveries made during Phase 3
program completed earlier in the year. The Company’s Phase 4 drill program at Lunahuasi commenced in
October 2025 and reached steady-state drilling with eight rigs by mid -November. To date, the Phase 4
campaign has completed approximately 88% of its targeted 25,000 metres, with assay results received and
released thus far confirming the system’s high grades, size and continuity. The current campaign is planned
to continue until May 2026, and builds on a highly successful Phase 3 program completed in 2025, which
confirmed two new discoveries at Lunahuasi, a copper-gold porphyry system and a unique style of
mineralization comprised of ultra high-grade gold in quartz veins, in addition to significantly extending and
defining the high-grade copper, gold and silver vein mineralization that comprises the original discovery.
- Environmental approval received for a proposed Lunahuasi exploration adit. In March 2026, subsequent
to the 2025 year-end, NGEx Minerals received approval from the Mining Authority of San Juan Province,
Argentina, for a proposed exploration adit at the Lunahuasi project. Approval of the Environmental Impact
Statement (“DIA”, or Declaración de Impacto Ambiental) for the adit, is a crucial next step in the Lunahausi
story, which will enable the Company to proceed with underground development once additional sectoral
permits are received. When complete, the adit is expected to provide a platform to conduct exploration
and definition drilling, metallurgical sampling, and geotechnical assessment, which are all key inputs for
future technical studies and project evaluation. The approval significantly increases NGEx’s optionality for
future exploration and development at the project.
- Treasury strengthened with oversubscribed $175 million private placement. On October 15, 2025, the
Company closed a non-brokered private placement of common shares, successfully raising gross proceeds
of $175 million. The financing was upsized from its initial amount of $100 million in response to strong
investor demand. Net proceeds from the financing further bolster ed the Company’s strong treasury
position, which consisted of $132.1 million in cash and short-term investments as at September 30, 2025.
Net proceeds from the financing will fund the Company’s activities well beyond its current work programs,
as well as provide financial flexibility to expand the current Lunahuasi campaign or undertake additional
work, such as the development of an exploration adit.
- Spin-out of royalty company to shareholders. On October 23, 2025, the Company closed its spin -out of
an 80.1% ownership interest in LunR Royalties Corp. (“LunR”) to its shareholders by way of a statutory plan
of arrangement under the Canada Business Corporations Act such that effectively, among other things,
each registered shareholder of common shares of NGEx would receive 1/4 of a common share of LunR for
each common share of NGEx held as of end of day on October 22, 2025 . LunR was incorporated by the
Company in July 2025 as a wholly-owned subsidiary, which acquired a 1.38% net smelter returns (“NSR”)
royalty on the concessions underlying the Company’s Los Helados project in Chile (the “LunR-Los Helados
Royalty”) and a 1% NSR royalty on the Argentine concession on which the Lunahuasi deposit is current ly
defined (the “LunR-Lunahuasi Royalty”). Immediately following the closing of the spin-out, NGEx retained
13,370,107 common shares of LunR, representing a 19.9% ownership interest in LunR at the tim e, which
are still held by NGEx Minerals as at the date of this News Release.
Wojtek Wodzicki, President and CEO, commented, “We continue to build on NGEx and its predecessor companies’
track record of value creation, going from strength to strength in 2025. The spin-out of LunR to shareholders has
had a tremendous reception in the market, and our foresight in retaining a significant interest in the Lundin Group’s
debut royalty vehicle gives NGEx shareholders continued exposure to LunR’s success, while also affording the
Company with a liquid, valuable and non-dilutive financing tool for the future.
In addition, we have also continued to deliver on our core business of exploration in the rapidly-evolving Vicuña
district. Following a successful Phase 3 program at Lunahuasi completed in May 2025 that identified two new styles
of mineralization and significantly expanded the footprint of the deposit, Phase 4 drilling has now completed over
22,000 metres to date with results confirming the deposit’s unique combination of size and grade . With an
approved DIA now received for the proposed exploration adit and a strong treasury balance, we are looking forward
to successfully closing out the Phase 4 program and have already begun looking ahead to the next phase as we
continue to advance exploration at this remarkable deposit.”
NGEx Announces New Appointment to its Board of Directors
NGEx is also pleased to announce the appointment of Mr. Peter J O'Callaghan to its Board of Directors, effective
March 20, 2026. Mr. O'Callaghan was a Partner at Blake, Cassels & Graydon LLP for over twenty-five years, and
served as Office Managing Partner from 2018 until his retirement in December 2022. Mr. O'Callaghan's practice
encompassed all types of M&A and corporate finance transactions, with a focus on the mining sector. He holds
a Bachelor of Laws degree and a Bachelor of Commerce (Finance) degree from the University of British
Columbia. As a result of the changes, NGEx's Board of Directors will have a total of nine members.
2025 Operating Highlights and Outlook
Phase 4 Lunahuasi Program Builds on Highly Successful Phase 3 Campaign
In May 2025, the Company completed the Phase 3 drill program at its 100%-owned Lunahuasi project, located
in San Juan Province, Argentina, with 25,003 metres completed in 24 holes. Phase 3 highlights included:
• Delivery of some of the highest-grade copper, gold, and silver intercepts drilled globally in 2025;
• Consistent intersection of high-grade, high-sulphidation vein mineralization across considerable widths
and strike length, which significantly improved the Company’s geological understanding of three initial
zones, named Mars, Saturn and Jupiter , each representing a s ignificant volume of contiguous high -
grade mineralization. Additional significant intersections outside of these three zones point to the likely
presence of other discreet high-grade zones which have the potential to be defined with additional
drilling;
• Confirmation of two new discoveries at Lunahuasi, a new copper -gold porphyry system (see News
Release dated May 21, 2025) and ultra high-grade gold in quartz veins (see News Release dated July 8,
2025), which respectively represent the third and fourth distinct types of mineralization identified to
date at the project; and
• Expansion of the mineralized volume drilled to date at Lunahuasi to minimum dimensions of 1,100
metres by 1,200 metres by 1,200 metres, which remains open in all directions and is marked by high-
grade intercepts at the northern, southern and western boundaries of the drill pattern as of the
conclusion of the Phase 3 program.
Following the highly successful Phase 3 program, in October 2025, the Company launched its Phase 4 program
at Lunahuasi with six rigs. The Phase 4 program was ramped up to eight rigs by mid-November, and is expected
to continue until the program’s conclusion in May 2026, subject to weather. Phase 4 drilling has been designed
to further explore and define the four distinct styles of mineralization found to date at Lunahuasi, which include
disseminated and stockwork high -sulphidation copper-gold mineralization in addition to the three types of
mineralization identified above. The minimum 25,000-metre drill program will consist of three targeted ranges
of drill spacing to accomplish different objectives , including metres allocated to test new drill targets outside
the current drill pattern, namely:
• Short-range Definition: Define and expand the Mars, Saturn and Jupiter zones.
• Mid-range Step -out: Extend mineralized intersections and discover new high -grade zones in the
deposit beyond the three zones noted above.
• Long-range Exploration: Test anomalies and district scale targets to discover new components of the
Lunahuasi system and demonstrate its true potential.
To date, over 22,000 metres have been drilled, representing 88% of the target for Phase 4 , with initial holes
focusing on short-range definition and closer step-outs to test the geological interpretation and potential for
expansion of Lunahuasi’s Mars, Jupiter and Saturn zones. The Saturn zone was intersected by numerous holes,
including most notably DPDH048, DPDH051 and DPDH057, while holes such as DPDH054 and DPDH06 0
successfully tested the Mars Zone, and DPDH053 tested Jupiter (see News Releases dated December 17, 2025,
January 12, 2026 and February 10, 2026 ). Key highlights from the assays received and released thus far from
Phase 4 include:
• Saturn zone: Successful expansion and continued intersection of high-grades throughout
DPDH048 intersected 649.00 metres at 1.64% copper equivalent (“CuEq”) (0.73% Cu, 1.00 g/t Au, and 20.1
g/t Ag), including 126.55 metres at 5.09% CuEq (2.16% Cu, 3.30 g/t Au, and 59.2 g/t Ag) in the Saturn zone
100m below DPDH046 drilled during Phase 3.
DPDH051 intersected 327.40 metres at 3.74% CuEq (2.43% Cu, 1.53 g/t Au, and 21.8 g/t Ag), which is
punctuated by multiple very high-grade sub-intervals such as 7.30 metres at 14.50% CuEq (10.98% Cu,
2.49 g/t Au, and 193.3 g/t Ag) and 5.80 metres at 14.40% CuEq (11.97% Cu, 2.73 g/t Au, and 50.8 g/t Ag).
DPDH051 was drilled north to south to test the geometry of the Saturn zone perpendicular to most other
holes, and its results were consistent with the zone’s geological interpretation with high -grade gold
intervals correlating well with other holes.
DPDH057 successfully expanded the Saturn zone vertically above the mineralization intersected previously
in hole DPDH049, intersecting 131.00 metres at 5.09% CuEq (3.10% Cu, 2.03 g/t Au, and 58.2 g/t Ag) ,
including 30.00 metres at 7.91% CuEq (4.00% Cu, 4.58 g/t Au, and 64.5 g/t Ag) and 40.20 metres at 6.09%
CuEq (4.41% Cu, 1.48 g/t Au, and 68.8 g/t Ag).
• Mars zone: Outlining of a potentially very high-grade core within an expanding envelope
DPDH054 intersected 94.00 metres at 8.99% CuEq (3.88% Cu, 6.66 g/t Au, and 29.6 g/t Ag), including 21.70
metres at 31.92% CuEq (12.70% Cu, 25.21 g/t Au, and 95.5 g/t Ag). This wide and high -grade interval
correlates well with DPDH024 and DPDH035 completed during Phase 3 drilling, outlining the potential for
a very high-grade core to a much wider envelop of good grade.
DPDH060 successfully confirmed an interpreted extension of the Mars zone to the northeast by
approximately 70 metres, intersecting 32.30 metres at 4.95% CuEq (3.13% Cu, 2.18 g/t Au, and 26.5 g/t
Ag).
To date, 20 drill holes have been completed in Phase 4, with assay results released for 10 holes. Assay results
are now steadily being received, and will be released once analyzed and confirmed by the Company. Exact
timing will depend on drilling rates and assay turn-around times.
Environmental Approval Received on Proposed Lunahuasi Exploration Adit
Subsequent to the 2025 year-end, NGEx Minerals received an approval from the Mining Authority of San Juan
Province, Argentina, for the Environmental Impact Statement (“DIA”, or Declaración de Impacto Ambiental)
submitted for the proposed development of an exploration adit at Lunahuasi. The approval of the DIA
represents a vote of confidence by the Mining Authority of San Juan on NGEx’s commitment to responsible
mineral development. Underground access would provide a platform for deeper exploration drilling, tighter-
spaced definition drilling, access to high-grade material for metallurgical testwork and enable collection of
important information on geotechnical and groundwater conditions to inform future engineering studies. In
addition, an exploration adit would allow for year-round operations, where equipment and personnel would
be protected from winter weather conditions.
With receipt of the DIA, the Company is moving forward with required preparatory work for the exploration
adit, including detailed engineering, contractor selection, preparation of surface facilities, and other on -site
readiness activities. A geotechnical drillhole was completed along the centerline of the proposed exploration
adit as part of this work. Additional sectoral permits are required prior to the start of construction and these
will also 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 and regulatory and board approvals.
2025 Corporate Highlights
Completion of $175 Million Private Placement
On October 15, 2025, the Company closed an upsized non-brokered private placement, pursuant to which the
Company sold an aggregate of 7,000,000 common shares at a price of $25.00 per common share, generating
aggregate gross proceeds of approximately $175.0 million (the “Private Placement”). Share issuance costs
relating to Private Placement totaled $4.6 million, comprised primarily of $4.3 million relating to a 5.0% finders’
fees paid in cash on a portion of the Private Placement upon closing.
Net proceeds of the Private Placement will be used towards furthering exploration programs at the
Lunahuasi project, continued exploration and maintenance of the Company’s Los Helados project located in
Region III, Chile, as well as for general corporate and working capital purposes.
Completion of Spin-out of LunR Royalties
On July 14, 2025, the Company incorporated a wholly -owned subsidiary, LunR, for the purposes of acquiring
the 1.38% LunR-Los Helados Royalty and the 1% LunR-Lunahuasi Royalty, and ultimately undertaking a share
capital reorganization by way of a statutory plan of arrangement under the Canada Business Corporations Act
(the “Plan of Arrangement”) that resulted in the majority of the common shares of LunR (“LunR Shares”) being
distributed to shareholders of NGEx Minerals (“NGEx Shareholders”) (the “Arrangement”).
The Arrangement was approved by the NGEx Shareholders at the special meeting of NGEx Shareholders held
on September 12, 2025, and a final order approving the Arrangement was obtained from the Supreme Court
of British Columbia on September 18, 2025. Subsequ ently, the Arrangement was completed and became
effective at 12:01 a.m. on October 23, 2025 (the “Effective Time”), and involved, among other things, the
exchange of common shares and stock options of NGEx Minerals and the distribution of LunR Shares and stock
options of LunR, respectively, such that:
• Each common share of NGEx Minerals (each, a “NGEx Share”) outstanding at the close of business on
the business day immediately preceding the Effective Time was redesignated and exchanged as part of
a reorganization of the share capital of NGEx Minerals, and in accordance with section 86 of the Income
Tax Act (Canada), for (i) one (1) new common share of NGEX Minerals (each, a “New NGEx Share”),
which such New NGEx Share being identical to the NGEx Shares immediately prior to the Effective Time
and (ii) 1/4 of a LunR Share; and
• Each outstanding stock option of NGEx Minerals (each, a “NGEx Option”) that was outstanding
immediately before the Effective Time was exchanged for (i) one (1) replacement stock option of NGEx
Minerals (each, a “NGEx Replacement Option”) to purchase from NGEx Minerals one New NGEx Share
having an exercise price (rounded up to the nearest whole cent) equal to the product of the exercise
price of each NGEx Option so exchanged immediately before the Effective Time multiplied by the fair
market value of a New N GEx Share at the Effective Time divided by the total of the fair market value
of a New NGEx Share and the fair market value of 1/4 of a LunR Share at the Effective Time, and (ii)
one (1) fully-vested stock option of LunR (each, a “LunR Option”) to acquire 1/4 of a LunR Share, each
whole LunR Option having an exercise price (rounded up to the nearest whole cent) equal to the
product of the exercise price of the NGEx Option so exchanged immediately prior to the Effective Time
multiplied by the fair market value of 1/4 of a LunR Share at the Effective Time divided by the total of
the fair market value of one New NGEx Share and 1/4 of a LunR Share at the Effective Time.
Pursuant to the provisions above, it was determined that the exercise price of each NGEx Replacement Option
would remain the same as the respective, underlying NGEx Option for which it was exchanged pursuant to the
Arrangement.
In conjunction with the spin-out of the LunR Shares to NGEx Shareholders, NGEx Minerals also made a total
capital contribution into LunR in the amount of $4,350,000, which included funds used by LunR to acquire the
LunR-Los Helados Royalty and the LunR-Lunahuasi Royalty and for general working capital purposes. The capital
contributions by NGEx Minerals resulted in it receiving 13,370,107 LunR Shares in return, representing a 19.9%
ownership interest in LunR that has been retained and was not part of the spin -out to NGEx Shareholders.
Immediately following the completion of the Arrangement, an aggregate of 67,186,346 LunR Shares were
issued and outstanding.
LunR Shares commenced trading on the TSX Venture Exchange on December 19, 2025, under the symbol
“LUNR”.
The terms of the Arrangement can be found in NGEx’s management information circular dated August 12,
2025, which is available on NGEx’s website and under its profile on SEDAR+ at www.sedarplus.ca.
Financial Results
(In thousands of Canadian dollars, except per share amounts)
Three months ended Year ended
December 31, December 31,
2025 2024 2025 2024
Exploration and project investigation 29,853 27,195 99,997 63,750
General and administration (“G&A”) 7,767 3,522 29,558 13,393
Net loss 38,144 26,427 123,336 63,597
Basic and diluted loss per share 0.18 0.13 0.61 0.33
The financial information in this table was selected from the Company’s consolidated financial statements for the year ended December 31 , 2025 (the
“Financial Statements”), which are available on SEDAR+ at www.sedarplus.ca and the Company’s website www.ngexminerals.com.
Selected Financial Information
(In thousands of Canadian dollars)
December 31, December 31,
2025 2024
Cash and cash equivalents 192,536 153,368
Investment in LunR 174,480 -
Short-term investments 80,735 45,185
Working capital 436,475 188,944
Mineral properties 6,213 6,271
Total assets 456,611 208,563
The financial information in this table was selected from the Financial Statements, which are available on SEDAR+ at www.sedarplus.ca and the Company’s
website www.ngexminerals.com.
The Company incurred a net loss of $ 123.3 million during the year ended December 31 , 2025, comprised
primarily of $100.0 million in exploration and project investigation costs and $29.6 million in G&A costs, which
were partially offset by interest income of $5.9 million earned on cash and short-term investments and a gain
of approximately $3.9 million resulting from the use of marketable securities for the purposes of facilitating
intragroup funding transfers. During the year ended December 31, 2025, the Company also recognized a gain
of $2.3 million in connection with the Arrangement, and a loss of $2.9 million related to the revaluation of a
non-current funding obligation in favour of an exploration partner based on revisions to the timing and
amounts of expected future settlement at December 31, 2025.
For 2024, the Company reported a net loss of $63.6 million, consisting primarily of $63.8 million in exploration
and project investigation costs and $13.4 million in G&A costs, which were partially offset by interest income
of $3.6 million earned on cash and short -term investments and a gain of approximately $9.2 million resulting
from the use of marketable securities for the purposes of facilitating intragroup funding transfers.
Liquidity and Capital Resources
As at December 31, 2025, the Company had cash of $ 192.5 million, an investment in LunR in the form of
common shares having a value of $174.5 million, short-term investments of $ 80.7 million and net working
capital of $436.5 million compared to cash of $153.4 million, short-term investments of $45.2 million and net
working capital of $188.9 million as at December 31, 2024. The Company’s total treasury, consisting of its cash
and short -term investments increased during the year ended December 31, 2025, due to net proceeds
generated by the Private Placement, which have been partially offset by funds used in operations and for
general corporate purposes. The Company’s investment in LunR arose during the year ended December 31,
2025, due to the retention of common shares of LunR as part of the Arrangement, which closed on Octo ber
23, 2025.
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 (“NCR”), which is the indirect 30% owner
of the operating Caserones open pit copper mine located approximately 17 kilometres north of Los Helados.
NCR is a subsidiary of JX Advanced Metals Corporation (“JX”), a Tokyo -based mining and smelting company .
Lundin Mining Corporation holds the remaining 70% stake in Caserones.
On March 9, 2026, Lundin Mining and JX announced that the parties have entered into an agreement whereby,
subject to closing, Lundin Mining would acquire , among other things, NCR’s approximate 31% interest in Los
Helados. The transaction is anticipated to close in April 2026, following which Lundin Mining would become
the Company’s minority partner at Los Helados.
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.
Qualified Persons and Technical Notes
The scientific and technical disclosure for the Lunahuasi Project 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.
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: exploration and development plans and
expenditures, including the size, scope, nat ure, timing and foc us of the Company’s future exploration programs,
particularly at Lunahuasi; 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; that all remaining
steps leading to the commencement of underground development will be successful, including preparatory work, receipt
of requisite sectoral permits, and final requisite internal appro vals; the geological interpretation of the Lunahuasi system
which is expected to evolve with additional drilling, including whether current interpretation of the exploration and/or drill
results to date at Lunahuasi will be confirmed by future work; the ability of future drilling to convert exploration potential
to a Mineral Resource Estimate; the ability of future drilling to make additional discoveries at Lunahuasi; the scale, grade,
or significance of the discovery of a copper-gold porphyry system and visible gold in quartz veins at the project; the future
potential or value of common shares of LunR held by the Company and if/when the Company will dispose or otherwise
divest of its interest in LunR; anticipated benefits of the Arrangement to NGEx and/or NGEx Shareholders ; the future uses
of the Company’s cash and working capital; the closing of Lundin Mining’s acquisition of an interest and a royalty on Los
Helados, including the timing thereof, and the implications to the Company as the majority partner and operator of Los
Helados; the success of future exploration activities; potential for the discovery of new mineral deposits or expansion of
existing mineral deposits; ability to build shareholder value; expectations with regard to adding to Mineral Resources
through exploration; ex pectations with respect to the conversion of Inferred Resources to an Indicated Resource
classification, or the conversion of Indicated Resources to a Measured Resource classification; ability to execute the
planned work progra ms; estimation of commodity prices, Mineral Resources, estimations of costs, and permitting time
lines; ability to obtain surface rights and property interests; currency exchange rate fluctuations; requirements for
additional capital; government regulation of mining activities; environmental risks; unanticipated reclamation expenses;
title disputes or claims; limitations on insurance coverage; assumptions that the Company will be able to carry out
exploration program at Lunahuasi as planned; fluctuations in the current price of and demand for commodities; and
material adverse changes in general business and economic conditions, particularly in Argentina with respect to